India witnessed a significant rise in mergers and acquisitions (M&A) activity in April 2026, recording 220 deals totaling $22.8 billion. Notably, five billion-dollar deals contributed $17.4 billion, comprising nearly 80% of the total deal value. M&A transactions, totaling 103 and valued at $18.7 billion, drove the overall deal values, marking the highest monthly M&A value since May 2022.
M&A values saw a remarkable month-on-month increase of almost 1000%, while deal volumes rose by 10% during this period. Outbound activity dominated the deal landscape, with 21 transactions amounting to $17.7 billion. On the other hand, private equity (PE) investments experienced selective but robust growth, with 109 deals valued at $3.2 billion announced in the month.
Despite a decline in PE deal volumes to the lowest monthly level of the year, values remained the second-highest year-to-date, indicating a trend towards fewer but larger transactions. The public markets also stayed active, witnessing six IPOs that raised $450 million and two qualified institutional placements (QIPs) that mobilized $548 million.
According to Shanthi Vijetha, India’s deal landscape had a strong month characterized by the resurgence of large-ticket outbound transactions. The global acquisitions by Indian companies showcased increasing strategic ambition amid macroeconomic uncertainty, while the sustained momentum in IPOs and QIPs underscored the resilience of India’s capital markets ecosystem.
In terms of sectors, pharmaceuticals led in value, while infrastructure and manufacturing also saw robust activity through significant transactions. Retail and consumer, along with IT and ITeS, were the most active sectors by deal volume. Real estate emerged as the most active M&A sector by volume for the first time, sharing the lead with energy and natural resources at 16 deals each.
