Consumer space hits four-year high with ₹21,200 crore in deals: Report

F&B and apparel sectors led deal activity, with private equity accounting for 99 per cent of total value in September, according to Equirus Capital's latest report

The number of deals in the consumer space reached a four-year high of 115 during the January–September period, with transactions worth over Rs 21,200 crore, according to a release by Equirus Capital.

 

F&B and apparel dominate consumer deal activity 

The food and beverage (F&B) segment and the apparel and accessories category recorded the highest share of deals during the period, at 41 per cent and 24 per cent, respectively.

 

The previous high was seen in calendar year 2022, with 100 deals.

 

There were 10 mergers and acquisitions (M&A) in September, with Trident Group’s deal being the largest at Rs 248.6 crore. The month also saw Marico acquiring a 46 per cent stake in HW Wellness Solutions for Rs 138.5 crore.

 

Private equity deals drive most of the deal value 

As many as 237 private equity (PE) deals were closed between January and September (CY2025 year-to-date). In the last month, there were seven venture capital (VC) deals and 15 PE deals.

 

The PE transactions accounted for almost 99 per cent of total deal value in September 2025, the note added.

 

“In terms of value, the PE deals were worth more than Rs 25,000 crore, with the F&B segment accounting for 49 per cent of the deals. The average deal size in September 2025 was Rs 107 crore. The KPN Fresh Farm deal accounted for a significant portion, representing around 31 per cent of total PE deal value in September 2025,” the note said.