India’s bold aim to develop 100GW of nuclear power is a boost to power producers and reactor makers alike. But the surge in construction could also benefit specialised engineering companies, producing components such as pumps and fluid-management systems. The engineering stocks KSB Limited and Kirloskar Brothers Limited are two of those gaining interest.
India’s Nuclear Power Expansion
The great growing to about 100 GW of nuclear capacity in India however is of course, not overnight, but in a steady manner in two phases-the India is presently having an installed nuclear capacity of about 8.8 GW. Nuclear capacity of about 22 GW is made by 2032 and subsequently for steady progress towards 100 GW.
In order to accomplish this the whole ecosystem will have to be investment, from reactors, turbines, pumps and Cooling systems, valves and all other Specialised Engineering Equipment.
Similarly for investors looking at nuclear stocks in India, companies providing this infrastructure could be an indirect route to India nuclear story.
KSB Limited: Established Nuclear Presence
KSB Limited has an inherent position in the Indian nuclear equipment sector. KSB Limited has a long term relationship with India’s nuclear programme, having even supplied special pumps to nuclear reactors.
The company has delivered equipment to various nuclear projects including Kaiga Atomic Power Station, Kudankulam and Gorakhpur Haryana Anu Vidyut Pariyojana.
One of the key positives for the KSB stock is the company’s broad based current nuclear order backlog. The nuclear order book for KSB stood at around Rs. 1,235 crores as of June 2026.
Nevertheless, nuclear projects usually require lengthy execution and commissioning periods. Consequently, a substantial order book may take a while to generate profit.
However, the expected growth in deliveries could allow the nuclear business to be an even more significant contribution to KSB’s overall growth in the years ahead.
Kirloskar Brothers: Emerging Nuclear Opportunity
Bovay also sees a slightly different narrative to the nuclear investment at Kirloskar Brothers Limited (KBL).
The firm is one of the leading companies in the pump and fluid-management market and has been developing its abilities for India’s nuclear sector. KBL has been collaborating with Indian nuclear authorities in the development of specialised nuclear pump technology.
If the company’s technology is approved and commercialised then it could go on to feature on the future nuclear projects.
KBL’s wider business offers further diversification. Its products have applications in water infrastructure, industrial, power generation and other industries.
As of end-June 2026, the standalone pending order book of the company stood at around 2,375 crore, offering visibility into the company’s broader business.
KSB vs Kirloskar Brothers
The two companies give different exposure to India’s nuclear power stocks theme.
KSB has an established nuclear track record and a large nuclear order book, thus offering relatively better visibility to its nuclear potential.
Meanwhile, Kirloskar Brothers is still at a relatively early stage of establishing its nuclear division. Its prospects could expand if the country’s indigenous nuclear technologies are commercially successful.
Investors should also bear in mind that neither of the two companies is a pure play nuclear stock. They both have diversified business so profits will be derived from a number of different sectors and not solely nuclear.
Valuation Matters
There has already been considerable investor interest in the nuclear theme, so valuations are also relevant.
As at 22/8/26 KSB was trading at about 53.3 times trailing EPS to its five year median P/E of abut 49.6 times.
Kirloskar Brothers was trading at about 37.4 times trailing earnings, compared to its five-year median P/E ratio of 28.4 times.
Indicating, therefore, that rates of future growth are largely priced-in.
Nuclear Is Only One Growth Driver
Their prospects are not limited to the nuclear industry. Growing investment in water schemes, industrial plant, renewable energy, power generation and data-centre cooling could aid the market for specialist pumps and engineering projects.
This greater that exposure could be especially valuable as nuclear projects typically have longer development times.
Conclusion
India’s 100 GW nuclear energy target may pose a lasting opportunity for India’s engineering & industrial ecosystem.
While KSB Limited boasts an established nuclear track record and a healthy order book, the expanding technology base of Kirloskar Brothers provides an emerging nuclear opportunity.
In terms of investors looking at the nuclear energy stocks in India – both companies should be looked at; however the valuations, order executions, earnings growth and overall business performance need to be looked at on a case by case basis.
The story of nuclear expansion could run for quite some time, but investors should pay more attention to actual order conversion and earnings sustainability instead of the theme.
– This article is provided for information purposes and is not investment advice. Investors should undertake research or consult a professional financial adviser to determine appropriate investments.
