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Green hydrogen is emerging as a key solution in the global effort to decarbonize industries, reduce reliance on fossil fuels, and transition to a more sustainable energy system. 

It has the potential to revolutionize the energy landscape by offering a clean, versatile, and sustainable solution to some of the toughest challenges in the energy and industrial sectors. Estimates suggest that the green hydrogen market in India could reach a value of $15-20 billion by 2030. 

As India looks to decarbonize key sectors and become a global hub for clean energy, listed below are some of the stocks that are involved in offering products or services related to hydrogen, along with going on R&D related to it, that you can add to your watchlist 

Reliance Industries

Reliance Industries Limited is engaged in the activities of hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables, retail, digital services, and many others. 

Reliance Industries Limited has announced plans to build an electrolyzer gigafactory as part of its Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat. The electrolyser giga factory will manufacture modular electrolysers of the highest efficiency and lowest capital cost, used for captive production of green hydrogen for domestic use as well as for global sale. 

With a market capitalization of Rs.20,10,699 Crores, the shares of Reliance Industries Limited closed at Rs. 2,973.10 per equity share, up 1.15 percent from its previous day’s close price of Rs. 2,939.35. 

Its Revenue from operations grew by 11.67 percent YoY from Rs. 2,07,559 Crores in Q1FY24 to Rs. 2,31,784 Crores in Q1FY25, accompanied by profits of Rs. 18,258 Crores to Rs. 17,445 Crores. 

Thermax

Thermax Limited is engaged in offering integrated solutions in heating, water treatment, cooling, power generation, recycling, air pollution control, chemicals, and many more.

Thermax Limited has been exploring and developing hydrogen-related technologies as part of its broader commitment to clean energy and sustainability. It is developing technologies that support the electrolysis process, where water is split into hydrogen and oxygen using renewable electricity. 

It has also ventured into the development of hydrogen-based fuel cells and hydrogen boilers, exploring hydrogen blending with natural gas to reduce carbon emissions and many more. 

It has recently entered into a Collaboration and License Agreement with Ceres Power Limited for electrolyzer manufacturing & system solutions to provide green hydrogen solutions for industrial customers. 

With a market capitalization of Rs. 64,029 Crores, the shares of Thermax Limited closed at Rs. 5,373.60 per equity share, up 2.97 percent from its previous day’s close price of Rs. 5,218.50. 

Its Revenue from operations grew by 13.01 percent YoY from Rs. 1,933 Crores in Q1FY24 to Rs. 2,184 Crores in Q1FY25, accompanied by profits of Rs. 60 Crores to Rs. 109 Crores. 

Gensol Engineering

Gensol Engineering Limited is part of the Gensol Group of companies, it is a leading player in the renewable energy sector in offering engineering, procurement, and construction (EPC) services for the development of solar power plants. It operates across four segments namely Solar EPC, Solar Panel Tracking Tech, EV Leasing, and EV Manufacturing. It is also diversifying into various domains associated with renewable energy. 

With a market capitalization of Rs.3,313.69 Crores, the shares of Gensol Engineering Limited closed at Rs. 874.95 per equity share, down 0.32 percent from its previous day’s close price of Rs.877.80. 

Recently Gensol Engineering Limited along with Matrix Gas & Renewables Limited has secured 2 hydrogen projects i.e., to set up India’s first Green Hydrogen Valley project in Pune, to produce green hydrogen and supply it to the Specialty Chemical sector. 

In addition, it had received another work order for EPC of India’s first Biomass to Green Hydrogen project for Rs. 164 Crores, to convert 25 tons of bio-waste into 1 ton of hydrogen per day 

Its Revenue from operations grew by 104 percent YoY from Rs. 145 Crores in Q1FY24 to Rs. 295 Crores in Q1FY25, accompanied by profits of Rs. 10 Crores to Rs. 15 Crores.

Oriana Power

Oriana Power Limited is engaged in providing a wide range of solar energy solutions to industrial and commercial customers. Its solutions include floating solar panels, rooftop solar, hydrogen electrolyzers, and many more. 

Oriana Power Limited has started to explore the hydrogen energy space, particularly green hydrogen, as part of its broader clean energy portfolio. It looks at opportunities to produce green hydrogen, which is hydrogen generated through electrolysis using renewable energy, particularly solar power 

With a market capitalization of Rs. 3,852 Crores, the shares of Oriana Power Limited closed at Rs. 2,020 per equity share, up 2.02 percent from its previous day’s close price of Rs. 1,980. 

Its Revenue from operations grew by 181 percent YoY from Rs. 136 Crores in FY23 to Rs. 383 Crores in FY24, accompanied by profits of Rs. 11 Crores to Rs. 54 Crores. 

Bharat Heavy Electricals

Bharat Heavy Electricals Limited (BHEL) is one of the largest engineering and manufacturing companies in India engaged in the design, engineering, construction, testing, commissioning, and servicing of a wide range of products and services for the core sectors of the economy like power, transmission, renewable energy, industry, and many more. 

BHEL is working on the development of electrolyzers, which are crucial for producing green hydrogen, hydrogen fuel cell technologies, which can be used in clean energy power generation and transportation, hydrogen blending with natural gas, and many more 

BHEL has entered into a Memorandum of Understanding(MoU) with the Central Manufacturing Technology Institute (CMTI) for technology development in the areas of the Hydrogen value chain and IIoT solutions for predictive maintenance of machines & manufacturing processes. 

BHEL has also signed an agreement with the Bhabha Atomic Research Centre (BARC) to manufacture hydrogen using a 50 kW alkaline electrolyzer system. 

With a market capitalization of Rs. 92,675 Crores, the shares of Bharat Heavy Electricals Limited closed at Rs. 266.20 per equity share, up 3.52 percent from its previous day’s close price of Rs. 257.15. 

Its Revenue from operations grew by 9.62 percent YoY from Rs. 5,003 Crores in Q1FY24 to Rs. 5,485 Crores in Q1FY25, accompanied by losses of Rs. 205 Crores to Rs. 211 Crores.

Written by: Bharath K.S

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