India's M&A Value Surges to USD 27.9 Billion in Q2 2026
India's mergers and acquisitions (M&A) market recorded its highest quarterly value in four years during the April-June quarter of 2026, driven largely by strategic cross-border acquisitions, according to Grant Thornton Bharat's Q2 2026 Dealtracker report. The M&A activity reached 240 deals worth USD 27.9 billion, the highest quarterly value since Q2 2022.
Overall Deal Activity Rises 127% in Value
Overall deal activity, including private equity transactions, stood at 565 deals worth USD 36.3 billion. Aggregate deal value rose 127% over the previous quarter, despite a decline in transaction volumes. The report noted that "strategic cross-border acquisitions drive values to a four-year high amid declining volumes."
Outbound Acquisitions Dominate with Five Billion-Dollar Deals
Grant Thornton Bharat highlighted that outbound acquisitions were the primary driver of the surge. All five billion-dollar deals in the quarter were cross-border, with outbound transactions accounting for 84% of total M&A value—a sixfold increase over the previous quarter. The largest transaction was Sun Pharmaceutical Industries' USD 11.8 billion acquisition of Organon & Co., the biggest overseas acquisition by an Indian pharmaceutical company.
Domestic Transactions Lead in Volume, Outbound in Value
Domestic transactions accounted for 64% of deal volumes, but outbound transactions overwhelmingly contributed to deal value. Even excluding the five billion-dollar deals, overall M&A values rose 23% sequentially, indicating sustained momentum in mid-market transactions.
Private Equity Activity Softens
Private equity activity softened during the quarter, with 325 deals worth USD 8.4 billion—a 22% decline in deal volume and an 8% decline in value compared with the previous quarter. However, average deal sizes increased, signalling higher capital deployment in fewer transactions.
Pharma, Healthcare, and Biotechnology Lead Sectoral Values
Sector-wise, pharma, healthcare, and biotechnology led deal values, followed by manufacturing, telecom, and infrastructure. Retail remained the most active sector by transaction volume. The report concludes that India's deal landscape in Q2 2026 was characterised by fewer but significantly larger transactions, with outbound strategic acquisitions driving overall market value to its strongest quarterly performance in four years.
