Q1 Dealtracker 2026

India’s dealmaking environment in Q1 2026 recorded 710 deals aggregating USD 20 billion, representing a 5% sequential increase in volumes, making it the second-highest quarterly deal volume on record after Q4 2025. Total deal values declined 57% quarter-on-quarter, due to absence of large-ticket transactions.

M&A activity remained the key driver, with 271 deals recorded, marking the second-highest quarterly volumes historically. Three-quarter downward trajectory in deal values continued with sharp fall by 59% QoQ to USD 6.9 billion. While outbound M&A reached record levels with 56 deals valued at USD 3.9 billion, Inbound activity, however, dropped to its lowest level since Q3 2023, reflecting the impact of the current global backdrop.

Private equity sustained overall momentum, with 415 deals while deals values declined primarily due to absence of big-ticket deals. Notably, the quarter saw the emergence of three new unicorns, compared to none in the same period last year.

Retail & Consumer led deal volumes with a 21% share, followed by Pharma (11%) and Manufacturing (10%). In value terms, IT & ITeS dominated with 22% share, followed by Energy (14%) and Media & Entertainment (13%), reflecting sustained investor preference for scalable, technology-driven businesses and energy transition themes.

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.