Shares of Anil Ambani-led Reliance Power Ltd (NSE: RPOWER) surged over 10% on Wednesday, extending their rally for the second consecutive session amid strong bullish sentiment in the broader market, driven by optimism surrounding the India–US trade deal. The stock climbed to ₹31.04, gaining ₹2.87 or 10.19% during the session. On Tuesday, Reliance Power shares had already jumped 4.29% to close at ₹27.97, reflecting rising investor interest in small-cap stocks as market sentiment remained upbeat.
The recent surge follows the company’s announcement of its Q3 FY26 financial results. Reliance Power reported a 40.14% year-on-year (YoY) decline in consolidated profit after tax (PAT) at ₹25.22 crore for the quarter ended December 2025, compared to ₹41.95 crore in the same period last year. Despite the decline in profit, the company highlighted its improving financial strength. Reliance Power said its debt-to-equity ratio stood at 0.87, among the lowest in the power sector, reflecting a stable and strong capital structure.
Revenue from operations in Q3 FY26 came in at ₹1,872.84 crore, registering a marginal YoY growth of 1.08% compared to ₹1,852.84 crore in Q3 FY25. However, total income declined to ₹1,949.78 crore during the October–December 2025 quarter from ₹2,159.44 crore a year earlier. The company attributed the reduction in total expenses mainly to a decline in financing costs and lower fuel consumption costs, which helped partially offset the impact of softer income.
In terms of long-term performance, Reliance Power shares have delivered stellar returns of over 757% in the last five years and more than 126% over the past three years, according to NSE data. However, the stock has corrected sharply in the past year, losing 26.82% on a one-year basis. The stock touched its 52-week high of ₹76.49 on June 11, 2025, while its 52-week low stands at ₹26.83, recorded on January 27, 2026. As of the market close on February 2, 2026, the company’s market capitalisation stood at ₹11,704.23 crore.