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India’s deal activity hit a record high in November 2025, with a total of 270 transactions worth $11.4 billion, including IPOs and qualified institutional placements, a new report said on Monday. 

This marks the highest monthly transaction count ever recorded, underlining strong investor confidence in the country’s economic outlook despite a slowdown in large-ticket deals, according to Grant Thornton Bharat’s latest Dealtracker report.

The report said private market activity remained robust, with 252 deals valued at $6.7 billion during the month.

Overall deal volumes rose 24 per cent compared to October, even as deal values fell 32 per cent, as per the report.

Mergers and acquisitions played a key role in driving volumes. November saw 99 M&A deals worth $1.1 billion, the highest-ever monthly count for such transactions.

While deal values declined sharply due to the absence of billion-dollar acquisitions, domestic transactions dominated the space, accounting for 85 per cent of all M&A deals.

Outbound deals also picked up to 11 per cent, pointing to continued global expansion plans by Indian companies.

Manufacturing, pharmaceuticals and energy remained core focus areas, while hospitality, real estate and aerospace saw renewed interest.

Private equity activity was another major highlight, with 153 deals worth $5.5 billion, marking the strongest monthly PE value since June 2022.

Large investments boosted overall values, including Brookfield India REIT’s $1.49 billion investment in Arliga Ecoworld Business Parks and TPG Rise Climate’s $1 billion bet on HyperVault AI Data Centre.

Banking and financial services, real estate, and IT and IT-enabled services together contributed more than 80 per cent of the total PE value, even as smaller deals below $50 million made up over three-fourths of total volumes.

Public market fundraising remained healthy during the month, though IPO activity moderated after a strong October.

Eleven IPOs together raised $3.7 billion, while seven QIPs mobilised $1.1 billion, keeping institutional participation steady.

In total, public market fundraising crossed $4.8 billion, led by companies in retail, banking, automotive and education, the report said.

Sector-wise, retail and consumer companies led deal volumes with 47 transactions worth $341 million.

Banking and financial services dominated in terms of value, with $1.6 billion across 37 deals. Real estate saw a sharp jump in value to $1.6 billion, driven largely by the Brookfield–Arliga transaction.

IT and ITES deals surged in value to $1.4 billion following the HyperVault fundraise, while pharma, healthcare and biotech recorded strong growth with 24 deals worth $469 million, the report said.