Reliance Power shares were trading marginally higher at ₹34.97, on the first day of 2026 the stock up 0.34%, compared to the previous close of ₹34.85, even as broader markets remained volatile. The Nifty slipped below 26,150 to 26,131, while the Sensex eased by 30 points to 85,190, reflecting cautious investor sentiment amid mixed cues. However, on a longer-term basis, the stock has gained 48% in two years, surged 125% in three years, and delivered multibagger returns of 846% over the past five years. The stock has witnessed a sharp decline of nearly 50% over the past six months, largely following Enforcement Directorate (ED) action against the company and its subsidiaries. Responding to the developments, the company clarified that its subsidiaries and employees acted bona fide and claimed they were victims of fraud, forgery, cheating, and conspiracy allegedly committed by third parties.
From a technical standpoint, analysts point out that ₹30 remains a crucial support level, while the stock is facing immediate resistance in the ₹36–40 range. Experts believe the counter is bearish but oversold on daily charts, with the next support seen around ₹29.92. A sustained daily close above ₹36.11 could trigger a short-term upside towards ₹44. Jigar S. Patel, Senior Manager – Technical Research at Anand Rathi, said the stock has strong support near ₹30 and resistance at ₹40, adding that a breakout above ₹40 could open the door for a move towards ₹43, with the near-term trading band expected between ₹30 and ₹43.
On the fundamentals front, the Reliance Group company reported a consolidated net profit of ₹87.32 crore in Q2FY26, reversing a loss of ₹352 crore in the same quarter last year. Consolidated revenue from operations rose 12.17% year-on-year to ₹1,974.03 crore, compared to ₹1,759.81 crore in Q2FY25. EBITDA stood at ₹618 crore, marking a 64% annual increase from ₹376 crore in the year-ago period. The company highlighted that its debt-to-equity ratio of 0.87 remains among the lowest in the sector, while debt servicing of ₹634 crore during the quarter underscored its continued focus on debt reduction. Net worth during the quarter stood at ₹16,516 crore. Reliance Power’s high volume trading activity on 1 Jan 2026 highlights significant market interest, yet the underlying technical and fundamental indicators remain cautious.