Top Four International Banks Compete in India’s $500M+ M&A Market

Indian Big Four firms are now directly challenging global investment banks in India’s high-value M&A arena, traditionally an exclusive domain of foreign financial institutions. EY, PwC, and Deloitte have strategically positioned themselves by offering a wide range of bundled services, from due diligence to post-deal integration, a model that sets them apart from traditional banks. This shift comes as India’s capital markets evolve, enabling local financing for acquisitions and reducing the need for international lenders. Despite their competitive edge, these firms face ongoing hurdles due to potential conflicts of interest and the specialized nature of large-scale deals.

The rise of Indian Big Four firms in the M&A advisory sector is not sudden but the result of years spent building capabilities through mid-sized transactions. Leveraging deep client relationships and extensive experience, these firms are now stepping into larger mandates, challenging the dominance of global investment banks. This transformation is marked by a more comprehensive suite of services and a profound understanding of India’s economic and regulatory landscape.

EY, PwC, and Deloitte have recently advised on a series of M&A deals exceeding $500 million in India, a segment previously monopolized by foreign banks. EY led this charge with involvement in seven deals between October 2024 and October 2025, including the $4.4 billion RBL Bank stake sale and the $963 million acquisition of Orient Cement by Adani Group. PwC and Deloitte have also secured significant mandates, illustrating a notable shift in the advisory sector. KPMG’s advisory on MUFG’s $4.4 billion acquisition of a stake in Shriram Finance further underscores this trend. The professional services firms are steadily displacing traditional M&A intermediaries for major Indian deals, with EY topping the Venture Intelligence League Table in 2024 by handling 34 deals worth $4.1 billion.

The Big Four distinguish themselves with their integrated service model, offering a full range of services beyond the typical matchmaking role of investment banks. Their ability to provide comprehensive support from due diligence to post-merger integration resonates with dealmakers navigating complex transactions. This multidisciplinary approach, refined through years of consulting, enables them to deliver end-to-end solutions that traditional banks struggle to replicate. Their deep sector-specific expertise, honed through years of auditing and consulting, gives them a significant edge in winning major mandates.

The expansion of the Indian M&A market into larger deal sizes is supported by a significant transformation in capital availability. Revised regulations now allow domestic banks to underwrite larger acquisition financing packages, reducing reliance on foreign lenders. Coupled with robust capital markets and a growing private credit sector, this shift creates a more conducive environment for mega-deals within India, empowering local advisory firms. With expected annual GDP growth of 7%, India is likely to see increased consolidation and M&A activity, especially in sectors like infrastructure, technology, financial services, and manufacturing.

Despite their market successes, the Big Four face challenges related to potential conflicts of interest and their lack of specialized expertise in complex, cross-border mega-deals. Compared to global investment banks like Goldman Sachs and Morgan Stanley, the Big Four may struggle in creating bespoke deal structures and accessing international capital markets for the largest transactions. However, their integrated service model and deep market penetration position them as formidable players in India’s growing M&A market, offering sustained opportunities for both traditional banks and the expanding advisory arms of the Big Four.