Dealmaking breaks all records as India clocks 270 transactions in November

M&A Hits Peak Volumes While PE Logs $ 5.5 Billion in November Surge

November 2025 set a new benchmark for India’s deal landscape, recording 252 private market transactions worth $6.7 billion and a total of 270 deals worth $11.4 billion including IPOs and QIPs, as per Grant Thornton Bharat’s Dealtracker. Compared to October 2025, overall deal volumes rose 24% while values declined 32%, reflecting a shift toward broader participation despite fewer mega-deals.

 

November marked the highest monthly transaction count on record, driven by all-time-high M&A volumes and the strongest private equity activity of the year.

 

M&A Hits All-Time High in Volumes—But Values Collapse 84%

 

November delivered 99 M&A deals, the highest ever recorded in a single month. Yet, total deal value sharply contracted to $1.1 billion, an 84% drop from October. The contrast is not surprising given the October base effect: the previous month included two mega M&A transactions worth $5 billion. Even excluding these outliers, November’s M&A values were still 45% lower, signalling a shift toward smaller, strategic domestic transactions.

 

Domestic M&A dominated with 85% share in volume, while inbound activity fell to just four deals. Outbound deals, however, rose to 11 transactions, an indicator of Indian corporates continuing to pursue overseas expansion despite global macro uncertainty.

 

The top M&A deal was Narayana Hrudayalaya’s $248 million acquisition of Practice Plus Group Hospitals, reinforcing healthcare’s attractiveness as a scale and consolidation opportunity. Manufacturing and IT also saw notable transactions

 

Private Equity (PE) landscape: PE was the clear highlight of November, recording 153 deals worth $5.5 billion, the highest value since June 2022 and more than double the monthly average of the year. The month was defined by two marquee billion-dollar investments:

 

1. Brookfield India Real Estate Trust’s $1.49 billion investment in Arliga Ecoworld Business Parks– the largest real estate PE deal since 2020. 

2. TPG Rise Climate Fund’s $1 billion investment in HyperVault AI Data Center Ltd, supporting large-scale AI-ready infrastructure growth. 

Banking and financial services, real estate, and IT & ITES together contributed over 80 % of monthly PE value. 

Smaller-ticket transactions ($50 million) continued to dominate volume, making up over 75 % of all deals.

 

IPOs Slow Down, QIPs Moderate

 

While private markets surged, public markets showed signs of fatigue. IPO activity halved, with 11 issues raising $3.7 billion, a decline of over 50% from October. QIPs, however, inched up modestly to seven issues worth USD 1.1 billion. 

 

The slowdown is consistent with market caution following a year of heavy fundraising and strong valuations, prompting companies to recalibrate timing.

 

Sector Trends:

• Retail and Consumer led monthly volumes with 47 deals worth $341 million, driven by consumer services, personal care and food processing.

• Banking and Financial Services dominated values, closing 37 deals totalling $1.6 billion, enabled by key fundraises from PhonePe, Ace Insurance Brokers and Infinity Fincorp Solutions.

• Real Estate saw a 33x surge in value, closing 12 deals worth $ 1.6 billion, primarily driven by the Brookfield–Arliga transaction.

• IT & ITES recorded a 14x rise in values, reaching $1.4 billion, powered by HyperVault’s $1 billion fundraise.

• Transport & Logistics and Aerospace &; Defence showed renewed investor interest, with both sectors posting triple-digit growth in volumes and values.

• Pharma, Healthcare and Biotech recorded 24 deals worth $469 million, an 85 % rise in volumes.