Thorium stocks in India: Why India has edge - List, returns of shares with nuclear exposure

Thorium stocks in India: Shares of nuclear industry are on investors' radar after India announced indigenously designed and built Prototype Fast Breeder Reactor (PFBR) at Kalpakkam in Tamil Nadu attained criticality.

Thorium stocks such as NTPC, BHEL, Larsen & Toubro (L&T), Hindustan Construction Company, MTAR Technologies, PTC Industries, WPIL Ltd and Walchandnagar Industries have surged up to 225% in a year . 

Thorium Reserves 

India has nearly 25% of global reserves of thorium. 

The beach sands of Kerala and Orissa have rich reserves of monazite, which contain about 8 – 10% thorium, according to Bhabha Atomic Research Centre (BARC) website. Thorium has to be converted into 233U in a nuclear reactor, before it can be used as fuel. 

Here is a list of thorium-related stocks in India. 

1. NTPC Limited
 
The power sector stock has risen 118% in three years and 13% in three years. In 2026, the stock has gained 15% 

India's leading power producer NTPC is in the process of making a minority equity investment in Chicago-based Clean Core Thorium Energy (CCTE) as a strategic early-stage participation in thorium fuel development. According to reports, the company has also joined hands with CCTE to manufacture thorium as an alternative nuclear fuel, marking a significant step in India–US atomic energy cooperation. 

NTPC has set a target of setting up 30 GWe of nuclear power capacity by 2047. The power producer also plans to enter the nuclear fuel cycle in line with India’s strategic priorities.

2. BHEL 

BHEL shares have gained 21% in six months and risen 27% in a year. In three years, the stock has gained 294%. PSU giant BHEL focuses on engineering, manufacturing, and supplying equipment for thorium-based reactors, particularly in the third stage of the programme.

The firm manufactures steam turbine generators, heat exchangers, and other key components for the nuclear power sector. 

3. Larsen & Toubro (L&T)

Shares of L&T  have risen 73% in three years and 25% in a year. 

L&T is engaged in the production of major nuclear parts. L&T has majorly contributed to the Kalpakkam PFBR as the firm manufactured large main and safety vessels.

4. Walchandnagar Industries Ltd. (WIL)

Walchandnagar Industries shares have gained 170% in three years and risen 18% in a week. The stock is flat since a year. 

Walchandnagar Industries, an engineering player, is engaged in the manufacturing of core components such as the Calandria (the heart of the reactor). Its order book is dominated by the nuclear sector.

5. Hindustan Construction Company (HCC)

Shares of HCC have risen 11% in a week after the Prototype Fast Breeder Reactor (PFBR) at Kalpakkam in Tamil Nadu attained criticality. The stock has lost 32% in a year and risen 12% in a month. 

Hindustan Construction Company (HCC) is the company that built 60% of India's nuclear power capacity. 

The company built nuclear power plants at Tarapur, Kakrapar, Narora and Kudankulam.

Its ongoing projects are BARC - Reactor, Lab & Spent Fuel Building in Maharashtra (Ongoing), IGCAR Kalpakkam – FRFCF in  Tamil Nadu (Ongoing) and Roopur Nuclear Power Project in Bangladesh (Ongoing), according to the company's website 

6. MTAR Technologies

The MTAR stock has gained 64% in three months and risen 225% in a year. 

MTAR is major player in manufacturing of nuclear components. 

The company produces reactor core components, fuel machining heads, and drive mechanisms for Pressurized Heavy-Water Reactors (PHWR). It caters to clean energy - civil nuclear power, fuel cells, hydel & others, space and defence sectors.

7. PTC Industries 

PTC Industries shares have risen 15% in a year but fallen 18% in 2026.  PTC Industries is a manufacturer of high-precision metal components used in critical applications, including nuclear power plants.  The company builds specialised alloy castings for reactor internals. 

 8. WPIL Ltd 

WPIL shares have gained 54% in three years and 0.27% in a year. 

WPIL builds pumps for cooling systems of nuclear reactors. The firm also supplies auxiliary cooling water pumps, vertical turbines, and mixed flow pumps to nuclear plants. The company has public sector firm Nuclear Power Corporation of India Limited (NPCIL) as a direct client. NPCIL is responsible for design, construction, commissioning and operation of nuclear power reactors.