Uranium is increasingly crucial as it plays a significant role in the global shift towards nuclear power, amid rising concerns about energy security and shifting geopolitical dynamics.
In India, there are no publicly traded companies solely focused on uranium mining. However, investors can gain indirect exposure through companies involved in the nuclear fuel cycle or in building infrastructure for nuclear power generation.
Uranium serves as the primary fuel for most commercial nuclear reactors worldwide.
Several Indian companies are engaged in constructing nuclear power plants, manufacturing related equipment, offering engineering services, and participating in other nuclear energy-related infrastructure projects.
Here are three stocks worth tracking in this context.
#1 Bharat Heavy Electricals (BHEL)
BHEL is one of India’s largest public-sector engineering companies and plays an important role in the country’s nuclear power infrastructure.
BHEL manufactures and supplies critical equipment used in nuclear power plants, including steam turbines, turbo-generators, heat exchangers, pumps and heavy electrical systems, control & instrumentation systems.
These components are essential for converting nuclear heat into electricity. This makes the company an indirect player in the uranium ecosystem.
Financial Highlights of BHEL
| Rs m | FY24 | FY25 | FY26 |
| Net Sales | 201,068 | 237,877 | 273,369 |
| Operating Profit | 12,552 | 18,646 | 33,794 |
| Net Profit Margin (%) | 1.4 | 2.2 | 5.9 |
| Profit After Tax | 2,822 | 5,339 | 16,003 |
Source: Equitymaster
In terms of financial performance, BHEL performed well in Q1 FY27. Revenues of the PSU grew by to Rs 76,977 m vs Rs 54,869 YoY. The net profits jumped to hit Rs 3,653 m from losses YoY.
Moving ahead, BHEL has an outstanding order book of Rs 2,602 bn as of 30 June 2026.
Source: Investor Presentation
During Q1 FY27, the company saw a significant expansion in the international business.
It undertook the design, manufacture, supply & supervision of the erection & commissioning of 8 gas turbine generator (GTG) Packages for a petroleum refinery and a Polypropylene Plant — BHEL’s largest-ever single export order on a supply-and-supervision basis for GTGs.
The company, in its Q1FY27 presentation, has said that it is entering a multi-year growth phase with improving profitability and cash generation. BHEL believes that Nuclear, coal gasification, and green hydrogen are the next engines of growth for it.
#2 Hindustan Construction Company (HCC)
Next on the list is the stock of Hindustan Construction Company. It is one of India’s oldest and most reputed infrastructure engineering companies.
HCC has constructed 5,780 MW out of India’s total 9,580 MW nuclear power generation capacity, establishing itself as one of the few entities in the country capable of building the highly intricate core of a nuclear power plant.
The company’s projects contribute to over 60% of India’s nuclear power generation infrastructure. Uranium serves as the primary fuel for most commercial nuclear reactors.
Financial Highlights of HCC
| Rs m | FY24 | FY25 | FY26 |
| Net Sales | 70,068 | 56,034 | 39,696 |
| Operating Profit | 8039 | 9170 | 6,765 |
| Net Profit Margin (%) | 7.6 | 2.0 | 4.2 |
| Profit After Tax | 5,294 | 1,126 | 1,655 |
Source: Equitymaster
On the financial front, turnover stood at Rs 9,820 m and net profit at Rs 370 m for Q1 FY27. HCC has been consistently paying its debt over the last few quarters. The company had a pre-payment of Rs 1,000 m of debt planned in August 2026, with substantial payments to follow.
The company has an order book of Rs 130 bn as revealed in an earnings conference call in August.
Almost Rs 80 bn in its order book comprises projects that HCC has acquired during the last 15-month period. The contribution in the EBITDA is yet to come from these projects, which will be realized in subsequent quarters.
According to management, EBITDA will improve, and the company will continue striving to maintain it at 13-14%, as it has in the past.
HCC is currently undertaking prestigious projects, including the Indore Metro, Patna Metro, and Aditya Aluminium.
#3 MTAR Technologies
MTAR Technologies has been a key contributor to India’s civilian nuclear power program. It has partnerships with Nuclear Power Corporation of India Limited (NPCIL) and continues to deliver precision-engineered products to the core of nuclear reactors.
The comprehensive product portfolio in the nuclear segment includes complex assemblies such as fuel machining heads, drive mechanisms, bridge and column assemblies, and coolant channel assemblies, among others.
Financial Highlights of MTAR Technologies
| Rs m | FY23 | FY24 | FY25 |
| Net Sales | 5,738 | 5,808 | 6,760 |
| Operating Profit | 1,735 | 1,185 | 1,260 |
| Net Profit Margin % | 18.0 | 9.7 | 7.8 |
| Net Profit | 1,034 | 561 | 529 |
Source: Equitymaster
On the financial front, MTAR Technologies reported revenues of Rs 3,607 m in Q1FY27 vs Rs 1,566 m YoY. The net profits were at Rs 502 vs Rs 108 m YoY.
In terms of capacity augmentation, plans for fuel cells are being implemented in three phases: Phase 1 is already commissioned, Phase 2 is scheduled to be commissioned by September-October of this year, and Phase 3, a multi-fold capacity expansion, will be completed in March of 2027.
The management expects a robust closing order book of Rs 50 bn by the end of the fiscal year, providing strong revenue visibility.
With further order inflows expected across all key sectors over the coming quarters, management remains confident in sustaining growth momentum.
Conclusion
There is no directly listed player in the uranium mining space. Investors should look for companies in the uranium ecosystem, largely linked to the nuclear power ecosystem. These could comprise companies with very different businesses, from power turbines to construction companies.
Investors should focus not merely on the uranium theme, but on companies with strong fundamentals, healthy balance sheets, consistent cash flows, improving profitability, and credible growth plans.
Valuations also matter. Stocks with stretched prices can limit returns despite strong sector prospects. A disciplined, fundamentally driven approach is essential.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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