Shares of Jaiprakash Power (JP Power) surged nearly 12% on Wednesday, March 18, amid higher-than-usual volumes and after the National Company Law Tribunal (NCLT) approved Adani’s takeover bid for its promoter, Jaiprakash Associates (JAL).
Nearly 99 lakh shares of JP Power shares changed hands on the BSE as of 10.40 am, nearly thrice the two-week average of 38 lakh shares. Meanwhile, on NSE, 1,695.58 lakh shares were traded.
JP Power share price rose as much as 11.80% to ₹15.63 on the National Stock Exchange (NSE) as against its last closing price of ₹13.98. This is the second straight day of gains for the small-cap stock below ₹20.
Why are JP Power shares rising?
JP Associates, which owns a 24% stake in JP Power, announced in an exchange filing on Tuesday that NCLT, Allahabad bench, has orally pronounced an order on March 17, 2026, approving the resolution plan submitted by Adani Enterprises.
In November last year, a Committee of Creditors (CoC) approved the resolution plan by business tycoon Gautam Adani to acquire the company. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid after the creditors approved ₹14,535 crore acquisition proposal for the bankrupt infra group.
Investors are reading through the holding structure—Jaiprakash Associates holds a stake in JP Power—which effectively means any takeover could give the acquirer an indirect exposure to JP Power as well, said Harshal Dasani, Business Head at INVasset PMS. This perceived “look-through value” is what has triggered aggressive buying interest, with markets front-running the possibility of a stronger promoter backing entering the ecosystem, he added.
Dasani further explained that acquisition by a large, well-capitalised group like Adani would translate into an indirect stake and potentially stronger strategic oversight. “This is critical because JP Power, despite operationally stabilising, has long traded at a discount due to concerns around group-level stress and governance overhang. A change in control at the parent level could significantly improve lender confidence and investor perception,” he said.
From a financial standpoint, the resolution of JP Associates’ debt could reduce systemic risk across the group and unlock refinancing opportunities.
Balaji Rao Mudili, Research Analyst at Bonanza, said the plan grants Adani access to JAL’s major assets, including the 24% stake in JP Power. “With JAL carrying a massive debt of over ₹57,000 crore, JP Power can benefit from better management with Adani, deep pockets for expansion and easier access to cheaper loans.”
Mudili further added that the latest move has also removed the “uncertainty discount” from JP Power’s stock. He explained that JP Power stock was risky because there was uncertainty whether the parent company would be forced to dump the shares or if its assets would be frozen. However, with a clear winner announced right now, there is again a buying interest in the counter.
JP Power’s net profit stood at ₹4.89 crore in the December 2025 quarter, down multifold, hit by reduced income. It had registered a profit of ₹124.65 crore in the same period a year ago.
The company’s total income dipped to ₹1,211.40 crore in the reporting third quarter from ₹1,256.35 crore in Q3FY25.
Apart from the NCLT move impact, Mahesh Ojha, Vice President Research & BD at Kantilal Chhaganlal Securities believe JP Power valuations are in a comfortable spot, and its power sector presence offers it with a decent business opportunity.
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