Reliance Power Share Price: Stock Surges 40% in April 2026; Debt-Free Status and Renewable Push Drive Rally

Reliance Power, part of the Anil Ambani Group, has emerged as one of the most talked-about power stocks in April 2026, delivering approximately 40% returns in a single month. The stock moved from Rs 20.36 to around Rs 28.86 on NSE, triggering heavy retail participation and volume surges.

Turnaround Story:The company has undergone a significant transformation since FY25. Its return to profitability, with full-year FY2025-26 revenues of Rs 8,257 crore and profit of Rs 2,947 crore, marks a decisive recovery from years of financial stress. The company has also attained debt-free status at the standalone level, a major positive for long-term investors.

Renewable Energy Pipeline:Subsidiary Reliance NU Energies is at the forefront of the company's green energy push. The platform holds up to 600 MWh of solar PV capacity and 700 MWh of battery energy storage in its pipeline. Earlier, Reliance NU Energies won a 350 MW solar allocation with 700 MWh of BESS from SJVN at a highly competitive tariff of Rs 3.33 per unit, locked in for 25 years.

Key Risks and Overhang:Despite the rally, the stock faces key risks including ongoing Supreme Court scrutiny over a Rs 40,000 crore misappropriation allegation, negative P/E due to legacy provisions, and promoter holding of only 25%. ED investigations, although denied by the company, remain a headline risk.

Analyst Targets:Brokerages are projecting targets in the Rs 36 to Rs 45 range based on the company's clean energy assets and improving balance sheet. However, the stock remains speculative in nature and high-risk for conservative investors.