EY attributes India private credit slump to Shapoorji Group refinancing
Business
India's private credit scene took a hit in the first half of 2026, with investments dropping to $3.5 billion across 102 deals, way down from H1 2025's $9 billion.
The big dip is mostly because of a massive refinancing deal by Shapoorji Group in 2025 that set a high bar, according to EY.
Indian local investors now hold 74%
Local investors are now leading the charge, making up 74% of deal value, up from just 32% last year, while global funds have pulled back.
Real estate continues to be the main focus, but food and beverages are getting more attention too.
Plus, larger deals (over $100 million) are becoming more common, showing investors are going for bigger bets this year.