Development of new genotypes with high yield and acceptable level of stability is an important breeding programme. The genotype × environment interaction (GEI) was studied to find out stable high yielders in a field experiment conducted with 52 peanut genotypes for 2 years under two phosphorus levels. Combined analysis of variance showed that environment effect was a predominant source of variation followed by GEI and genotype effect. Study of the AMMI model for GEI indicated that the first three interaction principal components (IPCA1–IPCA3) were highly significant (P < 0.01). Using these significant IPCAs, 12 AMMI stability parameters and simultaneous selection for yield and stability (SSI) were computed. SSI identified genotypes PBS-22080, PBS-22083 and Somnath as the most stable high yielders and PBS-29172 as the least stable low yield. Stability measures such as SIPC, MASI and MASV could be used to identify stable high-yielding genotypes.