India’s investment banking sector is experiencing one of the most active and value-generating periods in its history, driven by a record IPO market, robust mergers and acquisitions activity, private equity deal flow, and the government’s disinvestment program. India’s IPO market has been on fire with several years of record-breaking primary market activity and the domestic investment banking industry generating fees running into thousands of crores. Top equity capital market banks in India 2026 by deal count include ICICI Securities, JM Financial, IIFL, Axis Capital, and Nuvama. For M&A advisory, the major Indian and global investment banks compete intensely for mandates from India’s leading conglomerates, unicorn startups, and private equity-backed companies. The Indian investment banking market is estimated to generate over Rs 5,000 crore in annual fees across ECM, DCM, and M&A segments. Let us have a look at the top 10 investment banking companies in India for the year 2026.
1. ICICI Securities Limited
ICICI Securities Limited, established in the year 1995 as a subsidiary of ICICI Bank and headquartered in Mumbai, is India’s largest domestic investment banking firm by equity capital market deal count and one of the most comprehensive full-service investment banking houses in India. The company consistently tops ECM league tables as the number one book-running lead manager for IPOs and follow-on offerings in India, having managed some of the country’s largest public issues including the LIC IPO which was India’s largest-ever IPO. ICICI Securities also has the largest retail brokerage franchise in India serving over 8 million customers.
ICICI Securities serves corporates seeking to raise equity capital, companies exploring M&A transactions, government entities for disinvestment programs, and retail and institutional investors with its full-spectrum investment banking, equity research, and broking services, and its ICICI Bank parentage gives it unmatched access to the bank’s vast corporate and MSME client base.
2. Kotak Mahindra Capital Company Limited
Kotak Mahindra Capital Company, the investment banking arm of Kotak Mahindra Bank established in the year 1996 and headquartered in Mumbai, is consistently ranked among the top two or three investment banks in India for equity capital markets, M&A advisory, and debt capital markets. The firm has a reputation for the highest quality advisory and execution capability in India and manages some of the country’s most prestigious and complex transactions. Kotak Mahindra Capital has advised on landmark transactions including Walmart’s acquisition of Flipkart, Adani Group fundraises, and multiple major public sector disinvestments.
Kotak Mahindra Capital serves India’s largest conglomerates, private equity-backed companies, family businesses, and multinational corporations with premium investment banking services across M&A advisory, ECM, DCM, and structured finance, and is the most prestigious domestic investment banking brand in India for high-value and complex transactions.
3. JM Financial Limited
JM Financial, founded in the year 1973 by Nimesh Kampani and headquartered in Mumbai, is one of India’s most established and respected diversified financial services companies with a strong investment banking practice that has been active in Indian capital markets for over five decades. The firm has managed hundreds of capital market transactions including some of India’s most important privatisations and landmark IPOs. JM Financial Investment Banking is cited as one of the top equity capital market banks in India 2026 by deal count and is particularly strong in the mid to large-cap public offering segment.
JM Financial serves Indian corporations, government entities, and private equity firms with investment banking advisory for IPOs, QIPs, rights issues, M&A transactions, and structured finance, and its five decades of capital market relationships and transaction experience give it credibility and institutional trust that newer entrants cannot easily replicate.
4. Axis Capital Limited
Axis Capital, the investment banking subsidiary of Axis Bank established in the year 2006 and headquartered in Mumbai, is one of India’s fastest-growing and most active investment banking houses with a strong presence in equity capital markets, mergers and acquisitions, and private equity fundraising. The firm is cited as one of the top five equity capital market banks in India 2026 by deal count and has been growing its M&A advisory practice to compete with the established leaders. Axis Capital benefits from the strong corporate banking relationships of Axis Bank which provide a natural pipeline of potential investment banking clients.
Axis Capital serves Indian corporations, promoter groups, private equity sponsors, and multinational companies with its ECM, M&A advisory, structured finance, and capital market advisory services, and its growing deal count in IPO management and M&A advisory reflects the investment banking scale benefits of being associated with India’s third largest private sector bank.
5. Goldman Sachs India
Goldman Sachs India, established in the year 1994 and headquartered in Mumbai and Bengaluru, is India’s most prestigious international investment bank with the deepest global capital market access of any firm operating in the country. Goldman Sachs India’s investment banking division advises on India’s largest cross-border M&A transactions, manages international equity offerings for Indian companies, and provides strategic advisory to India’s top conglomerates. Goldman’s Bengaluru office has grown into one of its largest global engineering and operations hubs, housing thousands of technology and risk professionals.
Goldman Sachs India serves India’s leading conglomerates, tech unicorns, PE-backed companies, and multinational corporations with premium investment banking advisory for complex cross-border M&A, international capital raising, strategic advisory, and private equity transactions, and is the preferred investment bank for Indian companies seeking access to international institutional investors and global capital markets.
6. Morgan Stanley India
Morgan Stanley India, established in the year 1993 and headquartered in Mumbai, is one of the most respected international investment banks in India with a particularly strong equity capital markets and equity research franchise. The firm’s equity research team covering Indian stocks is one of the most closely followed by international institutional investors and its investment banking team manages some of India’s highest-profile IPOs and equity transactions. Morgan Stanley India’s close relationship with its global firm’s institutional investor base provides Indian companies with unmatched access to international capital for their equity offerings.
Morgan Stanley India serves Indian corporations seeking to raise equity capital internationally, companies exploring strategic transactions, and institutional investors seeking research and market access with its investment banking, equities, and institutional securities services, and is the most important investment bank for Indian companies whose shareholder base includes significant international institutional ownership.
7. Citi India Investment Banking
Citi India, with roots in India going back to the year 1902 and its investment banking operations among the most established in the country, is one of India’s most active cross-border M&A advisers and debt capital market arrangers. Citi’s global network across 160 countries provides Indian companies with unmatched international distribution for bond offerings and equity transactions, and its transaction banking platform is the leading service for multinational treasury operations in India. Citi’s India investment banking team has advised on landmark transactions across the financial services, energy, consumer, and industrial sectors.
Citi India serves Indian corporations, foreign multinational companies with Indian operations, financial institutions, and government entities with its cross-border M&A advisory, debt capital markets, equity underwriting, and transaction banking services, and is the go-to investment bank for Indian companies seeking to issue bonds in international markets or execute complex multinational M&A transactions.
8. IIFL Capital Services
IIFL Capital Services, part of the IIFL Group and headquartered in Mumbai, is a growing and increasingly active domestic investment banking house that is cited among the top equity capital market banks in India 2026 by deal count for IPO management and equity transactions. The firm offers a full range of investment banking services including ECM, DCM, M&A advisory, private equity syndication, and structured finance, and has been building its M&A advisory capability alongside its more established ECM practice.
IIFL Capital serves mid-market and growth-stage companies, family-owned businesses, and PE-backed firms with investment banking services including IPO management, M&A advisory, and private equity fundraising, and its growing deal count and expanding coverage of growth-stage companies makes it one of the most active domestic investment banks in India’s vibrant mid-market transaction ecosystem.
9. Nuvama Institutional Equities (Edelweiss)
Nuvama Institutional Equities, formerly part of the Edelweiss Group and now operating with PAG’s backing, is one of India’s most respected institutional equities and investment banking firms with a strong research-led approach to capital markets. The firm is cited among the top five equity capital market banks in India 2026 for deal count and has a particularly strong franchise in institutional investor distribution that enhances its ability to execute large equity transactions with confidence. Nuvama’s research team covering Indian equities is among the most respected by domestic and international institutional investors.
Nuvama serves institutional investors seeking Indian equity research and access, and corporations raising capital through IPOs and secondary offerings, with its integrated research, distribution, and investment banking capabilities, and is the domestic investment banking firm with the strongest institutional investor relationships and research credibility in India’s capital markets.
10. SBI Capital Markets Limited
SBI Capital Markets, the investment banking and merchant banking subsidiary of State Bank of India established in the year 1986 and headquartered in Mumbai, is India’s oldest and most historically significant domestic investment bank with a legacy of managing India’s most important public sector disinvestments and government-mandated capital market transactions. The firm is the lead banker for numerous public sector undertaking IPOs, government bond offerings, and infrastructure financing transactions. SBI Capital’s sovereign banking parentage gives it unmatched access to government clients and PSU mandates that are not available to private investment banks.
SBI Capital Markets serves government ministries, public sector undertakings, infrastructure companies, and state-level entities with their capital market requirements including disinvestment IPOs, public sector bond issuances, infrastructure financing, and PSU privatisation advisory, and is the most important investment bank in India for government and public sector financial transactions.
Frequently Asked Questions (FAQs)
Q: Which is the largest investment banking company in India in 2026?
A: ICICI Securities is consistently ranked as India’s largest domestic investment bank by equity capital market deal count, topping league tables as the number one book-running lead manager for IPOs and equity offerings. For premium M&A advisory quality and fee revenue, Kotak Mahindra Capital is often considered the most prestigious domestic investment bank. Goldman Sachs and Morgan Stanley lead among international investment banks operating in India.
Q: What services do investment banks provide in India?
A: Indian investment banks provide equity capital markets services including managing IPOs, FPOs, rights issues, and QIPs for companies raising equity; mergers and acquisitions advisory for companies buying, selling, or merging with other businesses; debt capital markets including bond issuances and loan syndications; private equity fundraising connecting companies with PE investors; infrastructure financing advisory; and strategic corporate finance advisory for boards and promoters on capital allocation and value maximisation.
Q: How has India’s IPO market performed in 2025 and 2026?
A: India’s IPO market has been one of the most active in the world with multiple years of record-breaking primary market activity. The Indian IPO market in FY2025 saw over 90 mainboard IPOs raising over Rs 1.6 lakh crore — the highest ever. The IPO pipeline for 2026 remains robust with multiple large-cap and unicorn companies planning listings. India’s strong stock market performance, rising retail investor participation, and SEBI’s streamlined listing framework have contributed to the IPO market’s exceptional activity levels.
Q: What is the difference between bulge-bracket and domestic investment banks in India?
A: Bulge-bracket investment banks like Goldman Sachs, Morgan Stanley, and Citi are large multinational firms with global capital distribution networks that enable them to place securities with international institutional investors and manage complex cross-border transactions. Domestic Indian investment banks like ICICI Securities, Kotak Capital, and JM Financial have deeper local relationships, better understanding of India-specific regulatory and market dynamics, and are typically more cost-effective for purely domestic transactions where international distribution is not needed.
Q: Is investment banking a growing career in India in 2026?
A: Investment banking remains one of the most competitive and rewarding career paths in India in 2026. Top investment banking analysts at premier Indian firms like Kotak Mahindra Capital and ICICI Securities earn starting salaries of Rs 12 to 20 lakh per annum at the analyst level, with significant bonus potential. At international bulge-bracket firms, total first-year compensation for analysts can reach Rs 25 to 40 lakh including bonuses. Senior investment bankers at the MD level earn several crores annually. The field requires strong financial modelling skills, dealmaking acumen, and significant hours commitment particularly during active deal processes.