At its annual analyst meet, the NTPC top management exuded confidence about: Reversal of the CWIP ratio to 20% over the next three years (from 42% currently) led by higher capacity commercialisation; Rs 80,000 crore regulated equity by FY22E, implying a 15% CAGR; aggressive stance in adding renewable energy (RE) capacity under various modes (PPA, merchant, flexi generation, etc), which would earn at least regulated returns, if not higher; and ramping up captive coal mines and that higher ACQ would preclude fuel-based under-recovery.