CORE Energy to float IPO by 2026, eyes ₹2,000 crore revenues on nuclear push

New Delhi: CORE Energy Systems is preparing to tap the capital markets with an Initial Public Offering (IPO) by the end of 2026 as it seeks to scale up revenues to ₹2,000 crore in the next three years, riding on nuclear, defence and infrastructure projects. The company, which began as a bootstrap venture two decades ago, now derives nearly three-fourths of its revenue from nuclear contracts and is looking at new opportunities including fleet mode reactors, small modular reactors (SMRs), and spent fuel management.“We will be definitely going for the IPO. Maybe shortly we will take a call on that since we have on board senior investors, reputed investors. So we are discussing with them on the IPO,” Managing Director Nagesh Basarkar said in an interaction with ET Energyworld. On the timeline, he added, “Most probably by next year or maybe earlier also.”The company said it has adequate financial backing for the near term. “As far as the initial funding for our three years’ visibility is required, we are well placed because we have good support from bankers. They are a mix of top two PSU bankers and top two private bankers,” Basarkar said.CORE Energy’s business remains anchored in nuclear EPC projects, which contributed around 70–75% of revenues last year. Its current order book includes a ₹130 crore spent fuel management project at Kudankulam for Russian reactors. The company has also expanded upstream into uranium mining and has set up offices in Africa to support its mining-linked ventures.Basarkar said diversification has been a priority to mitigate policy and project-cycle risks in the nuclear industry. “We diversified into various segments after learning from the order cycle shocks in the nuclear industry. Our order books are now not just from government, but also from private players like L&T and Tata,” he said.The company recently entered a licensing arrangement to manufacture primary coolant pumps in India — described by Basarkar as “the most critical equipment in any nuclear industry” — with full localisation. He said the process took nearly a decade of preparation, technology approvals and licensing arrangements.CORE Energy has also tied up with Russia’s Rosatom for small modular reactors and floating nuclear projects and is in talks with state governments, PSUs and private players including Tata, Jindal and Vedanta for collaborations.On policy support, Basarkar said amendments to the Civil Liability for Nuclear Damage Act and privatisation measures could be tabled in Parliament’s winter session. He also flagged the need for domestic supply chain development and training manpower for nuclear skills. “These are the two key points which need to be addressed either by the government or the Department of Atomic Energy and also the private players,” he said.