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India’s mergers and acquisitions' deal value jumped 31 per cent (year?on?year) to $86.9 billion in the first half of 2026, even as deal volumes eased 8 per cent, highlighting fewer but larger transactions, a report has said. 

The report from London Stock Exchange Group (LSEG) said momentum was concentrated in Q2 (April-June), which totalled $66.9 billion, more than triple the prior quarter and the highest quarterly total since Q2 2022, driven by a handful of large restructurings, cross-border acquisitions, and domestic consolidation.

Healthcare, industrials and financials saw solid activity, while high technology remained active by volume but eased in value. 

Overall, dealmaking continues to focus on scale, portfolio realignment, and selective outbound expansion into developed markets

"Equity capital markets (ECM) activity in India eased to a three-year low during H1 2026, with total ECM proceeds dropping 38 per cent from a year ago to $16.5 billion, alongside a 19 per cent drop in number of issues, reflecting a slower pace of capital raising amid more selective market conditions," said Elaine Tan, Senior Manager, Deals Intelligence, LSEG.

Despite softer proceeds in H1 2026 after a strong 2025, IPO volumes remained elevated with over 100 listings, reflecting continued breadth in market activity, and setting the stage for a stronger second half, as marquee IPOs come to market, Tan added.

India investment banking activities generated an estimated $614.1 million in fees in H1 2026, down 20 per cent year?on?year.

ECM underwriting fees fell 34 per cent year?on?year to $188.6 million, while completed M&A advisory fees grew 24 per cent year?on?year to $265.0 million.

"Target India M&A activity totalled $68.0 billion, up 12.2 per cent from the same period last year. Domestic M&A grew 8.7 per cent year-on-year to $54.2 billion. Inbound M&A reached $13.8 billion, marking a 28.8 per cent increase from a year ago and the highest first?half total since 2024," the report said.