Buy, Sell Or Hold: NTPC Green Energy, ACME Solar Holdings, SJVN, Inox Wind, Advait Energy Transitions — Analyst Forecast

Updated: 28 Sept 2026 • 11:16 am

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Buy, Sell Or Hold: NTPC Green Energy, ACME Solar Holdings, SJVN, Inox Wind, Advait Energy Transitions — Analyst Forecast

India has no pure-play listed green hydrogen company yet, so green hydrogen stocks are really renewable power, wind and energy infrastructure names positioned to benefit as the National Green Hydrogen Mission moves from announcements to early execution. This piece checks five such green hydrogen stocks on valuation and profitability, leaving out the larger conglomerates already covered elsewhere in this series.

Sector Snapshot (28 September 2026)

Stock	LTP (Rs)	52W High	52W Low	P/E vs Industry	ROE	Our View
NTPC Green Energy	91.73	119.95	84.00	129.69 / 22.85	2.76%	Avoid / High Risk
ACME Solar Holdings	439.90	476.90	195.90	51.90 / 24.00	9.86%	Hold
SJVN	60.94	93.20	61.21	37.88 / 22.85	4.51%	Avoid / High Risk
Inox Wind	73.53	159.30	68.00	31.12 / 46.77	6.35%	Hold
Advait Energy Transitions	1,878.10	2,485.00	1,351.00	33.97 / 48.46	18.60%	Buy on Dips

No listed Indian company is a pure-play green hydrogen business today. Larger names with hydrogen exposure, such as Reliance Industries, NTPC, GAIL and Larsen and Toubro, are covered in other sectors of this series.

Quick Answer

Advait Energy Transitions is the only name among these green hydrogen stocks combining a below-industry valuation with solid profitability. Inox Wind is cheaper than its industry but earns weak returns, and ACME Solar Holdings carries heavy debt at a rich multiple. NTPC Green Energy and SJVN both trade at large premiums to the industry while earning very low returns on equity, which puts both in high-risk territory.

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Table of Contents

NTPC Green Energy: Avoid / High Risk

NTPC Green Energy, the listed renewable arm of NTPC that is also leading its green ammonia export plans, trades at Rs 91.73, down close to 24% from its 52-week high of Rs 119.95. Its price-to-earnings ratio of 129.69 is nearly six times the industry average of 22.85, while its return on equity of just 2.76% is the weakest in this group. That gap between an extreme valuation and very low profitability puts this in high-risk territory even after the pullback.

ACME Solar Holdings: Hold

ACME Solar Holdings, a renewable developer that features prominently in green ammonia plans, is at Rs 439.90, close to its 52-week high of Rs 476.90 after more than doubling from its low of Rs 195.90. It trades at a price-to-earnings ratio of 51.90, more than double the industry average of 24.00, with a return on equity of 9.86% and the highest debt-to-equity ratio in this group at 3.93. That combination of a rich valuation, heavy leverage and a stock already near its highs keeps this in hold territory rather than a name to chase.

SJVN: Avoid / High Risk

SJVN, the state-run hydro and renewable developer that runs a green hydrogen pilot plant in Himachal Pradesh, trades at Rs 60.94, right at its 52-week low of Rs 61.21 and down close to 35% from its high of Rs 93.20. Its price-to-earnings ratio of 37.88 is well above the industry average of 22.85, while its return on equity of 4.51% is among the weakest here, alongside a debt-to-equity ratio of 2.27. A dividend yield of 2.43% softens the picture slightly, but a premium valuation against low returns keeps this in high-risk territory.

Inox Wind: Hold

Inox Wind, a wind turbine maker tied to the renewable power that green hydrogen depends on, is at Rs 73.53, close to its 52-week low of Rs 68.00 and down close to 54% from its high of Rs 159.30. Its price-to-earnings ratio of 31.12 sits below the industry average of 46.77, and its debt-to-equity ratio of 0.25 is modest, but a return on equity of just 6.35% is weak. A steep price drop does not automatically make a stock cheap, so this looks like a hold to monitor rather than a buy on the fall alone.

Advait Energy Transitions: Buy on Dips

Advait Energy Transitions, formerly Advait Infratech, is an energy infrastructure company that features on India's green hydrogen watchlists. It trades at Rs 1,878.10, down close to 24% from its 52-week high of Rs 2,485.00. It combines a return on equity of 18.60% with a price-to-earnings ratio of 33.97, well below the industry average of 48.46, and a debt-to-equity ratio of 0.34. That balance of solid profitability and a below-industry valuation makes it the standout among these green hydrogen stocks, though as a small-cap its price can swing sharply.

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What Ties These Green Hydrogen Stocks Together

Across these green hydrogen stocks, hydrogen is still a future plan layered on top of an existing renewable power, wind or infrastructure business, so current valuations mostly reflect that core business rather than any hydrogen revenue. Four of these five green hydrogen stocks carry either premium multiples, weak returns or heavy debt, which is why only Advait Energy Transitions clears the bar for accumulation. Policy incentives under the National Green Hydrogen Mission, electrolyser costs, renewable power tariffs and the timing of green ammonia contracts can all move these numbers meaningfully over the coming years.

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Conclusion

Green hydrogen stocks in India are a long-horizon theme without a pure-play listed option. Advait Energy Transitions currently looks best placed for gradual accumulation among these green hydrogen stocks, ACME Solar Holdings and Inox Wind are holds, and NTPC Green Energy and SJVN's premium valuations against very low returns keep both in higher-risk territory. As always, treat this as a starting point rather than a final word.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.

Frequently Asked Questions

A few common questions on these green hydrogen stocks, answered briefly below for quick reference.

Is there a pure-play listed green hydrogen stock in India?

No, India does not yet have a pure-play listed green hydrogen company, so green hydrogen stocks are renewable power, wind and infrastructure names where hydrogen is a small but growing part of the plan.

Which green hydrogen stock looks the most attractive right now?

Advait Energy Transitions currently shows the most favourable combination of a below-industry valuation and solid return on equity among these green hydrogen stocks.

Why is NTPC Green Energy considered high risk?

NTPC Green Energy trades at nearly six times the industry average price-to-earnings ratio while its return on equity of 2.76% is the weakest in this group, a gap that puts it in high-risk territory despite its parent's hydrogen ambitions.

Does ACME Solar Holdings carry a lot of debt?

Yes, ACME Solar Holdings has a debt-to-equity ratio of 3.93, the highest among these green hydrogen stocks, which is worth weighing against its rich valuation and its strong run from the 52-week low.

How long could green hydrogen take to matter for these stocks?

Most estimates place commercial scale in India between 2027 and 2030, so hydrogen revenue is unlikely to drive earnings for these companies in the near term, which is why current fundamentals matter more today.

Where can I track these green hydrogen stocks in real time?

You can track live prices, set price alerts, and follow quarterly results for NTPC Green Energy, ACME Solar Holdings, SJVN, Inox Wind and Advait Energy Transitions using the Univest iOS App and Univest Android App.