India witnessed a significant surge in mergers and acquisitions (M&A) deal value, which rose by 31% to $86.9 billion in the first half of 2026. Despite an 8% decrease in deal volumes, the report from London Stock Exchange Group (LSEG) highlighted a trend towards fewer but larger transactions. The momentum was particularly strong in Q2, totaling $66.9 billion, driven by major restructurings, cross-border acquisitions, and domestic consolidation.
The healthcare, industrials, and financial sectors experienced robust activity during this period, while high technology, although active in volume, saw a decline in value. The focus of dealmaking in India continues to be on scale, portfolio realignment, and selective outbound expansion into developed markets. Elaine Tan, Senior Manager at LSEG, noted that equity capital markets (ECM) activity in India hit a three-year low in H1 2026, with total ECM proceeds dropping by 38% year-on-year to $16.5 billion, accompanied by a 19% decrease in the number of issues.
Despite the softer proceeds in H1 2026 following a strong 2025, IPO volumes remained high with over 100 listings, indicating sustained market activity diversity. This sets the stage for a promising second half, with the anticipation of significant IPOs entering the market. Investment banking activities in India generated an estimated $614.1 million in fees during H1 2026, marking a 20% decline from the previous year. ECM underwriting fees fell by 34% year-on-year to $188.6 million, while completed M&A advisory fees increased by 24% to $265.0 million.
The report highlighted that target India M&A activity reached $68.0 billion, showing a 12.2% increase from the same period last year. Domestic M&A grew by 8.7% year-on-year to $54.2 billion, while inbound M&A surged to $13.8 billion, marking a 28.8% rise from the previous year and the highest first-half total since 2024.
