The Manipuri youth were attacked by a group of motorbike riders in Ambedkar Nagar area of south Delhi around 8.30 p.m. Sunday.
One of the victims, reported to be in a serious condition, was admitted to the All India Institute of Medical Sciences, police said.
Ginkhansuan Naulak, 24, and his cousin Vumsuanmung Naulak, 25, went to the Ambedkar Nagar market when the attackers approached them and started beating them with sticks.
Ginkhansuan Naulak, who works in a private firm, told police that the attackers did not rob him or his cousin. He also said the assailants were not known to him.
"It may be a case of mistaken identity. But they were shocked and scared," a police officer told IANS.
Police Commissioner B.S. Bassi said they have registered a case and probe has been launched.
In a similar incident that occurred Jan 29, 20-year-old Arunachal student Nido Tania was attacked by some shopkeepers in Lajpat Nagar in south Delhi that led to his death.
Tania's friends say the men ridiculed him for his blonde hair and hurled racial slurs at him, which triggered a fight.