Big 4 turn India's boom phase into biz opportunity

Mumbai: Deloitte, PwC, EY and KPMG have harnessed India's booming M&A and fundraising sector to become key catalysts in the dealmaking process. These global giants have established robust platforms that surpass traditional due diligence, offering comprehensive transaction advisory services. The numbers reflect their growing influence: EY's India deals business boasts over 300 partners, making it the largest in the firm's global network, while Deloitte has around 150 partners in its One M&A deals practice, among the top 10 globally.

PwC and KPMG have also made significant strides, with about 150 partners and 790 professionals in their deal platforms, respectively.

Deal leaders at these firms revealed that revenue from transaction-related services surpassed ₹10,000 crore in the last fiscal year, driven by a surge in M&As, public offerings, and private equity and venture capital transactions. India recorded 3,855 transactions in 2025, a 48% increase from the previous year, with over 100 IPOs raising ₹1.6 lakh crore in 2025 and 81 so far in 2026. These firms are active participants in the majority of these transactions.

The integrated platforms allow these firms to provide end-to-end services, including financial, tax, ESG, and forensic reviews, valuation, investment banking, deal execution, integration, IPO readiness, and post-deal value creation. According to EY's managing partner, strategy & transactions, Amit Khandelwal, the focus has shifted from pre-deal evaluation to an end-to-end business spanning multiple disciplines.

Mohit Chopra, leader of deals at PwC India, highlighted that the game has evolved from diligence to mining client relationships from the start till the finish, and beyond the deal.

Despite geopolitical and economic uncertainties, deal activity has remained resilient in India's maturing deal ecosystem. Underpinned by strong PE returns, robust corporate balance sheets, and a rising appetite for inorganic growth and external capital, the ecosystem is thriving. Firms are actively advising on deals worth $8-9 billion, with the pipeline expected to grow further.

EY remains the clear market leader, but PwC and KPMG are rapidly establishing themselves as major players in this lucrative market. Deloitte's investment in its M&A business has more than tripled its corporate finance practice's revenue over the past two years.