SBI, Infosys, Adani Ports, and more: HSBC lists its top 10 stocks to buy for 2026

State Bank of India (Target: ₹1,110 | Upside: 16%)HSBC expects SBI’s loan growth to match or exceed system growth in FY26–FY27. Its low loan-to-deposit ratio (LDR) offers room to grow faster than peers.

Infosys (Target: ₹1,720 | Upside: 9%)HSBC anticipates improved global macro visibility in FY27, leading to higher IT spending. It expects a 5–7% CAGR in the medium term, driven by a rising share of discretionary projects.

Mahindra & Mahindra (Target: ₹4,000 | Upside: 10%)The brokerage likes M&M for its earnings resilience and long-term growth plan. The automaker aims for 8x growth in its auto business between 2020–2030, translating to a 20% revenue CAGR in the next five years.

Adani Ports (Target: ₹1,700 | Upside: 13.5%)HSBC sees strong growth across the company’s businesses, especially in international logistics, with improving margins. The reports notes that emerging segments require lower capex, supporting higher ROCE.

Apollo Hospitals (Target: ₹8,510 | Upside: 21%)The outlook for the hospitals business remains robust. Apollo 24/7 is expected to achieve cost-neutrality soon, with digital health and insurance services contributing meaningfully to revenue and profitability.

Hindalco Industries (Target: ₹1,040 | Upside: 26.5%)HSBC expects 14.6% EBITDA CAGR over FY24–28e, supported by strong aluminium prices, margin recovery at Novelis, and volume growth across operations.

ICICI Lombard (Target: ₹2,250 | Upside: 16%)HSBC’s top pick in insurance, ICICI Lombard is expected to outperform in premium growth driven by product investments and distribution expansion. Market share gains are expected in retail health.

Marico (Target: ₹870 | Upside: 20%)The brokerage likes Marico for its aggressive diversification and inorganic expansion. Growth in foods, D2C and personal care segments is seen as a key differentiator.

Kalyan Jewellers (Target: ₹690 | Upside: 49%)With the jewellery sector poised for expansion, Kalyan plans 84 store openings in India, six overseas, and 80 Candere stores, supporting its growth trajectory. PBT margin is expected to improve in 2HFY26.

Phoenix Mills (Target: ₹2,110 | Upside: 27.5%)Now India’s largest mall operator, Phoenix Mills is evolving into a mixed-use developer with strong momentum in new leasable areas. Its legacy malls are also undergoing refresh cycles.