The Big Four accounting firms—EY, Deloitte, PwC, and KPMG—have broadened their offerings into end-to-end platforms that cover everything from deal origination to post-acquisition value creation. This diversification helped transaction-related advisory revenue surpass Rs 10,000 crore in the fiscal year ended March 31, 2026. The shift comes as India recorded 3,855 transactions in 2025, representing a 48% jump from 2024 that featured 1,475 private equity and venture capital deals. Strong public market momentum also supported this growth, reinforced by more than 100 mainboard IPOs raising Rs 1.6 lakh crore in 2025.
Key points
Advisory platforms are shifting resources toward full-lifecycle transaction services to c…: Advisory platforms are shifting resources toward full-lifecycle transaction services to capture higher-margin corporate and private equity mandates.
Strong domestic balance sheets and active public capital markets have kept corporate deal…: Strong domestic balance sheets and active public capital markets have kept corporate dealmaking resilient across the Indian market.
Although the domestic transaction landscape remains smaller in total value than the US or…: Although the domestic transaction landscape remains smaller in total value than the US or Germany, it generates exceptional volume-driven advisory business.
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They have created platforms that go beyond traditional due diligence and deliver a full range of transaction advisory, from deal origination, taxation to execution and post-acquisition value creation, amid a surge in M&As, public offerings, and private equity and venture capital transactions.
The numbers tell the story: EY’s India deals business now has more than 300 partners, making it the largest in its global network in terms of employee strength. Deloitte has around 150 partners within its One M&A deals practice, placing it among the top 10 in its global network. The team participated in transactions worth around $30-35 billion this year. PwC, meanwhile, has about 150 partners in India where it operates the fastest-growing deals platform. KPMG has around 71 partners and managing directors and 790 professionals in its deal platform.
According to deal leaders at EY, Deloitte and PwC, revenue from transaction-related services delivered by the top four firms crossed Rs 10,000 crore in the last fiscal year ended March 31, 2026.
The growth has been fuelled by intense dealmaking in…
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