Citi turns into No. 1 funding banker in India, earns $60 million in final 6 months: LSEG
The bounce offers Citi a 9.8% pockets share of India’s whole funding banking charge pool, which itself shrank 20% year-on-year to $614.1 million within the first half. Citi’s rise was propelled by its dominance in dealmaking: the financial institution additionally topped the M&A monetary advisory rankings, advising on $30.2 billion price of introduced offers with any Indian involvement, a market share of 34.7% and a 1,047% bounce in worth from a 12 months in the past, throughout simply 8 offers.
Behind Citi, Ernst & Younger PLC held on to second place within the charge desk, incomes $43.0 million, up 124% year-on-year. Axis Financial institution Ltd was third with $38.1 million, up 16%. Arpwood Capital, a brand new entrant to the highest ranks, took fourth with $33.7 million and a 5.5% pockets share, whereas Jefferies LLC, final 12 months’s chief, slipped to fifth as its charges fell 60% to $27.9 million.
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The charge pool’s general decline masked sharply divergent traits throughout merchandise. Accomplished M&A advisory charges really grew 24% year-on-year to $265.0 million, the best-performing section. However ECM underwriting charges fell 34% to $188.6 million, DCM underwriting charges dropped 49% to $84.2 million, and syndicated lending charges declined 26% to $76.3 million, underscoring a primary half by which capital markets issuance cooled whilst deal advisory work picked up.
That break up was echoed by Elaine Tan, Senior Supervisor at LSEG Offers Intelligence, who pointed to a rebound in M&A exercise whilst fairness issuance retreated to multi-year lows.
“India M&A rebounded in 1H2026, with deal worth up 31% year-on-year to US$86.9 billion, regardless of an 8% drop in volumes—highlighting fewer however bigger transactions,” Tan mentioned. “Momentum was concentrated in Q2 which totaled US$66.9 billion, greater than triple the prior quarter and the very best quarterly whole since Q2 2022, pushed by a handful of huge restructurings, cross-border acquisitions, and home consolidation.”Tan mentioned sector dynamics shifted, with supplies main at 28% of whole worth, supported by transactions such because the US$20.6 billion Vedanta Aluminium spin-off. “Healthcare, industrials and financials additionally noticed stable exercise, whereas excessive know-how remained energetic by quantity however declined in worth. Total, dealmaking continues to give attention to scale, portfolio realignment, and selective outbound enlargement into developed markets.”
India-involvement M&A exercise reached $86.9 billion within the first half, its highest first-half whole since 2022. Goal India M&A totaled $68.0 billion, up 12.2%, with home M&A rising 8.7% to $54.2 billion and inbound M&A up 28.8% to $13.8 billion, the strongest first-half inbound tally since 2024. Outbound M&A greater than tripled to $18.7 billion, its highest first-half degree since 2010. The USA was each the biggest overseas acquirer of Indian property, accounting for 35.8% of inbound M&A, and the highest abroad vacation spot for Indian acquirers, capturing 73.9% of outbound exercise.
Slowdown on ECM aspect
On the fairness aspect, Tan flagged a sharper slowdown. “Fairness capital markets exercise in India fell to a three-year low in the course of the first half of 2026, with whole ECM proceeds declining 38% from a 12 months in the past to US$16.5 billion, alongside a 19% drop in variety of points, reflecting a slower tempo of capital elevating amid extra selective market situations,” she mentioned.
“Regardless of softer proceeds in 1H2026 after a powerful 2025, IPO volumes remained elevated with over 100 listings, reflecting continued breadth in market exercise, and setting the stage for a stronger second half, as marquee IPOs equivalent to Jio Platforms and NSE probably come to market.”
Jefferies LLC led the ECM bookrunner rankings regardless of the sector-wide pullback, underwriting $2.6 billion of India-domiciled fairness issuance for a 15.5% market share. Kotak Mahindra Financial institution Ltd was second with $2.1 billion, and Axis Financial institution Ltd third with $1.2 billion.
India’s debt capital markets noticed a fair steeper contraction, with bond proceeds by India-domiciled issuers dropping 41.8% year-on-year to $37.6 billion, a four-year low. Axis Financial institution Ltd topped the DCM bookrunner desk with $4.6 billion in associated proceeds and a 12.3% market share, forward of Belief Group and HDFC Financial institution Ltd.
