Nuclear Energy Stocks in Indian Stock Market
Using Uranium–Plutonium Mixed Oxide (MOX) fuel derived from natural-uranium-fed PHWRs, India has taken a step further towards achieving its goals of energy security, technological self-reliance, and net-zero carbon emission by 2070.
Within this framework, several Indian companies are gaining exposure through equipment, components, and system supply. Some of the most talked about nuclear power stocks that provide an exposure to the nuclear power value chain in India are discussed below.
India’s nuclear‑power strategy and why it matters
India’s three‑stage nuclear‑power program starts with Pressurised Heavy Water Reactors (PHWRs) using natural uranium to generate power and plutonium. Stage-2 uses uranium-plutonium-based MOX fuel in Fast Breeder Reactors (FBRs), including the PFBR at Kalpakkam, to produce more fissile material, some of which will be used in thorium-based reactors in Stage-3.
The success of the PFBR at Kalpakkam in 2026 in achieving criticality confirms the long-term applicability of uranium-based fuel and its derivatives. The government is planning to increase the nuclear capacity by over 13,000 MW within the next six years. The government has allocated Rs. 20,000 crore for research and development of SMRs in the Union Budget 2025-26, and intends to design at least five SMRs domestically and have them operational by 2033.
Therefore, the companies involved in the construction of nuclear power plants, or suppliers of their components, etc., are well positioned to benefit as India aggressively pursues the goal of achieving 100 GW of nuclear power generation capacity by 2047, and net-zero carbon emission by 2070.
Key players in India's nuclear power sector
Several Indian companies are positioned to potentially benefit from the growth in the nuclear power sector. Some of those are:
Walchandnagar Industries Ltd. (WIL)
Walchandnagar Industries is a heavy-engineering and fabrication company with nuclear-power and defence verticals. The company manufactures calandria vessels, dump tanks, moderator heat exchangers, end shields, and fuel magazines for 220‑MWe, 540‑MWe, and 700‑MWe PHWRs and the PFBR, all of which run on uranium‑based fuel.
The company carried out the sodium-piping contract of the 500-MWe PFBR at Kalpakkam, where it was responsible for the supply, erection, and commissioning of mechanical, piping, and instrumentation of the sodium & miscellaneous system.
The SHANTI Bill (Sustainable harnessing and advancement of nuclear energy for transforming India), 2025, allowing the involvement of the private sector in nuclear power generation, is likely to provide more direct project contracts to WIL as suppliers in the nuclear-construction and component space.
NTPC Limited
NTPC Limited, India’s largest power‑generation utility, is slowly transforming into a multi-energy conglomerate with growing interest in nuclear-power generation, in addition to its thermal-power base. The company has a 49% stake in a joint venture with NPCIL ( Anushakti Vidhyut Nigam Limited - ASHVINI ) to build a fleet of indigenous 700 -MWe nuclear reactors, which would significantly expand its exposure to uranium-based nuclear energy.
NTPC has also entered into a Memorandum of Understanding (MoU) with the Uranium Corporation of India Limited (UCIL) to explore uranium mining, increasing its footprint to the front‑end of the nuclear fuel cycle. The company has a declared goal of achieving 149 GW of installed capacity by 2032, in which nuclear energy will contribute a significant portion of clean, baseload-grade electricity, in addition to hydro and renewables.
All these make NTPC a hybrid nuclear‑linked play having a cash‑flow‑rich thermal generator with optionality to large‑scale nuclear‑generation and fuel‑supply initiatives, making it a core, large‑cap anchor in the nuclear-energy-transition story in India.
MTAR Technologies
MTAR Technologies is a precision‑engineered products manufacturer that supplies critical parts for civilian nuclear‑power plants, most of which run on natural‑uranium‑based PHWRs and MOX‑based FBRs. The company supplies components like coolant-channel assemblies, bridge-and-column systems, and high-precision fuel-machining heads, which are used in PHWR reactor internals.
In December 2025, MTAR was awarded a Rs. 504 crore contract to construct Kaiga Units 5 and 6, cementing its role in new-unit PHWR construction. It has provided an Inclined Fuel Transfer Machine and Control and Safety Rod Drive Mechanism to the PFBR at Kalpakkam, which directly contributes to the uranium- and plutonium-based fuel-handling infrastructure of the reactor.
By 31st December 2025, the company had won Rs. 1,368.8 crore of new orders in a quarter, which led to a total order book of Rs. 2,395 crore, making MTAR a significant supplier of uranium-related components throughout the nuclear-fuel cycle.
Power Mech Projects Limited
Power Mech Projects Limited (PMPL) is an infrastructure-construction company located in Hyderabad. In 2024, it entered the nuclear power business, which led to structural changes in its business portfolio.
Power Mech was awarded a ₹563.23 crore contract by Bharat Heavy Electricals Limited (BHEL) for the civil, structural, and architectural works of the turbine‑island package of NPCIL’s 2×700‑MWe, Pressurised Heavy Water Reactor‑based Kaiga Atomic Power Project (Units 5 and 6) in Karnataka.
The project includes the turbine-generator building, foundation for all equipment, chemical lab, storage tanks, peripheral drains, and sewage network, which are critical infrastructure of the uranium-fueled PHWR units. Power Mech's diversification of its construction business in the nuclear power segment makes it a compelling stock in the nuclear power sector in India.
Patels Airtemp (India) Ltd
Patels Airtemp (India) Ltd is a diversified engineering company that offers products such as shell-and-tube heat-exchangers, air-cooled heat exchangers, and pressure vessels, which are utilised in reactor-secondary-loop and support systems of nuclear-power plants.
The company has been accredited with ASME U, U2, and S stamp authorisation, which are internationally recognised quality marks in the manufacture of pressure equipment. During its corporate history, it has produced more than 10,500 units of process equipment.
As the rate of nuclear-unit construction and fleet-mode PHWR construction accelerates, the nuclear-grade heat-exchangers and cooling-systems market will grow, which will give Patels a substantial exposure to the nuclear-build-cycle.
The bottom line
India’s nuclear‑power program is no longer a distant policy pledge but a tangible, multi‑stage execution story anchored by the PFBR, expanding PHWR, and imported‑reactor builds. The stocks mentioned above, engaged in the component manufacturing, piping, heat‑management, and precision‑engineering layers of the infrastructure of nuclear power plants, offer investors an exposure to the nuclear power sector in India.
Through a combination of high-skill engineering, government-supported demand, and policy-driven localisation, these nuclear power-related stocks are becoming a structurally important component of India's green-energy transition.
