For more updates follow Grant Thornton Bharat on WhatsApp
India’s deal-making activity maintained robust momentum in February 2026, supported by strong private equity and venture capital participation alongside resilient M&A transactions. The February 2026 edition of our Dealtracker publication provides a detailed view of sector-specific capital deployment, highlighting high-value energy investments, technology-led innovation funding, and broad-based activity. It discusses the evolving dynamics of deal volumes and values, illustrating both large-scale transactions and smaller ticket deals that reflect strategic growth and investor confidence. This publication captures the breadth and depth of India’s investment landscape.
Energy & natural resources sector emerged as the strongest performing sectors in this month, with deal volumes rising sharply by 217%, while aggregate deal values increased by 3x compared to the previous month.
Retail & Consumer led overall deal activity, recording 63 transactions and contributing 23% of total volumes. However, despite the strong volume growth, aggregate deal value declined by 38%, resulting in a contraction in average deal size from USD 19 million to USD 7 million month-on-month, indicating a shift towards small-ticket transactions.
This sector emerged as the second-highest contributor to value in February, with Tech start-ups dominating, accounting for 81% of total sector value and 56% of volumes, largely concentrated on AI-focused platforms.
Pharma, Healthcare & Biotech experienced strong acceleration, with deal volumes rising 94% and total values increasing 4.1x over the previous month. Three transactions exceeding USD 100 million supported higher capital deployment.
The Real estate sector exhibited a divergent trend, with deal volumes increasing 67% month-on-month, while values declined 15%. Despite the value moderation, the sector recorded two high-value transactions totaling USD 186 million, including an insolvency-led acquisition by the Amtek Group of the Supertech ORB project.
Banking & Financial Services retained its position as the third-largest contributor by value, recording 21 deals totaling USD 728 million, reflecting steady capital inflows.
In Q2 2026, pharma and healthcare deal activity reflected a selective investment environment. Strategic acquisitions, portfolio strengthening and capability-led expansion remained key themes across the sector.
India's real estate industry recorded stronger transaction activity during the quarter. Domestic activity, capital market fundraising and investor interest in income-generating assets continued to support market activity.
The consumer and retail sector witnessed sustained investment interest as businesses strengthened category leadership, expanded portfolios and pursued differentiated growth opportunities.
