Investment banking usually operates behind the biggest moments in corporate India. When a well-known company launches an IPO, a business acquires a competitor, a promoter sells a strategic stake, or a large group needs billions of rupees for expansion, an investment bank is often working quietly behind the transaction—valuing the business, structuring the deal, finding investors and helping negotiate the final terms.
India has become an especially important market for this business. In 2025, the country raised about $21.6 billion through 352 primary equity transactions, making it the world’s second-largest primary equity issuance market. The momentum has carried into 2026, with major proposed listings such as NSE and Jio attracting some of the biggest domestic and global investment banks.
Unlike commercial banks, investment banks are primarily concerned with corporate transactions and capital rather than savings accounts or ordinary retail loans. Their work can include IPOs, follow-on offerings, mergers and acquisitions, private equity fundraising, debt capital markets, restructuring and strategic advisory.
The following list focuses on reputation, major transaction experience, India presence, capital-market strength and advisory capabilities. It is not simply a ranking based on one year’s revenue or number of deals.
1. Kotak Investment Banking
Kotak Investment Banking, operated through Kotak Mahindra Capital Company, remains one of the most respected home-grown investment banks in India.
It operates as a full-service investment bank, working with Indian companies, multinational corporations and financial sponsors across equity capital markets and strategic advisory. Its capabilities include IPOs, follow-on offerings, block transactions, mergers and acquisitions, valuations and other capital-raising assignments.
Kotak regularly appears on major Indian IPO mandates. In August 2026, for example, it was selected alongside Morgan Stanley, JM Financial and SBI Capital Markets as a book-running lead manager for Muthoot FinCorp’s proposed ₹3,000 crore IPO.
Known for: IPOs, equity capital markets, M&A and large Indian corporate transactions.
2. Jefferies India
Jefferies has grown into one of the most influential global investment banks operating in India.
Its rise has been particularly impressive in recent years. According to LSEG data reported at the beginning of 2026, Jefferies led India’s investment-banking league table for 2025, a year when industry fees reached a record $1.3 billion.
Jefferies operates a full-service investment banking and capital-markets business, covering advisory, equity and debt transactions alongside institutional securities activities. Its India operation is based in Mumbai.
The firm has become particularly visible on large transactions involving Indian corporates, financial sponsors and institutional investors.
Known for: M&A, equity capital markets, institutional business and major corporate deals.
3. J.P. Morgan India
J.P. Morgan brings the scale and international reach of one of the world’s largest financial institutions to the Indian investment-banking market.
Its India business provides corporate and investment banking services and connects Indian companies with investors and capital markets around the world. Investment-banking services include mergers and acquisitions, capital raising and risk-management solutions.
Its position in India was reinforced in 2026 when J.P. Morgan was among the banks selected for the proposed NSE IPO and also formed part of the large banking group appointed for Reliance Jio’s expected listing.
Known for: Large M&A transactions, global capital raising, ECM and cross-border advisory.
4. Morgan Stanley India
Morgan Stanley has been involved in Indian capital markets for decades and remains one of the country’s leading international investment banks.
Its Indian institutional-securities platform provides investment banking, capital markets, equities, fixed income, commodities, derivatives and research services.
The company is particularly strong in IPOs, institutional share sales and strategic advisory. Its global investor relationships can be valuable for Indian companies looking to attract large overseas institutions.
Morgan Stanley was also chosen as one of the lead managers for Muthoot FinCorp’s proposed 2026 IPO and is among the global banks associated with the proposed Reliance Jio offering.
Known for: IPOs, M&A, institutional equity transactions and international capital markets.
5. Goldman Sachs India
Few names carry more prestige in global investment banking than Goldman Sachs.
In India, Goldman Sachs operates across investment banking and broader global banking and markets activities. Its investment bankers advise corporations and institutions on financing, mergers and acquisitions and strategic transactions.
The firm also has extensive experience as an investor in India, having deployed more than $7 billion in the country since 2006.
Globally, Goldman Sachs ranked first for M&A deal value in 2025, advising on approximately $1.48 trillion of transactions, underscoring the international capabilities available to its Indian clients.
Known for: M&A, strategic advisory, global capital markets and large institutional transactions.
6. Axis Capital
Axis Capital is one of the strongest domestic names in Indian equity capital markets.
A wholly owned subsidiary of Axis Bank, the company focuses on investment banking and institutional equities. Its services cover IPOs, FPOs, offers for sale, QIPs, M&A, private fundraising, REITs, InvITs and private-credit syndication.
Axis Capital describes itself as a leading Indian ECM banker, backed by decades of capital-market experience. It has advised companies across financial services, infrastructure, consumer businesses, healthcare, technology and industrial sectors.
The firm was also among the Indian investment banks chosen for Reliance Jio’s proposed blockbuster IPO in 2026.
Known for: Equity capital markets, IPOs, REITs, InvITs and corporate advisory.
7. SBI Capital Markets
SBI Capital Markets, commonly known as SBICAPS, combines investment-banking expertise with the strength of the State Bank of India group.
It provides strategic advisory and fundraising services to companies and institutions and has particularly strong experience in project finance, infrastructure, debt markets and government-related transactions.
Its association with India’s largest banking group gives SBICAPS access to relationships across large corporations, public-sector enterprises and infrastructure projects.
In 2026, SBI Capital Markets was selected for major proposed offerings including NSE and Muthoot FinCorp.
Known for: Project advisory, capital markets, infrastructure finance and public-sector transactions.
8. JM Financial
JM Financial has spent decades building one of India’s most respected independent domestic investment-banking franchises.
Its investment-banking division advises Indian and international corporations on equity offerings, strategic transactions and capital raising. The wider JM Financial group also operates in institutional equities, wealth management, asset management and private markets.
The firm continues to receive large IPO mandates. It was one of the four lead managers selected for Muthoot FinCorp’s proposed ₹3,000 crore offering in August 2026.
JM Financial is particularly valuable in a list like this because it is a genuinely established Indian investment-banking house rather than simply the investment-banking division of a large commercial bank.
Known for: IPOs, capital raising, M&A and corporate advisory.
9. Citi India
Citi remains one of the most important international banks for Indian companies seeking cross-border financial expertise.
The bank has operated in India for more than 120 years and today provides institutional clients with corporate and investment banking, markets, treasury, trade and securities services.
Its global network makes Citi particularly relevant for multinational transactions and Indian companies raising capital or pursuing acquisitions overseas.
Citigroup was selected for the proposed NSE IPO in 2026 and was also among the global banks appointed for Reliance Jio’s planned listing.
Known for: Cross-border M&A, global capital raising and multinational corporate relationships.
10. ICICI Securities
ICICI Securities remains one of India’s most recognised capital-market institutions and continues to operate a substantial institutional and investment-banking business.
Although its shares were delisted in March 2025 and the company became a wholly owned subsidiary of ICICI Bank, ICICI Securities continues to operate its businesses.
Its institutional division describes itself as a full-service investment bank working with corporations and government bodies on growth, transformation and capital-market transactions.
ICICI Securities was also selected among the investment banks for Reliance Jio’s proposed 2026 IPO, demonstrating its continuing relevance in major Indian equity offerings.
Known for: IPOs, institutional equities, capital markets and corporate advisory.
What Makes a Good Investment Bank?
The largest name is not necessarily the right adviser for every transaction.
A company planning a huge international acquisition may prefer a global bank such as Goldman Sachs, J.P. Morgan or Morgan Stanley. An Indian company preparing an IPO may find domestic specialists such as Kotak Investment Banking, Axis Capital, JM Financial or SBI Capital Markets equally valuable because of their understanding of Indian investors, regulators and promoters.
Sector expertise also matters. Technology startups, financial institutions, infrastructure companies and consumer businesses often require very different valuation and transaction skills.
Frequently Asked Questions
Q1. Which is the leading Indian investment banking company in 2026?
Kotak Investment Banking remains one of the strongest and most reputed domestic investment banks, particularly in Indian equity capital markets and M&A. Axis Capital, SBI Capital Markets and JM Financial are also major domestic players.
Q2. Which global investment banks are strongest in India?
Jefferies, J.P. Morgan, Morgan Stanley, Goldman Sachs and Citi all maintain significant investment-banking operations connected to the Indian market. Jefferies led India’s investment-banking fee league table for 2025.
Q3. What services do investment banks provide?
Investment banks commonly advise on IPOs, mergers and acquisitions, equity and debt fundraising, private placements, corporate restructuring, valuations and other major strategic transactions.
Q4. Is investment banking the same as stockbroking?
No. Stockbroking primarily allows investors to buy and sell securities. Investment banking generally works with companies, governments and institutions on raising capital and executing major financial transactions.
With India’s IPO and M&A markets reaching record levels, investment banking has become one of the most competitive areas of the country’s financial-services industry. Kotak, Jefferies, J.P. Morgan, Morgan Stanley, Goldman Sachs, Axis Capital, SBI Capital Markets, JM Financial, Citi and ICICI Securities represent a strong mix of domestic knowledge and global deal-making capability—and are among the most reputed names shaping corporate transactions in India in 2026.
