India M&A and PE/VC deal activity Q3 2026

India’s dealmaking landscape remained resilient in Q3 2026 (July–September), with broader participation across sectors offsetting a moderation in aggregate deal values. The quarter recorded 696 transactions worth US$36.9 billion across M&A, private equity (PE), venture capital (VC) and public-market fundraising. Excluding IPOs and qualified institutional placements (QIPs), M&A and PE activity accounted for 608 transactions worth US$23.1 billion. While volumes increased QOQ, overall deal values moderated from Q2’s elevated base.

M&A activity comprised 255 transactions worth US$13.2 billion. Although volumes increased, aggregate deal values declined sharply from Q2, which included Sun Pharmaceutical Industries’ approximately US$11.8 billion acquisition of Organon & Co. Excluding this landmark transaction, the QOQ decline in M&A values was considerably less pronounced. The moderation therefore reflected, in part, the absence of an exceptional mega-deal rather than a broad-based slowdown in corporate acquisitions.