5 Uranium Related Stocks to Watch in 2026

#1 NTPC

First on the list is NTPC.

NTPC is a Maharatna Status Public Sector Undertaking. It is the largest power-generating company in India, with a portfolio of 114 gigawatts (GW), including 34 GW of under-construction projects. The company operates a mix of coal, gas, hydro, and renewable energy projects.

The company is diversified in terms of its customer base, fuel type used for generation, and geographical spread of its capacity.

NTPC is looking to acquire uranium assets overseas to ensure fuel availability for its future nuclear projects. Last week, it was reported that NTPC is in talks to buy a minority stake in US-based nuclear fuel technology company Clean Core Thorium Energy (CCTE).

CCTE has developed a patented thorium and enriched uranium nuclear fuel called ANEEL, which is compatible with existing pressurised heavy water reactors.

NTPC has targeted 30 GW of company-owned nuclear projects across India, in line with the government's ambition of reaching 100 GW nuclear capacity by 2047.

Coming to its financials, NTPC's sales and net profit have grown at a compounded annual growth rate (CAGR) of 12% and 15%, respectively.

The ROE and ROCE has averaged 13% and 11% during the same period.

Going forward, NTPC plans to install 60 GW of renewable energy capacity by 2032, aiming for a 10% reduction in energy use. By 2032, NTPC is set to become a 149 GW power company, complemented by 1 GW pumped storage (PSP) and 22 GWh of battery energy storage (BESS).

#2 BHEL

Next on the list is BHEL.

BHEL is one of India's biggest and most established engineering and manufacturing companies in the energy and infrastructure sectors. It's the only Indian company with the capability to design, manufacture, supply and install nuclear steam turbines.

Unlike NTPC, which operates power plants, BHEL sits upstream, supplying critical equipment required to build and run nuclear reactors.

The company has been a long-standing equipment partner to NPCIL (Nuclear Power Corporation of India) and has supplied steam generators, turbine-generator sets, heat exchangers, and balance-of-plant equipment for several pressurised heavy water reactors (PHWRs) across India. This linkage is crucial from a uranium perspective.

Coming to its financials, BHEL's revenue and net profit have grown at a CAGR of 9% and 6% over the past 3 years.

Its ROE and ROCE have averaged in low single digits during the same time period.

In its most recent Q2 FY26 results, it posted revenues of Rs 75,118 m while net profit surged to Rs 3,605 m against Rs 895 m reported last year.

Going forward, BHEL has established a joint venture with Coal India to develop domestic coal-to-chemical capacity and reduce import dependency in fertilisers and industrial feedstocks.

India's nuclear fleet largely operates on uranium-fuelled PHWR technology, and every new reactor added to the grid directly increases long-term uranium demand.

As reactor capacity expands, equipment suppliers like BHEL become indirect beneficiaries of uranium consumption, since uranium cannot be used without reactors to burn it.

#3 MTAR Technologies

Third on the list is MTAR Technologies.

MTAR has been a key contributor to India's civilian nuclear power program.

In nuclear power, assemblies like fuel machining heads, drive mechanisms, bridge and column assemblies, and coolant channel assemblies are among the company's products.

These are crucial components for both the renovation and upkeep of current reactors as well as the building of new pressurised heavy-water reactors.

While MTAR may not mine uranium, its fortunes are closely tied to the expansion of uranium-fuelled nuclear reactors in India.

The company is an established supplier to NPCIL and manufactures critical reactor and fuel-handling components used in India's pressurised heavy water reactors.

Coming to its financials, MTAR Tech's revenue and net profit have grown at a CAGR of 26% and 11% respectively over the past 5 years.

Its ROE and ROCE has averaged 11% and 15% during the same time.

Going forward, the company is confident about its growth trajectory. It has guided for 25% revenue growth for FY26, with an EBITDA margin of around 21%.

The management is expecting to sign contracts over the next two to three quarters, which will give MTAR a strong order book.

#4 Hindustan Zinc

Fourth on the list is Hindustan Zinc.

Hindustan Zinc, a subsidiary of the Vedanta Group, is the world's largest integrated producer of zinc and also ranks among the top five silver producers globally.

Over the years, the company has built a large-scale and cost-efficient mining and smelting ecosystem in India.

Its operations are concentrated primarily in Rajasthan, where it runs eight underground mines across five locations, supported by smelting and refining facilities.

From a uranium perspective, Hindustan Zinc's relevance lies not in current production, but in future optionality.

India's uranium mining sector is currently dominated by state-owned entities, with UCIL being the primary producer. However, there have been increasing discussions around opening uranium mining to private participation to support India's ambitious nuclear expansion plans.

In this context, Hindustan Zinc has publicly indicated that it would be keen to participate in uranium mining if the government allows private players into the sector.

Given its deep experience in underground mining, regulatory compliance, and handling complex ore bodies, Hindustan Zinc could emerge as one of the most capable private-sector candidates for uranium mining in India, should policy changes permit.

Coming to its financials, the company's sales and net profit have grown at a CAGR of 13% and 9%, respectively over the past 5 years.

Its ROE and ROCE have averaged in high double digits of 53% and 62%.

Hindustan Zinc is currently expanding capacities to capture rising metal demand in India.

In addition, the company is developing India's first zinc tailings reprocessing plant, aimed at converting waste into valuable resources.

#5 Engineers India

Last on the list is Engineers India (EIL).

Engineers India is a premier public sector engineering consultancy and EPC (Engineering, Procurement, and Construction).

Initially the company focused on the oil and gas and petrochemical industries, but it has diversified into sectors such as infrastructure, water and waste management, solar and nuclear power, and fertilisers.

From a uranium perspective, EIL's relevance comes from its role in engineering, project management, and consultancy services for nuclear and atomic energy projects in India.

The company has been associated with assignments for India's atomic energy ecosystem, including engineering services, safety studies, and project management support for nuclear fuel cycle facilities and power projects under the Department of Atomic Energy (DAE).

These are not routine EPC jobs as nuclear projects require specialised design capabilities, regulatory compliance, and safety expertise, where EIL has a long operating track record. This matters because uranium demand scales when nuclear projects move from policy to execution.

Coming to its financials, EIL's sales and net profit have grown at a CAGR of 2% and 11% over the past 3 years.

Its ROE and ROCE have averaged 17% and 23% during the same period.

Going forward, the management has guided for revenue and margin sustainability, driven by a record order book, robust order inflows, and sectoral tailwinds in both hydrocarbon, and non-hydrocarbon segments.

Conclusion

India's renewed push towards nuclear energy underscores the strategic importance of uranium in the country's long-term power mix.

However, translating this opportunity into investable outcomes is far from straightforward. Liberalising the uranium sector is easier said than done and comes with challenges.

Moving away from a state-controlled framework would require wide-ranging regulatory reforms, including amendments to mining laws, electricity regulations, and foreign investment norms.

Then there's the issue of safety and security. Nuclear materials demand the highest levels of oversight. Ensuring safety, handling, and compliance standards is critical to prevent misuse.

That is why investors should always evaluate fundamentals, corporate governance, and valuations as key factors when conducting due diligence before making investment decisions.

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