This study examines how global geopolitical conflicts shape the investment decision-making of Foreign Institutional Investors (FIIs) in India, exploring their lived experiences, perceptions, and strategic responses during periods of international instability. This qualitative study used Interpretive Phenomenological Analysis (IPA), supplemented by the Gioia methodology, to conduct in-depth semi-structured interviews with 24 FII professionals. Data collected between March–November 2023 were analyzed into a three-tiered structure of 1st-order concepts, 2nd-order themes, and aggregate dimensions.  

Five superordinate themes emerged:

(1) Geopolitical Risk Recalibration;

(2) Flight to Safety versus Emerging Market Opportunity;

(3) Information Uncertainty and Sensemaking;

(4) India’s Positioning as a Strategic Alternative; and

(5) Temporal Investment Horizon Adjustments. 

The study is limited to FII perspectives within a specific temporal context (2023). Domestic investor viewpoints are not captured, and future research should employ longitudinal designs. Findings offer actionable guidance for Indian policymakers, market regulators, and investment professionals in navigating FII behavior during geopolitical crises. This study fills a qualitative gap in FII research by providing phenomenological insight into how global conflicts shape investment decisions in emerging markets, offering a novel framework that quantitative approaches cannot capture.