TCS, HDFC Bank lead InCred's Indian blue-chip picks despite FII selling
InCred Equities has flagged up to 49% upside in 10 Indian large-caps, offering a selective roadmap for investors navigating persistent foreign outflows and geopolitical inflation pressures.
InCred Equities has identified 10 large-cap Indian stocks with projected returns ranging from 11% to nearly 49%, offering a selective bet on blue-chip value. The brokerage's report targets household names across technology, financial services, consumer goods, and industrial sectors.
The recommendations arrive during a volatile 2026 for Indian equities. Sustained foreign institutional investor selling has pressured the broader market, while inflation fears tied to the West Asia crisis have added to the uncertainty. InCred's selections imply that this macro-driven selloff has created pricing anomalies in top-tier companies.
The most aggressive upside targets are concentrated in the technology and banking sectors. TCS commands the highest forecast at a 48.9% premium, with a target price of Rs 3,052 against a current valuation of Rs 2,050. HDFC Bank follows with a 42% projected upside, pegged at a target of Rs 1,160 up from Rs 818.
Other financial names show more tempered, but significant, growth potential. Bajaj Finance is valued at a target of Rs 1,250, representing a 25% upside from its current price of Rs 1,004. Axis Bank received a target of Rs 1,580, implying a 22% gain from Rs 1,298.
In the consumer space, Hindustan Unilever is expected to rally 30% to a target of Rs 2,790 from Rs 2,145. The industrial and auto sectors make up the remainder of the list, though their projected returns are notably lower.
UltraTech Cement leads this second tier with a 23% upside to a target of Rs 14,215 from Rs 11,524. Tata Steel is projected to rise 19% to Rs 224 from Rs 188.
Among automakers, Maruti Suzuki has the smallest projected upside on the list at 11%, targeting Rs 15,280 against a current price of Rs 13,728. Tata Motors and Eicher Motors round out the picks with targets of Rs 496 (18% upside from Rs 420) and Rs 8,634 (17% upside from Rs 7,361), respectively.
The stark dispersion in upside projections highlights where the brokerage sees the deepest market mispricing. For international investors navigating Indian headwinds, the list provides a targeted framework for deploying capital into the country's largest and most liquid assets.
