Q2 Dealtracker 2026

India Inc witnessed 565 M&A and PE transactions worth USD 36.3 billion, a 127% increase in value QoQ, driven largely by a handful of large-ticket deals. While deal volumes declined quarter-on-quarter.

M&A activity saw 240 deals worth USD 27.9 billion, the highest quarterly M&A value since Q2 2022. Growth was led by five billion-dollar outbound transactions, with outbound deals contributing 84% of total M&A value, while domestic M&A remained volume-led (64% of deals) and inbound activity showed a notable increase in both volume and value.

PE activity recorded 325 deals worth USD 8.4 billion, reflecting declines in both volume and value compared to Q1 2026. Despite the decline in activity and the third consecutive quarterly decline in deal values, average deal size increased, indicating a shift toward fewer but larger transactions.

The quarter saw Skyroot Aerospace, Square Yards Consulting, Sarvam AI, and KreditBee achieve unicorn status, highlighting sustained capital interest in scalable ventures, underscoring continued investor confidence in high-growth and innovation-led businesses despite a moderation in overall private equity activity.

Pharma, manufacturing, infrastructure, telecom, energy and BFSI witnessed value growth largely driven by marquee deals, while retail and IT continued to anchor deal volumes. Despite moderation in some sectors, investor interest remained strong in technology, digital infrastructure, healthcare innovation and financial services, with real estate emerging as the only sector to witness broad-based growth.