3 Thorium Related Stocks in India to Add to Your Watchlist

#1 BHEL

First on the list is BHEL.

Established in 1964, BHEL is one of the largest & oldest engineering and manufacturing enterprises in India in the energy and infrastructure sectors.

The company has been involved in the development of India's Indigenous Nuclear Power Programme since its inception.

The three-stage nuclear power programme, envisioned by Homi Jehangir Bhabha, has seen consistent support from BHEL through its engineering and manufacturing capabilities.

In the thorium space, BHEL has contributed to the third stage of India's nuclear programme by developing the secondary cycle (power-generating side) for 300 MWe Advanced Heavy Water Reactors (AHWRs) based on thorium fuel.

This development was carried out under an agreement with Bhabha Atomic Research Centre (BARC).

Additionally, for nuclear power plants being established in India under foreign cooperation, BHEL has provided services for the erection and commissioning of the turbine side for 2 x 1000 MWe at Kudankulam Nuclear Power Plant Units 1 and 2.

The company is currently involved in the erection and commissioning of both primary and secondary sides for Units 3 and 4, supplied by Rosatom.

These developments position BHEL as a key stock to watch in India's emerging thorium-based nuclear energy space.

On the financial front, its revenue has grown at a CAGR of 9.3%, while profit has seen growth of 6.3% in the past three years.

Its three-year average ROE and ROCE stand at 2% and 5.5% respectively.

BHEL’s Financial Snapshot (FY23-25)

For more details, see the BHEL company fact sheet and quarterly results.

#2 Larsen & Toubro

Next on the list is Larsen & Toubro (L&T).

L&T has been a pioneer in manufacturing technology, equipment, and plant services for India's nuclear power programme.

The company has contributed to all 22 operational nuclear reactors in India and has received the prestigious INS Industrial Excellence Award for its contribution to the nuclear power sector.

Through its Heavy Engineering division, L&T manufactures critical equipment for Pressurised Heavy Water Reactors (PHWRs) and Fast Breeder Reactors (FBRs), which form an important part of thorium-based nuclear strategy.

The company also designs and manufactures key components such as steam generators, reactor vessels, control rod drive mechanisms, and fuel handling systems.

Notably, L&T holds over 50% market share in steam generators and end shields in India.

L&T has also delivered the main vessel and safety vessel for India's first commercial fast breeder reactor at Kalpakkam, a crucial step toward India's thorium-based nuclear programme.

Additionally, the company has contributed to advanced nuclear and fusion projects, including the ITER Project and India's indigenous ADITYA Tokamak Reactor.

Additionally, in 2024, Larsen & Toubro signed a Memorandum of Understanding with Clean Core Thorium Energy (CCTE), a US-based advanced nuclear fuel company, to collaborate on global clean energy solutions using its patented ANEEL Fuel.

The ANEEL fuel, made from thorium and enriched uranium, is designed for use in PHWRs, CANDU, and advanced reactors, helping reduce nuclear waste by over 85% while improving safety and lowering lifecycle costs.

With strong capabilities across reactor manufacturing and advanced nuclear technologies, L&T remains a key stock to watch in India's emerging thorium-based nuclear energy space.

On the financial front, its revenue has grown at a CAGR of 71.8%, while profit has seen growth of 19.8% in the past three years.

Its three-year average ROE and ROCE stand at 16.9% and 20.4% respectively.

L&T’s Financial Snapshot (FY23-25)

For more details, see the L&T company fact sheet and quarterly results.

#3 NTPC

Last on the list is NTPC.

NTPC is a Maharatna public sector undertaking and India's largest power-generating company, with a total portfolio of around 114 gigawatts (GW), including 34 GW under construction.

The company operates a diversified mix of coal, gas, hydro, and renewable energy projects, with a wide customer base and strong geographical presence across India.

According to a report by Press Information Bureau (PIB), NTPC, in collaboration with Clean Core Thorium Energy (CCTE), is exploring the development and deployment of ANEEL Fuel, a thorium-based nuclear fuel for Pressurised Heavy Water Reactors (PHWRs) in India, subject to government approvals.

The ANEEL fuel, developed using thorium and enriched uranium, is designed to be compatible with existing PHWR and CANDU reactors, while improving safety and reducing nuclear waste.

Further, NTPC is exploring multiple international collaborations in technology and fuel to strengthen its nuclear ambitions. The company is also planning to set up around 30 GW of company-owned nuclear projects across various locations, in line with the government's target of achieving 100 GW nuclear capacity by 2047.

These developments position NTPC as a key stock to watch in India's emerging thorium-based nuclear energy space.

On the financial front, its revenue has grown at a CAGR of 12.4%, while profit has seen growth of 12.2% in the past three years.

Its three-year average ROE and ROCE stand at 12.6% and 113% respectively.

NTPC Financial Snapshot (FY23-25)

For more details, see the NTPC company fact sheet and quarterly results.

Conclusion

India's successful progress in fast breeder reactor technology marks an important step toward unlocking its vast thorium reserves.

As the country aims to reduce dependence on fossil fuels and strengthen energy security, thorium-based nuclear power could play a critical role in the long term.

Companies involved in reactor manufacturing, engineering, and nuclear fuel development are likely to benefit as India advances toward its three-stage nuclear programme.

With rising power demand and ambitious nuclear capacity targets, these thorium-linked stocks remain key players to watch in India's evolving clean energy landscape.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy investing.

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