Consumer deal volumes climb 22% but values crash 63% to $1.4bn as investors turn picky
Q4FY26 logged 145 consumer/retail deals worth just $1.4bn, per Grant Thornton Bharat. Top-5 deals captured 57% of value, led by HUL-Oziva ($90m) and Marico's Skinetiq, Cosmix and 4700BC buys. Capital is concentrating on premium wellness plays with proven unit economics.
What happened
Grant Thornton Bharat · Indian consumer/retail M&A and PE deals rose to 145 in Jan-Mar 2026 but value fell 63% to $1.4bn. Investors favor premium wellness,
Key facts
- 145 deals
- $1.4 billion total value
- 63% value decline
- $155 million personal care
- $90 million Oziva
- $29 million Skinetiq 75%
- $25 million Cosmix 60%
- $25 million Zea Maize 93%
- 57% top-5 concentration
- 22% volume rise 2025
- 3% value decline 2025
Why this matters
Strategics like HUL and Marico are setting the M&A pace in premium wellness D2C—move now on tuck-ins with clean margins before valuations re-rate upward.