India could be on the verge of attracting about $25 billion in foreign equity inflows if global investors rebalance their portfolios, as fund managers increasingly look for refuge from volatility in AI heavy Asian markets, according to HSBC. And to lead that shift, the Wall Street major has selected 10 stocks. Here’s the full list.
ICICI Bank
The brokerage has pegged the target at Rs 1,700 (17% upside) for India’s second largest private lender. The brokerage said it prefers the lender for its consistent earnings profile, supported by strong loan growth, stable net interest margins and pristine asset quality.
Cholamandalam Investment
The brokerage has assigned a target price of Rs 2,140 (14% upside) per share. The brokerage prefers the stock among NBFCs, favouring large, diversified lenders over lower rated monoline players, particularly those with high rural exposure.
Titan Company
With a target price of Rs 5,290 (8% upside), HSBC said the outlook for India's jewellery segment remains relatively stronger than the broader consumption space, supported by the continued shift from the unorganised to the organised market, which benefits Titan.
M&M
HSBC has a target price of Rs 4,200 (21.5% upside) on Mahindra & Mahindra, saying the company remains one of its preferred picks in the auto sector. The brokerage noted that passenger vehicle demand has stayed strong in recent months despite higher fuel prices and vehicle price hikes.
Phoenix Mills
HSBC has a target price of Rs 2,450 (27% upside), highlighting the company as one of India's leading mall operators with a portfolio of 12 malls across eight cities. The brokerage views Phoenix Mills as a play on India's premium consumption story and noted that the company is expanding beyond malls into a mixed use real estate developer with interests in hotels, offices and residential projects.
Fortis Healthcare
HSBC has a target price of Rs 1,200 (30% upside) on Fortis Healthcare, saying the hospital chain has entered a new phase of growth. The brokerage expects strong earnings visibility, driven by an improving case mix at its leading hospitals, rising profitability at hospitals with EBITDA margins below 15%, and calibrated capacity expansion.
Adani Ports and Special Economic Zone (APSEZ)
HSBC has a target price of Rs 2,200 (29% upside) and describes the company as a de-risking and compounding story. The brokerage said governance concerns have eased following stronger disclosures and balance sheet deleveraging, with net debt to EBITDA improving to 1.9 times in FY26.
Cummins India
HSBC has a target price of Rs 6,500 (19.5% upside) and views the company as a key beneficiary of India's long term infrastructure, manufacturing and industrial capital expenditure cycle. The brokerage said Cummins is well positioned due to its leadership in power generation solutions and its large installed base.
Hindalco
HSBC has a target price of Rs 1,430 (37.5% upside) on Hindalco Industries, remaining constructive on the outlook for aluminium. The brokerage said industry fundamentals remain strong, supported by a 45 million tonne capacity cap and resilient demand from mainland China. While a prolonged conflict could weigh slightly on demand, HSBC does not expect it to materially alter the demand supply balance.
