5 Multibagger Stocks to Watch as India Bets ₹20 Lakh Crore on Nuclear Power

India's nuclear energy sector is entering a new phase of expansion after the government unveiled an ambitious roadmap to increase the country's installed nuclear power capacity from around 8.8 GW to 100 GW by 2047. The massive transition is expected to require investments of nearly ₹20 lakh crore, creating long-term opportunities for companies involved in heavy engineering, power equipment, EPC construction, precision manufacturing, and power generation.

As part of the plan, the government also aims to commission at least five Bharat Small Modular Reactors (BSMRs) by 2033. These smaller reactors are expected to reduce construction timelines and costs while making nuclear power deployment more scalable. With the proposed SHANTI Act expected to encourage greater private sector participation, several listed Indian companies could emerge as key beneficiaries over the coming decades.

India's Nuclear Energy Mission at a Glance

Particulars	Details
Target Nuclear Capacity	100 GW by 2047
Current Capacity	Around 8.8 GW
Estimated Investment	₹20 Lakh Crore
Small Modular Reactors Target	5 BSMRs by 2033
Focus Areas	Reactor Construction, Equipment Manufacturing, EPC, Transmission

Why Nuclear Energy Could Become a Long-Term Investment Theme

India's plan to add more than 90 GW of new nuclear capacity will require sustained investment across multiple sectors for several decades. Unlike conventional infrastructure projects, nuclear power plants generate recurring demand for maintenance, replacement components, technology upgrades and operational services long after commissioning.

The expansion is expected to benefit companies involved in reactor manufacturing, heavy engineering, precision components, electrical equipment, EPC services and regulated power generation, making nuclear energy one of India's largest long-term infrastructure opportunities.

1. Larsen & Toubro (L&T)

Larsen & Toubro (L&T) is widely regarded as one of India's leading engineering companies with extensive experience in nuclear infrastructure projects. The company has supplied critical equipment, including steam generators, for projects such as the Kakrapar Atomic Power Station and continues to participate in nuclear reactor construction tenders through NPCIL and other joint ventures.

Its Heavy Engineering division manufactures reactor-grade forgings, pressure vessels and specialised nuclear equipment, positioning the company to benefit from rising demand as India accelerates reactor construction under its long-term nuclear roadmap.

L&T Nuclear Strengths

Key Area	Details
Core Business	Heavy Engineering & EPC
Nuclear Expertise	Steam Generators, Reactor Equipment
Customers	NPCIL & Nuclear Projects
Growth Driver	Reactor Construction Orders

2. Bharat Heavy Electricals (BHEL)

Bharat Heavy Electricals Limited (BHEL) remains one of the most important suppliers to India's nuclear power programme. The company manufactures nuclear steam turbines, heat exchangers, steam generators and heavy electrical equipment required for nuclear plants.

As India's only major domestic manufacturer of several critical nuclear power components, BHEL is expected to benefit from increasing equipment demand as new reactors are approved and commissioned over the coming decades.

BHEL Nuclear Opportunities

Key Area	Details
Core Business	Heavy Electrical Equipment
Products	Nuclear Turbines & Steam Generators
Competitive Advantage	Established Nuclear Supply Chain
Growth Driver	Equipment Orders for New Reactors

3. MTAR Technologies

MTAR Technologies is among the few listed companies directly involved in manufacturing high-precision nuclear reactor components. The company supplies reactor internals, coolant channel assemblies, fuel machining heads and specialised engineering products while maintaining a long-standing relationship with the Nuclear Power Corporation of India (NPCIL).

The company has already secured confirmed nuclear orders worth ₹504 crore for the Kaiga 5 and 6 nuclear reactor projects, with deliveries extending until 2030, providing long-term revenue visibility.

MTAR Technologies Snapshot

Key Area	Details
Business	Precision Engineering
Customers	NPCIL
Confirmed Nuclear Orders	₹504 Crore
Key Projects	Kaiga 5 & 6

4. NTPC

India's largest power producer, NTPC, is expected to play a major role in the country's nuclear expansion plans. Through its joint venture Anushakti Vidyut Nigam Limited (ASHVINI) with NPCIL, the company is actively participating in large nuclear projects across the country.

NTPC has also increased its long-term nuclear generation target to 30 GW and is involved in the ₹28,000 crore Mahi Banswara Nuclear Power Project, positioning itself as a major beneficiary of future nuclear capacity additions.

NTPC Nuclear Expansion

Key Area	Details
Nuclear Capacity Target	30 GW
Joint Venture	Anushakti Vidyut Nigam Ltd.
Major Project	Mahi Banswara Nuclear Project
Growth Driver	Long-Term Regulated Returns

5. Power Mech Projects

Power Mech Projects could also benefit from India's expanding nuclear programme due to its expertise in executing large-scale Engineering, Procurement and Construction (EPC) projects for the power sector.

The company has significant experience in erection, testing, commissioning and balance-of-plant work across thermal and hydroelectric projects. These capabilities are also critical for nuclear power plant construction, making Power Mech a potential beneficiary as more nuclear projects move into execution.

Power Mech Projects Overview

Key Area	Details
Core Business	EPC Services
Expertise	Erection, Testing & Commissioning
Industry Experience	Thermal & Power Infrastructure
Growth Driver	Nuclear Construction Projects

Stocks That Could Benefit

Company	Potential Benefit
Larsen & Toubro (L&T)	Reactor Construction & Heavy Engineering
BHEL	Nuclear Turbines & Heavy Equipment
MTAR Technologies	Precision Reactor Components
NTPC	Nuclear Power Generation
Power Mech Projects	EPC & Plant Construction

What Should Investors Watch?

India's nuclear expansion will be a multi-decade infrastructure programme rather than a short-term opportunity. Investors should monitor government policy reforms, private sector participation under the proposed SHANTI Act, reactor approvals, NPCIL order announcements, Small Modular Reactor (SMR) development, and large EPC contracts that could directly benefit companies across the nuclear value chain.

While the government's target of achieving 100 GW of nuclear capacity by 2047 creates a significant long-term growth opportunity, the pace of project execution, regulatory approvals and capital investment will remain the key factors determining how quickly these companies benefit from the country's ambitious nuclear energy mission.

Why is India's Nuclear Energy Mission significant?

India's Nuclear Energy Mission aims to increase the country's installed nuclear power capacity from around 8.8 GW to 100 GW by 2047. The plan is expected to involve investments of nearly ₹20 lakh crore, creating long-term opportunities across power generation, engineering, manufacturing and infrastructure.

Which sectors are expected to benefit from the Nuclear Energy Mission?

The mission is expected to benefit sectors such as heavy engineering, power equipment manufacturing, EPC construction, precision engineering, transmission infrastructure, reactor manufacturing and regulated power generation.

Why are Small Modular Reactors (SMRs) important?

The government plans to commission at least five Bharat Small Modular Reactors (BSMRs) by 2033. SMRs require lower capital investment, shorter construction timelines and offer greater flexibility compared to conventional nuclear power plants.

Which listed companies could benefit from India's nuclear expansion?

Some of the listed companies expected to benefit include Larsen & Toubro (L&T), Bharat Heavy Electricals (BHEL), MTAR Technologies, NTPC and Power Mech Projects, owing to their involvement in engineering, nuclear equipment manufacturing, EPC services and power generation.

How could Larsen & Toubro benefit from the Nuclear Energy Mission?

L&T has extensive experience in nuclear infrastructure and manufactures critical reactor equipment such as steam generators, pressure vessels and reactor-grade forgings, making it well-positioned for future reactor construction orders.

Why is BHEL considered a key beneficiary?

BHEL manufactures nuclear steam turbines, heat exchangers and heavy electrical equipment used in nuclear power plants. As new reactors are developed, demand for these products is expected to increase.

What is MTAR Technologies' role in India's nuclear programme?

MTAR Technologies supplies high-precision reactor components, including reactor internals and coolant channel assemblies, to India's nuclear sector. The company also has confirmed nuclear orders for the Kaiga 5 and 6 reactor projects.

How is NTPC participating in nuclear power expansion?

NTPC is expanding its nuclear power business through its joint venture with NPCIL and has increased its long-term nuclear generation target to 30 GW. It is also involved in major projects such as the Mahi Banswara Nuclear Power Project.

Why could Power Mech Projects benefit from the Nuclear Energy Mission?

Power Mech Projects has strong expertise in engineering, procurement and construction (EPC), including erection, testing and commissioning of large power projects. These capabilities are expected to be valuable for future nuclear power plant construction.

Is India's Nuclear Energy Mission a long-term investment opportunity?

Yes. The expansion of nuclear power is expected to unfold over the next two decades, making it a long-term investment theme. Besides reactor construction, companies may also benefit from recurring opportunities in maintenance, equipment replacement, upgrades and plant operations.