India M&A and PE/VC deal activity Q2 2026

While overall M&A and private equity (PE)/venture capital (VC) deal volumes declined, transaction values surged, reflecting a decisive shift towards fewer, larger and more strategic investments. Investors remained cautious amid global macroeconomic uncertainty, yet continued to back businesses and sectors with compelling long-term growth prospects.

The quarter recorded 565 M&A and PE deals worth USD 36.3 billion, with deal volumes declining 18% quarter-on-quarter (QoQ) but values rising an impressive 128%. Including IPOs and QIPs, overall deal activity reached 592 transactions worth USD 39.7 billion.

The divergence between volumes and values highlights an increasingly mature market where investors are prioritising scale, profitability and strategic fit over broad-based capital