Goldman Sachs and Deloitte claim the No.2 & No.3 slots
Ernst & Young topped the Venture Intelligence League Table for Transaction Advisor to M&A Deals in 2025, advising 29 deals worth $17.6 Billion. Goldman Sachs stood second advising 4 deals worth $7.4 billion. Deloitte followed with 6 deals worth $7 billion. KPMG ($5.8 billion across 12 deals) and Morgan Stanley ($5.8 billion across 3 deals) followed next. Citi, which advised 3 deals worth $3.2 Billion, completed the top five.
Among the largest M&A deals in 2025, Deloitte and Ernst & Young advised Schneider Electric‘s $6.4 Billion acquisition of the residual stake in Lauritz Knudsen Electrical & Automation, which was the largest M&A transaction of 2025. Goldman Sachs and Morgan Stanley advised the $4.5 Billion acquisition of Italian truck maker Iveco by Tata Motors. Moelis & Company, NovaaOne Capital, Kotak Investment Banking, Rothschild and Goldman Sachs advised the $2.3 Billion acquisition of a controlling stake in JB Chemicals & Pharmaceuticals by Torrent Pharmaceuticals.
Among notable M&A deals in Q4 2025, Ernst & Young advised Samvardhana Motherson’ International’s $354 Million acquisition of the global wiring harness businesses of Germany-based Nexans Autoelectric GmbH and Elektrokontact GmbH. Allegro Advisors advised the $249 Million acquisition of UK-based Practice Plus Group Hospitals by Narayana Hrudayalaya. Standard Chartered Bank advised the $200 Million acquisition of renewable energy platform Vibrant Energy by Inox Green Energy Services.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
By Industry (Excluding Due Diligence,Tax,Other Advisory Services)
Under the BFSI industry (by value), Ernst & Young ($5.3 Billion) stood first followed by KPMG ($4.4 Billion). Citi, JP Morgan and Jefferies & Co. came next, having advised on the $1.9 Billion Yes Bank-SMBC deal. By deal volume, Ernst & Young (4 deals) topped the table, followed by KPMG, Avendus, DC Advisory and PwC (2 deals each).
Under the Healthcare and Life Sciences industry (by value), Goldman Sachs ($2.7 Billion) stood first. Rothschild, Kotak Investment Banking, NovaaOne Capital and Moelis & Company ($2.3 Billion) followed next. By deal volume, Allegro Advisors and Ernst & Young topped the table having advised 4 deals each. They were followed by Veda Corporate Advisors which advised 3 deals in the industry.
Under the Infrastructure* industry (by value), Avener Capital ($573 Million) took the top spot, followed by Standard Chartered Bank ($200 Million). KPMG ($104 Million) took the third spot.
The Manufacturing industry (by value) saw Ernst & Young as the table topper ($8.4 Billion). Deloitte with $6.4 Billion followed next. Morgan Stanley ($5.8 Billion) took the third spot. By deal volume, Singhi Advisors topped the table with 13 deals, followed by Ernst & Young (8 deals) and KPMG (5 deals) taking the second and third spot respectively.
Under the FMCG industry (by value) Ernst & Young stood first ($380 Million). It was followed by Aeka Advisors ($314 Million) and KPMG ($114 Million). By deal volume, KPMG and PwC topped the table having advised 2 deals each.
*Infrastructure Industry includes: Energy (excluding equipment makers, Battery Swapping station), Engg. & Construction, Shipping & Logistics, Mining & Minerals, Telecom (excluding equipment vendors and VAS providers) and Travel & Transport (excluding travel agencies, portals, etc.).
Including Other Advisory Services
Inclusive of its roles in due diligence and related advisory activities, Ernst & Young topped the table, advising 123 deals worth $42 Billion, followed by PwC with 67 deals across $16.6 Billion. Deloitte took the third spot advising 40 deals worth $15.9 Billion. KPMG stood fourth advising 35 deals worth $8.5 Billion and Goldman Sachs completed the top five with $7.4 Billion across 4 deals.
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
To showcase your firms’ transactions in the 2026 League Tables, contact Vanathi at [email protected].
Venture Intelligence is India’s longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.
