Archive · 23 Aug 2026
Indian Nuclear Expansion Puts Specialized Pump Stocks In Focus
India wants to build many more nuclear power plants.
Nuclear plants need special pumps to move coolant and help prevent reactors from overheating.
KSB Limited has been making and supplying these pumps in India for nearly 50 years.
It already has a large nuclear order book, but some projects have been delayed.
Kirloskar Brothers Limited is trying to become another approved supplier.
Its prototype coolant pump passed testing with results above NPCIL’s expectations.
KSB’s main challenge is turning existing orders into revenue.
Kirloskar Brothers’ main challenge is winning commercial orders after developing its technology.
Both companies also sell pumps for industries such as water, energy and data centres.
India aims to increase nuclear capacity from about 8.8 GW to 22 GW by 2032 and 100 GW over the next 20 years.
KSB Limited has supplied nuclear pumps in India since 1977 and held a nuclear order book worth about ₹1,235 crore as of June 2026.
KSB expects reactor coolant pump deliveries to generate roughly ₹100-200 crore in nuclear revenue during CY26.
Kirloskar Brothers Limited is developing indigenous nuclear pumps and said its prototype coolant pump exceeded NPCIL’s testing expectations.
KSB offers greater current order-book visibility, while Kirloskar Brothers offers earlier-stage nuclear optionality but faces greater commercialization risk.
- Who
- KSB Limited and Kirloskar Brothers Limited, alongside India’s Department of Atomic Energy and Nuclear Power Corporation of India Limited (NPCIL).
- What
- The companies are positioned differently to benefit from India’s planned nuclear expansion through specialized pump manufacturing.
- When
- India’s current nuclear targets extend to 2032 and the following 20 years; the article cites company data through June 2026 and valuations as of August 22, 2026.
- Where
- India, including projects such as Gorakhpur Haryana Anu Vidyut Pariyojana, Kaiga Atomic Power Station and Kudankulam.
- Why
- Nuclear plants require specialized, extensively tested and approved pumps, while India’s planned capacity expansion could create additional demand.
KSB: Established Execution
Kirloskar Brothers: Emerging Optionality
Current nuclear position
KSB: Established Execution
KSB is an established nuclear supplier with a multidecade record, localized products and about ₹1,235 crore in nuclear orders.
Kirloskar Brothers: Emerging Optionality
Kirloskar Brothers is developing indigenous pump technology and does not publish a standalone nuclear order book.
Primary investment trigger
KSB: Established Execution
The main trigger is converting KSB’s existing nuclear order book into deliveries, revenue and profit.
Kirloskar Brothers: Emerging Optionality
The main trigger is receiving further approvals and commercial orders after successful prototype testing.
Key risk
KSB: Established Execution
KSB faces execution risk from testing, commissioning and project delays that can postpone revenue recognition.
Kirloskar Brothers: Emerging Optionality
Kirloskar Brothers faces greater commercialization risk because its newer nuclear capabilities still need to produce a meaningful order pipeline.
- India’s current nuclear capacity
- About 8.8 GW
- Government capacity targets
- 22 GW by 2032 and 100 GW over the next 20 years
- KSB nuclear order book
- About ₹1,235 crore as of June 2026
- KSB CY26 nuclear revenue outlook
- About ₹100-200 crore from expected reactor coolant pump invoicing
- Kirloskar Brothers standalone pending order book
- ₹2,375 crore at the end of June 2026
- Kirloskar Brothers power-sector order book
- Nearly ₹600 crore, including nuclear
- Trailing P/E comparison
- KSB: 53.3; Kirloskar Brothers: 37.4, based on August 22, 2026 data