4 Nuclear Energy Stocks That Could Help India Achieve 100 GW Capacity Target by 2047

SYNOPSIS: India’s Nuclear Energy Mission targets 100 GW capacity by 2047, with PSU and private players exploring reactors, EPC, manufacturing, and operations, positioning themselves across construction, equipment, fuel, and long-term clean power generation.

India is quietly but steadily laying the groundwork for a big nuclear push, and the direction is now clearly mapped out. Under the Nuclear Energy Mission announced in the Union Budget 2025-26, the government has set an ambitious target of building 100 GWe of nuclear power capacity by 2047.

India’s installed nuclear capacity has grown from 4,780 MW in FY14 to 8,780 MW currently (excluding the 100 MW RAPS-1 unit). In addition, projects totalling 13,600 MW, including the Prototype Fast Breeder Reactor (PFBR), are under various stages of construction and development, with completion planned progressively by FY32.

Looking ahead, the Nuclear Energy Mission outlines a clear expansion plan. To move closer to the 100 GW goal, the government has proposed two new fleets of 10 indigenous 700 MW Pressurised Heavy Water Reactors (PHWRs) and two Fast Breeder Reactors (FBRs) of 500 MW each. Importantly, all FBRs and a portion of the PHWR fleet will operate on indigenously developed nuclear fuel.

A detailed roadmap has been jointly prepared by the Department of Atomic Energy and the Ministry of Power to guide this expansion. At Gorakhpur, Haryana, two 700 MW units (GHAVP-1 & 2) are under construction, while two more units (GHAVP-3 & 4) are at different stages of implementation.

In Budget 2026-27, the existing basic customs duty exemption on imports of goods required for Nuclear Power Projects is extended till the year 2035. Further, the government allocated nearly Rs. 24,124 crores towards the Department of Atomic Energy.

Against this backdrop, a few listed companies stand to benefit from India’s next phase of nuclear expansion, either directly through nuclear projects or indirectly via equipment, engineering, construction, and allied services across the nuclear value chain.

Larsen & Toubro Limited

With a market cap of Rs. 6.02 lakh crores, the stock closed in the green at Rs. 4,380.25, up by around 2.4 percent on Friday. Larsen & Toubro Limited is a $30 billion Indian multinational engaged in EPC projects, hi-tech manufacturing and a range of service sectors. It stands out as a major technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

Within its portfolio, the Heavy Civil Infrastructure business plays a central role. This segment focuses on core civil infrastructure projects that support India’s long-term infrastructure and economic development. Its areas of execution include urban transit infrastructure such as metros, semi & high-speed rail (HSR) and urban tunnels, hydel & tunnels, nuclear, ports & harbours, and defence infrastructure.

In the nuclear space, the company undertakes civil construction works for nuclear power plants and has developed strong expertise spanning across the construction of Pressurised Heavy Water Reactors (PHWRs), Light Water Reactors (LWRs) and Natural Draft Cooling Towers (NDCTs), positioning it well for India’s planned nuclear capacity expansion.

The nuclear business unit specialises in steam generator assemblies (SGA), end shields, pressuriser, calandria, reactor roof slabs, end-fittings, control rod drive mechanisms (CRDMs), SS thermal insulation panels, heat transport systems, fuel transfer equipment, steam separators/mist eliminators, heavy water upgrading columns, exchange unit towers and internals, heat exchangers, and high & low level waste storage tanks. It also supplies critical components for fusion reactors (ITER), fast breeder reactors and casks/canisters for handling spent fuel and critical equipment for various programmes.

The company acquired the remaining 26 percent stake in L&T Special Steels and Heavy Forgings Private Limited from Nuclear Power Corporation of India Limited (NPCIL) in February 2025, making the entity a wholly owned subsidiary. This move has consolidated its presence in critical nuclear-grade equipment manufacturing.

Hindustan Construction Company Limited

With a market cap of Rs. 4,895 crores, the stock closed in the red at Rs. 18.69, down by around 1 percent on Friday. The core business of Hindustan Construction Company (HCC) Limited centres on providing Engineering and Construction (E&C) services for large-scale infrastructure projects across key sectors, including power (hydro, nuclear), transportation (roads, bridges, metros, and ports), water (irrigation and water supply), and industrial infrastructure

Its contribution to India’s infrastructure development involves projects accounting for around 25 percent of the country’s hydropower capacity and over 60 percent of nuclear power generation capacity.

During FY25, the company crossed several important execution milestones, including securing completion certificates for major projects like Rajasthan Atomic Power Project Units 7 & 8, the Integrated Nuclear Recycle Plant (INRP) of Bhabha Atomic Research Centre (BARC) at Tarapur.

In the nuclear segment, HCC also completed the civil works for the frontend blocks of the Nuclear Recycle Blocks (NRB) at BARC, Tarapur. The project was handed over to the Nuclear Recycle Board on 30th June 2024 and marked an important step in strengthening India’s closed nuclear fuel cycle.

NTPC Limited

With a market cap of Rs. 3.61 lakh crores, the stock closed in the green at Rs. 373.05, up by around 3 percent on Friday. NTPC Limited is primarily involved in the generation and sale of bulk power to State Power Utilities. Other business of the company includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining.

As part of its long-term clean energy strategy, NTPC is steadily expanding into nuclear power. The company sees nuclear energy as a critical pillar for delivering reliable, low-carbon baseload power that supports India’s energy security and decarbonisation goals. Alongside large reactors, NTPC is also exploring next-generation options such as SMRs.

In FY25, NTPC operationalised the ASHVINI joint venture with NPCIL and also incorporated a wholly owned subsidiary, NTPC Parmanu Urja Nigam Limited (NPUNL), on 7th January 2025 to exclusively drive its nuclear ambitions.

NPUNL has been set up as NTPC’s dedicated nuclear arm. The subsidiary will evaluate a wide range of nuclear technologies, including SMRs, PHWRs, PWRs and FBRs, subject to GOI approvals. NTPC has already identified around 28 potential sites across states such as UP, MP, Chhattisgarh, Gujarat, Andhra Pradesh, Karnataka, Tamil Nadu and Odisha, and discussions are underway with state authorities for land, water availability and pre-feasibility studies.

To strengthen coordination and execution, NTPC has also established a dedicated Nuclear Cell in Mumbai. This team works closely with key stakeholders, including the Department of Atomic Energy (DAE), BARC, NPCIL and Atomic Energy Regulatory Board (AERB), and is actively involved in project development, site exploration, technology tie-ups and capability building.

Key milestones in FY25 further underline NTPC’s intent. The formation of Anu Shakti Vidyut Nigam Limited (ASHVINI), a JV with NPCIL, enables NTPC to build, own and operate nuclear power plants in India, making it the JV’s first nuclear project. In September 2024, the GoI approved the transfer of the Mahi Banswara Rajasthan Atomic Power Project (MBRAPP) (4×700 MW) from NPCIL to ASHVINI.

On the fuel side, NTPC is also thinking ahead. Its Board has approved a draft MoU with Uranium Corporation of India Limited (UCIL) to jointly assess overseas uranium assets, with NPCIL expected to be part of the arrangement. Additionally, NTPC is exploring collaboration with Clean Core Thorium Energy (CCTE), USA, to evaluate the potential deployment of ANEEL (Advanced Nuclear Energy for Enriched Life) Fuel in India.

Tata Power Company Limited

With a market cap of Rs. 1.2 lakh crores, the stock closed in the green at Rs. 377.95, up by around 2.3 percent on Friday. Tata Power Company Limited is engaged in the business of generation, transmission and distribution of electricity.

The company is actively evaluating nuclear energy as a strategic pillar of our clean energy transition. While renewables continue to be a key growth driver, the company views nuclear power as a dependable, low-carbon source that can complement intermittent renewable generation over the long run, subject to supportive policy and regulatory clarity.

A key area of interest for Tata Power is Small Modular Reactors (SMRs). The company is assessing how participation in SMR-based generation could fit into India’s evolving energy mix and future power requirements.

Tata Power’s long-standing relationships across India’s power infrastructure ecosystem give it a strong vantage point as nuclear opportunities take shape. Unlike companies focused purely on EPC or equipment supply, Tata Power brings experience in owning, operating and managing long-life power assets – an attribute that aligns well with nuclear projects, which are typically capital-intensive but offer stable returns over decades.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post 4 Nuclear Energy Stocks That Could Help India Achieve 100 GW Capacity Target by 2047 appeared first on Trade Brains.