Best 5 Nuclear Power Stocks in India to Watch in 2025 and Beyond

Nuclear Power Stocks in India & Small Modular Reactors

India’s ambitious energy transition is driving a sharp focus on nuclear power, especially the emerging Small Modular Reactors (SMRs) segment, as critical enablers of energy security, decarbonization, and reliable power for data centers. Several leading Indian companies stand poised to benefit from this transformative roadmap, supported by strong government policy, growing market size, and mounting demand from industrial users including hyperscale data centers. This article provides a detailed sector analysis of nuclear power and SMRs in India, with individual profiles of top nuclear power stocks actively engaged in these segments.

Nuclear Power Stocks in India & Small Modular Reactors Companies

India currently operates about 8.1 GW of nuclear power, targeting a threefold increase to 24 GW by 2031-32 and an ambitious 100 GW by 2047 under the National Nuclear Energy Mission. The government’s focus on operationalizing at least five indigenous SMRs by 2033 with a 20,000 crore investment signals a stride towards modular, scalable nuclear technologies suited for captive industrial and data center applications.

SMRs provide on-demand, clean, and reliable power with enhanced safety and lower upfront capital costs compared to traditional large reactors. They are ideal for remote or decentralized sites like data centers, which have stringent power quality and carbon footprint requirements.

Nuclear Power Stocks in India and Government Policy

• The Indian government recently allocated 20,000 crore towards the Nuclear Energy Mission targeting SMRs and expanding nuclear capacity by 2047.
• SMR market size in India is expected to grow continuously from small pilot plants to commercial deployments for industrial captive use, including data centers.
• Amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act are under discussion to invite private and foreign investments in nuclear projects, broadening market participation.
• The net-zero by 2070 target, renewables integration challenges, and data center energy demands reinforce nuclear’s importance in the energy mix.

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Nuclear Power and Data Center Energy Solutions

Data centers require uninterrupted, high-quality power, often with stringent uptime SLAs. Traditional grid supply is vulnerable to outages and carbon-intense. Nuclear, and particularly SMRs, offer a low-carbon, baseload-capable solution, suitable for integration with renewable sources and grid microgrids, enabling resilient and green data center operations. The modular nature of SMRs allows matching capacity to data center demand and phased scaling.

Best 5 Nuclear Power Stocks in India and Small Modular Reactors Companies

Indian Nuclear Power Stocks

Bharat Heavy Electricals Ltd (BHEL)

• Sole indigenous supplier of nuclear steam turbines and generators with over 40 years of experience covering 14 nuclear units.
• Supplied the 45th steam generator for the GHAVP Nuclear Power Plant, the highest in India; manufactured reactor-side components complying with ASME Section III NB Class-1.
• Actively supporting the government’s nuclear goals including the 100 GW target by 2047 and five SMRs by 2033.
• Strong R&D investment (~2.4% of revenue) with over 500 patents filed advancing nuclear technology.
• Collaborating with Coal India Ltd for coal-to-ammonium nitrate JV, supporting cleaner fuel initiatives.
• Positioned for upcoming fleet ordering of nuclear turbine island EPC packages and commissioning work at Kudankulam.
• Revenue FY 2024-25: ₹27,355 Cr; order book ₹1,96,328 Cr; profit after tax ₹513 Cr.

Current Small Modular Reactors Engagement:

• BHEL stands as the sole indigenous supplier of nuclear steam turbines and generators with over 40 years of experience in nuclear power equipment
• The company has already supplied 45 steam generators for nuclear power plants, the highest by any manufacturer in India
• BHEL manufactures reactor-side components complying with ASME Section III NB Class-1 requirements
• BHEL’s role extends to manufacturing steam generators, reactor headers, and nuclear-grade components for the indigenous SMR program

Engineers India Ltd (EIL)

• India’s premier engineering consultancy and project management company specializing in oil, gas, petrochemical, and energy sectors, including nuclear projects.
• Provides consultancy, basic/detailed engineering, procurement support, and project management for nuclear and SMR projects.
• Deploying advanced environmental engineering services, including water management and emissions control, aligned with nuclear facility needs.
• Engaged in technology development for environmental compliance, sustainable aviation fuel, hydrogen, and biofuels aligned with energy transition.
• Significant investments in digital infrastructure and collaborative R&D with premier institutes (IITs).
• Operates on a low-risk, consultancy-based business model with strong government backing (51.32% ownership).
• FY 2024-25 profit after tax: ₹465.2 Cr; robust dividend payouts; expanding footprint in downstream and green technologies.

Small Modular Reactors Partnership Development:

• EIL has signed a strategic MoU with Nuclear Power Corporation of India Limited (NPCIL) on August 12, 2025, to provide engineering services for developing the Bharat Small Modular Reactor (BSMR-200)
• The partnership supports the Government of India’s Nuclear Energy Mission targeting 100 GW nuclear capacity by 2047
• EIL provides comprehensive engineering consultancy including design, front-end engineering, and project management for nuclear projects

Hindustan Construction Company (HCC)

• Specialized in complex infrastructure EPC including nuclear civil works, pumped storage hydro, and large-scale energy projects.
• Completed civil works for the front-end blocks of the Nuclear Recycle Blocks (NRB) at Bhabha Atomic Research Centre, signifying expertise in nuclear fuel cycle infrastructure.
• Engaged in construction of key nuclear fuel reprocessing plants supporting India’s fast breeder reactor program.
• Active involvement in pumped storage hydro projects that stabilize renewable energy, many contracted for private sector players such as Tata Power.
• Strong order book (~₹11,852 Cr) with bids worth ₹30,950 Cr under evaluation focused on transportation, power, hydro, and urban infrastructure.
• Strategy includes leveraging advanced technologies for faster, safer project delivery and pursuing deleveraging initiatives for financial strength.

Nuclear Power Construction Expertise:

• HCC has successfully completed civil works for nuclear facilities including the Nuclear Recycle Blocks (NRB) at Bhabha Atomic Research Centre
• The company specializes in complex nuclear civil works, fuel cycle infrastructure, and has experience with advanced construction techniques
• HCC’s capabilities in constructing nuclear fuel reprocessing plants position it for SMR support infrastructure development
• The company’s experience with pumped storage hydro projects aligns with grid stability requirements for SMR integration

Patels Airtemp India Ltd

• Manufacturer of key HVAC components including cooling towers essential for nuclear and data center cooling solutions.
• Focused on delivering efficient cooling solutions critical for SMR and data center infrastructure, ensuring temperature control and safety.
• Investing in R&D to improve energy efficiency and expand offerings tailored for nuclear-grade environments.
• Engages with power plant EPC contractors as a key component supplier in the nuclear sector.

Cooling Technology for Small Modular Reactors:

• The company manufactures HVAC components and cooling towers essential for SMR thermal management
• SMRs require advanced cooling solutions, and Patels Airtemp’s expertise in energy-efficient cooling systems positions it for this emerging market

Walchandnagar Industries Ltd

• Heavy engineering and manufacturing company supplying critical components like pressure vessels, reactor headers, and heat exchangers used in nuclear reactors including SMRs.
• Undertaking capacity expansion and technological upgrades to meet stringent quality standards.
• Plays a vital role in indigenization of nuclear components supporting government’s Atmanirbhar Bharat initiative.
• Active in supply chain development focused on nuclear equipment for both primary and secondary cycles.

Nuclear Component Specialization:

• WIL manufactures critical nuclear components including calandrias, end shields, steam generators, and reactor headersThe company qualifies for supplying equipment worth ₹700-1000 crores per nuclear plant, including SMR applications
• With government announcing development of Bharat Small Reactors (BSRs) of 220 MWe, WIL is positioned to supply critical reactor components

Key Metrics of Best 5 Nuclear Power Companies Stocks in India

Company	FY 2024-25 Revenue (₹ Cr)	Nuclear/SMR Focus	Key Project Highlights	Future Plans
Bharat Heavy Electricals Ltd (BHEL)	27,355	Nuclear turbines, steam generators, reactor parts	45 steam generators supplied; expanding for SMRs	100 GW nuclear by 2047; 5 indigenous SMRs
Engineers India Ltd (EIL)	3,028	Engineering consultancy, environmental tech	Consultancy for nuclear/refinery projects	Green hydrogen, biofuels, digital integration
Hindustan Construction Company (HCC)	4,801	Nuclear civil works, fuel cycle infrastructure	NRB civil works at BARC; pumped storage projects	Diversify into private pumped storage, urban infra
Patels Airtemp India Ltd	—	Cooling solutions for nuclear and data centers	HVAC components for power plants	R&D in energy-efficient cooling
Walchandnagar Industries Ltd	—	Heavy engineering for nuclear components	Pressure vessels and reactor headers supply	Indigenization, quality upgrades

Government Policy Framework and Support

• The Nuclear Energy Mission targets 100 GW nuclear capacity by 2047 and 5 indigenously developed SMRs operational by 2033.
• The government has proposed foreign and private sector participation by amending Atomic Energy and liability laws.
• Budget allocations of ₹20,000 Crore for SMRs and ₹50,000+ Crores annually for nuclear infrastructure modernisation.
• Policy emphasis on energy security, net-zero by 2070, and supporting large industrial power users including data centers.
• Strong push for Atmanirbhar Bharat in nuclear equipment manufacturing and fuel cycle indigenization.

Final Words Nuclear Power Stocks in India

India’s nuclear power sector is entering a high-growth phase with significant government support and clear market demand drivers, especially for SMRs tailored to data center energy needs. The selected leading companies—BHEL, Engineers India Ltd, HCC, Patels Airtemp, and Walchandnagar Industries—are uniquely positioned as key beneficiaries given their technological capabilities, project execution track records, and strategic alignment with national energy goals.

Investors monitoring nuclear power stocks in India and companies advancing SMR manufacturing will find compelling long-term value in firms bridging nuclear technology innovation with emerging energy demand from data centers and industry. This sector promises sustained growth anchored by policy, market expansion, and the evolving energy landscape.