NTPC：二季度盈利强劲增长，效率提升与子公司利润贡献驱动（增持）

J.P. Morgan maintains an Overweight rating on NTPC (NTPC.NS, NTPC IN) with a Mar-28 price target of Rs468. In 2QFY27, NTPC's consolidated regulated equity grew 5% y/y and consolidated PAT of Rs73.5bn grew 41% y/y, driven by a low base and a sharp increase in profit contribution from subsidiaries such as THDC and Ratnagiri Gas Power Plant. Standalone adjusted PAT grew 18% y/y and 4% q/q on improved O&M efficiencies. During 1HFY27, the NTPC Group commissioned 2,398MW (820MW thermal, 250MW hydro, 1,328MW renewables), but renewable commissioning is likely to moderate due to delays in transmission connectivity;