Top Green Hydrogen Stocks in April 2025: Adani Power, JSW Energy, NTPC & More- 5Y CAGR Basis

India is making significant strides toward clean energy with a strong focus on Green Hydrogen, a fuel that promises to revolutionise the energy landscape. Under the National Green Hydrogen Mission, India aims to become a global hub for Green Hydrogen production, utilisation, and export.

By 2030, the country targets at least 5 MMT (Million Metric Tonnes) of Green Hydrogen production per year, supported by an additional 125 GW of renewable energy capacity.

As the demand for Green Hydrogen grows, investors are increasingly eyeing companies poised to lead this transition. In this blog, we explore the best Green Hydrogen stocks in April 2025.

Best 10 Green Hydrogen Stocks in April 2025 – Based on 5Y CAGR

Note: The stocks mentioned above have been selected and sorted based on 5Y CAGR as of April 2, 2025.

Overview of Best 5 Green Hydrogen Stocks in April

1. Adani Power Ltd

Adani Power Limited, the thermal power arm of the Adani Group, is actively exploring cleaner energy alternatives to enhance sustainability. The company is working on blending biomass with coal to reduce carbon emissions.

On the financial front, Adani Power reported a 7.4% year-on-year (YoY) growth in net profit, reaching ₹2,940 crore in Q3 FY25. The company’s revenue also saw an upward trend, rising by 5.2% YoY to ₹13,671.2 crore in the same period.

Key Metrics:

• ROE: 56.77%
• ROCE: 31.72%

2. JSW Energy Ltd

In February 2025, JSW Neo Energy Ltd, a subsidiary of JSW Energy Ltd, received a Letter of Award (LoA) to develop a 6.5 ktpa green hydrogen production capacity under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme.

JSW Energy’s Q3 FY25 financial results showed a 27% YoY decline in net profit, dropping to ₹168 crore. The dip was largely due to lower revenues from thermal and hydropower plants, even as the company’s total power generation rose by 10%.

Key Metrics:

• ROE: 8.67%
• ROCE: 8.36%

3. Adani Total Gas Ltd

Adani Total Gas Ltd (ATGL) is set to integrate green hydrogen with natural gas using advanced technologies, aiming to supply over 4,000 residential and commercial PNG customers during its pilot phase.

However, in Q3 FY25 (December 2024 quarter), ATGL reported a 19.4% decline in consolidated net profit, falling to ₹142.38 crore, despite a 12.6% rise in consolidated revenue to ₹1,400.88 crore. The decline was attributed to higher gas costs and a reduction in APM-priced domestic gas allocation, impacting overall profitability.

Key Metrics:

• ROE: 20.47%
• ROCE: 21.08%

4. Adani Green Energy Ltd

Adani Green Energy Limited (AGEL) is actively expanding its renewable energy portfolio, aligning with India’s green energy mission. The company is also exploring green hydrogen initiatives as part of its broader strategy to drive sustainable energy solutions and reduce carbon emissions.

Adani Green Energy Ltd (AGEL) reported a strong 85% increase in consolidated net profit, reaching ₹474 crore for the December quarter, driven by higher power supply revenues. This marks a significant jump from the ₹256 crore net profit recorded in the same period last year.

Key Metrics:

• ROE: 8.87%
• ROCE: 10.82%

5. NTPC Ltd

NTPC is advancing India’s green hydrogen goals with projects like the Kawas township hydrogen blending initiative and a 20 GW green hydrogen hub in Visakhapatnam. These efforts align with India’s renewable energy targets and aim to boost green fuel adoption.

In Q3 FY25, NTPC’s net profit grew by 3% to ₹4,711.4 crore, while its revenue from operations saw a 4.8% increase, reaching ₹41,352.3 crore.

Key Metrics:

• ROE: 13.17%
• ROCE: 10.63%

Top Green Hydrogen Stocks Sorted by Debt-to-Equity Ratio

Below is a list of key energy sector stocks, ranked based on their debt-to-equity ratio, which indicates their financial leverage and risk profile.

Note: The stocks mentioned above have been selected and sorted based on the debt-to-equity ratio as of April 2, 2025.

Best Green Hydrogen in April Sorted by Net Profit Margin

Net profit margin reflects a company’s ability to generate earnings relative to revenue, showcasing its cost management and operational efficiency.

Note: The stocks mentioned above have been selected and sorted based on net profit margin as of April 2, 2025.

Conclusion

These companies are not only investing in hydrogen production but also integrating it with renewable energy sources to drive efficiency and long-term growth.

While the sector holds immense potential, investors and stakeholders should stay informed about industry developments, policy changes, and financial performance before making any decisions.

As India moves closer to its 2030 Green Hydrogen production targets, the coming years will be crucial in shaping the country’s clean energy future.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.