The 28-year-old student, whose name is not known immediately, was attacked by the men after he got down from a bus at Keilor Plains train station on Tuesday.
He has been left with 20 stitches in his head after an "unprovoked" attack in Melbourne's north-west, the 'Age' newspaper reported.
"The victim got off a bus at Keilor Plains train station at 12.15 am on September 29 and was walking down Power Street when he was approached by two men," police said.
They asked him for a cigarette and he gave one to both of them. As he turned to walk away, the man was hit over the head at least six times with what he believes was a "plank of wood or a baseball bat", they said.
He was knocked unconscious and the offenders made off with his backpack, police were quoted as saying by the newspaper.
Around 30 Indian students were attacked in various cities from June to August. Last month, three Indians were "brutally bashed" by a group of around 70 youth while playing here.
Constable Kevin Squires, of Footscray police, described the attack as callous and unprovoked.
"They seemed to hanging around the station just looking for someone. They just kept whacking him in the back of the head," he said.
One of the attackers was Caucasian and about 162 centimetres tall, aged 19 and wearing a red hoodie with a cap underneath.
The second was dark skinned, about 16 years old and about 172 centimetres tall.