Monthly Dealtracker: August 2026

August recorded a three-month high of 85 M&A deals worth USD 3.5 billion. Volumes rose 12% over July, while values declined 42% due to fewer large-ticket transactions. Manufacturing led volumes, while Banking & Financial Services contributed USD 2 billion and led values. Energy & Natural Resources also gained momentum on renewable energy transactions, alongside increased activity in healthcare, real estate and aerospace and defence.

Domestic transactions accounted for 79% of M&A volumes, supported by strategic consolidation and complete stake acquisitions. Cross-border deals contributed USD 2.7 billion across 18 transactions, led by Bank of America's USD 1.9 billion investment in Jio Credit. Domestic deal values declined by 13% over July, while outbound activity remained subdued.

August marked the strongest PE month of 2026 by value, with 127 deals worth USD 4.5 billion. Volumes rose 14% over July, while average deal size increased to nearly USD 36 million from USD 11 million. Pharma, Healthcare & Biotech led values at USD 1.8 billion, while Retail & Consumer led volumes with 33 deals. Energy & Natural Resources ranked second by value, supported by large transactions, while investor activity remained broad-based across manufacturing, IT & ITeS, BFSI and other sectors.

The return of large-ticket investments was a defining feature of the month. Nine transactions valued at USD 100 million or more contributed USD 3.3 billion, compared with two such deals in July. KKR's USD 1.4 billion acquisition of Medicover Hospitals India was the largest PE deal, accounting for 31% of overall PE values.

August recorded 19 IPOs raising USD 3.4 billion and 11 QIPs raising USD 1.3 billion. Continued activity across public markets, private capital and strategic transactions reflected sustained investor confidence in India’s broader dealmaking landscape.