Prime Minister Narendra Modi‘s Independence Day address has put nuclear power at the centre of India’s long-term energy plans, with a target of 100 GW of nuclear capacity by 2047 and five new reactors to become operational within six to seven years. He also referred to the SHANTI Act and India’s progress in fast breeder nuclear technology.
For listed companies, the nuclear programme brings three different stories. While there are several listed entities exploring opportunities, we focus on BHEL, MTAR Tech and Walchandnagar Industries in this analysis.
This I-Day announcement follows the 500 MWe Prototype Fast Breeder Reactor (PFBR) at Kalpakkam in Tamil Nadu achieving first criticality on April 6, 2026. The Department of Atomic Energy said the reactor, built and commissioned by BHAVINI, had reached the milestone after meeting the safety requirements set by the Atomic Energy Regulatory Board.
The 100 GW nuclear capacity target by 2047
For listed companies, the nuclear programme spells out different opportunities. Bharat Heavy Electricals (BHEL) has the largest scale and about Rs 12,000 crore of nuclear orders within its total order book of Rs 2,60,255 crore.
MTAR Technologies has direct exposure to specialised nuclear components and an order book of Rs 5,143 crore.
Walchandnagar Industries has been associated with India’s nuclear programme for more than four decades and has executed the sodium piping contract for the 500 MWe PFBR at Kalpakkam.
The stocks, however, have already seen large gains. BHEL has risen 95.34% in one year and 719.26% in five years, while MTAR Technologies has gained 357.73% in one year. Walchandnagar Industries is up 280.03% over five years. The next question is whether the government’s nuclear plans can turn into enough orders and earnings to support the prices already seen in these three stocks.
BHEL nuclear order book: Rs 12,000 crore opportunity
BHEL is the largest company among the three and has the widest business base. Its nuclear business sits alongside thermal power, transmission, defence, transportation, hydro, coal gasification and services.
BHEL’s Q1 FY27 supplementary information puts its nuclear order book at about Rs 12,000 crore. During the quarter, the company received an order for refurbishment and commissioning of the turbine-generator package of the 500 MW PFBR at Kalpakkam.
The company’s total outstanding order book stood at Rs 2,60,255 crore at the end of Q1 FY27, compared with Rs 2,04,375 crore a year earlier. That represents a 27% increase.
BHEL order book
| Business | Outstanding order book |
| Total order book | Rs 2,60,255 crore |
| Nuclear | ~Rs 12,000 crore |
| Transmission | ~Rs 14,000 crore |
| Defence | ~Rs 7,000 crore |
| Transportation | ~Rs 15,000 crore |
| Coal gasification | ~Rs 8,000 crore |
| Hydro | ~Rs 5,500 crore |
| Spares and services | ~Rs 4,000 crore |
BHEL received total orders worth Rs 26,745 crore in Q1 FY27. Power accounted for Rs 22,625 crore, industry for Rs 1,767 crore and exports for Rs 2,353 crore.
The Q1 FY27 results also showed a strong improvement in earnings. Standalone revenue from operations rose to Rs 7,697.72 crore from Rs 5,486.91 crore in Q1 FY26. Profit after tax stood at Rs 381.91 crore against a loss of Rs 454.89 crore in the same quarter last year.
BHEL Q1 FY27 financial performance
| Particulars | Q1 FY27 | Q1 FY26 | Change |
| Revenue from operations | Rs 7,697.72 crore | Rs 5,486.91 crore | +40% |
| EBITDA | Rs 735 crore | -Rs 352 crore | Turned positive |
| PBT | Rs 512.90 crore | -Rs 607.43 crore | Turned positive |
| PAT | Rs 381.91 crore | -Rs 454.89 crore | Turned positive |
| Customer collections | Rs 11,004 crore | Rs 8,191 crore | +34% |
| Outstanding order book | Rs 2,60,255 crore | Rs 2,04,375 crore | +27% |
BHEL’s nuclear opportunity therefore comes with an existing order book, while the company’s financial performance is also improving across its wider business. The Rs 12,000 crore nuclear order book is significant, but it remains a relatively small part of the company’s Rs 2,60,255 crore total order book.
BHEL share price performance
BHEL has delivered a 45.19% gain year to date and a 95.34% gain over one year. Over five years, the gain stands at 719.26%.
| Period | BHEL share price performance |
| 1 month | +0.27% |
| 6 months | +61.02% |
| YTD | +45.19% |
| 1 year | +95.34% |
| 5 years | +719.26% |
The recent monthly performance has been relatively flat compared with the gains over longer periods. The five-year return shows the extent of the rise in the stock over that period.
MTAR Technologies nuclear exposure: 130% revenue growth
MTAR Technologies is a much smaller company than BHEL, but its business is focused on precision engineering and specialised components. It has exposure to civil nuclear power, aerospace and defence and clean energy.
The company reported revenue from operations of Rs 360.7 crore in Q1 FY27, compared with Rs 156.6 crore in Q1 FY26. Revenue growth stood at 130.4%.
EBITDA rose to Rs 85.1 crore from Rs 28.4 crore, while profit after tax increased to Rs 50.2 crore from Rs 10.8 crore.
MTAR Technologies Q1 FY27 financial performance
| Particulars | Q1 FY27 | Q1 FY26 | Growth |
| Revenue from operations | Rs 360.7 crore | Rs 156.6 crore | +130.4% |
| EBITDA | Rs 85.1 crore | Rs 28.4 crore | +199.7% |
| PBT | Rs 67.4 crore | Rs 14.8 crore | +355% |
| PAT | Rs 50.2 crore | Rs 10.8 crore | +364.5% |
| EBITDA margin | 23.54% | — | — |
| PAT margin | 13.92% | 6.9% | — |
| ROCE | 17.2% | 11.4% | — |
MTAR ended Q1 FY27 with an order book of Rs 5,143 crore. The company also received an additional order of about Rs 800 crore after the quarter.
MTAR Technologies key operating numbers
| Particular | Figure |
| Q1 FY27 order book | Rs 5,143 crore |
| Additional order | ~Rs 800 crore |
| Q1 FY27 cash flow from operations | Rs 247.69 crore |
| Q1 FY27 working capital | 59 days |
| Planned capex | ~Rs 500 crore |
| FY27 revenue growth guidance | 80% |
| FY27 EBITDA margin guidance | 24% ±100 bps |
| Debt as of June 30, 2026 | Rs 423.6 crore |
| Investments | Rs 379 crore |
MTAR’s nuclear business has several projects in its pipeline. During its earnings call, management discussed Kaiga 5 and 6, reactor refurbishment and the proposed four-reactor Mahi Banswara project.
The company also has a direct connection with the PFBR. Management said MTAR supplied a majority of the critical assemblies for the project. The PFBR achieving first criticality therefore marks progress on a programme where MTAR already has supply experience.
The company’s management has retained its FY27 revenue growth guidance of 80% and EBITDA margin guidance of 24% plus or minus 100 basis points. Management also said it expects to do better than the 80% revenue-growth guidance.
The nuclear business is not the only source of growth. MTAR’s management expects aerospace revenue to double during FY27, while the company is also expanding its defence and clean-energy businesses.
MTAR Technologies share price performance
MTAR Technologies has been the strongest performer of the three stocks over the shorter periods listed below, gaining 194.28% year to date and 357.73% over one year.
| Period | MTAR Technologies share price performance |
| 1 month | +16.60% |
| 6 months | +87.57% |
| YTD | +194.28% |
| 1 year | +357.73% |
| 5 years | +470.88% |
The one-year gain is particularly large when compared with BHEL and Walchandnagar. The stock has also risen 470.88% over five years, showing the strong rise in the share price over the period.
Walchandnagar Industries nuclear opportunity: PFBR experience
Walchandnagar Industries has a long association with India’s nuclear programme. The company says it has worked with the Department of Atomic Energy, NPCIL and BARC for more than four decades and with BHAVINI for about a decade.
Its nuclear business includes equipment supplied for PHWR and PFBR reactors. The company has also executed the sodium piping contract for the 500 MWe PFBR at Kalpakkam.
This gives Walchandnagar a direct link with the PFBR milestone, although its Q1 FY27 results do not disclose a separate nuclear order-book value.
The company’s overall financial performance improved sharply during Q1 FY27. Revenue from operations increased to Rs 90.83 crore from Rs 49.43 crore in Q1 FY26. Total income rose to Rs 97.80 crore from Rs 53.96 crore.
EBITDA increased to Rs 14.32 crore from Rs 2.17 crore. The company reported a PAT of Rs 1.18 crore compared with a loss of Rs 10.39 crore in the year-ago quarter.
Walchandnagar Industries Q1 FY27 financial performance
| Particulars | Q1 FY27 | Q1 FY26 | Change |
| Revenue from operations | Rs 90.83 crore | Rs 49.43 crore | +84% |
| Total income | Rs 97.80 crore | Rs 53.96 crore | +81% |
| EBITDA | Rs 14.32 crore | Rs 2.17 crore | 6.6x |
| PBT | Rs 1.18 crore | -Rs 10.39 crore | Turned positive |
| PAT | Rs 1.18 crore | -Rs 10.39 crore | Turned positive |
| EPS | Rs 0.17 | -Rs 1.54 | — |
The company said Q1 FY27 was its third consecutive quarter of positive PAT. PAT stood at Rs 4.66 crore in Q3 FY26 and Rs 2.94 crore in Q4 FY26.
Heavy Engineering remains the largest segment. Revenue from the segment stood at Rs 70.11 crore in Q1 FY27 against Rs 42.09 crore in Q1 FY26.
Walchandnagar Industries segment performance
| Segment | Q1 FY27 revenue | Q1 FY26 revenue |
| Heavy Engineering | Rs 70.11 crore | Rs 42.09 crore |
| Foundry & Machine Shop | Rs 15.34 crore | Rs 2.02 crore |
| Others | Rs 6.11 crore | Rs 5.33 crore |
| Total segment revenue | Rs 91.56 crore | Rs 49.44 crore |
Walchandnagar’s nuclear business has established capabilities, but the latest financial disclosure does not provide a separate nuclear order book. Its nuclear opportunity therefore cannot be measured in the same way as BHEL’s disclosed Rs 12,000 crore nuclear order book.
Walchandnagar Industries share price performance
Walchandnagar Industries has gained 18.74% year to date and 27.08% over one year. Over five years, it has risen 280.03%.
| Period | Walchandnagar Industries share price performance |
| 1 month | -7.89% |
| 6 months | +30.49% |
| YTD | +18.74% |
| 1 year | +27.08% |
| 5 years | +280.03% |
Unlike BHEL and MTAR Technologies, Walchandnagar has fallen over the past month. The longer-term returns remain positive, with the five-year gain standing at 280.03%.
BHEL vs MTAR Technologies vs Walchandnagar
The three companies have very different financial sizes and business profiles. BHEL has the largest revenue and order book by a wide margin. MTAR Technologies has reported the fastest Q1 growth. Walchandnagar has a much smaller earnings base but has returned to quarterly profitability.
Key financial comparison
| Metric | BHEL | MTAR Technologies | Walchandnagar Industries |
| Q1 FY27 revenue | Rs 7,697.72 crore | Rs 360.7 crore | Rs 97.80 crore |
| Q1 FY27 EBITDA | Rs 735 crore | Rs 85.1 crore | Rs 14.32 crore |
| Q1 FY27 PAT | Rs 381.91 crore | Rs 50.2 crore | Rs 1.18 crore |
| Q1 FY27 order book | Rs 2,60,255 crore | Rs 5,143 crore | Not separately disclosed |
| Nuclear order book | ~Rs 12,000 crore | Not separately disclosed | Not separately disclosed |
| Q1 FY27 revenue growth | +40% | +130.4% | +81% |
| Q1 FY27 EBITDA margin | — | 23.54% | — |
The order books cannot be compared directly without considering the different sizes and business models. BHEL’s Rs 2,60,255 crore order book covers the company’s complete business, while MTAR’s Rs 5,143 crore figure covers its total order book.
The nuclear numbers are also not directly comparable. BHEL separately discloses about Rs 12,000 crore of nuclear orders, whereas MTAR and Walchandnagar do not provide a comparable nuclear order-book figure in the material reviewed.
India’s nuclear power target: Key numbers
India’s installed nuclear power capacity currently stands at 8,780 MW, according to a recent government response. The government’s stated target is to reach 100 GW by 2047.
Key nuclear programme numbers
| Nuclear programme / project | Figure |
| Current installed nuclear capacity | 8,780 MW |
| Government target by 2047 | 100 GW |
| PFBR capacity | 500 MWe |
| PFBR first criticality | April 6, 2026 |
| New reactors to be operational within 6-7 years | 5 |
| Mahi Banswara reactors discussed by MTAR | 4 |
| Mahi Banswara capacity per reactor | 700 MW |
| Mahi Banswara total capacity | 2,800 MW |
The gap between the current installed capacity and the 100 GW target is substantial. The target therefore represents a long programme rather than an immediate order book for equipment manufacturers.
The PFBR milestone is more immediate. The 500 MWe reactor at Kalpakkam has already reached first criticality, providing a completed project milestone for companies that supplied equipment to the programme. The Department of Atomic Energy says the reactor was indigenously designed and built, with technology development and design by IGCAR and construction and commissioning by BHAVINI.
For Walchandnagar, the company’s own nuclear business information confirms its work on sodium piping for the 500 MWe PFBR.
Nuclear plays BHEL, MTAR Technologies and Walchandnagar: What comes next?
BHEL has the strongest disclosed nuclear order visibility among the three, with about Rs 12,000 crore of nuclear orders already included in its much larger order book. Its Q1 FY27 earnings also show a return to profit, giving the nuclear opportunity an additional earnings base across the company’s other businesses.
MTAR Technologies has the fastest reported growth among the three and a Rs 5,143 crore order book. Its management has discussed Kaiga 5 and 6, reactor refurbishment and Mahi Banswara as nuclear opportunities, while its PFBR supply experience gives it an existing connection with India’s fast breeder programme.
Walchandnagar has more than four decades of nuclear experience and has executed the PFBR sodium piping contract. Its Q1 FY27 results show a return to profit, but its earnings remain much smaller than those of BHEL and MTAR Technologies and the company does not disclose a separate nuclear order-book figure in its latest results.
Share price performance comparison
| Company | 1 month | 6 months | YTD | 1 year | 5 years |
| BHEL | +0.27% | +61.02% | +45.19% | +95.34% | +719.26% |
| MTAR Technologies | +16.60% | +87.57% | +194.28% | +357.73% | +470.88% |
| Walchandnagar Industries | -7.89% | +30.49% | +18.74% | +27.08% | +280.03% |
MTAR Technologies has delivered the strongest one-year and year-to-date performance. BHEL has the strongest five-year return among the three. Walchandnagar’s recent performance is weaker, although its five-year return remains substantial.
India’s nuclear push: A long road from policy to earnings
The 100 GW nuclear target gives BHEL, MTAR Technologies and Walchandnagar Industries a common long-term theme, but their starting points are not the same.
BHEL already has about Rs 12,000 crore of disclosed nuclear orders and a Rs 2,60,255 crore total order book. MTAR has a Rs 5,143 crore order book, strong recent earnings growth and direct exposure to several nuclear programmes. Walchandnagar brings decades of nuclear manufacturing experience and a direct PFBR connection, while its latest results show a return to profitability.
The PFBR’s first criticality gives the programme a tangible milestone. The five-reactor plan gives the sector a nearer set of projects, while the 100 GW target extends the opportunity to 2047.
Conclusion
What comes next will be measured in reactor orders, equipment contracts, execution and the revenue that eventually follows. The three companies enter this programme with different businesses, different order visibility and very different recent share-price performance. The coming project awards and quarterly results will show how much of the country’s nuclear expansion is translating into business for each company.
Disclaimer: This article provides an analysis of listed Indian capital goods and engineering companies (BHEL, MTAR Technologies, and Walchandnagar Industries) in light of long-term government targets, earnings data, and past share-price performance. It is intended strictly for informational, educational, and news-reporting purposes and does not constitute investment advice, financial guidance, or a recommendation to buy, sell, or hold any security. Stock market investments are subject to market risks, and historical performance or operational visibility may not guarantee future returns. Readers should perform independent research and consult a SEBI-registered financial advisor before making any investment decisions.
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