Nuclear Power Stocks in India 2026: Suppliers and Orders

India has run nuclear power stations since 1969, yet nuclear still makes up a small slice of its power system. In June 2026, India had 8,780 MW of nuclear capacity, just 1.60% of its total. The government now wants 22.38 GW by 2031-32 and 100 GW by 2047, and a new law passed in 2025 lets private Indian companies build and run nuclear plants for the first time.

Every one of those reactors needs pumps, special metals, precision parts, steam generators, turbines and civil works, and only a few Indian companies are qualified to supply them. This page lists the listed nuclear suppliers we have studied in depth, with each one's latest nuclear orders. Each row links to our full research on that company.

Figures as of 13 November 2026. This page is research, not a recommendation to buy or sell any stock.

Nuclear Power Stocks in India at a Glance

Nuclear orders are large and come in waves, so a single contract can be several years of a small company's nuclear revenue.

Inside and Outside the Reactor

A nuclear plant has two very different supply chains.

Inside the reactor building, every part must be qualified by NPCIL, India's nuclear power company, after years of trials. Few companies get through, so orders tend to go back to the same suppliers. KSB has supplied primary coolant pumps for India's heavy water reactors since the units at Narora. MTAR makes fuel machining heads and core assemblies, and Unimech and Kilburn supply equipment and systems around the reactor. MIDHANI makes the certified special metals.

Outside the reactor, the plant looks more like a large thermal power station: turbines, generators, transformers, gensets, pumps and civil works. Competition is wider here, but the orders are larger. Azad makes blades for nuclear steam turbines, TARIL supplies generator transformers, and Kirloskar Oil Engines makes the emergency gensets that keep the cooling running if the grid fails.

The Order Pipeline

The fleet of ten 700 MW reactors. In 2017, the government sanctioned ten 700 MW heavy water reactors at about ₹1,05,000 Cr, with close to ₹70,000 Cr of manufacturing orders going to Indian industry. The first fleet is planned at Kaiga, Gorakhpur, Chutka and Mahi Banswara.

The largest contracts so far. NPCIL gave the Kaiga 5 & 6 construction contract to Megha Engineering in April 2025 for ₹12,800 Cr, its biggest order ever. The four-unit Mahi Banswara plant, a joint venture of NPCIL and NTPC, is estimated at ₹42,000 Cr, and its nuclear island contract, tendered in July 2026, is worth over ₹28,000 Cr.

Private companies can now enter. The SHANTI Act of 2025 lets any company incorporated in India apply for a licence to build and run nuclear plants. It also removes the automatic right of an operator to claim damages from its suppliers after an accident, unless the contract says so.

Small reactors are next. The Nuclear Energy Mission, announced in the 2025-26 Budget, sets aside ₹20,000 Cr and aims to have at least five Indian-designed small modular reactors running by 2033.

Other Listed Companies in Nuclear Power

These companies also supply India's nuclear programme but are not yet covered in our in-depth research. The details come from their own filings, calls and releases.

How to Read a Nuclear Supplier's Order Book

1. Inside or outside the reactor? Parts inside the reactor need long qualification and face few competitors; parts outside face more.
2. How long is the execution? Nuclear orders can run for four to six years; KSB, for example, delivers a main coolant pump about 48 months after the order. A large order may add only a little revenue each year.
3. Who is the customer? Most orders come from NPCIL or its main contractors. Check whether the order is direct or through an EPC company.
4. What share of revenue is nuclear? For most suppliers, nuclear is a small part of today's revenue. The order book shows where it could go.
5. Is the project on time? Supplier revenue follows the reactor's schedule. Delays at site delay deliveries and payments.

Key Risks for Nuclear Stocks

• Targets have slipped before: India once aimed for 20 GW of nuclear power by 2020. It had 8.78 GW in June 2026.
• Long build times: India's roadmap for 100 GW puts a new plant at about 11-12 years from state consent to completion. Kudankulam 3 & 4, once due in 2026, are now expected in 2027.
• Lumpy orders: contracts come in large, rare batches, so suppliers' nuclear revenue can rise and fall sharply.
• Fuel imports: about 69% of NPCIL's generation in 2024-25 came from reactors running on imported uranium.
• Rules still being written: the SHANTI Act's rules were released only as a draft in August 2026, and tariffs for new plants are expected to be higher than for today's older fleet.

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Conclusion

India's nuclear plans are the largest in its history, and the first big contracts of the 700 MW fleet are now in suppliers' order books. But the programme has a long record of slipping timelines, and each order takes years to turn into revenue. Use the tables above to see where each company sits, then read our research on each one for its orders, capacity and risks.

Shashank Mahajan

High growth stock specialist, Value Educator

Shashank Mahajan is an equity research professional with over 12 years of experience in identifying high-potential SME and micro-cap stocks at an early stage. He follows a rigorous scuttlebutt research–driven approach, combining on-ground insights with deep financial analysis. Shashank specializes in uncovering under-researched and under-owned companies with strong management quality and long-term growth potential. Through disciplined research and early identification, he focuses on spotting tomorrow’s market leaders before they enter the mainstream investor radar.