H1 2026 Indian markets face steep equity and bond slump
India's public capital markets took a big hit in the first half of 2026, with both stocks and bonds seeing their lowest levels in years.
Equity fundraising dropped 38% to $16.5 billion, a three-year low, while bond issuance fell 42% to $37.6 billion, marking a four-year low.
India follow-ons led, IPOs fell sharply
Most of the money raised came from follow-on offerings ($12.7 billion), but even those were down by one-third compared to last year.
IPOs struggled too, bringing in just $8.8 billion, a steep 38.5% fall.
Big names like Vishal Mega Mart, JSW Infrastructure, and Adani Ports led the pack, while Jefferies LLC topped equity underwriting at $2.56 billion.
India M&A surged 31% to $86.9B
Financial institutions dominated bond sales with $29.2 billion (78% of total), though that was still down more than 40%.
Axis Bank stood out as the leading bond underwriter at $4.62 billion this half-year.
On a brighter note, mergers and acquisitions surged by 31%, hitting $86.9 billion, showing that deal-making is still going strong despite slower public fundraising.