Citi tops India investment banking rankings, doubles revenue in 2026

Citigroup has emerged as the top-ranked investment bank in India by revenue year to date in 2026, more than doubling its earnings from the previous year and claiming dominant positions in both deal-making and capital raising, according to data from Dealogic.

The New York-based bank earned $52 million in Indian investment banking revenues through October 2026, up from $29 million in the same period last year, capturing a 7 per cent market share, up from 4 per cent, to displace JPMorgan, which held the top spot in 2025 with $66 million.

Citi also leads India’s mergers and acquisitions advisory league table with a 28 per cent market share, having advised on deals worth $36.81 billion across 10 transactions.

In total, Citi has helped Indian clients raise close to $16 billion in capital year to date through equity and debt markets, with deal flow concentrated in the technology sector as Indian companies seek international financing to fund expansion.

JPMorgan ranked second in IB revenues at $43 million, followed by Kotak Investment Bank and HSBC, each at $35 million. In M&A advisory, Arpwood Capital ranked second with $25 billion in deal value, ahead of JPMorgan at $17.6 billion.

India’s total investment banking revenue pool stood at $780 million year to date, slightly below the $796 million recorded in the same period of 2025, suggesting increased competition for a broadly stable fee pool.