India’s push to build indigenous Small Modular Reactors (SMRs) has turned the spotlight on a handful of listed engineering and capital goods companies that already form part of the country’s nuclear supply chain.
The government is working to operationalise at least five SMRs by 2033 as part of its plan to raise nuclear power capacity to 100 GW by 2047 from around 8.8 GW at present, according to a Reuters report.
India’s small modular reactor: The key details
The Bhabha Atomic Research Centre (BARC) is developing three indigenous reactor designs – the 220 MW Bharat Small Modular Reactor (BSMR-200), the 55 MW SMR and a high-temperature gas-cooled reactor for hydrogen production.
Tarapur in Maharashtra has been approved as the site for the 220 MW and 55 MW reactors, with engineering, manufacturing and construction expected to gather pace over the coming years.
Only a limited number of Indian companies manufacture nuclear-grade equipment or have experience in executing reactor projects. BHEL, Larsen & Toubro, MTAR Technologies, Hindustan Construction Company, Kirloskar Brothers and Walchandnagar Industries are among the listed names with established capabilities across reactor equipment, precision engineering and specialised construction.
India’s listed SMR supply chain
| Company | SMR opportunity |
| BHEL | Steam generators, reactor headers, turbine-generator systems, heat exchangers |
| L&T | Reactor pressure vessels, steam generators, heavy forgings, EPC |
| MTAR Technologies | Precision reactor components, coolant channel assemblies |
| HCC | Nuclear plant civil works |
| Kirloskar Brothers | Nuclear-grade pumps |
| Walchandnagar Industries | Class-I nuclear equipment |
BHEL: One of the key potential beneficiaries
Bharat Heavy Electricals has supplied equipment to India’s nuclear power programme for decades and remains one of the country’s largest manufacturers of steam generators, reactor headers, turbine-generator systems, end shields and heat exchangers used in nuclear plants. Its manufacturing capabilities place it among the companies best positioned to benefit as indigenous SMRs move towards commercial deployment.
The stock has also been among the strongest performers in the engineering space. Shares ended at Rs 417.50 on July 24, rising 68.55% over the past six months, up43.25% so far in 2026 and 66.30% over the past year. Over the last five years, the stock has surged 552.85%.
BHEL share price performance
| Price (24 July) | 6 months | YTD | 1 year | 5 years |
| Rs 417.50 | +68.55% | +43.25% | +66.30% | +552.85% |
The company reported a sharp improvement in earnings during Q1 FY27. Revenue from operations rose to Rs 7,697.72 crore from Rs 5,486.91 crore a year ago, while total revenue increased to Rs 7,911.86 crore. EBITDA stood at Rs 503.86 crore compared with an EBITDA loss of Rs 537.14 crore in the corresponding quarter last year. BHEL reported a consolidated net profit of Rs 376.71 crore against a net loss of Rs 455.50 crore a year ago. The Power segment contributed Rs 5,919.50 crore to revenue during the quarter.
BHEL financial snapshot (Q1 FY27)
| Metric | Value |
| Revenue from operations | Rs 7,697.72 crore |
| Total revenue | Rs 7,911.86 crore |
| EBITDA | Rs 503.86 crore |
| Net profit | Rs 376.71 crore |
| Power segment revenue | Rs 5,919.50 crore |
L&T: Broad exposure across manufacturing and project execution
Larsen & Toubro has one of the widest nuclear engineering portfolios among listed companies. It manufactures reactor pressure vessels, steam generators, calandrias, end shields, heat exchangers and pressurisers, besides undertaking engineering, procurement and construction (EPC) work for nuclear projects.
The company is therefore positioned across both equipment manufacturing and project execution.
Unlike several capital goods stocks that have rallied sharply this year, L&T’s share price has remained largely range-bound. The stock closed at Rs 3,785.70 on July 24. It was down 0.06% over the past six months and 8.57% on a year-to-date basis, although it has gained 8.86% over the past year.
L&T share price performance
| Price (24 July) | 6 months | YTD | 1 year |
| Rs 3,785.70 | -0.06% | -8.57% | +8.86% |
L&T reported revenue from operations of Rs 82,762.18 crore in Q4 FY26, up 11.25% year-on-year. EBITDA stood at Rs 8,610.28 crore, while consolidated net profit came in at Rs 5,325.60 crore. During the quarter, the company secured fresh orders worth Rs 89,772 crore, taking its consolidated order book at the end of FY26 to a record Rs 7,40,327 crore.
L&T financial snapshot (Q4 FY26)
| Metric | Value |
| Revenue from operations | Rs 82,762.18 crore |
| EBITDA | Rs 8,610.28 crore |
| Net profit | Rs 5,325.60 crore |
| Order inflow | Rs 89,772 crore |
| Order book | Rs 7,40,327 crore |
MTAR Technologies: Precision engineering specialist
MTAR Technologies manufactures high-precision components used in strategic sectors, including nuclear energy. Its product portfolio includes coolant channel assemblies, bridge and column systems, fuel machining heads and other specialised reactor components that require advanced machining and manufacturing capabilities.
The company’s FY26 performance reflected healthy growth across operations. Revenue from operations rose 29.62% year-on-year to Rs 876.21 crore, while net profit increased 77.80% to Rs 94.03 crore. During Q4 FY26, revenue climbed 67.17% to Rs 306.07 crore and net profit rose to Rs 44.28 crore from Rs 13.72 crore in the corresponding quarter of the previous year.
MTAR Technologies financial snapshot (FY26) – check of the Q1 is out
| Metric | Value |
| Revenue from operations | Rs 876.21 crore |
| Net profit | Rs 94.03 crore |
| EPS | Rs 30.57 |
| Q4 FY26 revenue | Rs 306.07 crore |
| Q4 FY26 net profit | Rs 44.28 crore |
HCC: Civil construction expertise could be called upon
Hindustan Construction Company (HCC) is one of the few listed infrastructure companies with experience in constructing nuclear power facilities. Its work spans reactor buildings, containment structures and other specialised civil infrastructure required for nuclear projects, making it a likely participant as SMR projects move into the construction phase.
The stock closed at Rs 21.55 on July 24. It has gained 14.69% over the past six months and 13.18% so far in 2026. However, it is down 7.83% over the past year. Despite the recent volatility, the stock has delivered a return of 120.35% over the last five years.
HCC share price performance
| Price (24 July) | 1 month | 6 months | YTD | 1 year | 5 years |
| Rs 21.55 | -21.29% | +14.69% | +13.18% | -7.83% | +120.35% |
HCC reported consolidated revenue of Rs 3,969.6 crore in FY26, while net profit stood at Rs 165.5 crore. The company ended the year with an order book of Rs 12,971 crore, supported by fresh order inflows of Rs 5,354 crore. It also reduced net debt by 33% year-on-year to Rs 1,995 crore.
HCC financial snapshot (FY26)
| Metric | Value |
| Revenue | Rs 3,969.6 crore |
| Net profit | Rs 165.5 crore |
| Order book | Rs 12,971 crore |
| Net debt | Rs 1,995 crore |
Kirloskar Brothers: A play on nuclear-grade pumps
Kirloskar Brothers manufactures specialised pumps used in thermal, hydro and nuclear power plants. Reactor coolant pumps and other high-performance pumping systems are critical components of nuclear facilities, giving the company a niche position within the domestic supply chain.
The stock ended at Rs 1,840 on July 24. It has risen 23.52% over the past six months and 14.23% so far this year. Although the stock is down 9.83% over the past year, it has surged 303.16% over the last five years.
Kirloskar Brothers share price performance
| Price (24 July) | 1 month | 6 months | YTD | 1 year | 5 years |
| Rs 1,840 | -8.95% | +23.52% | +14.23% | -9.83% | +303.16% |
Kirloskar Brothers reported revenue of Rs 4,538 crore in FY26 and closed the year with an order book of Rs 3,948.8 crore. During the earnings call, the management said it expects double-digit revenue growth in FY27, supported by demand across domestic and international markets.
Kirloskar Brothers financial snapshot (FY26)
| Metric | Value |
| Revenue | Rs 4,538 crore |
| Order book | Rs 3,948.8 crore |
| FY27 outlook | Double-digit revenue growth |
Walchandnagar Industries: Specialist in heavy nuclear equipment
Walchandnagar Industries has been associated with India’s nuclear programme for decades and manufactures Class-I nuclear equipment, including calandrias, end shields, moderator heat exchangers, fuel magazines, dump tanks and other heavy engineered components used in reactors.
The stock closed at Rs 238 on July 24. It has gained 44.06% over the past six months and 24.76% so far this year. While the stock has corrected 17.03% over the past month, it remains up 14.49% over the past year and 242.69% over the last five years.
Walchandnagar Industries share price performance
| Price (24 July) | 1 month | 6 months | YTD | 1 year | 5 years |
| Rs 238 | -17.03% | +44.06% | +24.76% | +14.49% | +242.69% |
For FY26, Walchandnagar Industries reported revenue of Rs 275.19 crore. The company narrowed its annual loss to Rs 14.68 crore from Rs 28.39 crore in FY25. During Q4 FY26, revenue rose to Rs 93.02 crore, while the company reported a net profit of Rs 2.94 crore, compared with a net loss of Rs 2.77 crore in the corresponding quarter of the previous year.
Walchandnagar Industries financial snapshot (FY26)
| Metric | Value |
| Revenue | Rs 275.19 crore |
| Net loss | Rs 14.68 crore |
| Q4 revenue | Rs 93.02 crore |
| Q4 net profit | Rs 2.94 crore |
Conclusion
For listed companies, the opportunity is likely to emerge over several years rather than immediately. BHEL, L&T, MTAR Technologies, HCC, Kirloskar Brothers and Walchandnagar Industries already have capabilities across different parts of the nuclear supply chain, while NTPC and Engineers India are positioned on the project development and engineering side.
As project timelines become clearer and fresh orders are awarded, these companies are likely to remain on investors’ radar.
