Shares of Anil Ambani’s Reliance Power and Reliance Infrastructure (RInfra) continued to decline for the second consecutive trading session on Wednesday. RPower was trading at 38.58 against the previous close of 38.90. This comes after both ADAG group companies witnessed a sharp 5% rebound last week, driven by board-approved governance reforms and favourable developments at the subsidiary level. Reliance Power has seen considerable volatility, with a 52-week high of ₹76.49 and a low of ₹31.30. Reliance Infrastructure fell by 1% in today’s trade from the previous close of ₹160 and is currently trading at ₹158.95. On November 28, RInfra climbed as much as 5% to an intraday high of ₹175, but despite the recent rise, the stock still trades nearly 60% below its 52-week peak of ₹425.
In Q2FY26, Reliance Infrastructure Ltd reported a total income of ₹6,309.48 crore, registering a 4.5% sequential increase from ₹6,035.59 crore in Q1FY26. However, on a year-on-year basis, income dropped 14.1% from ₹7,345.96 crore posted in Q2FY25. Profit after tax stood at ₹2,575.30 crore, marking a sharp 743.1% QoQ surge from ₹305.45 crore but falling 38.6% YoY from ₹4,194.63 crore. The company’s earnings per share (EPS) came in at ₹45.27, significantly higher than ₹2.12 in Q1FY26, though lower than the ₹103.06 recorded in the same quarter last year. Promoter shareholding remained unchanged at 19.05% in the September 2025 quarter, while mutual fund holdings rose slightly from 0.29% to 0.35%, indicating marginally improved institutional confidence.
Reliance Power, on the other hand, has delivered strong long-term returns, gaining 14% recently and rallying 84% over the past two years. The stock has generated multibagger gains of 162% in three years and an extraordinary 1,265% over the past five years. Last week, the company announced a major governance overhaul along with key clean-energy milestones. Its board approved the creation of a new Board of Management (BOM) comprising the CEO, key managerial personnel and senior leadership to strengthen oversight and enhance long-term value creation. The company said the move reflects its commitment to best-in-class governance, improved agility and stronger organisational effectiveness.
In Q2FY26, Reliance Power posted a consolidated net profit of ₹87.32 crore, a strong turnaround from the loss of ₹352 crore recorded in the same quarter of the previous fiscal year. The company reported a 12.17% YoY increase in consolidated revenue from operations, which rose to ₹1,974.03 crore from ₹1,759.81 crore in Q2FY25. Operational performance improved significantly, with EBITDA rising 64% YoY to ₹618 crore from ₹376 crore last year. Reliance Power highlighted that its debt-to-equity ratio stands at 0.87, among the lowest in the industry, and noted that debt servicing of ₹634 crore during the quarter underscores its ongoing commitment to reducing leverage. The company’s net worth during the reporting period stood at ₹16,516 crore.