Goldman Sachs doubles down on India, climbs Wall Street rankings in crowded deal market
By Cygnus | 11 Feb 2026
Summary
Goldman Sachs has fundamentally reoriented its approach to the Indian market, committing roughly $500 million over the last three years to its local banking franchise. The investment is yielding immediate results, with the firm vaulting to fourth place in Indian equity offerings last year—its best performance in over a decade—surpassing arch-rival Morgan Stanley in stock sales for the first time in ten years.
The pivot: From “future” to “immediate”
The shift in strategy was finalized during a high-level board meeting at New Delhi’s Taj Mahal Hotel. CEO David Solomon and the board were persuaded by arguments that India’s macroeconomic stability, reduced bad loans in the banking sector, and record-high corporate balance sheets had reached a tipping point.
Strategic changes include:
- Accepting narrower margins: To build market share, the firm is competing aggressively on fees, even if it means thinner short-term profits.
- Scaling beyond advisory: Goldman is building a multi-product platform that includes private credit, structured finance, and equity underwriting.
- Physical expansion: In August 2025, the firm moved its Mumbai team from a dated textile district office to a glass-and-steel tower in Worli, roughly 50% larger than its previous site.
Riding India’s record IPO boom
Goldman’s timing is aligned with a historic surge in Indian primary markets. In 2025, over 100 companies raised a record $22 billion in IPOs, making India one of the busiest markets globally.
The firm helped sell more than $4 billion of stock last year across 23 transactions, using these equity mandates as a “front door” for broader financing and M&A advisory relationships.
Investment banking league tables: India (2025)
| Rank | Provider | Key strength | Status / Change |
|---|---|---|---|
| 1 | JPMorgan | Large block trades / global reach | Reclaimed #1 in equity deals |
| 2 | Kotak Mahindra | Homegrown deal machine / local trust | Entrenched local leader |
| 4 | Goldman Sachs | Sector insights / private credit | New entry in top 5 |
| 6 | Morgan Stanley | Tech IPOs / cross-border strategist | Surpassed by GS in stock sales |
FAQs
Q1. Why is Goldman Sachs increasing its focus on India now?
The firm believes India has transitioned from a future prospect to an immediate growth engine, supported by a 6.9% projected GDP growth for 2026 and lower tariffs under a new US-India trade deal.
Q2. How does Goldman's strategy differ from competitors like Citi or JPMorgan?
Unlike universal banks, Goldman lacks a commercial-banking balance sheet in India. It compensates for this by deploying its global private credit arm and structured finance expertise.
Q3. What has the bank done with its Mumbai office?
The bank moved to a modern 70,000 sq ft workspace in Worli that is 50% larger, housing 130 bankers and traders in addition to its massive 8,500-employee tech hub in Bengaluru.
Q4. Who is leading this India push?
Sonjoy Chatterjee, chairman and CEO of Goldman Sachs India, is the primary architect of this strategic recalibration.
Q5. Is the India business profitable for Goldman?
While the firm doesn't break out India-specific revenue, it notes that India is one of its fastest-growing regional businesses, though it still trails China and Japan in total revenue mix.
