India’s mergers and acquisitions (M&A) market recorded deals worth $41.49 billion in the first half of 2025, down 5.7% year-on-year, even as deal volume rose 4.6% to 1,577 transactions. The uptick in deal count highlights continued appetite from Indian conglomerates and private equity (PE) funds for mid-sized and strategic acquisitions, amid a slowdown in large-ticket deals.