India M&A deal value surges 31% to $86.9 billion in H1 2026
Synopsis
India's M&A market hit $86.9 billion in H1 2026 — a 31% jump — but the real story is Q2 alone clocking $66.9 billion, the highest quarterly total since 2022. Fewer deals, far bigger bets: India's boardrooms are consolidating at scale, even as equity capital markets hit a three-year low and investment banking fees shrink.
Key Takeaways
India's M&A deal value rose 31% year-on-year to $86.9 billion in H1 2026 , per LSEG .
Q2 2026 alone accounted for $66.9 billion — the highest quarterly total since Q2 2022 .
Inbound M&A reached $13.8 billion , up 28.8% year-on-year and the highest first-half figure since 2024 .
ECM proceeds dropped 38% to $16.5 billion , hitting a three-year low , though IPO volumes exceeded 100 listings .
India investment banking fees fell 20% to $614.1 million , but M&A advisory fees grew 24% to $265.0 million .
India's mergers and acquisitions (M&A) deal value surged 31 per cent year-on-year to $86.9 billion in the first half of 2026, even as deal volumes slipped 8 per cent, according to a report by the London Stock Exchange Group (LSEG). The data points to a clear shift in India's dealmaking landscape — fewer transactions, but significantly larger ones.
Q2 2026 Drives the Momentum
The bulk of activity was concentrated in Q2 2026 (April–June), which recorded $66.9 billion in deal value — more than triple the prior quarter and the highest quarterly total since Q2 2022. The surge was driven by a cluster of large restructurings, cross-border acquisitions, and domestic consolidation plays. This is a notable pattern: India's deal market is increasingly being shaped by a small number of high-value transactions rather than broad-based volume.
Sectors in Focus
Healthcare, industrials, and financials recorded solid M&A activity during the period. High technology remained active by volume but eased in overall value. According to the LSEG report, dealmaking strategy continues to centre on scale, portfolio realignment, and selective outbound expansion into developed markets — a shift from the opportunistic, domestic-first approach that characterised earlier cycles.
Target India M&A and Inbound Deals
Target India M&A activity — deals where an Indian company was the acquisition target — totalled $68.0 billion, up 12.2 per cent from the same period last year. Domestic M&A grew 8.7 per cent year-on-year to $54.2 billion. Notably, inbound M&A reached $13.8 billion, marking a 28.8 per cent increase from a year ago and the highest first-half total since 2024, signalling renewed foreign appetite for Indian assets.
ECM Activity Hits Three-Year Low
In contrast to the M&A surge, equity capital markets activity told a more cautious story. 'Equity capital markets (ECM) activity in India eased to a three-year low during H1 2026, with total ECM proceeds dropping 38 per cent from a year ago to $16.5 billion, alongside a 19 per cent drop in number of issues, reflecting a slower pace of capital raising amid more selective market conditions,' said Elaine Tan, Senior Manager, Deals Intelligence at LSEG. Despite the softer proceeds, IPO volumes remained elevated with over 100 listings in H1 2026, and Tan noted that marquee IPOs coming to market in H2 could set the stage for a stronger second half.
Investment Banking Fees Under Pressure
India's investment banking activities generated an estimated $614.1 million in fees during H1 2026, down 20 per cent year-on-year. ECM underwriting fees fell 34 per cent to $188.6 million, reflecting the subdued capital-raising environment. However, completed M&A advisory fees bucked the trend, growing 24 per cent year-on-year to $265.0 million — a direct beneficiary of the high-value deal surge. As large-ticket transactions continue to define the market, M&A advisory is emerging as the bright spot in an otherwise compressed fee pool.
Point of View
And if even one or two of those unwind or face regulatory scrutiny, the aggregate will look far less impressive. Meanwhile, the ECM collapse to a three-year low is a quiet warning: companies and promoters are not rushing to tap public markets, which suggests either valuation disagreements or a wait-and-see posture ahead of a potentially volatile H2. The divergence between booming M&A advisory fees and collapsing ECM underwriting fees tells the real story of where India's investment banks are placing their bets right now.
NationPress
4 Jul 2026
Frequently Asked Questions
How much did India's M&A deal value grow in H1 2026?
India's M&A deal value grew 31 per cent year-on-year to $86.9 billion in the first half of 2026, according to LSEG data. Deal volumes, however, eased 8 per cent, pointing to fewer but larger transactions.
Why was Q2 2026 significant for India's M&A market?
Q2 2026 (April–June) recorded $66.9 billion in M&A deal value — more than triple Q1 2026 and the highest quarterly total since Q2 2022. The surge was driven by large restructurings, cross-border acquisitions, and domestic consolidation deals.
What happened to India's equity capital markets in H1 2026?
ECM activity in India hit a three-year low in H1 2026, with total proceeds falling 38 per cent year-on-year to $16.5 billion. The number of issues also dropped 19 per cent, reflecting more selective market conditions, though over 100 IPO listings were recorded.
Which sectors drove M&A activity in India during H1 2026?
Healthcare, industrials, and financials saw solid M&A activity in H1 2026. High technology remained active by volume but eased in value, according to the LSEG report.
How did India's investment banking fees perform in H1 2026?
India investment banking fees totalled an estimated $614.1 million in H1 2026, down 20 per cent year-on-year. While ECM underwriting fees fell 34 per cent to $188.6 million, completed M&A advisory fees rose 24 per cent to $265.0 million.
