India's Q3 2026 deal activity expands with 255 M&A deals worth $13.2 bn
In the July-September quarter, India recorded 255 mergers and acquisitions totaling $13.2 bn, while overall deal value fell sharply from the previous quarter.
The third quarter of 2026 saw India’s dealmaking broaden, with 696 transactions across mergers, acquisitions, private-equity and public-market activities totaling $36.9 bn, according to Grant Thornton Bharat’s Dealtracker. When IPOs and qualified institutional placements are omitted, 608 deals amounted to $23.1 bn, reflecting an 8% rise in volume but a 36% drop in value. M&A activity hit a 2026 high of 255 deals worth $13.2 bn, up 7% in number yet down 53% in value after the previous quarter’s $11.8 bn Sun Pharma-Organon deal is excluded.
Domestic M&A grew 23% to 188 deals, while inbound investment surged to $4.2 bn, the strongest in eight years. Private-equity investments climbed 18% to $9.9 bn across 353 deals, highlighted by KKR’s $1.4 bn purchase of Medicover Hospitals India. IPO fundraising set a record with 60 offerings raising $9 bn, and 28 QIPs added $4.8 bn, together surpassing the quarter’s total M&A value.
