Domestic investment banks are grabbing the bulk of the business on India’s equity capital markets, just as dealmaking is surging in the second half of the year.

Kotak Mahindra Capital Co. reclaimed the top position after working on 45 deals through the end of September, capturing a 9.5% market share. While Goldman Sachs Group Inc. ranked second, the highest among Wall Street giants, Indian banks together claimed seven of the top 10 spots in the league table, their strongest showing in eight years.

With three months of the year still to go, the standings may yet change substantially as the fourth quarter is traditionally the busiest in India. Equity dealmaking has accelerated after a subdued start to the year, helped by a string of large share sales. Life Insurance Corp. of India, National Stock Exchange of India Ltd., Adani Enterprises Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Ltd. together raised over $9 billion, providing a boost to issuance.

Jefferies Group LLC and Citigroup Inc. were the only other foreign firms to make the top 10, at fifth and sixth, respectively. JPMorgan Chase & Co., which topped India’s equity league table last year, fell to 12th. Among local banks, IIFL Capital Services Ltd. surged to third place after working on 37 transactions, while ICICI Securities Ltd. took fourth place with 43 deals.

Domestic banks last dominated the top of the league table in a similar fashion in 2018. Their resurgence is another sign of the local financial industry’s growing power. India’s institutional investors increasingly provide the backbone for local equity markets, helping domestic investment banks win a bigger share of underwriting mandates even as overseas investors retreat from stocks.

“This year’s ECM activity has been dominated by IPOs and share sales by state-owned companies, giving domestic investment banks an edge in winning mandates,” said V. Jayasankar, managing director and co-chief executive officer, Kotak Investment Banking Ltd. “Their deep relationships with Indian issuers and local investors have further strengthened their position, particularly as foreign portfolio investors remain relatively cautious.”Indian funds are also increasingly driving valuations for initial public offerings as they exert their pricing power to push for discounts that reflect the broader equity market’s struggles.

Foreign institutional investors have sold more than $30 billion of Indian shares so far in 2026, according to data compiled by Bloomberg. Domestic institutional investors, meanwhile, have bought about $68 billion, National Securities Depository Ltd. data show.

The pipeline remains crowded. Jio Platforms Ltd. is preparing a proposed share sale of more than $3.1 billion, while Avaada Electro Ltd. is planning an IPO of about $800 million. Advanta Enterprises Ltd. is also weighing an offering that could raise as much as $400 million.