For decades, India’s nuclear sector was a high walled fortress. Restricted, state-run, and honestly, a bit sleepy. But late in 2025, the government didn’t just open the gates; they tore them down.

India’s Nuclear Renaissance: The SHANTI Bill Impact

With the SHANTI Bill, the 60-year-old state monopoly on atomic energy has officially ended. I am not talking about a few new power plants here. What we are witnessing is a massive industrial pivot, which could be worth Rs 2 lakh crore.

India is aiming to hit 100 GW of nuclear power by 2047, a move that requires a staggering amount of steel, high-end engineering, and specialized tech. For an investor, this isn’t just a policy change, it’s the birth of a brand-new thematic investment opportunity.

But, why the sudden rush? It’s simple math. India’s target of a $30 trillion economy by 2047 is impossible without a massive, stable power grid that runs 24/7. Solar and wind are good and age-old partners, but they can’t carry the heavy load of our growing factories alone. That’s where the SHANTI Act comes in.

By inviting private companies into the nuclear playground and clearing up the messy liability laws, the government has essentially de-risked the sector for the corporates. We are moving toward a world of Small Modular Reactors (SMRs) – compact, safer, and factory-built units that could soon be the standard for clean energy across the country.

And the super investors of India or as we call them, the Warren Buffetts of India are already positioning themselves at the starting line. Let us analyse the portfolios of two of India’s most followed super investors, Mukul Agrawal and Ashish Kacholia, to get an insight into who has positioned their portfolios to make the most of the nuclear decade.

Mukul Agrawal – Prime Contractors and Infrastructure Giant Playbook

Mukul Agrawal needs no introduction. With a current portfolio of 72 stocks worth over Rs 6,450 cr, Agrawal is one of the most highly followed super investors of India.

Known for his aggressive, growth-oriented style, often entering stocks just as they hit a tipping point, his nuclear strategy seems to favour the Prime Contractors. Basically, the heavyweights capable of handling massive civil engineering mandates.

Now, there are quite a few holdings in Agrawal’s portfolio that will come to attention when talking about the nuclear sector.

PTC Industries (1.07% Holding): Their subsidiary, Aerolloy Technologies, produces high-precision Superalloy castings required for reactor cores and high-heat environments.

WPIL Ltd. (1.54% Holding): A specialized manufacturer of Vertical Turbine Pumps used in the mission-critical cooling systems of nuclear power plants.

KRN Heat Exchanger (1.61% Holding): Specialized in heat transfer solutions. As reactors (especially SMRs) require compact, high-efficiency cooling, KRN is a key supply-chain player.

However, his significant entry into Hindustan Construction Company (HCC) per the December quarter exchange filings, is the loudest signal yet.

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Hindustan Construction Company Ltd

Incorporated in 1926, Hindustan Construction Company Limited (HCC) is an engineering and construction company developing infrastructure projects including dams, tunnels, bridges, hydro, nuclear, thermal power plants, expressways and roads, marine works, water supply, irrigation systems, etc.

A flagship company of the HCC Group, Hindustan Construction Company Ltd has a current market cap of Rs 4,896 cr.

What makes this fresh buy interesting is that HCC isn’t a new player in this niche. It has built over half of India’s existing nuclear capacity. However, under the SHANTI Bill, the company is no longer just a contractor for the government; it is now positioned to lead consortiums for private-sector-led nuclear clusters.

Mukul Agrawal bought a 1.7% stake in the company worth Rs 82 cr, as per the exchange filings made for the quarter ending December 2025.

This stake by Agrawal raised many eyebrows, as the financials of the company looked like a struggle.

The company’s sales have seen a fall after seeing a good FY22. At the end if Q3FY26 (December 2025), sales of Rs 2,980 cr have been recorded.

FYFY20FY21FY22FY23FY24FY25
Sales/Rs Cr9,4448,24810,6688,2707,0075,603

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a bumpy ride as well

FYFY20FY21FY22FY23FY24FY25
EBITDA/Rs Cr8443911,188548671634

At the end of Q3FY26, the company recorded an EBITDA of Rs 392 cr.

Regarding net profits, the company seems to be struggling to sustain the growth it had seen in years like FY22 and FY24.

FYFY20FY21FY22FY23FY24FY25
Profit/Rs Cr197-610563-28478113

At the end of Q3FY26, the company has recorded profits of Rs 107 cr, but the December quarter figure of Rs 8 cr was a big drop from the previous quarter figure of 48 cr. A drop of 83%.

The share price of Hindustan Construction Company Ltd has seen the effect of these shaky figures. The price was around Rs 7 in January 2021 and as of closing on 20th February 2026 it was at Rs 18.7, which is a jump of over 160%. However, in the last 6 months the stock has seen a correction of about 25%.

At the current price of Rs 18.7, the stock is trading at a discount of 81% from its all-time high of Rs 101 and 42% from its 52-week high of Rs 32.

The company’s share is currently trading at a PE of 30x, while the industry median is 16x, which could mean the market is willing to pay premium to own a piece of HCC, due to its positioning in India’s Nuclear future.

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While HCC might be an old player that saw a fresh entry into Agrawal’s portfolio, it is just the tip of the spear.

Agrawal’s nuclear game plan is probably deeper. He is surrounding the nuclear theme from all sides. He isn’t just betting on the builders who lay the concrete; he’s backing the high-tech heart and lungs of the plant. It’s a classic Full-Stack approach – own the structure, own the flow, and own the advanced materials that make the nuclear dream possible.

Ashish Kacholia – The Precision Picks and Shovels Strategy

The Big Whale of the market like he is called, Kacholia holds a total of 50 stocks in his portfolio currently, worth over Rs 2,500 cr. Now, while Agrawal is looking at the big picture, Kacholia is looking at the small parts that solve big problems. His portfolio reflects a deep conviction in specialized engineering.

Like Agrawal, Kacholia also holds stocks in his portfolio that are looking to ride India’s nuclear wave like a pro surfer.

Balu Forge Industries (2.87% Holding): Their induction into the NATO supply chain in January 2026 validates their capacity to forge high-precision turbine parts used in nuclear energy generation.

Aeroflex Industries (2.01% Holding): They produce specialized stainless steel flexible hoses. These are mission-critical for handling hazardous fluids and gas transitions within a reactor’s cooling system.

TechEra Engineering (4.83% Holding): A fresh Q3 entry, they provide the high-end tooling and gauges required to manufacture nuclear-grade components, a niche with extremely high entry barriers.

Knowledge Marine (2.89% Holding): With most nuclear plants being coastal, their specialized dredging and marine engineering services are vital for maintaining the water-intake channels used for reactor cooling.

But the standout in this league is his holding into a legacy partner of NPCIL that manufactures reactor vessels and heat exchangers.

Walchandnagar Industries: Rs 670 cr Order Book Driven by SHANTI Bill

Founded in 1908, Walchandnagar is a legacy name that has supplied critical hardware for every stage of India’s nuclear program, from the first research reactors to the complex Fast Breeder Reactors at Kalpakkam.

Walchandnagar’s USP is its massive fabrication capability. Being one of the very few Indian firms capable of manufacturing a Calandria, the massive reactor vessel that houses the core, they have been a partner to NPCIL (Nuclear Power Corporation of India). As India speeds towards Fleet Mode procurement (ordering 10 reactors at a time), Walchandnagar’s huge shop floors could become indispensable.

With a market cap of Rs 1,172 cr, the company has a 2% stake by Ashish Kacholia worth Rs 24 cr.

What is similar between HCC above and Walchandnagar Industries is the shaky financials that might drive an average investor away.

FYFY20FY21FY22FY23FY24FY25
Sales/Rs Cr298326299322302259
EBITDA/ Rs Cr352023-341-71
Profit/Rs Cr-65-57-3820-42-86

Sales, EBITDA and Net profits have seen big drops, and the company is struggling to come back into profits.

But it must be noted that while the company reported a loss of Rs 86 cr in FY25 due to one-time provisions for Tamil Nadu Electricity Board orders, the operating margin in the Nuclear & Defense vertical is showing a structural uptick.

Furthermore, the figures logged for the quarter ending December 2025, showed signs of revival. Sales jumped to 81 cr form the previous quarter figure of 52 cr. The company logged first operating profits after almost 2 years as EBITDA was Rs 15 cr and the in terms of net profits, the company logged profits of close to 5 cr after at least 3 years.

The share price of Walchandnagar Industries was around Rs 64 in February 2021 and as of closing on 20th February 2026 it was Rs 173.

At the current price of Rs 173, the stock is trading at a discount of 86% from its all-time high of Rs 1,206 and 38% from its 52-week high of Rs 278.

The company’s order book stood at Rs 670 cr (excluding sugar sector orders on hold) in December 2025, with defense and nuclear being the major contributors. Infact, company also confirmed in a response to price movement queries that Nuclear is the primary contributor to its portfolio, aligning the company with India’s new nuclear energy mission to reach 100 GW of capacity.

By focusing on these niche players, Kacholia has effectively de-risked his atomic bet. His Picks and Shovels approach thrives on the technical choke points of the supply chain. From the high-pressure hoses of Aeroflex to the precision tooling of TechEra, he is betting on the specialized components that require constant maintenance and replacement, creating a possible high-margin recurring revenue stream that lasts long after the concrete is poured.

Scale vs. Precision – Who wins the Atomic Race?

In the end, the choice between Agrawal and Kacholia is a choice between two distinct investment philosophies. The scale of the Architect versus the precision of the Craftsman if you will.

Mukul Agrawal is betting on the massive, unavoidable expansion of India’s industrial backbone, positioning his portfolio to capture the heavy front-end capital expenditure that a 100 GW mission demands. If India builds big, Agrawal’s giants like HCC and PTC Industries stand in a better position to be the primary beneficiaries of the first wave of national spending.

On the other hand, Ashish Kacholia is better placed for those who believe the real alpha lies in the high-barrier, recurring supply chain. By cornering the Picks and Shovels through firms like Balu Forge and TechEra, Kacholia is insulated from the high-debt risks of massive civil projects, instead feeding off the high-margin maintenance and component cycles. Add to that the partnership with India’s Nuclear Power corporation and his strategy becomes arguably more resilient, as it relies on technical indispensability rather than just the successful completion of a single, massive construction project.

How this war of the titans pans out will be fascinating to watch. But it would be smart to add these stocks to a watchlist  and keep an eye on them.

Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 

The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 

Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.

Disclosure: The writer and his dependents do not hold the stocks discussed in this article. 

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