Best Nuclear Stocks From India 2026: CCJ, CEG, SMR, URA ETF

On September 20, 2023, Microsoft signed a power purchase agreement with Constellation Energy to restart Unit 1 of Three Mile Island — the same plant where the most famous nuclear accident in US history occurred in 1979. The restart date: 2028. The buyer: a company that needs carbon-free baseload power for data centers running AI models that consume electricity 24 hours a day and cannot tolerate outages.

That deal established something the uranium market had been pricing in since 2021 but that equity markets were slow to follow: the AI buildout has a power problem, and nuclear is the only 24/7 carbon-free source that can be sited near data centers at scale. Wind and solar can't do 24/7 baseload. Gas can, but it emits. Hydro is geographically constrained. Nuclear is the answer — and uranium is the input.

This guide is for the Indian-resident investor who wants exposure to the nuclear renaissance. There are five distinct ways to own it, each with different risk profiles: uranium miners, uranium ETFs, nuclear utilities, SMR developers, and AI-power-adjacent utilities. The cleanest names, the speculative ones, and the verdict on each.

What this guide is and isn't

It is: 25 names organized by supply-chain layer, one verdict per name, three model portfolios at different risk appetites, and the Indian-resident execution reality (LRS access, TCS implications, platform routing).

It is not: a call on uranium spot prices (highly variable, driven by contracting cycles not spot). Not a recommendation to speculate on SMR timelines (most SMR developers are pre-revenue; timelines slip; some won't survive). Not a uranium futures or commodity guide.

A note on data. Stock prices, uranium spot prices, and power purchase agreement terms change frequently. All figures below are as of July 2026 unless noted. Pull the latest 10-K and earnings transcript before acting.

Why nuclear, why now

Three structural shifts have converged:

1. AI power demand is not a rumor — it is in earnings transcripts. Microsoft, Google, Meta, and Amazon have each disclosed multi-gigawatt data center buildouts requiring continuous power. Microsoft's Azure capacity backlog is $80 billion — and is constrained by power availability, not hardware. Google signed a deal with Kairos Power for 500 MW of advanced nuclear starting 2030. Amazon signed with Dominion Energy for a data-center nuclear campus in Virginia.

2. Uranium supply is structurally tight. The Athabasca Basin in northern Canada produces the world's highest-grade uranium ore. The two producers there — Cameco (CCJ) and Orano — operate at or near capacity. Kazatomprom (Kazakhstan, world's largest by volume) has guided production shortfalls multiple years running due to sulphuric acid supply constraints. The spot price of uranium hit $106/lb in January 2024, retreated to ~$65/lb by mid-2026, but term contract prices — what utilities actually pay — remain elevated at $75–80/lb. Long-term contracts now run to 2035 and beyond.

3. Policy tailwinds are bipartisan. The US Nuclear Fuel Security Act (2024) bans Russian uranium imports from 2028. The Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act (2024) streamlined NRC licensing. The FY27 Department of Energy budget includes $900 million for advanced reactor demonstration. NATO countries are building up energy independence from Russian supply; nuclear is the most credible answer.

The investment framework: five layers of the nuclear supply chain, ordered from most defensive to most speculative.

Layer	What it is	Risk level
1. Uranium miners	Dig up the fuel	Medium — commodity price driven
2. Uranium ETFs	Basket exposure + physical uranium	Medium — tracks spot/equities mix
3. Nuclear utilities	Sell the power	Low-Medium — regulated/contracted
4. SMR developers	Build the next generation of reactors	High — mostly pre-revenue
5. AI power plays	Data-center-adjacent utilities with nuclear supply	Low-Medium — utility re-rating play

Verdict format:

Verdict — [Action]: [The reason in one line]. [The caveat in one line].

Actions: Core buy (full position), Add (build into it), Hold (own but don't add), Watch (waiting for entry), Speculative buy (small position, high conviction needed), Skip (multiple does not compensate), Avoid (structurally impaired).

Layer 1 — Uranium miners: the fuel supply chain

Uranium miners are the most direct commodity play. They benefit when uranium prices rise and are hurt when they fall. The key distinction: spot price vs term contract price. Producers like Cameco lock in long-term contracts at fixed prices — which insulates them from spot swings but also caps the upside in a spike. Junior miners and explorers are pure spot plays with no revenue.

CCJ — Cameco

→ How to buy Cameco (CCJ) from India

Q1 2026: revenue C$762 million (+14% YoY). Net earnings C$112 million. Cameco is the world's largest publicly-listed uranium producer, operating the McArthur River/Key Lake operation (the world's largest high-grade uranium mine, 70% Cameco / 30% Orano) and the Cigar Lake mine (50% Cameco). Also holds 49% of Westinghouse Electric (the nuclear fuel and services company acquired from Brookfield in 2023).

Term contract book: Cameco has disclosed contracts running to 2040+ at prices above $60/lb average — significantly above pre-2020 spot prices, locking in strong margins for years. Tier-1 asset quality is irreplaceable: McArthur River ore grade is roughly 20× the global average.

The Westinghouse ownership adds a services + fuel fabrication layer that is counter-cyclical to spot uranium prices — Westinghouse earns fees on reactor maintenance, fuel manufacturing, and decommissioning regardless of uranium spot.

Catalyst: McArthur River production scale-up to 18 million pounds/year (from current ~17 million); Westinghouse EBITDA growing 15–20% annually through 2028.

Risk: Uranium spot at $65/lb is well below $106 peak; if spot stays depressed, the re-rating thesis stalls. Cameco's stock trades at a premium to NAV; patience required.

Verdict — Core buy: The highest-quality uranium miner globally with term contract insulation and Westinghouse diversification. The toll booth on Western nuclear fuel supply.

UEC — Uranium Energy Corp

→ How to buy Uranium Energy (UEC) from India

FY2026 (ending July): production from US ISR operations resuming; Wyoming Christensen Ranch and Texas Palangana operational. UEC is the largest US-domiciled uranium producer — which matters for the Nuclear Fuel Security Act (buying preference for US and allied producers). Low-cost ISR (in-situ recovery) production method; physical uranium stockpile of 4.7 million pounds as of early 2026.

Market cap ~$2.5–3B. No earnings yet from full production ramp; loss-making. The NFSA preference clause means US utilities under compliance pressure to diversify away from Russian/Kazakh supply may preferentially contract with UEC.

Risk: Small-cap with no sustained earnings history; leverage to spot uranium price is higher than CCJ; less protected by term contracts. Stock volatile.

Verdict — Add (small): US domestic supply preference + ISR cost structure make this the best pure-US uranium miner. Size appropriately for the volatility — this is not a Cameco substitute.

NXE — NexGen Energy

→ How to buy NexGen Energy (NXE) from India

Pre-production. Rook I project (Arrow deposit, Athabasca Basin, 100% NexGen). Arrow is the largest undeveloped uranium deposit in the world: 256 million pounds Indicated + 34 million pounds Inferred at 2.37% average grade (versus world average 0.1%). NexGen received Canadian federal environmental approval in June 2024 — a major derisking milestone. Provincial licensing and financing remain.

Estimated production start: 2029–2031. When in production, Arrow could supply ~25% of current global uranium demand from a single mine. That is a structurally transformative asset — if it gets built.

Risk: Years from production; requires $1.5–2B capex; uranium price must stay elevated to justify construction; the window of hyperscaler nuclear demand may shift.

Verdict — Watch: The best undeveloped uranium deposit in the world, but 3–5 years from first pound. Add a small position if you're patient; wait for financing clarity before sizing up.

UUUU — Energy Fuels

→ How to buy Energy Fuels (UUUU) from India

US domestic uranium + rare earth elements (REEarths). The White Mesa Mill in Utah is the only conventional uranium mill in the US. Also processes monazite sand to produce mixed rare earth carbonate — a strategic hedge. Uranium production ~1 million lbs/year; rare earth segment growing.

The dual-commodity nature is both a hedge and a complexity. The REE story doesn't quite fit the nuclear investment thesis cleanly.

Verdict — Skip: Interesting optionality on US REE + uranium domestic supply, but the dual-commodity complexity and smaller scale make CCJ + UEC a cleaner nuclear expression.

Layer 2 — Uranium ETFs: basket exposure

Two ETFs dominate uranium equity exposure. Both are US-listed and accessible from India via LRS.

URA — Global X Uranium ETF

Largest uranium ETF by AUM (~$3.5B). Tracks the Solactive Global Uranium & Nuclear Components Total Return Index. Top holdings: Cameco (~23%), Sprott Physical Uranium Trust (~17%), NexGen (~8%), Uranium Energy Corp (~5%), Paladin Energy (~5%). Includes some nuclear equipment and services names alongside pure miners.

TER approximately 0.69%.

The Sprott Physical Uranium Trust exposure (~17%) means URA holds physical uranium (via the trust), not just equities — useful portfolio characteristic, but it also means URA is not a pure equity basket.

Verdict — Core buy for simplicity: If you want broad uranium/nuclear equity exposure in a single line, URA is the answer. Cleaner than building the basket yourself through LRS one name at a time.

URNM — Sprott Uranium Miners ETF

More concentrated uranium-pure-play exposure. Tracks the North Shore Global Uranium Mining Index. Holds only uranium miners (no utilities, no equipment makers). Top holdings: Cameco (~17%), Kazatomprom (~13%), NexGen (~10%), Paladin Energy (~9%), UEC (~7%). TER approximately 0.75%.

URNM has higher beta to uranium spot prices than URA (no utility dilution). In a uranium bull run, URNM outperforms URA; in a flat/down uranium market, URNM underperforms.

Verdict — Add if you want pure uranium leverage: URNM is the higher-risk, higher-upside uranium expression. Own alongside URA if you want differentiated exposure, not instead of it.

Layer 3 — Nuclear utilities: stable cash flows from existing plants

Nuclear utilities are the opposite end of the risk spectrum from uranium miners. They own operating reactors, sell power under long-term contracts, and benefit from nuclear's 24/7 baseload profile. The AI power narrative has re-rated these stocks sharply — but the underlying cash flows are real and growing.

CEG — Constellation Energy

→ How to buy Constellation Energy (CEG) from India

Q1 2026: revenue $5.9 billion. Adjusted EBITDA $1.4 billion. 2026 guidance: $4.65–5.05B adjusted EBITDA. Constellation is the largest operator of nuclear power plants in the United States, with 21 reactors across 12 plants generating ~10% of US carbon-free electricity. It was spun off from Exelon in February 2022.

The Three Mile Island Unit 1 restart (branded Crane Clean Energy Center) under the 20-year Microsoft PPA is the flagship catalyst — expected to restore 835 MW of nuclear capacity by 2028. Constellation also has PPAs with JPMorgan, Pepco Holdings, and is in advanced discussions with multiple hyperscalers.

Clean Energy Credit (CEC) mechanism under the Inflation Reduction Act effectively provides a floor on nuclear plant economics — if market power prices fall below a threshold, Constellation receives credits. The floor is roughly $43.75/MWh, adjusted for inflation.

The re-rating: CEG traded at ~$150 in early 2024 and reached ~$270–290 by late 2024 before cooling. The question for new buyers is whether the AI power demand is already priced in.

Verdict — Core buy (entry dependent on valuation): The purest nuclear utility play in the US. Own it for the combination of contracted cash flows, AI power demand, and policy support. Valuation matters — size carefully at current levels.

VST — Vistra Corp

→ How to buy Vistra (VST) from India

Q1 2026: operating revenue $4.3 billion. Adjusted EBITDA $934 million. 2026 guidance: $5.0–5.6B adjusted EBITDA. Vistra owns a mix of natural gas, coal, nuclear, and battery storage assets. Nuclear portfolio: Comanche Peak (Texas, 2,400 MW), Beaver Valley (Pennsylvania, acquired from Energy Harbor), Davis-Besse (Ohio), Perry (Ohio) — totaling ~6,400 MW of nuclear, making it the second-largest nuclear operator in the US after Constellation.

The Energy Harbor acquisition (completed March 2024) significantly increased Vistra's nuclear footprint. Unlike CEG, Vistra also has substantial gas and battery exposure — making it less pure-play nuclear but offering more diversification.

Texas exposure matters: Comanche Peak sells into ERCOT (the Texas deregulated market), where power prices are volatile. AI data center buildout in Texas creates demand tailwinds for VST's Texas nuclear.

Verdict — Add: Less nuclear-pure than CEG but higher total power capacity and Texas data-center adjacency. A holding for investors who want broader energy exposure alongside nuclear.

ETR — Entergy

→ How to buy Entergy (ETR) from India

Q1 2026: adjusted EPS $1.32. 2026 adjusted EPS guidance: $7.40–8.10. Entergy owns six operating nuclear plants in the Southeast US — Grand Gulf (Mississippi), Waterford 3 (Louisiana), River Bend (Louisiana), ANO 1&2 (Arkansas). Nuclear represents approximately 30% of Entergy's power generation.

Unlike CEG and VST, Entergy operates as a regulated utility — meaning nuclear economics are baked into rate cases rather than merchant market pricing. This insulates earnings from spot power prices but also caps the AI-power upside (regulated utilities can't freely reprice power to data centers outside of rate case processes).

Entergy is upgrading its transmission network to serve data-center load growth in the Gulf South region (over 100 GW of data center power requests in its service territory as of Q1 2026).

Verdict — Hold: Defensive nuclear utility play with regulated earnings and dividend (yield ~4%). Own if you want income + nuclear without commodity price exposure. Don't expect CEG-style re-rating.

Layer 4 — SMR developers: the next generation

Small Modular Reactors (SMRs) are the most speculative nuclear category. Most SMR developers are pre-revenue, burning cash, dependent on government grants and future orders. The technology is real — some designs have NRC approval — but timeline slippage is endemic and capital requirements are enormous. Invest small, diversify, and hold for a 5–10 year horizon.

SMR — NuScale Power

The first SMR design to receive NRC Design Certification in the US (January 2023). NuScale's VOYGR SMR module is 77 MW electric per unit (VOYGR-12 = 924 MW plant, VOYGR-6 = 462 MW, VOYGR-4 = 308 MW). The plant is factory-fabricated and truck-transportable — the core SMR value proposition.

The difficult reality: NuScale's flagship project — the Carbon Free Power Project in Idaho with Utah Associated Municipal Power Systems (UAMPS) — was terminated in November 2023 due to cost escalation (price estimate rose from ~$58/MWh to ~$89/MWh) and insufficient subscription from UAMPS members. NuScale subsequently restructured, laid off ~30% of staff, and shifted focus to international markets and data-center customers.

The company has an LOI with Standard Power (a data center operator) for 24 VOYGR-12 units (2,280 MW) in Ohio and Pennsylvania — but LOIs are not contracts and no financing has been secured.

Revenue: Effectively nil. Burns $200M+ annually. Relies on DOE grants and future orders. Market cap ~$300–500M (highly volatile).

Verdict — Speculative buy (very small): NRC approval is a real asset. The data-center nuclear demand narrative could revive the order book. But this company nearly went bankrupt once and could again. 1–2% of portfolio maximum.

BWXT — BWX Technologies

→ How to buy BWX Technologies (BWXT) from India

Q1 2026: revenue $742 million (+13% YoY). Adjusted EBITDA $145 million. 2026 guidance: $2.95–3.05B revenue. BWXT is the most overlooked name in nuclear — it's not a utility and not a miner, but it manufactures the nuclear components that make everything else run. BWXT makes nuclear reactors for the US Navy (submarines and aircraft carriers — 100% of US naval nuclear propulsion is BWXT), produces medical radioisotopes, and is developing commercial microreactors (BWXT Advanced Nuclear Reactor, BANR).

The Navy contract gives BWXT near-certain long-term revenue. As the US expands its submarine fleet (Virginia-class production, Columbia-class SSBNs), BWXT is the only certified supplier of naval reactor plants.

The commercial nuclear segment is adding: BWXT was awarded a ARDP (Advanced Reactor Demonstration Program) project for its microreactor design, which targets remote power, defense installations, and eventually data centers.

Verdict — Core buy: The most underappreciated name in nuclear. Navy contract revenue is a moat no competitor can enter for 20+ years. Commercial nuclear optionality is free. Lower volatility than utilities and miners.

GEV — GE Vernova

→ How to buy GE Vernova (GEV) from India

Q1 2026: revenue $8.0 billion (+11% YoY). EBITDA $464 million (5.8% margin, expanding). GEV was spun off from General Electric in April 2024. The electrification segment (power transformers, grid equipment, switchgear) and the wind segment are the main businesses — but GEV also owns the BWRX-300 Small Modular Boiling Water Reactor design, which has progressed to regulatory approval in Canada and the UK.

GEV's nuclear segment is the most credible SMR technology in advanced regulatory approval outside the US: Ontario Power Generation announced in December 2023 that it will build the first BWRX-300 at Darlington, Ontario, targeting first criticality by 2029. This is the most concrete SMR construction schedule currently underway in any Western country.

The GEV equity is primarily an electrification/power-grid trade, not a nuclear trade. Buying GEV primarily for the SMR is a category error — the nuclear segment is a small part of an $8B revenue company. But if you already own GEV for the grid buildout (which you should), the BWRX-300 progress is a material option.

Verdict — Core buy (electrification thesis; nuclear is free optionality): Own GEV for the power transformer and grid equipment demand driven by AI data centers and electrification. The BWRX-300 Darlington project is the most concrete SMR timeline in the public universe — treat it as upside you don't pay for.

OKLO — Oklo

→ How to buy Oklo (OKLO) from India

Pre-revenue. NRC Combined License Application (COLA) resubmitted June 2024 after initial rejection in 2022. Oklo is developing the Aurora Powerhouse, a fast fission microreactor (15 MW). Sam Altman (OpenAI CEO) is the chairman — which created significant speculative interest when the company went public via SPAC in May 2024.

Data center interest: Oklo signed a non-binding framework agreement with Equinix for up to 750 MW of capacity over 20 years. Non-binding. No reactor built yet. NRC approval for the Aurora has not yet been granted as of July 2026.

Market cap ~$1.5–2.5B (very volatile, moves with AI/nuclear sentiment).

Verdict — Speculative buy (tiny position only): The Sam Altman connection and Equinix framework brought this to retail attention but the regulatory + construction timeline is long and uncertain. Own it as a lottery ticket, not a core position.

Layer 5 — AI power plays: utilities re-rating around data-center demand

Beyond pure nuclear, several utilities are re-rating because data-center power demand is accreting to their service territories. These names are not nuclear-pure but benefit from the same demand tailwinds.

NEE — NextEra Energy

→ How to buy NextEra Energy (NEE) from India

Q1 2026: adjusted EPS $0.99. 2026 guidance: $3.45–3.70 adjusted EPS. The world's largest producer of wind and solar energy, plus NextEra Energy Resources (contracted renewables). Importantly for this guide, NEE owns FPL (Florida Power & Light), which is adding nuclear capacity discussions and has an outstanding nuclear license renewal at Turkey Point.

NEE is primarily a wind/solar name — it is not a nuclear re-rating play. But its scale in clean energy and its regulated utility base make it the defensive anchor for any clean-energy power portfolio.

Verdict — Hold: Own for the regulated utility income and clean energy scale, not as a nuclear play. Better nuclear-specific expressions exist (CEG, BWXT).

PWR — Quanta Services

→ How to buy Quanta Services (PWR) from India

Q1 2026: revenue $5.9 billion (+18% YoY). Adjusted EBITDA $502 million. Quanta builds and maintains electrical infrastructure — the power lines, substations, and grid equipment that connect power plants (including nuclear) to data centers and cities. Not a nuclear company in any direct sense, but every nuclear restart, every SMR build, and every data-center campus requires transmission buildout. Quanta executes those projects.

The tailwind is structural: the US transmission grid requires $2–3 trillion in investment over the next 20 years. Quanta's backlog hit $32 billion in Q1 2026.

Verdict — Add: The pick-and-shovel for nuclear, renewables, and AI power. Not correlated to uranium spot prices. One of the most durable infrastructure tailwinds in the market.

What not to chase

Uranium royalty companies. Unlike precious metals, uranium royalty streaming is nascent and lacks the track record of a Gold Royalty or Franco-Nevada. Avoid paying royalty multiples for uranium royalty exposure when CCJ already trades at reasonable multiples.

Russian-adjacent names. Rosatom (Russia's state nuclear company) and Kazatomprom are the world's largest uranium producers. Kazatomprom is listed in London (KAP) and Kazakhstan. The Nuclear Fuel Security Act's supply chain restrictions and geopolitical risk make these uninvestable for Indian LRS investors with Western broker routing.

Coal-to-nuclear conversion stories. Several companies have proposed converting decommissioned coal plants to nuclear sites. None have progressed past feasibility studies. Don't pay a premium for this optionality.

Pure exploration-stage uranium juniors. Names like Encore Energy, Uranium Royalty Corp, Denison Mines — real assets, but years from production, no term contracts, leveraged entirely to spot. If you want that exposure, URNM holds many of them as a diversified basket.

Risk scenarios

Uranium spot falls below $55/lb for 24+ months. At sub-$55 spot, several ISR operations become marginal. Junior miners would get impaired. CCJ's term contracts insulate it but market sentiment would still drag the stock. The ETFs (URA, URNM) would fall 30–40%.

SMR timelines slip (again). The Darlington BWRX-300 is the bellwether. If OPG delays or cancels, every SMR equity re-rates down. Oklo and NuScale are most exposed.

Nuclear policy reversal. A future US administration could tighten NRC licensing or reduce DOE grants. Less likely post-ADVANCE Act, but not impossible.

Data-center power demand disappoints. If AI inference efficiency improves faster than expected (e.g., a reasoning model running at 1/10th the current compute cost), hyperscaler power demand growth could slow. This would hit the AI-power re-rating for CEG and VST.

Regulatory accident. A reactor incident anywhere in the world — even outside the US — creates sentiment risk for nuclear equities globally. The Fukushima effect took years to reverse in public sentiment.

Three model portfolios

Portfolio 1 — Defensive nuclear (₹5–10 lakh deployment)

Own the picks with contracted cash flows and minimal commodity exposure.

Name	Allocation	Why
CEG	35%	Largest nuclear utility, Microsoft PPA, IRA floor
BWXT	30%	Navy contracts + commercial optionality
URA (ETF)	20%	Broad uranium basket without single-miner risk
PWR	15%	Grid infrastructure; uncorrelated to uranium spot

Expected profile: Dividend income from CEG and partial ETR exposure in URA; lower uranium-spot beta; benefits from nuclear-AI power narrative without SMR speculation.

Portfolio 2 — Balanced nuclear (₹10–25 lakh deployment)

Add uranium miners and limited SMR exposure.

Name	Allocation	Why
CCJ	25%	Tier-1 uranium miner, term contract protected
CEG	20%	Nuclear utility anchor
BWXT	15%	Defense + commercial nuclear components
URA (ETF)	15%	Basket exposure
VST	10%	Second nuclear utility + Texas AI-power
GEV	10%	Grid + BWRX-300 SMR optionality
BWXT / OKLO	5%	SMR speculative position

Portfolio 3 — Aggressive nuclear (₹25 lakh+ with high risk tolerance)

Full supply chain exposure including speculative SMR names.

Name	Allocation	Why
CCJ	20%	Core uranium miner
UEC	10%	US domestic uranium, NFSA beneficiary
NXE	8%	Arrow deposit optionality
URNM (ETF)	10%	Pure uranium miner basket
CEG	15%	Nuclear utility
VST	8%	Second utility
BWXT	10%	Defense/components
GEV	7%	Grid + BWRX-300
SMR (NuScale)	6%	NRC-approved SMR speculative
OKLO	6%	Microreactor speculative

Indian investor execution guide

Can Indian residents buy these stocks?

Yes — all names above are US-listed (NYSE/NASDAQ) or US ETFs. Accessible through the LRS (Liberalised Remittance Scheme) on platforms like Vested, INDmoney, or Interactive Brokers India.

ETFs (URA, URNM): Fully accessible. No structural barriers.

One exception to note: Some platforms may not route orders for very low-liquidity stocks (exploration-stage miners) effectively. NXE and UEC trade adequate volume; no routing issues expected on major platforms.

LRS and TCS

LRS limit: USD 250,000 per financial year (April–March) per individual.
TCS (Tax Collected at Source): 20% TCS on remittances above ₹7 lakh in a financial year (Budget 2023). TCS is a credit against your final income tax liability — not a loss, but a cash-flow timing issue. Plan remittances accordingly.
Stagger large deployments across two financial years to manage TCS cash flow.

Indian tax treatment

On sale of shares:

Holding period ≥ 24 months: Long-Term Capital Gain (LTCG) at 12.5% flat under Section 112 (no indexation benefit for foreign equity). Foreign equity LTCG is taxed flat; no grandfathering.
Holding < 24 months: Short-Term Capital Gain (STCG) added to income and taxed at slab rate.

On dividends:

CEG, VST, BWXT, ETR, NEE all pay dividends.
US withholding tax: 25% standard rate; reduced to 15% under the India-US DTAA (file Form W-8BEN with your broker).
Residual 10% dividend tax is payable in India and added to income at slab.
Foreign tax credit (FTC) for the 15% US WHT: claim via Form 44 (replacing Form 67 from Tax Year 2026-27) filed with your income tax return. This avoids double taxation.

Schedule FA: All foreign assets (shares, ETFs) held on March 31 must be reported in Schedule FA of your ITR — purchase cost, peak value during the year, closing value, any dividends received. Non-disclosure is a Black Money Act offence.

Platform access

Platform	ETF (URA/URNM)	US stocks (CCJ, CEG, BWXT)	Notes
Vested	Yes	Yes	DriveWealth routing
INDmoney	Yes	Yes	DriveWealth (new) / Alpaca (legacy)
Interactive Brokers India	Yes	Yes	Best for GEV (NYSE) and any higher-volume trades
Rovia	Yes	Yes	Alpaca Securities, 0.15% capped $15

NSE IX (GIFT City): nuclear equities are not available on GIFT City exchanges as of July 2026. Use the LRS route above.

Individual stock guides

Reactor operators & utilities

SMR developers

Uranium miners & fuel

Nuclear services & infrastructure

The one-line version

Nuclear has three investable entry points that don't require timing uranium spot prices: BWXT (defense contracts + components, low correlation to uranium), CEG (largest nuclear utility, AI power demand, IRA floor), and URA (diversified ETF for the whole theme). Own those three. Add CCJ if you want uranium miner exposure. Leave the SMR speculation to sub-5% allocations.

The AI buildout needs 24/7 carbon-free power. Nuclear is the only technology that provides it at scale. Every major hyperscaler has signed or is negotiating a nuclear deal. The uranium market and the nuclear utility market are pricing in some of this — but not all of it.