Deal activity in India saw a decline in May 2026 compared to the robust numbers in April. A report revealed that there were 196 transactions amounting to $11 billion during the month. Excluding public market deals, there were 190 M&A and PE transactions totaling $10.2 billion, showing a 10% decrease in volumes and a 53% decrease in values from the previous month.
Despite the overall drop in volumes and values, large-ticket deals continued to influence the total for the month. Notably, two billion-dollar transactions, one each in M&A and private equity, contributed $4.6 billion, making up nearly 42% of the total deal value.
Shanthi Vijetha, Partner at Grant Thornton Bharat, noted that the May deal activity mirrored April’s figures, indicating a sustained momentum and resilience in the deal market amid global uncertainties. She highlighted an increase in average deal values, driven by strategic M&A moves by domestic large corporates and a strong demand for high-value fund raises from private equity firms.
M&A activity remained stable in May with 76 deals amounting to $6.3 billion. While domestic transactions led in deal volumes, cross-border deals played a significant role in value creation. Domestic M&A deals represented 61% of the total deal volumes, showcasing ongoing strategic consolidation across various sectors.
Private equity transactions in May totaled 114 deals worth $3.9 billion, reaching the highest monthly deal value for the year. Public market activity remained subdued, with only two IPOs raising $214 million, reflecting caution in the primary market environment. QIP activity, on the other hand, remained consistent, with four issuances raising $568 million collectively, indicating a preference for institutional fundraising among listed companies.
