India Records 696 Institutional Deals Worth $36.9 Billion in Q3

Excluding initial public offerings and qualified institutional placements, the quarter recorded 608 M&A and private equity transactions worth $23.1 billion. Deal volumes increased 8 per cent from the previous quarter, although the overall transaction value declined 36 per cent.

The report said the quarter witnessed higher deal volumes, stronger private equity activity, increased inbound investment and record IPO fundraising, reflecting continued investor confidence and a more diversified deal environment.

"The breadth of activity across these channels reflects continued investor confidence in India and the depth of opportunities available across sectors," said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.

M&A activity remained driven primarily by transaction volumes, with 255 deals worth $13.2 billion recorded during the quarter. Volumes rose 7 per cent sequentially, while deal value declined 53 per cent from the elevated second-quarter figure of $27.9 billion.

Five transactions during the quarter crossed the $1 billion mark, together accounting for $7.9 billion. The largest transaction was valued at $1.9 billion, compared with $11.8 billion for the largest deal recorded in the second quarter.

Inbound investment activity strengthened significantly, recording its highest quarterly deal volumes in eight years. The value of inbound transactions rose 2.6 times from the previous quarter to $4.2 billion.

Outbound deal activity, meanwhile, moderated from the high levels seen in the second quarter, with transaction value falling 74 per cent to $6.1 billion.

Public market activity remained strong, with 60 IPOs raising $9 billion during the quarter, marking the highest quarterly IPO fundraising on record. Another 28 qualified institutional placements raised $4.8 billion, the report said.

The Energy and Natural Resources sector emerged as the largest sector by deal value for the first time in 2026, recording 38 transactions worth $3 billion.

Infrastructure Management followed with 26 deals valued at $2.8 billion, with transaction volumes rising 30 per cent quarter-on-quarter. The Retail and Consumer sector remained the most active by volume, recording 113 transactions worth $948 million.