Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

I am a senior Nuclear Engineering professional with 25+ years of experience in detail engineering, manufacturing support, and cost estimation for Indian nuclear power plant equipment (PHWR, PWR, FBR). Extensively involved in engineering-based cost estimation and bid engineering for nuclear equipment tenders, including material take-off, raw material estimation, techno-commercial evaluation, and pricing support, strictly aligned with tender specifications. Well-known and trusted across NPCIL, BARC, and BHAVINI, with proven capability in acting as an engineering interface for drawing approvals, technical clarifications, and resolution of manufacturing deviations. 

Strong expertise in ASME Codes compliance, manufacturing drawing review, and preparation of deviation and salvaging proposals with sound technical justification. Brings a strong techno-commercial mindset, integrating engineering accuracy, manufacturability, cost control, and schedule adherence. Demonstrated leadership in engineering planning, design control, ISO systems, cross-functional coordination, team development, and continuous improvement.

Q2. For the 2026 nuclear EPC, which cost estimation models separated winning proposals, factoring uranium volatility and localization mandates?

•  Compare with past Indian PHWR projects to be realistic
• Maximum equipment should be made in India, reducing reliance on imports and currency risk
• Maximum raw material should be able to be indigenously produced
• Design standardization
• Risk mitigation for delay in regulatory approval
• Risk mitigation for delay in execution

Q3. In nuclear supply chains, how do diversified uranium sourcing and strategic reserves de-risk 2026 equipment delivery amid geopolitics?

Diversified Uranium sourcing & strategic reserves de-risk delivery amid geopolitics in the following ways 

• Sanctions or trade restrictions affecting one supplier do not halt the entire fuel pipeline
• Political instability in one region doesn’t freeze reactor commissioning
• Contract renegotiations are less likely to cascade into project delays
• Even if new shipments are delayed, the first core loading is not immediately jeopardized
• Refuelling cycles can proceed without panic procurement
• Equipment vendors are insulated from last-minute schedule shifts
• Legal exposure is spread
• Alternative contracts can activate
• Arbitration risk is minimized

Q4. Amid the $26B SMR market, which modular design reviews separate scalable winners from capex traps?

• From an Indian perspective, how many components of SMR can be manufactured with the raw material that can be procured from Indigenous suppliers? This will reduce dependence on foreign suppliers
• What percentage of the respective SMR can be built in the factory? Minimizing the site work will be an advantage
• Number of weld joints in SMR will reduce the manufacturing & Quality assurance cost
• What are the passive decay heat removal systems available in the SMR design?

Q5. Which ASME Section III optimizations in reactor vessel forging reduced material costs for PHWR/SMR bids, and why did non-compliant welds trigger rework?

• ASME Section III NB -3200 calls for design by analysis (NB-3200)
• Due to finite element analysis, overdesign has been drastically reduced. The designers can avoid unnecessary thickness margins in pressure boundary items such as shells, heads, nozzles, and nozzle reinforcements. The lower thickness results in a lower soaking time of heat treatment, reducing overall heat treatment cost
• The non-compliant weld needs to be repaired. For repair, you cannot directly work on the non-compliant joint. The first repair procedure should be approved by NPCIL. A mock-up is required to be carried out after successful volumetric examination, and the repair is allowed to be carried out on the production joint
• For carrying out the repair, the weld done earlier needs to be removed, and then welding is to be carried out. If heat treatment is applicable, the same needs to be undertaken. Then, the applicable volumetric examination needs to be conducted
• Loss of confidence in the client’s/quality surveyors' mind of producing defect-free weld is also a non-tangible loss

Q6. For private nuclear projects, which bidding strategies balanced uranium price risks to hit returns, and why did fixed-price deals cut margins?

From the Indian perspective, currently, there are no private nuclear projects. Hence, no question arises for bidding. Post the SHANTI Bill, the nuclear sector will be opened to private players. So, this question can be deferred for some time.

Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?

• Who are the prospective customers to buy the power? At what rate?
• Considering the very long gestation period, what are the plans to mitigate the cost overruns?
• Whether the price variation clause is applicable for the tenders?
• How will the continuous supply of fuel be ensured? Is there currency hedging considered for the fuel?
• What equipment is used for which major raw material is to be imported? Is there currency hedging considered for these projects?
• What is the government of India’s role in ensuring timely payment?
• Considering the very long gestation period, what are the plans to retain talent till completion of the project, given that there is a huge demand for nuclear talent?