Shares of Anil Ambani-led Reliance Power Ltd (NSE: RPOWER) fell on Thursday, ending a short-lived two-day recovery. The stock dropped ₹0.48, or 1.66%, to close at ₹28.46, after closing at ₹28.94 on Wednesday. Over the past six months, Reliance Power has tumbled 37%, reflecting ongoing investor concerns amid sectoral challenges and broader market volatility. The decline follows the company’s Q3 FY26 financial results, which showed a 40.14% year-on-year (YoY) drop in consolidated profit after tax (PAT) to ₹25.22 crore for the quarter ended December 2025, down from ₹41.95 crore in Q3 FY25. Despite the fall in profit, Reliance Power highlighted its strong financial position, with a debt-to-equity ratio of 0.87, one of the lowest in the power sector, indicating a stable capital structure.
Revenue from operations for Q3 FY26 was ₹1,872.84 crore, posting a modest 1.08% YoY growth compared to ₹1,852.84 crore a year earlier. Meanwhile, total income declined to ₹1,949.78 crore from ₹2,159.44 crore in Q3 FY25. The company cited lower financing costs and reduced fuel consumption as key factors helping offset the impact of softer income.
Long-term performance remains strong, with Reliance Power shares delivering over 757% returns in the last five years and more than 126% over the past three years. However, the stock has corrected sharply over the past year, losing 26.82%. The stock’s 52-week high was ₹76.49 on June 11, 2025, and the 52-week low ₹26.83 on January 27, 2026. As of market close on February 2, 2026, the company’s market capitalization stood at ₹11,704.23 crore.Technically, a few analysts suggested that Rs 30 acts as a key support level for RPower, while the counter faces near-term resistance in the Rs 36–40 zone.
According to Sebi-registered independent research analyst AR Ramachandran, "The stock is bearish but also oversold on daily charts with next support at Rs 29.92. Investors should buy only if a daily close is above the resistance of Rs 36.11, which could lead to an upside target of Rs 44 in the near term."Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, noted, "The stock has support at Rs 30 and resistance at Rs 40. A breakout above Rs 40 could pave the way for a move towards Rs 43, with the short-term trading band expected between Rs 30 and Rs 43."