In FY26, the Indian operations of PwC, Deloitte, KPMG, and EY each surpassed ₹10,000 crore in revenue. Driven largely by technology consulting, this performance highlights the resilience of the Indian market compared to global slowdowns. These firms are now focusing on domestic advisory and Global Capability Centers to sustain their growth momentum.
What Happened
India’s major accounting and consulting firms—PwC, Deloitte, KPMG, and EY—recorded strong growth in the fiscal year ending in 2026. Each of these firms reported revenue exceeding ₹10,000 crore, positioning their Indian operations as a significant bright spot within their respective global networks. This comes at a time when many of these firms are facing sluggish economic conditions and layoffs in mature Western markets. Among the leaders, EY India has reported revenues over ₹16,000 crore, while Deloitte India reached approximately ₹14,500 crore and PwC India recorded about ₹14,000 crore. KPMG India also crossed the ₹10,000 crore mark, aided by factors including asset sales and royalty income.
Technology Consulting as a Growth Engine
Technology consulting has become the primary driver for these firms in India. Unlike their traditional roots in audit and tax, these firms are now heavily focused on digital transformation, cloud services, and data analytics. Technology consulting currently makes up a substantial portion of their revenue—ranging from 35% to 65% depending on the firm and how they categorize their business consulting services. This shift reflects the broader trend of Indian companies across sectors investing heavily in digital infrastructure to stay competitive, which provides a steady pipeline of work for these global consulting giants.
Strategy and Market Focus
Beyond technology, these firms are aggressively expanding their other service lines. They are investing heavily in Global Capability Centers (GCCs), which are units that provide support services to their global clients from India. Furthermore, there is a strategic shift toward the domestic market, including government advisory, tax services, and deal advisory. For firms like KPMG, advisory and deal services have become a major component of their total revenue, moving away from a traditional reliance on core audit functions. Hiring remains a consistent priority, with some firms adding around 1,000 employees every month to meet this demand.
The Sector Reality
While the growth figures are high, the business model of these firms is evolving. They are increasingly competing with specialized IT services companies for projects involving digital implementation. The ability to maintain these growth rates will depend on their success in integrating technology with their traditional expertise in tax and compliance. The Indian market continues to act as a crucial contributor to global revenues, a stark contrast to the pressure these firms face in developed economies.
Risks and Challenges to Watch
Investors and industry observers should be aware of several risks. First, the heavy reliance on technology consulting makes these firms sensitive to corporate spending on IT. If companies tighten their budgets for digital transformation, these consulting firms could see slower growth. Second, accounting firms globally and in India frequently face regulatory scrutiny regarding audit independence and quality, which can lead to reputational or legal risks. Finally, talent costs in India are rising, and the ability to attract and retain specialized tech talent while maintaining profit margins remains a challenge for all four firms.
What Investors and Industry Observers Should Track
Going forward, the key monitorables include the sustainability of demand for digital transformation services, which is the main growth engine. Market participants should also track the volume of deals and government advisory projects, as these indicate the health of the broader corporate environment. Additionally, any changes in regulatory requirements for auditors in India could impact their operational flexibility and compliance costs.