New Delhi, May 13 India recorded 220 deals worth $22.8 billion in April 2026 because of a substantial surge in outbound mergers and acquisitions (M&A) activity despite ongoing global macroeconomic and geopolitical uncertainties, a report showed on Wednesday.
The report by Grant Thornton Bharat highlighted that five billion-dollar deals contributed $17.4 billion during the month, accounting for nearly 80 per cent of the total deal value.
Moreover, M&A activity emerged as the key driver of overall deal values, with 103 transactions worth $18.7 billion recorded during April, which is the highest monthly M&A value since May 2022, it said.
M&A values surged by nearly 1000 per cent month-on-month, while deal volumes increased 10 per cent during the period.
Meanwhile, outbound activity dominated the deal landscape with 21 transactions worth $17.7 billion.
In terms of private equity (PE) investments, the segment experienced selective but resilient growth, with 109 deals worth $3.2 billion announced the month.
However, PE deal volumes declined to the lowest monthly level of the year, while values remained the second-highest year-to-date that indicated a shift towards fewer but larger transactions.
Additionally, public markets also remained active during the month as six IPOs raised $450 million and two qualified institutional placements (QIPs) mobilised $548 million.
According to Shanthi Vijetha, India’s deal landscape witnessed a strong month with the return of large-ticket outbound transactions.
She said global acquisitions by Indian companies reflected growing strategic ambition despite prevailing macroeconomic uncertainty, while continued momentum in IPOs and QIPs highlighted the strength of India’s capital markets ecosystem.
Sector-wise, pharmaceuticals emerged as the leading sector by value, while infrastructure and manufacturing also witnessed strong activity through large-ticket transactions.
Meanwhile, retail and consumer, along with IT and ITeS, remained the most active sectors by deal volume, while real estate emerged as the most active M&A sector by volume for the first time, jointly leading with energy and natural resources at 16 deals each.
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