India’s M&A landscape has decisively shifted toward the public markets. In CY2025, listed companies accounted for nearly one-third (30%) of all acquisitions, up from 23% a year earlier, signalling a clear shift in dealmaker preference. The trend is even more pronounced at the top end — eight of the 14 largest transactions, worth a combined $39.5 billion, involved listed entities, underscoring their growing dominance in big-ticket dealmaking.
“Transparency, liquidity, and valuation clarity have seen growing investor preference for listed companies,” said a senior official at a domestic investment bank. Adding further, Sourav Mallik, MD and Deputy CEO of Kotak Investment Banking, said, “Listed M&A continues to gain traction, and we expect this trend to continue,” indicating the growing comfort of investors with acquiring publicly traded businesses.
The year’s activity was dominated by the financial services, healthcare, and industrial sectors, which continue to attract both strategic and financial buyers. India recorded $120 billion in M&A transactions in 2025, a 14% year-on-year increase, reaffirming its position among the world’s top-10 M&A markets. Even as global dealmaking remained uneven, India’s resilience and depth stood out.
“Investors today are far more inclined to acquire listed companies because they offer a cleaner governance profile, easier access to funding, and a transparent price discovery mechanism,” said a CEO of a domestic investment bank. He added, “The ability to exit smoothly, combined with strong strategic and business synergies, makes listed platforms an attractive proposition compared to unlisted assets.”
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Listed companies, by virtue of regulatory oversight and disclosure norms, present fewer governance risks. Their market-driven valuations simplify negotiations, while liquidity in public markets offers multiple exit routes—from block deals to open offers. Banks and lenders, too, are more comfortable financing acquisitions of listed entities, given their visibility and compliance frameworks. For corporates, listed companies often bring scale, brand equity, and established customer bases, making them ideal for strategic integration.
Strategic Giants
Among the listed transactions, Tata Motors’ $4.5 billion outbound acquisition of IVECO Group stood out as one of the year’s most prominent industrial deals, signalling India Inc’s growing global ambition. In financial services, MUFG’s $4.4 billion minority investment in Shriram Finance and Emirates NBD’s $4.4 billion majority acquisition of RBL Bank reflected strong inbound appetite for India’s diversified lenders.
The technology and services space saw Capgemini’s $3.7 billion majority acquisition of WNS, strengthening its digital and analytics capabilities. In industrials, Ambuja Cement’s $1.9 billion majority acquisition of ACC and JSW Paints’ $1.4 billion takeover of Akzo Nobel India underscored consolidation across core manufacturing. In healthcare, Torrent Pharma’s $1.4 billion stake in JB Chemicals added to the listed-target mix, while IHC’s $1.6 billion majority acquisition of Sammaan Capital further boosted inbound momentum in financial services.
Corporate and strategic buyers remained exceptionally active, accounting for 10 of the top 15 transactions by value. With leverage at multi-year lows—average debt-to-equity at 0.5 times and interest coverage at 5 times—Indian corporates are well-positioned to pursue consolidation, expand into adjacencies, and acquire digital capabilities.
Cross-border investors also played a major role, contributing nearly 70% of overall deal volume, including 47% of inbound transactions. India’s geopolitical positioning, stable macroeconomic environment, and strong consumption story continue to attract global capital.
With valuations moderating to five-year averages and investor appetite still strong, the tilt toward listed-target M&A is expected to accelerate in 2026. As Mallik of Kotak noted, this is “the future for this country”—a reflection of deepening capital markets, stronger governance standards, and a clear investor preference for scale through transparent, market-validated platforms. Kotak Investment Banking projects total M&A activity of $132–135 billion in 2026.