4 Fast-Growing Uranium-Linked Stocks in India to Watch as Nuclear Power Expansion Accelerates

#2 L&T

Next on the list is L&T.

The company is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide.

According to the company's FY26 annual report, L&T has established a strong presence in nuclear energy.

L&T is an indirect uranium play as it provides the engineering, infrastructure, and equipment needed for nuclear power plants that run on uranium fuel.

Its Nuclear business specialises in the design and manufacture of critical nuclear island equipment, including steam generators, end-shields and pressurisers.

The unit also supplies reactor headers, calandrias, end fittings and safety heat exchangers for pressurised heavy water reactor programmes.

In addition, it manufactures spent fuel canisters and casks and has delivered specialised cryostat components for fusion reactor applications, including the International Thermonuclear Experimental Reactor (ITER) project.

According to the annual report FY26, the company has secured the mechanical erection contract for Kudankulam Nuclear Power Plant (KKNPP) Units 5 & 6, which includes the installation of nuclear reactor systems, turbine systems, generators, condensers, seawater systems, cranes, piping, structural works, insulation, testing, and other critical infrastructure.

On the financial front, over the past five years the company's revenue has seen a growth of 16%, meanwhile, net profit grew at a CAGR of 32%.

The company's three-year average ROE and ROCE stand at 16.1% and 19.8%.

L&T's Financial Snapshot (FY21-26)

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

#3 BHEL

Next on the list is BHEL.

Bharat Heavy Electricals (BHEL) has been a cornerstone of India's power equipment manufacturing industry since 1964.

BHEL is an indirect uranium play as it manufactures critical equipment and executes EPC projects for nuclear power plants that use uranium as fuel.

In the nuclear power space, the company has established itself as a key domestic player, serving as the only indigenous supplier of nuclear steam turbines and turbine generators for Indian nuclear power plants.

BHEL supplied sets 60% of nuclear power installed capacity (secondary side) capacity in India.

The company has been associated with India's indigenous nuclear power programme for over five decades, supplying primary and secondary side equipment, including steam turbines, generators, heat exchangers, pumps, and other key systems

Its nuclear equipment continues to deliver strong operational performance. In FY26, BHEL-supplied nuclear power units recorded an overall Plant Load Factor (PLF) of 71.2% and Operational Availability (OA) of 77.5%.

Six nuclear units achieved an OA of over 90%, while three units recorded a PLF exceeding 90%. Notably, Tarapur Unit 4 (540 MW) completed an uninterrupted run of 324 days.

On the financial front, over the past five years the company's revenue has seen a growth of 14.3%, meanwhile, the company turned profitable with 4-year CAGR profit growth of 39.3%.

The company's three-year average ROE and ROCE stand at 0.5% and 2.3%.

BHEL's Financial Snapshot (FY21-26)

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

#4 MTAR Technologies

Next on the list is MTAR Technologies.

MTAR Technologies is a leading precision engineering company and an indirect play on the uranium theme through its strong presence in India's civilian nuclear power sector.

The company manufactures high-precision components used in nuclear reactors that operate on natural uranium as fuel.

Over the years, MTAR has been a trusted partner of the Nuclear Power Corporation of India (NPCIL), supplying critical components for the country's indigenous nuclear power programme.

Its nuclear portfolio includes fuel machining heads, drive mechanisms, bridge and column assemblies, coolant channel assemblies, and other complex reactor components.

These precision-engineered products are used in the construction of new Pressurised Heavy Water Reactors (PHWRs) as well as the refurbishment and maintenance of existing reactors.

As India expands its nuclear power capacity to increase the use of uranium-based reactors, MTAR Technologies is well positioned to benefit from rising demand for specialised nuclear components, making it a stock to watch in the uranium space.

On the financial front, over the past five years the company's revenue has seen a growth of 28.9%, meanwhile, the company turned profitable with 4-year CAGR profit growth of 39.3%.

The company's three-year average ROE and ROCE stand at 10.8% and 15.7%.

MTAR Technologies' Financial Snapshot (FY21-26)

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

Conclusion

India's uranium demand is set to rise sharply as the country targets expanding its nuclear power capacity from around 8 GW today to 100 GW by 2047.

Annual natural uranium demand is projected to reach 8,029 tonnes by then, reflecting the scale of the planned expansion.

This could create opportunities across the nuclear value chain, from uranium mining and fuel supply to reactor equipment manufacturers and engineering companies.

However, investors should carefully evaluate these companies' fundamentals, corporate governance, and valuations as key factors when conducting due diligence before making investment decisions.

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