NTPC Nuclear EPC Tender: ₹100B Catalyst for Power Stocks

NTPC's Nuclear Tender Puts Capital Goods Stocks on Watch NTPC is preparing to issue an EPC tender worth over ₹100 billion for nuclear island units at the Mahi Banswara Nuclear Power Project in Rajasthan. The Notice Inviting Tender is expected by June 15, 2026. The project sits under Anushakti Vidhyut Nigam Ltd (ASHVINI), a joint venture between [NTPC](/stock/NTPC) and NPCIL. Environmental and forest clearances are already secured. That's not a minor detail. It means this tender has a credible path to financial close, which is more than most Indian infrastructure proposals can claim at this stage. The scale matters. ₹100 billion for a single EPC package covering the reactor, steam generators, and pressurizer systems is among the largest single-contract opportunities in India's domestic nuclear build-out. India's civil nuclear program targets 20 GW of nuclear capacity by 2032, up from roughly 7.5 GW today. Mahi Banswara is one execution node in that larger policy frame. ASHVINI's joint-venture structure also means NTPC's balance sheet backstops the project's financing risk in ways a standalone NPCIL tender simply wouldn't. For equity investors, the trigger isn't the tender itself. It's what order inflow does to revenue visibility for the companies positioned to win it. Which Stocks Carry the Most Direct Exposure [Larsen & Toubro](/stock/LT) (NSE: LT) is the name most institutional desks will flag first. L&T's heavy civil and nuclear engineering division has prior involvement in Indian reactor construction, with Kudankulam being the most cited reference point. An order of this magnitude, if awarded to L&T's power and nuclear vertical, could add 2-4% to its FY27 order book depending on consortium structure. L&T trades at roughly 35x forward earnings, and at that multiple, incremental order inflow from a high-margin, technically complex EPC contract typically earns a favorable re-rating from the street. Watch the order intake numbers in Q1 FY27 results. BHEL (NSE: ...