Unimech Aerospace and Manufacturing Ltd. A good proxy for the nuclear theme: they manufacture electromechanical subsystems for nuclear reactors.
They see healthy growth in the segment in coming years
Wide Space to Compete in Various Component
800 Cr bid was done in nuclear space, with 20 to 30% potentially qualifying.
This is a big positive. Read this
https://www.wsj.com/economy/canada-india-strike-1-9-billion-uranium-supply-agreement-as-they-firm-ties-b025d2ca
I was more keen on finding instruments in India but I reckon there are none right now.
Also unable to find any undervalued bets in this sector. Doesn’t make sense to invest in L&T, BHEL to play on nuclear. I was interested in MTAR but valuations are through the roof. Will keep looking.
Not a reco, but Walchandnagar Industries is heavily exposed to Nuclear and has fallen quite a bit from it’s top a couple of years ago. Recent quarter was one where they were finally profitable though I hope this becomes the norm and not just the result of a good one-off execution.
It is a moonshot for me and I am ready to face years or lack of movement. Execution is key.
Disc - Invested in Walchandnagar and biased
Sealmatic India should be in the list as I think it’s a sole NPCIL approved mechanical seal vendor.
Thanks for sharing that. But it has a 400 Cr. market cap, so I excluded it.
India’s nuclear story is quietly getting big.
India’s nuclear power capacity is set for a major scale-up.
Current installed nuclear capacity: 8,780 MW across 24 reactors (excluding RAPS-1, 100 MW).
Nuclear generation has been rising steadily over the last 3 years.
- 2022-23: 45,855 MUs
- 2023-24: 47,971 MUs
- 2024-25: 56,681 MUs
That is ~24% growth in output over three years.
What’s coming next is even more important: 18 reactors with 13,600 MW capacity are under implementation.
This includes:
- 10 reactors under construction (incl. PFBR)
- 8 reactors under pre-project activities
Reactors under construction / commissioning (select):
- RAPP-8, Rajasthan: 700 MW
- KKNPP 3 & 4, Tamil Nadu: 2 × 1000 MW
- KKNPP 5 & 6, Tamil Nadu: 2 × 1000 MW
- GHAVP 1 & 2, Haryana: 2 × 700 MW
- Kaiga 5 & 6, Karnataka: 2 × 700 MW
- PFBR, Kalpakkam: 500 MW
Projects under pre-project activities (site work, clearances, etc.):
- GHAVP 3 & 4, Haryana: 2 × 700 MW
- Chutka 1 & 2, MP: 2 × 700 MW
- Mahi Banswara 1–4, Rajasthan: 4 × 700 MW
These will be the next wave after the current construction.
The Prototype Fast Breeder Reactor (PFBR, 500 MWe) at Kalpakkam is under commissioning.
Once it reaches first criticality (starts controlled fission), the government will seek financial sanction for two more FBR units (FBR 1 & 2, 2 × 500 MWe) at the same site.
Why this matters:
- Adds firm, low-carbon base-load power
- Reduces import dependence over time via breeder technology
- Supports industrial growth by providing stable power in multiple states
If executed well, India’s nuclear capacity could more than double from today’s 8.8 GW in the coming years.
RAPP-8 Rajasthan is also under advanced commissioning stage and will become commercial around October 2026.
Mahi Bnaswara- 1&2 , Excavation consent is already given by regulatory body AERB and excavation contract is also provided.
In addition to above some more projects of 700 MW (around 6 units) are already under environmental clearance stage and preliminary study stages before start of pre-project activities.
Reactors under construction / commissioning (select):
- RAPP-8, Rajasthan: 700 MW
- KKNPP 3 & 4, Tamil Nadu: 2 × 1000 MW
- KKNPP 5 & 6, Tamil Nadu: 2 × 1000 MW
- GHAVP 1 & 2, Haryana: 2 × 700 MW
- Kaiga 5 & 6, Karnataka: 2 × 700 MW
- PFBR, Kalpakkam: 500 MW
Could you please share the ordering status of the above under construction reactors.
I am aware of kaiga 5 &6, MEIL won the tender and MTAR also received equipment related order for these 2 reactors. Want to know what is the status of equipment related orders for remaining reactors to access the order inflow for MTAR, Walchandnagar etc.
Kaiga 5 & 6 order win for MTAR is ~500 Cr, would like to know what could be this potential for walchandnagar?
Under the Nuclear Energy Mission announced in the Union Budget 2025-26, a total budgetary provision of Rs.20,000 Crores have been made for the research and development, and deployment of Small Modular Reactors (SMRs). This allocation is aimed at supporting India’s objective of developing and operationalizing at least five indigenously designed SMRs by year 2033. Department of Atomic Energy (DAE) has undertaken design and development works on SMRs namely 220 MWe Bharat Small Modular Reactor (BSMR-200), 55 MWe Small Modular Reactor (SMR-55), and up to 5 MWth High Temperature Gas Cooled Reactor (HTGCR) meant for hydrogen production.
up to 5 MWth High Temperature Gas Cooled Reactor (HTGCR) is also being designed and developed. The reactor heat can be utilized for hydrogen generation by coupling with suitable thermos-chemical processes for utilizing for process industry and in transport industries. This can help in decarbonization of process and transport sector.
This means we were successful in stage 2 of India’s three-stage nuclear program:
Stage 1: Generate energy using uranium-238 and produce plutonium-239 as a byproduct.
Stage 2: Generate energy using a mix of uranium-238 and plutonium-239. Less uranium is required, and the process generates more plutonium-239 than it consumes. That means more plutonium. It also generates uranium-233, which is required for stage 3.
Stage 3: Generate energy using a mix of uranium-233 and thorium-233 (which is available in abundance in India). It is still theoretical and might take 25-30 years to develop after the success of stage 2.
If stage 3 succeeds, it will make India’s energy supply virtually inexhaustible for centuries. We would be able to generate all the electricity we need to power everything, including vehicles. No more dependence on oil. Solar and nuclear energy are the future.
Nuclear (SMR) value chain and India optionality
Some more key beneficiary stocks to track:
NTPC
Hindustan Construction Company (HCC)
KSB Ltd
Bharat Forge
NHPC
ABB India
Siemens India
Tata Power
Adani Power
Adani Energy
(Source: Financepulse Growth Triggers | Signals that drive earnings growth)
(This isn’t my platform. I just tagged the source so the real owner gets a citation and plagiarism is avoided.)
Holding TATA Power. Only execution risk is a concern.