India’s investment banking industry delivered a strong performance in 2025, generating total fees of around ₹10,725 crore (approximately US$ 1.3 billion). The improvement was driven by healthy deal activity across equity capital markets, debt financing, and mergers and acquisitions, reflecting renewed corporate confidence and an active fund-raising environment.

A large part of the fee pool came from advisory and capital-raising mandates, as companies across diverse sectors pursued expansion, restructuring, and strategic partnerships. International and domestic investment banks both benefited from the increased volume of transactions, underscoring the depth and maturity of India’s corporate finance ecosystem.

According to the report, Jefferies secured the top position in the investment banking league tables for 2025, supported by its role in several marquee transactions during the year. Other global and leading Indian banks also featured prominently in the rankings, indicating a highly competitive market landscape where both foreign and home-grown institutions are actively vying for deal mandates.

Market analysts note that the rise in fee income is linked to improved investor sentiment, ongoing consolidation among businesses, and the continued requirement for capital across infrastructure, financial services, new-age technology companies, manufacturing, and consumption-driven sectors. The momentum in advisory and underwriting activities highlights India’s growing attractiveness as a key destination for investment activity and deal-making.

Overall, the robust investment banking revenues in 2025 signal a supportive backdrop for corporate transactions and reaffirm the resilience of India’s financial services sector amid evolving macroeconomic conditions.

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