Inditex takes the top spot in the Eco10 Portfolio, the largest portfolio on the Spanish stock market, with a weighting of 7.38% compared to 7.13% for the Cantabrian bank.
Inditex has regained its crown on the Spanish stock market. The parent company of Zara is once again the favourite stock among experts in the latest review of the Eco10 Portfolio, which celebrates its 20th anniversary in 2026. The Galician firm has jumped from third to first place, taking the lead from Santander, which had dominated in previous quarters.
The Eco10 Portfolio, created by elEconomista.es based on consultations with 40 financial entities, includes the ten most recommended stocks for the next three months. In this edition, the ten selected are Inditex, Santander, BBVA, CaixaBank, Grifols, Indra, Iberdrola, Amadeus, Meliá, and IAG. Although Inditex and Santander are tied in the number of expert votes, the textile company wins in weight within the portfolio: a 7.38% weighting compared to the bank's 7.13%.
The secret of Inditex: historic margins
Amancio Ortega's empire has achieved this milestone thanks to solid fundamentals. In the last fiscal year, Inditex reached the best margins in its history, with a 15.6% net margin, a record figure for the company and well above its competitors. Analysts expect this margin to reach 15.9% by 2029, as the firm continues to expand its business.
Net profit growth estimates are close to 20% between 2026 and 2028, according to FactSet consensus. From the nearly 7 billion euros projected for this year, experts expect the company to exceed 8 billion in two years, which would mark a new milestone. Ernesto Getino from Getino Finanzas considers Inditex
“a suitable company for a wealth preservation and growth strategy based on quality, profitability, and increasing dividends”, recommending it be held in a long-term portfolio.
The share price rebounds after the blow from Iran
Despite the good outlook, Inditex has spent much of the year dragging down its stock price. The war in Iran weighed on its shares, which fell to as low as 48.4 euros per share, amid fears of inflationary impacts that could hinder consumption. Since that low, the stock has rebounded by 18%, although it still shows an annual increase of just 1%.
The FactSet consensus places the target price at 59.4 euros, indicating an upside potential of 5%. However, some foreign analysis firms see more room for growth. RBC Capital sets the target at 63 euros, 10.5% above the current price. UBS, on the other hand, advises buying with a target of 62 euros, arguing that Inditex, despite being the largest retailer in the world, only has a global market share of 2%, meaning there is still room for the business to mature.
The other favourites: Santander, BBVA, CaixaBank, and Grifols
Alongside Inditex, the firms that appear most frequently in experts' portfolios are Santander, BBVA, CaixaBank, and Grifols. All of them present expectations of double-digit net profit improvement between 2026 and 2028, according to FactSet. Grifols is expected to grow the most, with an increase of over 63%, from 517 million to 845 million euros in two years. Additionally, it has the greatest potential for stock market growth, although it is still suffering from the decline caused by the war in Iran. Santander, on the other hand, is the firm with the largest profits: it will approach 20 billion euros in 2028, thanks to a 27.8% increase in its earnings.
For investors interested in the Spanish stock market, the Eco10 Portfolio provides a guide to the stocks with the best short-term prospects. The next quarterly update will be published in October, at which point it will be seen whether Inditex retains its crown or if Santander or another stock manages to take it away.
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