Two Indian listed stocks, PB Fintech Ltd., and Phoenix Mills Ltd. have made it to brokerage firm HSBC's list of 12 stocks beyond the AI theme for 2026.

In a note released on Thursday, November 20, HSBC highlighted these two names citing India's consumer theme and the rising popularity of financial products.

HSBC has projected a 23% upside potential for Phoenix Mills, while for PB Fintech, the upside potential increases to 30%. The brokerage wrote in its note that 2026 will be a year of growth beyond AI, dividends and forgotten stories in Asia.

Here's a look at HSBC's rationale behind including these stocks in this list:

PB Fintech

HSBC has a "buy" rating on PB Fintech with a price target of ₹2,250. It wrote in its note that the company has a substantial early-mover advantage in an und

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