diff --git a/drivers/net/ethernet/renesas/rswitch.c b/drivers/net/ethernet/renesas/rswitch.c
index 4d7c482880474..0fc0b6bea7530 100644
--- a/drivers/net/ethernet/renesas/rswitch.c
+++ b/drivers/net/ethernet/renesas/rswitch.c
@@ -1254,7 +1254,7 @@ static void rswitch_adjust_link(struct net_device *ndev)
 		phy_print_status(phydev);
 		if (phydev->link)
 			phy_power_on(rdev->serdes);
-		else
+		else if (rdev->serdes->power_count)
 			phy_power_off(rdev->serdes);
 
 		rdev->etha->link = phydev->link;