As India pushes toward energy security, lower carbon emissions, and round-the-clock power availability, nuclear energy is re-emerging as a serious pillar of the country’s long-term power mix.
Unlike solar and wind, nuclear offers uninterrupted baseload power, making it increasingly relevant as industrial demand rises and grid stability becomes critical.
The government wants to triple nuclear capacity by 2032, taking it from roughly 7,500 MW to over 22,000 MW. That’s not just policy talk anymore. Projects are moving, and budgets are flowing.
Here are 3 stocks that are well positioned to ride India’s next phase of nuclear expansion, either directly or through critical linkages in the nuclear value chain.
#1 Larsen & Toubro (L&T)
Larsen & Toubro (L&T) is an Indian multinational company that specializes in engineering, procurement, and construction (EPC) projects, high-tech manufacturing, and services. It has activities in over 50 countries.
Its significant execution history and engineering depth make it one of India’s most strategically vital infrastructure enterprises.
L&T has contributed to all 22 operating nuclear reactors in India by delivering equipment such as reactor vessels, heavy water plant components, fuel reprocessing systems, and plasma reactors.
It is one of the few global firms with a fully integrated nuclear manufacturing capabilities that spans the whole value chain, from raw materials to reactor fabrication. The company is also heavily involved in EPC for nuclear projects, resulting in high entry hurdles and long-term visibility.
L&T recently supplied four steam generators to NPCIL’s Kaiga 5 and 6 units.
Looking ahead, L&T is investigating Small Modular Reactors (SMRs). It’s in talks with NPCIL about deploying Bharat Small Reactors, which positions it well for India’s next phase of nuclear expansion.
L&T Financial Snapshot
| Particulars | FY23 | FY24 | FY25 | H1FY26 |
| Revenue (Rs m) | 1,833,407 | 2,211,129 | 2,557,345 | 1,316,624 |
| Growth YoY (%) | 17.1 | 20.6 | 15.7 | 12.8 |
| Operating Profit (Rs m) | 302,254 | 339,278 | 375,061 | 165,372 |
| Operating Margin (%) | 16.5 | 15.3 | 14.7 | 12.6 |
| Net Profit (m) | 126,249 | 155,697 | 176,874 | 90,127 |
| Net Margin (%) | 6.9 | 7.0 | 6.9 | 6.8 |
| Return on Equity (%) | 14.2 | 18.1 | 18.2 | 8.9 |
Source: Equitymaster
Financially, L&T has delivered an 17.8% revenue CAGR and a 19.8% net profit CAGR over the last three years, with an average ROE of 16.9%.
As nuclear investments rise over the coming decade, L&T is likely to remain one of the primary beneficiaries of this long-term structural theme.
#2 NTPC
NTPC is India’s largest power generation company and a Government of India enterprise, playing a central role in meeting the country’s long-term electricity needs.
With an installed capacity of over 83 GW, NTPC has built deep operating expertise across thermal, hydro, renewable, and now nuclear power.
As part of its clean energy transition, NTPC has formally entered the nuclear power segment, viewing it as a critical pillar for India’s energy security.
The company has set an ambitious target to contribute 30 GW of nuclear capacity by 2047, aligned with India’s national goal of achieving 100 GW nuclear power capacity.
NTPC is advancing its nuclear strategy through two focused initiatives. The first is ASHVINI, a joint venture with NPCIL approved by the Government of India, under which the Mahi Banswara Nuclear Power Project in Rajasthan will house 700 MW reactors (2.8 GW total), with environmental and siting clearances already in place.
The second initiative is the formation of a wholly owned subsidiary, NTPC Parmanu Urja Nigam Limited (NPUNL), dedicated to advanced nuclear technologies.
NTPC has identified potential sites across multiple states and has signed MOUs with Madhya Pradesh and Chhattisgarh, laying the groundwork for future nuclear expansion.
In FY25, the company recorded its highest-ever profit and electricity generation, with a total group expenditure of approximately Rs 7 trillion planned by 2032, providing excellent growth visibility in the nuclear, renewables, and thermal segments.
NTPC Financial Snapshot
| Particulars | FY23 | FY24 | FY25 | H1FY26 |
| Interest Income (Rs m) | 1,733,382 | 1,754,106 | 1,849,265 | 918,512 |
| Growth YoY (%) | 33.2 | 1.2 | 5.4 | -1.5 |
| Net Interest Income (Rs m) | 493,771 | 550,102 | 606,676 | 253,957 |
| Net Interest Margin (%) | 28.5 | 31.4 | 32.8 | 27.6 |
| Net Profit (m) | 171,214 | 213,325 | 239,532 | 65,927 |
| Net Margin (%) | 9.9 | 12.2 | 13.0 | 7.2 |
| Return on Equity (%) | 11.6 | 13.3 | 13.0 | 3.4 |
Source: Equitymaster
Financially, NTPC has delivered an 12.4% revenue CAGR and a 12.2% net profit CAGR over the last three years, with an average ROE of 12.5%.
As India accelerates its shift toward reliable, clean baseload power, NTPC’s early and structured entry into nuclear energy positions it as a long-term compounder in the emerging nuclear growth theme.
#3 Tata Power Company
Tata Power is one of India’s most established power utilities, with operations spanning generation, transmission, distribution, and new-age energy solutions.
As part of the Tata Group, the company brings over a century of operating experience and a strong balance between conventional and clean energy assets.
Its long operating history and regulated business model give Tata Power a stable foundation, while its steady shift toward clean energy reflects a clear focus on the future.
Tata Power has a good relationship with India’s power infrastructure ecosystem. It’s actively assessing potential in Small Modular Reactors (SMRs), which are emerging as a scalable and flexible nuclear technology worldwide.
Unlike pure EPC or equipment providers, Tata Power’s expertise is in owning and running long-term power assets, which makes nuclear a logical fit in its portfolio. Nuclear power is consistent with the company’s focus on dependable, low-carbon electricity with steady returns over several decades.
Tata Power Company Financial Snapshot
| Particulars | FY23 | FY24 | FY25 | H1FY26 |
| Revenue (Rs m) | 551,091 | 614,489 | 654,782 | 335,800 |
| Growth YoY (%) | 28.7 | 11.5 | 6.6 | 1.8 |
| Operating Profit (Rs m) | 91,446 | 126,075 | 154,438 | 70,944 |
| Operating Margin (%) | 16.6 | 20.5 | 23.6 | 21.1 |
| Net Profit (m) | 38,097 | 42,801 | 47,754 | 22,490 |
| Net Margin (%) | 6.9 | 7.0 | 7.3 | 6.7 |
| Return on Equity (%) | 13.2 | 13.2 | 13.3 | 6.0 |
Source: Equitymaster
Financially, Tata Power has delivered a 15.2 revenue CAGR and a 22.1% net profit CAGR over the last three years, with an average ROE of 13.3%.
As India’s energy mix evolves toward cleaner and more dependable sources, Tata Power’s scale, operating experience, and early interest in nuclear power position is as a potential long-term beneficiary of this emerging growth theme.
Conclusion
Nuclear energy is gradually reappearing as a dependable source of clean, baseload power as India looks beyond fossil fuels and negotiates the constraints of sporadic renewables. Its role in ensuring grid stability and long-term energy security is becoming increasingly important.
A long investment runway for the nuclear ecosystem is indicated by policy support, growing capacity aspirations, and growing private sector interest.
Companies with strong execution capabilities and deep links to power infrastructure are well placed to benefit from this shift.
However, nuclear remains a complex and capital-intensive space. Long project timelines, regulatory clearances, safety considerations, and external factors such as fuel supply and geopolitics can influence outcomes.
Before investing, it’s important to carefully review the company’s financial health and management quality and ensure the investment fits your long-term goal and risk comfort.
Happy investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here…
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary