Citigroup has emerged as the leader in India's investment banking sector for 2026, with its revenue nearly doubling to $52 million from $29 million in the previous year. According to Dealogic data, the bank secured a 7% market share, moving up from fifth place in 2025 to the top position in the year-to-date rankings.
Citigroup climbed from fifth position in 2025 to first in 2026 as its investment banking revenues expanded from $29 million to $52 million.
Dealogic data confirmed Citigroup claimed the top rank in India investment banking revenue in 2026 with $52 million, up from $29 million the previous year, according to BW Businessworld.
Citi's performance was bolstered by its role in significant mergers and acquisitions (M&A) and capital raising activities. The bank advised on $36.81 billion of announced M&A transactions across 10 deals, capturing a 28% market share in the M&A league table, according to BW Businessworld. Additionally, Citi has helped local clients raise nearly $16 billion in debt and equity financing so far this year. The bank noted that much of this activity is concentrated in the technology sector, as Indian companies increasingly seek to expand their international presence and access global capital markets.
Cross-border fundraising demand from Indian technology enterprises pursuing international capital and strategic overseas expansion coincided with market share shifts toward multinational investment banks.
While Citi leads in revenue, the overall investment banking fee pool in India remains competitive and relatively subdued, totaling approximately $780 million year-to-date compared to $796 million in the same period of 2025. JPMorgan follows Citi in the revenue rankings with $43 million, while Kotak Investment Bank and HSBC each reported $35 million. In the M&A league table, Arpwood Capital ranks second with $25.05 billion in announced deal value, according to BW Businessworld. Rahul Saraf, India head of investment banking at Citi, stated that the bank maintains a strong pipeline of business and remains focused on supporting Indian companies both domestically and abroad.
India's overall investment banking fee pool reached approximately $780 million in 2026 compared to $796 million in 2025, within which Citi captured $36.81 billion in M&A advisory and $16 billion in financing.
JPMorgan dropped to second place with $43 million in revenue, while Kotak Investment Banking ranked third with $35 million in India's 2026 league table.
An investment-banking ranking is only meaningful when its category and calculation method are clear. Advisory revenue, equity underwriting and debt capital-market fees can produce different leaders, while announced deals may not yet have closed. Citi's reported position should be understood within the publication's definition of Indian investment-banking revenue rather than as a universal measure of banking strength. For readers assessing the sector, deal completion, fee trends and the breadth of clients served are more informative than a single league-table place.
