India-Russia Energy Push: 3 Nuclear Power Related Stocks for Your 2026 Watchlist

The Russian cabinet has cleared the signing of a memorandum of understanding (MoU) to deepen bilateral cooperation with India in civil nuclear energy during President Vladimir Putin's visit to the country on 4-5 December.

According to a PTI report, Russia's Rosatom Nuclear Corporation, which is building several reactors at the Kudankulam Nuclear Power Plant in Tamil Nadu, has been authorised to sign the MoU with the relevant Indian authorities on behalf of the Russian government.

Here are three stocks associated with the nuclear power space that you can watch following the India-Russia energy push. This is not a stock recommendation in any form.

#1 HCC

First on our list is Hindustan Construction Company.

The company is a top player in the construction space having built over 4,036 lane km of highways and motorways, more than 360 km of intricate tunnelling, 395 bridges, and 26% of India's hydro power generation and 60% of its nuclear power generation capacities.

The India-Russia energy push could benefit the company to a great extent, as HCC has built 5,780 MW of India's 9,580 mw of nuclear power generation capacity.

The company is among the select few in the country that can build the core of a nuclear power plant, one of the most complex structures.

HCC has built plants that account for more than 60% of India's nuclear power capacity. It has the capability to build nuclear power plants including reactor & reactor auxiliary buildings, turbine generator buildings, balance of plant sea-water intake systems, pumphouses, cooling towers etc.

Financial Highlights of Hindustan Construction Company

Source: Equitymaster

On the financial front, HCC's Q2 FY26 revenues dropped to Rs 9,607 m vs Rs 14,069 m YoY. The net profits were Rs 500 m vs Rs 438 m YoY. The revenues fell, while the net profit surged.

Recently, the company has received three orders totalling Rs 27.7 bn, including two packages from Patna Metro and an expansion project for an aluminium smelter from Hindalco.

The management is also making significant efforts to lower its debt. With Rs 3,390 m in prepayments already in FY26 and an additional Rs 4,500 m in repayment anticipated in Q3, HCC is undergoing substantial deleveraging.

The company currently has a strong and diverse orderbook order backlog of Rs 131.52 bn.

To know more check the HCC fact sheet and latest quarterly results.

#2 Bharat Heavy Electricals (BHEL)

One of India's biggest and most established engineering and manufacturing companies in the energy and infrastructure sectors, BHEL was founded in 1964.

BHEL boasts a vast network of 16 manufacturing facilities, 2 repair units, 8 service centres, 14 centres of excellence, and 5 specialised institutes for advanced research and development across a range of engineering disciplines.

BHEL is the only Indian company with the unique capability to design, manufacture, supply and install nuclear steam turbines.

BHEL has over the years supplied several steam turbine generator sets including 10 units of 220 MWe and 2 units of 540 MWe (installed at Tarapur Atomic Power Stations- TAPS).

The company has proven its capability in design, manufacturing and installation of both primary and secondary side components/equipment of nuclear power plants.

Financial Highlights of BHEL

Source: Equitymaster

On the financial front, BHEL reported Q2FY26 revenues of Rs 75,118 m against Rs 65,841 m YoY. Net profits of the company surged to Rs 3,605 m vs Rs 895 m YoY.

By the end of FY25, the company had a record order book of Rs 1,963.28 bn, ensuring strong revenue visibility.

Moving ahead, BHEL has established a joint venture with Coal India called Bharat Coal Gasification and Chemicals, to develop domestic coal-to-chemical capacity and reduce import dependency in fertilisers and industrial feedstocks.

Sustained thermal power tendering reflects the government's ongoing focus on energy security. In response, BHEL has improved vendor capabilities to meet the demand pipeline, strengthened EPC readiness, and standardised design templates.

In nuclear energy, BHEL is positioned to contribute substantially to India's long-term goals, with the national target of 100 GW by 2047 and development of small modular reactors by 2033. The company's track record in nuclear steam generators and turbine systems supports these goals.

To know more check the BHEL fact sheet and latest quarterly results.

#3 MTAR Technologies

Next on our list is MTAR Technologies.

The company has been a key contributor to India's civilian nuclear power program. It has partnerships with Nuclear Power Corporation of India.

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

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

Financial Highlights of MTAR Technologies

Source: Equitymaster

On the financial front, MTAR Technologies reported Q2FY26 revenues of Rs 1,356 m which was a drop from Rs 1,902 m YoY. Net profits plunged to Rs 42 m vs Rs 188 m YoY.

Looking ahead, the management anticipates a 25% growth in revenues, accompanied by EBITDA margins of approximately 21%, with an expected fluctuation of ±100 basis points.

As production volumes ramp up over the next 2-3 years, the company expects to achieve operating leverage, leading to an improvement in margins. Additionally, initiatives in supply chain optimisation and operational efficiencies are can also enhance margins.

To know more check the MTAR fact sheet and latest quarterly results.

Conclusion

The companies serving the nuclear power space could experience good tailwinds due to strong demand. Any Indo-Russian nuclear agreement could boost their long-term prospects.

However, a selectively researched and diversified approach informed by market and company fundamentals would be prudent when considering stocks from the nuclear power space.

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.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...