July 2026 saw dealmaking regain momentum, led by large-ticket M&A transactions and stronger cross-border activity. Domestic transactions drove volumes, while overseas acquisitions contributed significantly to deal values. PE investors focused on early-stage and growth-oriented companies, with retail and consumer, BFSI and IT and ITeS among the active sectors. The July edition of Dealtracker analyses these trends across M&A, PE and capital markets.

Key insights from the Monthly Dealtracker: July 2026

July 2026 marked a strong growth in M&A activity, recording 76 deals worth USD 6 billion. Deal volumes increased by 25% while values more than doubled over the previous month, returning activity to levels seen in May 2026.

Cross-border deals contributed 85% of total M&A values, led by several large outbound acquisitions, with the month's four largest cross-border deals collectively valued at USD 4.9 billion.

The month recorded the lowest PE values of 2026, with activity largely concentrated in investments below USD 20 million, which accounted for 86% of disclosed deal values. This highlights a continued preference for early-stage and growth-oriented opportunities over larger funding rounds.

Retail leads overall deal volumes, while IT & ITeS and BFSI continued to see strong participation across both M&A and PE markets. Deal values were driven by IT, Infrastructure Management, Transport & Logistics and BFSI, supported by a mix of large strategic acquisitions and private equity investments.

July witnessed the return of billion-dollar M&A transactions and the strongest monthly activity this year in the capital markets, which lifted overall deal values. Private equity activity remained steady, with investors continuing to back early-stage and growth-oriented businesses. Strong cross-border activity and sustained investor participation augurs well for the Indian deal market. As businesses focus on scale, technology and expansion, quality businesses are expected to remain at the forefront of dealmaking in the months ahead.
Shanthi Vijetha Partner, Deals Lifecycle, Grant Thornton Bharat
Monthly Dealtracker: July 2026
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Monthly Dealtracker: July 2026

Providing M&A and PE deal insights