If Peter Lynch, the legendary Fidelity Magellan Fund manager, were to invest in India today, he would likely apply his famous "invest in what you know" strategy, seeking out companies with strong growth potential at a reasonable price (GARP). He would focus on fundamentally strong companies with good growth prospects that he understands. Here are three potential "tenbagger" bets, inspired by Lynch's principles:

1. A play on the Indian Consumption Story:

Lynch was a proponent of investing in simple, easy-to-understand businesses. With the rise in disposable incomes and changing lifestyles, the Indian consumption story continues to be attractive. A company in the consumer discretionary sector, perhaps a well-established retail chain with a strong brand recall and expanding presence in Tier 2 and Tier 3 cities, could be a potential pick.

• Rationale: India's growing middle class and increasing urbanization are driving demand for consumer goods and services. A retail chain that caters to this demand and has a proven track record of growth could deliver significant returns.
• Lynch's Lens: He would assess the company's brand strength, customer loyalty, and ability to adapt to changing consumer preferences. He'd also look at its expansion plans and potential to increase same-store sales.

2. Beneficiary of Infrastructure Development:

India is heavily investing in infrastructure development, including roads, railways, and ports. A company involved in construction and engineering could be a beneficiary of this trend.

• Rationale: Government initiatives and increased investment in infrastructure projects are creating opportunities for construction and engineering companies. Companies with strong execution capabilities and a healthy order book could witness substantial growth in revenue and profits.
• Lynch's Lens: Lynch would analyze the company's project pipeline, execution track record, and financial stability. He would also consider the competitive landscape and the company's ability to win new projects.

3. A play on Digital India:

India is witnessing a digital revolution, with increasing internet penetration and adoption of digital technologies across various sectors. A company in the IT sector that is focused on providing digital solutions could be a promising investment.

• Rationale: The increasing adoption of digital technologies by businesses and consumers is driving demand for IT services. Companies that offer innovative solutions and have a strong presence in the digital space could experience high growth.
• Lynch's Lens: Lynch would evaluate the company's technology expertise, client base, and ability to adapt to emerging trends such as artificial intelligence and cloud computing. He would also look at the company's revenue growth and profitability.

Important Considerations:

• Valuation: While Lynch looked for growth, he was also a value investor. He would assess the valuation of these companies using metrics such as the price-to-earnings ratio (P/E) and the price/earnings to growth (PEG) ratio to ensure that they are reasonably priced.
• Understanding the Business: Lynch always emphasized the importance of understanding the business model and fundamentals of the companies he invested in. He would thoroughly research these companies, their products or services, and their potential for growth.
• Long-Term Perspective: Lynch was a long-term investor and believed in holding onto stocks as long as the company's growth story remained intact. He would likely adopt a similar approach to his investments in India.

Disclaimer: This is not investment advice. The stock market is subject to risks, and investors should conduct their own research before making any investment decisions.