Synopsis: Reliance Infrastructure (NSE: RELINFRA) shares hit a 5% upper circuit at ₹109.04 on February 18, 2026. The “Zero-Minute” fact is that a massive 119.39% surge in delivery volumes—rising to 2.65 lakh shares—signaled aggressive institutional accumulation, overshadowing recent regulatory concerns and triggering a decisive technical breakout after a brutal four-day losing streak.
On Wednesday, February 18, 2026, Reliance Infrastructure Limited emerged as a top gainer in the power and infrastructure sector, with its share price locked at the 5% upper circuit limit. This sharp reversal follows a week of heavy selling where the stock touched a fresh 52-week low of ₹93.97. The rally was ignited by significant buying pressure and a gap-up opening of nearly 3%, indicating a sudden shift in market sentiment despite the company’s “Strong Sell” grade from major analytics platforms.
The surge in delivery volumes suggests that the current move is driven by “genuine investors” rather than speculative intraday traders. With delivery percentages skyrocketing over the five-day average, market participants are viewing this as a potential “V-shaped” recovery following the oversold conditions of early February.
Why did Reliance Infrastructure hit the upper circuit today?
The primary driver of the breakout is the 119% Delivery Volume Surge. On February 17-18, delivery volumes hit 2.65 lakh shares, marking a 119.39% increase over the five-day average. In technical terms, such a spike during a price reversal often indicates Institutional Accumulation at multi-year lows. Investors are moving in to capitalize on the “valuation gap” created by the recent 17% crash.
Furthermore, the “1-2-1” rule of today’s rally was evident: one major operational turnaround (Q3 profit), two technical triggers (upper circuit and delivery surge), and one resilient market sentiment. The company’s Q3 FY26 results provided a fundamental cushion, showing a consolidated net profit of ₹111.2 million—a remarkable turnaround from the previous year’s loss of ₹32.9 billion—despite a 14.6% decline in revenue.
Reliance Infrastructure: Stock Performance & Technical Levels
| Metric | Current Data (Feb 18) | Previous Close | Change (%) |
| Share Price | ₹109.04 | ₹103.85 | 4.99% ↑ |
| Delivery Volume | 2.65 Lakh Shares | Recent Avg | 119.39% ↑ |
| 52-Week Low | ₹93.97 (Feb 17) | – | Recovery Point |
| EBITDA (Q3) | ₹10.6 Billion | ₹8.9 Billion | 19.1% ↑ |
Technical Outlook: Breakout or Bull Trap?
While the upper circuit brings relief, the stock still faces major technical hurdles.
- Moving Average Resistance: RInfra continues to trade below its 20-day, 50-day, and 200-day moving averages. To confirm a long-term trend reversal, the stock must sustain above the ₹125–₹130 zone on a closing basis.
- Mojo Grade & Risks: Analysts at MarketsMojo maintain a “Strong Sell” grade (Score 26), citing concerns over the Enforcement Directorate’s (ED) recent provisional attachment of assets worth ₹1,575 Crore related to PMLA violations from 2017-2019.
- Buyback/Funding Hype: Market whispers suggest the rally is also fueled by optimism regarding the company’s ₹3,014 Crore preferential issue fund utilization, which remains 100% compliant according to the latest monitoring report.
The Bottom Line
The 5% upper circuit in Reliance Infrastructure is a high-octane reaction to extreme oversold levels and a massive delivery surge. For the Aam Aadmi investor, the focus remains on whether the stock can clear the ₹115 resistance tomorrow. While the Q3 turnaround is promising, the ED’s regulatory overhang makes this a high-risk, high-reward play.
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