Pharmaceuticals continued to dominate India’s healthcare M&A market in September 2026.

 

This, by accounting for 88.8 per cent of transaction value, while hospitals and healthcare technology emerged as the key investment areas for private equity, according to an Equirus analysis.

 

Healthcare M&A activity totalled Rs. 19 billion during the month, with three major deals recorded. Pharmaceuticals and biotech accounted for 88.8 per cent of M&A value, followed by healthcare technology at 10 per cent and other segments at 1.2 per cent.

 

The dominance of pharmaceuticals remained broadly in line with the wider 2026 trend. The segment accounted for 71 per cent of M&A transaction value in CY25 and 91.4 per cent in YTD 2026.

 

Despite the strong pharmaceutical concentration, overall M&A deal value in September was sharply lower than the broader annual run rate. Healthcare M&A stood at Rs. 354 billion in CY25 and Rs. 1,386 billion in YTD 2026.

 

Private equity activity, meanwhile, was led by hospitals and healthcare technology. The sector recorded one major PE deal and one venture capital deal during September, with the average deal size at around Rs. 2,220 million.

 

“In terms of deal value in the September’26 period, investment in the hospital sector is the highest followed by healthcare technology sector,” the analysis said.

 

Pharmaceuticals also saw major consolidation during the month.

 

Anupam Rasayan India acquired a 50.1 per cent controlling stake in Bliss GVS Pharma for about Rs. 1,750 crore, marking its entry into the pharmaceutical formulations business.

 

In another transaction, RPG Life Sciences acquired the API and intermediates business of Raghava Life Sciences for Rs. 135 crore through its wholly owned subsidiary, RPG Active Pharma. The deal is expected to expand RPG Life Sciences’ API manufacturing operations, product portfolio and scale in pharmaceutical APIs and intermediates.

 

Healthcare capital markets also remained active in September. Symbiotec Pharmaceuticals’ IPO, which opened on September 1, 2026, raised Rs. 17,570 million and was subscribed 71.3 times. The stock listed at an initial gain of 0 per cent.

 

The September numbers come against a backdrop of sustained capital deployment across the healthcare sector. M&A activity has reached Rs. 1,386 billion in YTD 2026, while private equity activity stands at Rs. 79 billion, underscoring continued investor interest across pharmaceuticals, hospitals and healthcare technology.