Monthly Dealtracker: April 2026

April 2026 recorded 103 M&A transactions worth USD 18.7 billion, marking the highest monthly deal value since May 2022. The surge was driven by a series of marquee outbound transactions, led by Sun Pharmaceutical Industries’ USD 11.8 billion acquisition of US-listed Organon & Co.— the largest overseas acquisition by an Indian pharmaceutical company till date. As a result, deal values rose sharply by 955% month-on-month, while volumes increased 10%.

Cross-border activity showed a divergent trend. While inbound deal volumes remained stable, values declined significantly. In contrast, outbound M&A gained substantial momentum, with volumes rising 31% and values reaching record highs, resulting in 21 outbound deals worth USD 17.7 billion — the strongest month on record for overseas acquisitions by Indian companies.

PE recorded 109 deals worth USD 3.2 billion, marking the lowest monthly volumes for the year. Despite the volume dip, deal values remained resilient, at the second-highest monthly level, year-to-date. This indicated a shift towards fewer but large-ticket transactions.

Consumer and IT & ITeS continued to dominate deal volumes, reflecting broad-based activity across growth-stage and technology-led businesses. Pharmaceuticals emerged as the leading contributor by value, followed by Real estate and Infrastructure, and Manufacturing driven by large strategic transactions and private investments.