New Delhi, Nov 11 — India's deal activity recorded 227 transactions worth $12 billion in October, with deal values increasing 8 per cent month-on-month despite a 2 per cent decline in volumes, according to a new report on Wednesday.
The report by Grant Thornton Bharat said that mergers and acquisitions (M&A) and private equity (PE) activity together accounted for 199 transactions worth $9 billion, extending the month-on-month increase in combined deal values for the fourth consecutive month.
The increase in overall deal value was largely driven by Fairfax Financial Holdings' $5.6 billion acquisition of IDBI Bank, which accounted for 81 per cent of monthly M&A value and lifted inbound M&A activity to its highest level since August 2025.
M&A activity recorded 69 transactions worth $6.9 billion, with deal values increasing 66 per cent month-on-month even as volumes declined 21 per cent, with deal value reaching its second-highest monthly level this year despite the second-lowest deal volume.
Domestic transactions continued to dominate deal volumes, accounting for 68 per cent of M&A activity, although domestic deal value declined 48 per cent month-on-month to $882 million.
Outbound activity also remained muted, with deal volumes and values declining 29 per cent and 82 per cent, respectively.
PE activity recorded 130 transactions worth $2.1 billion, with volumes reaching an eight-month high despite a 50 per cent decline in deal values.
“October's deal activity reflects continued activity across private and public markets underscoring the availability of capital across the ecosystem. M&A values were significantly influenced by a single large-ticket transaction, while PE activity saw an increase in volumes alongside a shift towards smaller and mid-market investments,” said Shanthi Vijetha, Partner, Deals Lifecycle, Grant Thornton Bharat.
Public market activity remained healthy, with 21 IPOs raising $1.9 billion, the second-highest monthly total of 2026, alongside seven QIPs mobilising $1.2 billion.
Nine transactions exceeded $100 million, collectively raising $2.2 billion. With 107 IPOs completed year-to-date, issuance activity remains on track to approach last year's record levels.