Dealmaking in India had a remarkable year in 2025, with the total deal value surging to $157.9 billion, marking a 91% increase from the previous year and hitting a three-year peak. The number of announced deals also surpassed the previous year’s record by 0.7%, driven by significant domestic spin-offs, buybacks, industry consolidations, and growing cross-border interest. Key sectors such as Industrials, Energy and Power, Financials, and High Technology contributed to 70.5% of the total deal value, each showing substantial year-on-year growth, as reported by LSEG (London Stock Exchange Group).
The report highlighted that Industrials saw a remarkable 221% increase to $35.4 billion, Energy and Power rose by 190% to $28.9 billion, Financials climbed by 152% to $27.0 billion, and High Technology doubled to $19.9 billion in deal value. Elaine Tan, Senior Manager at Deals Intelligence, expressed optimism for the Indian market in 2026, citing a strong IPO pipeline, robust domestic liquidity, sustained investor demand, and favorable regulatory reforms as factors that will maintain India’s appeal for equity issuance.
The market trends and significant deals in 2025 pointed to key themes such as pure-play spin-offs, continued interest in financial services, acceleration in energy-transition initiatives, and AI-driven tech consolidations. These factors are expected to drive a momentum in mergers and acquisitions (M&A) activities in 2026, positioning India as an opportunity-rich market. India’s equity capital markets remained highly active, with IPO activities witnessing a robust year in 2025, raising $21.8 billion, the highest annual total since the 1980s, with a 6.5% increase from the previous year.
India’s exchanges ranked as the second-largest IPO venue globally, capturing 15% of global IPO proceeds, with notable offerings from companies like Tata Capital, HDB Financial, and LG Electronics India. Despite a 32% decline in follow-on offerings from the previous year, 2025 still marked the second-strongest annual total since the 1980s, with State Bank of India leading with a $2.9 billion equity offering through QIP. Investment banking activities in India generated an estimated $1.47 billion in fees in 2025, an 8% increase from the previous year, the highest annual fee total since records began in 2000.
Morgan Stanley secured the top spot in India’s investment banking fee ranking, earning a total of $110 million, representing 7.5% of India’s investment banking fee pool, according to the report.
