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Nuclear Energy Stocks To Watch As India Builds Out Power And Grid Projects

Simply Wall St · 2d ago

With energy prices in focus, inflation readings in flux, and central banks weighing rate paths across the US, Europe, and Asia, many investors are looking for exposure to power sources that can deliver steady output and are less tied to short term fuel swings. Nuclear energy stocks sit at that crossroads, connecting reliable electricity supply with a global push for lower carbon power. This Nuclear Energy Stocks screener helps you filter the broader market down to companies directly linked to uranium supply, enrichment, and reactor operations, and this article highlights 3 of the stocks from that list.

Larsen & Toubro (BSE:500510)

Overview: Larsen & Toubro is a Mumbai based engineering and construction group that delivers large scale infrastructure, energy, hi tech manufacturing, defence and digital projects, from transport networks and power grids to refineries, data centers and aerospace systems, across India and overseas.

Operations: Larsen & Toubro generates most of its revenue from Infrastructure Projects at about ₹1,354,158.9 million, followed by Energy Projects at ₹549,034.8 million and IT & Technology Services at ₹545,659.4 million, with smaller contributions from Financial Services, Hi Tech Manufacturing, Development Projects and Others.

Market Cap: ₹5,248.3 billion

Investors watching nuclear and power grid themes may want to pay attention to Larsen & Toubro because it combines a large, diversified EPC base with exposure to nuclear energy, green hydrogen, digital infrastructure and defence electronics, supported by a sizeable order book and contracts in India and the Middle East. At the same time, revenue concentration in government and Middle East projects, reliance on external borrowings and pressure on project margins mean execution quality and funding conditions are important. The company also has a tilt toward higher margin tech and services, plus partnerships in secure AI and defence systems, which together present both opportunities and execution risks that some investors may wish to examine more closely.

Larsen & Toubro’s huge EPC engine and tilt toward higher margin tech and services could be masking a very different risk reward profile. See how the 2 key rewards and 1 important warning sign might change your view of its nuclear and power grid exposure.

BSE:500510 Earnings & Revenue Growth as at Jul 2026
BSE:500510 Earnings & Revenue Growth as at Jul 2026

MTAR Technologies (NSEI:MTARTECH)

Overview: MTAR Technologies is a Hyderabad based precision engineering company that builds high accuracy, heavy equipment and critical components for nuclear reactors, space missions, defence platforms, clean energy systems and industrial machinery in India and overseas.

Operations: MTAR Technologies generates its revenue primarily from Manufacturing High Precision and Heavy Equipment, Components, Machines at about ₹8,762.1 million.

Market Cap: ₹186.0 billion

Investors looking at nuclear energy and related infrastructure may find MTAR Technologies interesting because it sits at the heart of complex reactor hardware, fuel handling assemblies and clean energy systems. The company has recent blanket orders above ₹22,000 million and upgraded guidance pointing to a ramp up in activity. Earnings growth, rising margins and exposure to defence and space add appeal. However, the valuation level, high working capital needs, reliance on a few key customers and debt funded capacity expansion mean execution and cash conversion will be important to monitor. For anyone weighing whether the current premium price fairly reflects MTAR’s nuclear and clean energy profile, the detailed balance of potential and risk presents a more nuanced picture than the headlines suggest.

MTAR Technologies’ accelerating order book and premium price tag suggest the market sees plenty of upside, but has it fully priced in the nuclear, defence and space story yet or missed something in the analyst forecasts for MTAR Technologies

NSEI:MTARTECH Earnings & Revenue Growth as at Jul 2026
NSEI:MTARTECH Earnings & Revenue Growth as at Jul 2026

Bharat Heavy Electricals (BSE:500103)

Overview: Bharat Heavy Electricals is a New Delhi based manufacturer of heavy electrical equipment that supplies complete power plants and key components for coal, gas, hydro and nuclear projects, as well as systems for transportation, transmission, defence, aerospace, solar power, e-mobility and battery storage in India and abroad.

Operations: Bharat Heavy Electricals generates most of its revenue from the Power segment at about ₹274,273.5 million, followed by the Industry segment at about ₹85,656.4 million.

Market Cap: ₹1,469.1 billion

Investors watching nuclear and broader grid themes may find Bharat Heavy Electricals interesting because it sits at the center of India’s utility scale equipment supply. Recent commentary notes earnings forecast to grow 30.28% per year and margins currently at 6.8% after a very large jump in profitability over the past year. Recent quarters show the company reporting profits instead of losses and securing large coal, gas and green hydrogen related contracts. However, a rich 60.4x P/E, an unstable dividend record and a board with low independence and relatively short tenure mean governance and funding quality are key questions. How that mix of improving results, new projects and governance risk balances out is not fully obvious from the headlines alone.

Bharat Heavy Electricals’ very large jump in profitability, 30.28% earnings growth forecasts and 60.4x P/E hint at a story still taking shape, and the analyst forecasts for Bharat Heavy Electricals could reveal what the market might be missing

BSE:500103 P/E Ratio as at Jul 2026
BSE:500103 P/E Ratio as at Jul 2026

The three nuclear energy stocks in this article are just a starting point. The full Nuclear Energy Stocks screener surfaced 18 more companies with equally compelling narratives across uranium supply, enrichment and reactor operations. Use Simply Wall St to identify and analyze the specific catalysts and narratives that matter to you so you can filter for the highest conviction nuclear energy ideas in minutes.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.