New Delhi, May 28 -- NTPC Ltd's investors remain unimpressed with the 22% jump in its consolidated net profit to Rs.7,900 crore for the March quarter because the company missed its capacity addition target of 6 GW in FY25 due to land transfer and supply issues. NTPC added 4 GW of capacity last year, including 2.1 GW from the Ayana Renewable Power acquisition.

NTPC shares have been little changed so far in 2025 and trade at 1.7x their price-to-book value based on FY26 estimates, as per Bloomberg.

"Even as the valuations seem more reasonable, NTPC's current market price continues to not sufficiently factor the risks from delayed execution and lower-than-expected returns from renewable assets," Kotak Institutional Equities said in a 26 May...