By Dev Chatterjee
US financial powerhouse Citigroup topped India’s mergers and acquisitions advisory league table in 2025, capturing the largest share of announced deal value in a year that was slow for much of the period before being lifted by a burst of large transactions towards the end.
According to data compiled by Dealogic, Citi advised on $25.9 billion of M&A deals in India during the year, accounting for 15% of total announced deal value.
The showing put Citi narrowly ahead of JPMorgan Chase, which ranked second with $24.3 billion of deals and a 14% market share, and well ahead of Morgan Stanley, which advised on $18.2 billion, or 11% of the market. Goldman Sachs Group followed with $13.7 billion and an 8% share, the data show.
Citi’s lead marked a sharp improvement from 2024, when it ranked second with $8.2 billion of announced deals and a 5% share, behind Barclays, which led that year with $8.7 billion and an 8% share. India’s total announced M&A value climbed to $168.1 billion in 2025, up from $110 billion in 2024, underscoring the impact of several large transactions completed or announced in the final months of the year.
The overall picture, however, was uneven. “2025 has been a mixed year from M&A deals; overall activity was somewhat slower in the first half,” said Ketan Dalal, founder of Katalyst Advisors.
Q4 Surge
Deal momentum picked up sharply in the final quarter as boards grew more comfortable with valuations and financing conditions, and as strategic imperatives overrode caution. Dalal pointed to a series of large transactions announced late in the year, including Torrent Pharmaceuticals’ acquisition of JB Pharma, Emirates NBD’s agreement to acquire a controlling stake in RBL Bank, Mitsubishi UFJ Financial Group’s blockbuster Rs 39,618-crore investment in Shriram Finance, Mizuho Financial Group’s acquisition of Avendus Capital, Coforge’s outbound share-swap acquisition of Encora and Bharti Enterprises, Warburg Pincus’ acquisition of 49% stake in Haier. “Several large deals were consummated or announced in the last few months,” he said. “One would expect some large deals also in 2026, fuelled by the need for consolidation, capabilities and scale.”
Citi’s rise to the top of the league table reflects its concentration on large, complex mandates, particularly in cross-border and financial-services transactions, bankers said. The top ten advisers accounted for $74.5 billion, or 44%, of India’s total announced M&A value in 2025, highlighting a widening gap between global banks handling big-ticket deals and a long tail of advisers focused on smaller transactions.
Domestic lenders also featured prominently. Axis Bank ranked fifth with $10.9 billion of deals, while ICICI Bank was placed sixth with $9.7 billion, underscoring the growing role of Indian institutions alongside Wall Street banks in advisory roles. Ernst & Young and KPMG Corporate Finance rounded out the top eight, according to Dealogic.
2026 Roadmap
Sectoral stress is emerging as a key driver of consolidation. “The geopolitical situation and China dumping are causing serious pain in many sectors such as chemicals, agro-chemicals and API,” Dalal said. “Given huge surplus capacity in China, one would expect that this trend will accelerate and can also be a big M&A driver in 2026 in several such sectors.” Executives say prolonged pricing pressure is forcing weaker players to seek buyers or partners, particularly in export-oriented industries.
Beyond distressed sectors, scale is becoming critical across much of the economy. “Several sectors will see a need for scale and consolidation,” Dalal said. “The financial services sector is one example, logistics is another, and renewables is yet another.” In financial services, higher compliance costs and capital requirements are encouraging consolidation among lenders and non-bank financiers, while logistics firms are pursuing acquisitions to build national networks and improve margins.
Technology is expected to remain a significant source of outbound deal flow despite uncertainty in the US market. “In the IT sector, despite the uncertainty in the USA, the need for ‘buying’ AI skills is also likely to drive deal activity, especially outbound deals, in 2026,” Dalal said. Retail and consumer sectors could also see transactions as companies seek to acquire regional brands and distribution networks amid intensifying competition, say bankers.
Private equity is likely to provide further momentum. “Private equity exits could be an important deal driver in 2026, as funds look to exit investments made during the Covid era,” Dalal said.
He added that many funds, including those focused on the mid-market, are sitting on substantial dry powder, which is expected to support a steady pipeline of mid-sized transactions. The CEO of a India-based private equity firm said 2026 will see a slew of deals in the technology, consumer retail and financial services sector. “2026 will see several marquee deals, including sale of Indian government stake in some key companies, including IDBI Bank,” he said. Many of the top PEs like Blackstone and KKR and Brookfield have promised to double their exposure in India in the next five years.