Advisory firms capitalized on a banner period that saw 3,855 transactions in 2025 alongside a massive surge in mainboard public listings raising over ₹1.6 lakh crore. EY, Deloitte, PwC, and KPMG met this demand by aggressively hiring partners and expanding their service scope to include forensic reviews, valuations, and post-deal value creation. Crucially, Deloitte's 150 transaction partners in India participated in $30 billion to $35 billion worth of deals over the year. Market momentum continues to be anchored by robust private equity returns and fortified corporate balance sheets.
Key points
Professional services platforms are shifting their core business model from basic due dil…: Professional services platforms are shifting their core business model from basic due diligence to integrated, end-to-end execution and value creation.
Transaction advisory revenues crossed ₹10,000 crore for the fiscal year ended March 31, 2…: Transaction advisory revenues crossed ₹10,000 crore for the fiscal year ended March 31, 2026, across the four major firms.
Robust corporate balance sheets and active domestic consolidation continue to provide sus…: Robust corporate balance sheets and active domestic consolidation continue to provide sustained momentum for large-scale advisory mandates in India.
Sources checked by our analysis pipeline: 1
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 ₹10,000 crore in the last fiscal year ended March 31, 2026. The growth has been fuelled by intense dealmaking in India, which recorded 3,855 transactions in 2025, up 48% from 2024, including 1,475 PE-VC deals as per a PwC study. IPO activity was also robust, with more than 100 mainboard listings raising ₹1.6 lakh crore in 2025, followed by 81 so far in 2026. The firms are involved in the…
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