SYNOPSIS: India’s nuclear energy push is creating opportunities for companies linked to clean, reliable power infrastructure. Four stocks to watch are MTAR Technologies, BHEL, Kirloskar Brothers, and HCC. These firms benefit from strong order books, engineering expertise, and improving fundamentals, positioning them to gain from India’s ambitious nuclear capacity expansion plans.
India’s growing focus on clean energy and long-term energy security has brought nuclear power into the spotlight. Backed by supportive government policies, rising electricity demand, and ambitious capacity expansion plans, the sector is creating fresh opportunities for investors seeking exposure to companies positioned to benefit from the country’s evolving nuclear energy ecosystem.
India’s nuclear industry is undergoing a massive transformation, shifting from a state-run monopoly to a key driver of clean, dispatchable baseload power. The sector targets a historic expansion to 100 GWe by 2047 and expects to triple its current ~8.8 GWe operating capacity to 22.5 GWe by 2032. Here is the list of stocks to look out for
MTAR Technologies Ltd
MTAR Technologies Limited is an Indian precision engineering company that manufactures high-precision components, assemblies, and systems for clean energy, civil nuclear power, aerospace, defense, and space sectors. MTAR is recognized for its advanced manufacturing capabilities, engineering expertise, stringent quality standards, and technology-driven solutions.
The company’s revenue rose by 67 percent from Rs. 183 crores in Q4FY2025 to Rs. 306 crores in Q4FY2026. Net profit rose from Rs. 14 crores to Rs. 44 crores during the same period.
The company demonstrates solid financial performance, with a ROCE of 15.2% and ROE of 12.6%, indicating efficient use of capital and shareholders’ equity. Its debt-to-equity ratio of 0.46 reflects a manageable debt level, suggesting a balanced capital structure. Additionally, the company has achieved a median sales growth of 20.4% over the last 10 years, highlighting consistent long-term business growth.
MTAR Technologies has a diversified order book of Rs. 2,581.9 crore as of 31 March 2026, with the largest share coming from Clean Energy – Fuel Cell, Hydel & Others (51.2%), followed by Clean Energy – Civil Nuclear Power (26.3%). The remaining order book comprises Aerospace & Defence (14.0%) and Products & Others (8.5%), reflecting a well-balanced presence across multiple high-growth sectors.
Bharat Heavy Electricals Ltd
Bharat Heavy Electricals Limited (BHEL) is one of India’s largest engineering and manufacturing companies, specializing in power generation equipment, industrial systems, transportation, renewable energy, defense, and aerospace products. The company plays a significant role in India’s energy infrastructure and supports modernization through innovation, research, and sustainable manufacturing practices.
The company’s revenue rose by 36.88 percent from Rs. 8,993 crores in Q4FY2025 to Rs. 12,310 crores in Q4FY2026. Net profit rose from Rs. 504 crores to Rs. 1,290 crores during the same period.
The company has a low debt-to-equity ratio of 0.31, indicating a conservative capital structure and strong financial stability. It has also delivered a healthy profit CAGR of 21.0% over the last five years and maintained a consistent dividend payout of 31.3%, reflecting steady earnings growth and a shareholder-friendly approach.
It has a strong presence in the domestic power sector, with 59% of its domestic business coming from Nuclear Power and 43% from Hydro Power, highlighting its leadership in critical energy infrastructure. It also reported its highest-ever outstanding order book of approximately Rs. 2.40 lakh crore as of 31 March 2026.
The order book is primarily driven by the Power segment (81%), valued at Rs. 1,92,298 crore, followed by the Industry segment (18%) at Rs. 43,397 crore, while Exports contribute 1% with an order book of Rs. 3,362 crore, reflecting a strong focus on domestic projects.
Kirloskar Brothers Ltd
Kirloskar Brothers Limited is a leading engineering company in India, specializing in fluid management solutions, pumps, valves, and related systems. The company serves diverse sectors including water supply, irrigation, power, oil & gas, and infrastructure. With a strong product portfolio, global presence, and expertise in pump technology, Kirloskar Brothers plays a key role in critical industrial and energy applications.
It is a global leader in fluid management solutions, serving 6 continents and 120+ countries. The company provides reliable pumping systems for water, agriculture, industries, and infrastructure, while being India’s first and leading manufacturer of critical pumps for nuclear power plants, supporting safe, efficient, and sustainable energy solutions.
The company’s revenue rose by 10.44 percent from Rs. 1,281 crores in Q4FY2025 to Rs. 1,415 crores in Q4FY2026. Net profit declined from Rs. 138 crores to Rs. 112 crores during the same period.
The company demonstrates strong financial performance with a ROCE of 20.8% and ROE of 17.7%, reflecting efficient use of capital and shareholders’ funds. Its low debt-to-equity ratio of 0.10 indicates a strong balance sheet, while a 20.4% CAGR profit growth over the last five years highlights consistent earnings growth and operational strength.
Kirloskar Brothers has shown strong order momentum, with orders received increasing to Rs. 1820 crore in Q4 FY26 from Rs. 1474 crore in Q4 FY25. Its pending order book also grew steadily from Rs. 3117 crore to Rs. 3949 crore, indicating a healthy project pipeline and strong future revenue visibility.
Hindustan Construction Company Limited
Hindustan Construction Company Limited (HCC) is a leading Indian infrastructure company specializing in engineering and construction of large-scale projects, including dams, tunnels, bridges, highways, and power plants. The company has played an important role in India’s nuclear sector by providing specialized civil construction expertise for nuclear power projects, supporting the development of safe and reliable nuclear energy infrastructure.
It has demonstrated strong financial performance with an ROCE of 22.8% and a debt-to-equity ratio of 0.48, indicating efficient capital utilization and a balanced debt position. The company has delivered healthy profit growth, achieving a 19.0% CAGR over the last five years, reflecting consistent business improvement and operational growth.
The company maintains a diversified and robust order book with an order backlog of Rs. 12,971 Crores, providing strong revenue visibility. The order mix is well balanced across segments, with Transport contributing 67%, Hydro 18%, Water 11%, and Nuclear & Buildings 3%.
The order backlog excludes approximately Rs. 1,100 Crores of LOA received in April 2026 and an additional Rs. 840 Crores of L1 orders, indicating further potential growth in the executable order pipeline.
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