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Excluding initial public offerings (IPOs) and qualified institutional placements (QIPs), India recorded 608 M&A and PE transactions worth $23.1 billion in the quarter, the report stated. Deal volumes rose 8 per cent quarter-on-quarter, even as deal values fell 36 per cent.
According to Grant Thornton Bharat, the quarter saw stronger private equity activity, higher inbound investment and record IPO fundraising, pointing to continued investor confidence in India. Dealmaking also became more diversified, with less reliance on a few large transactions.
M&A activity hit a 2026 high
India’s M&A activity hit a 2026 high in the third quarter, with 255 deals worth $13.2 billion. Deal volumes rose 7 per cent from the previous quarter, while deal values fell 53 per cent from $27.9 billion in Q2.
Domestic dealmaking drove the rise in M&A volumes, with transactions increasing 23 per cent quarter-on-quarter (Q-o-Q) to 188 and accounting for nearly three-fourths of overall M&A activity, the report stated.
Meanwhile, inbound investment also gained momentum, with deal value rising 2.6 times Q-o-Q to $4.2 billion and volumes reaching their highest level in eight years.
The quarter’s largest M&A deal was Bank of America Corporation’s acquisition of a 50 per cent stake in Jio Credit for $1.92 billion. This was followed by Aditya Birla Renewables’ $1.79 billion acquisition of Solenergi Power and Terminal Investment’s $1.4 billion acquisition of a 49 per cent stake in Adani Vizhinjam Ports.
PE investments hit yearly high
PE investments rose 18 per cent Q-o-Q to a 2026 high of $9.9 billion across 353 transactions in Q3, the report stated. The quarter saw two billion-dollar PE deals, while deal volumes also rose 9 per cent from the previous quarter.
KKR acquired a 100 per cent stake in Medicover Hospitals India for $1.4 billion, while Adani Airport Holdings raised $1 billion from Alpha Wave Global, Premji Invest, Temasek and BlackRock Funds for a 6 per cent stake.
The average deal size also increased to $28 million from $26 million in Q2, indicating stronger activity in larger transactions.
Meanwhile, Mahindra Last Mile Mobility emerged as the newest unicorn during the quarter.
IPO fundraising hits record
India saw 60 IPOs raise $9 billion, the highest-ever quarterly IPO fundraising, the report said. Another 28 QIPs raised $4.8 billion during the quarter.
Combined IPO and QIP fundraising reached $13.8 billion, exceeding the total M&A deal value for the quarter, the Grant Thornton report said.
Sectoral dealmaking broadens
Energy and natural resources led dealmaking by value in Q3, with 38 deals worth $3 billion. Banking and financial services followed with nearly $3 billion across 58 deals, while infrastructure management recorded 26 deals worth $2.8 billion.
Pharma, healthcare and biotech also saw strong activity, with 81 deals worth $2.8 billion, the report stated. Meanwhile, retail and consumer remained the most active sector by volume, recording 113 deals worth $948 million during the quarter.
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