Indian companies step up overseas deals, JPMorgan bankers say

what happened

Indian companies are showing renewed appetite for cross-border acquisitions, according to co-heads of investment banking at JPMorgan in India, as reported by Moody's. The bankers point to stronger balance sheets, ambitious expansion plans and a drive to unlock value. Dealogic data cited by JPMorgan shows outbound M&A from India at $28.6 billion across 147 deals so far this year, against $26.8 billion across 194 deals in 2025.

Inbound activity is weaker for now, with about $21 billion across 182 transactions compared with $33.3 billion across 233 deals a year earlier. The bankers still see growing interest from strategic buyers and private equity firms, which have substantial dry powder. Total Indian M&A in 2026 stands at $146 billion across 1,153 deals, versus $173 billion across 1,483 deals a year ago.

why it matters

The shift in structure matters for markets. Stronger outbound dealmaking reflects the readiness of large Indian groups to pursue bigger transactions, while the drop in inbound volume suggests foreign investors are still cautious about large commitments in India. Pharmaceuticals, industrials and technology services are named as the main sources of activity, which makes these sectors most sensitive to deal news.

market impact

Indian M&A market: stronger outbound deals support pharma and industrials, weaker inbound flow means less foreign capital

tags

instruments