<\/span><\/h3>NTPC’s ambitious target of 60 GW renewable energy capacity by FY32 has seen commissioning delays. As of Q3 FY26, NTPC has approximately 7 GW of operational RE capacity \u2014 well below the trajectory needed to reach 60 GW by FY32. Delays in land acquisition, DISCOM payment uncertainty, and grid connectivity constraints have slowed commissioning. The market had partially valued NTPC using a premium for its RE transition story, and the slow progress is compressing that premium.<\/p>
<\/span>3. Regulated ROE Limits Earnings Growth Upside<\/strong><\/span><\/h3>NTPC’s regulated thermal business earns a fixed return on equity of 15.5% set by the Central Electricity Regulatory Commission. This cap limits the upside from new capacity additions and means that earnings growth is largely a function of capacity utilisation and capacity addition \u2014 neither of which is generating significant surprise upside currently.<\/p>