India recorded 220 deals worth $22.8 billion in April 2026, driven by a substantial surge in outbound mergers and acquisitions (M&A) activity despite ongoing global macroeconomic and geopolitical uncertainties, according to a report released on Wednesday, 13 May 2026. The findings, published by Grant Thornton Bharat, underscore a resilient deal environment even as trade tensions and macro headwinds weigh on global markets.

Billion-Dollar Deals Dominate

Five billion-dollar deals accounted for $17.4 billion of the total deal value — nearly 80 per cent of the monthly aggregate. This concentration at the top end signals that corporate India is increasingly pursuing large, transformative transactions rather than incremental bolt-on deals. The trend mirrors a broader global pattern where deal volumes shrink but ticket sizes grow amid elevated financing costs.

M&A Hits Highest Monthly Value Since May 2022

M&A activity emerged as the primary driver, with 103 transactions worth $18.7 billion recorded in April — the highest monthly M&A value since May 2022. M&A values surged by nearly 1,000 per cent month-on-month, while deal volumes rose 10 per cent over the same period. Outbound activity dominated the landscape, with 21 transactions worth $17.7 billion, reflecting Indian companies' growing appetite for global acquisitions.

Private Equity: Fewer but Larger Bets

Private equity (PE) investments showed selective but resilient growth, with 109 deals worth $3.2 billion announced during the month. PE deal volumes declined to the lowest monthly level of the year, while values remained the second-highest year-to-date — indicating a structural shift towards fewer but larger transactions. This pattern aligns with what analysts describe as a flight to quality, where investors concentrate capital in high-conviction opportunities.

Public Markets Stay Active

Capital markets remained buoyant, with six IPOs raising $450 million and two qualified institutional placements (QIPs) mobilising $548 million during April. The continued IPO pipeline and QIP activity signal that domestic investor confidence remains intact despite external volatility.

Sector Highlights

Pharmaceuticals led by deal value, while infrastructure and manufacturing also witnessed strong activity through large-ticket transactions. By volume, retail and consumer and IT and ITeS were the most active sectors. Notably, real estate emerged as the most active M&A sector by volume for the first time, jointly leading with energy and natural resources at 16 deals each. According to Shanthi Vijetha of Grant Thornton Bharat, global acquisitions by Indian companies reflected growing strategic ambition despite prevailing macroeconomic uncertainty, while continued momentum in IPOs and QIPs highlighted the strength of India's capital markets ecosystem. With outbound M&A at multi-year highs, the coming months will test whether Indian corporates can sustain this pace as global interest rates and geopolitical risks remain elevated.