Total resource mobilisation from India’s securities market declined marginally during the financial year 2025-26 as a slowdown in debt issuances offset robust equity fundraising, according to the Reserve Bank of India’s (RBI) Financial Stability Report.
The report showed that total funds raised through the securities market stood at Rs 15.32 lakh crore in FY26, marking a 2.3% year-on-year decline from the previous financial year.
Debt Issuances Drag Overall Fundraising
According to the RBI, the overall decline was primarily driven by an 8.4% contraction in debt issuances, reflecting cautious borrowing amid heightened economic uncertainty.
Despite the weakness in the debt market, equity fundraising remained resilient throughout the year, recording 4.9% growth compared with FY25.
The central bank noted that strong investor participation and healthy primary market activity helped cushion the impact of lower debt mobilisation.
Record IPO Activity Boosts Equity Fundraising
India’s primary equity market witnessed another landmark year, with companies continuing to tap capital markets aggressively.
A record 366 initial public offerings (IPOs) were launched during FY26, collectively raising approximately Rs 1.9 lakh crore, making it one of the strongest years for IPO fundraising.
Overall, resource mobilisation through public equity issues increased to Rs 2.35 lakh crore in FY26, up from Rs 2.10 lakh crore in the previous financial year.
However, private equity placements witnessed a marginal decline, easing to Rs 2.16 lakh crore from Rs 2.20 lakh crore in FY25.
Private Debt Placements Decline
Fundraising through debt markets presented a mixed picture.
Debt mobilisation via public issuances improved modestly to Rs 0.11 lakh crore, compared with Rs 0.08 lakh crore in the previous year.
However, debt raised through private placements on listed exchanges fell significantly to Rs 9 lakh crore, down from Rs 9.87 lakh crore in FY25, contributing to the overall slowdown in market resource mobilisation.
Alternative Investment Funds Continue To Grow
Alternative Investment Funds (AIFs) continued to attract strong investor interest during FY26.
The RBI report showed that AIFs mobilised Rs 1.39 lakh crore, compared with Rs 1.11 lakh crore in the previous financial year, reflecting sustained appetite for alternative investment opportunities.
REITs Gain, InvITs See Lower Fundraising
Among other market instruments, Real Estate Investment Trusts (REITs) recorded an improvement in fundraising.
REITs raised Rs 0.09 lakh crore during FY26, up from Rs 0.05 lakh crore a year earlier.
In contrast, Infrastructure Investment Trusts (InvITs) witnessed lower resource mobilisation, with fundraising declining to Rs 0.21 lakh crore from Rs 0.27 lakh crore in FY25.
The RBI’s findings indicate that while India’s equity markets remained robust, driven by record IPO activity and steady investor participation, weaker debt issuances amid uncertain economic conditions resulted in a modest decline in overall capital mobilisation during FY26.