Singhi & Co.: Navigating growth, IPO Boom, NFRA

• Singhi & Co., founded in 1940, now has 40 partners and 750+ professionals across audit, tax, ESG, and advisory.
• At the helm is Nikhil Singhi, Managing Partner and fourth-generation leader, a CA with an MBA from INSEAD and a vision for expansion.
• In this Q&A, he shares insights on Singhi & Co.’s growth, India’s IPO boom, ESG opportunities, and the future of mid-sized firms.

Service lines driving growth at Singhi & Co.? Do you see a shift from Audit to Consulting? 

Audit & Assurance

Historically, audit has been a core service, contributing nearly 90% of revenue in the 1980s.

In the 2000s, we may have been around 75-80% audit. Then, we consciously decided that we had to build our non-audit consulting service lines.

Today, while the firm has expanded into non-audit consulting services, audit remains a significant growth driver, fueled by India’s booming IPO market.

Insolvency & Restructuring

The firm has seen substantial growth in insolvency services.

While the improving economy has reduced insolvency cases, the focus is shifting toward corporate restructuring and turnaround strategies, particularly in cross-border insolvencies.

ESG & Sustainability Advisory

With SEBI’s ESG compliance mandates and increasing investor focus on sustainability in India, Singhi & Co. has built a robust ESG practice, led by a Harvard alumnus specializing in sustainability.

Digital Transformation

Emerging as a key focus area, an exciting service line for us this year

All in all – but in terms of sheer volume, because our base was large, Audit has seen the highest revenue growth! 

Elaborate on how India’s IPO boom created more opportunities for Singhi & Co.

It has been great for us!

We have worked on over 30 IPOs across multiple sectors, providing services like restatements, comfort letters, tax structuring, and governance advisory.

It gives you sleepless nights – the whole IPO advisory process—structuring companies, creating governance, and setting systems in place. So very challenging.

Again a very competitive space. Big 6 firms are often preferred for IPO audits, which creates challenges for mid-sized firms. We still have done pretty well!

Also read: Forensic & Investigation Audits in-demand service line at Kirtane & Pandit

What has been your revenue growth rate?

We have maintained a consistent 20-30% year-on-year growth over the last three years.

Could we grow faster? Yes, probably without disturbing the fabric of the firm.

But ideally, we don’t want to grow below 15 to 20% or beyond 35%

Is ESG services a big focus for Singhi & Company?

Yes, we have a dedicated ESG services practice, which is a part of Moore Global (we are a member firm of the Moore Network).

Our ESG services are led by a Harvard alumnus with a Master’s in sustainability.

Certain services, like ESG, are highly specialized. From a branding perspective, it helps our partners and team operate more efficiently.

It also enhances the client experience and how audit committees view our services.

US CPA firm GCCs in India – opportunity or challenge for CA Firms?

We often act as feeder firms to GCCs, so it’s been more of a challenge than an opportunity for us.

While we do some work on the revenue side, our focus is on high-end specialized work rather than creating mass GCC centers.

For example, we do a lot of valuation work for international firms, including purchase price allocations. It’s higher-end work, but it’s not structured through a GCC; it’s a service line that’s globally managed.

What is your plan to attract talent at Singhi & Company?

Fresh CAs often set their sights on private equity, investment banks, or corporates. When those doors close, they turn to the Big 4s, leaving mid-tier firms with the remaining talent.

While this talent pool is still solid, it may not be the spark that drives the profession’s next wave of growth.

Why is this happening? CA firms when hiring focus on —long hours and tough work—which can deter younger talent.

As a firm, we train our team members:

Technical skills: Focus on technical standards, excel, and the use of tools, including presentation, IT usage, and automation.

Soft skills

In addition to that, leadership training: Is designed to help individuals move to the next level and work from a business perspective, rather than just focusing purely on technical or soft skills.

Also read: Compliance services 400% growth: The most in-demand service line at this CA Firm”

Impact of AI on the audit and advisory industry?

AI, tech, and analytics are shaping our firms. Are we advanced? No.

Are we using AI? Yes—beyond emails, for advanced tasks too.

We’re working on integrating AI into audit and risk advisory. While it’s seen as a cost-side efficiency, the real challenge is turning it into a revenue driver.

ICAI’s CAGPT is a fantastic initiative, and we use it too.

Singhi & Co.’s Growth Strategy for 2025

While we continue offering audit, internal audit, and tax services, our focus is on productizing key services to establish strong USPs in the market.

ESG advisory is a major growth area, alongside sector-specific specializations in real estate, infrastructure, and hospitality.

With the global shift away from China, Japanese, American, and European companies are eyeing India as an alternative. We’re strengthening relationships in these regions to tap into new investment opportunities in India.

Is your firm focusing on US, UK outsourcing and expanding international consulting advisory?

Yes, we’re making efforts in outsourcing, but it’s a shift for traditional CA firms. Success requires technology, data security, talent execution, and adapting to global work hours.

The bigger opportunity, however, lies in international consulting and advisory.

With rising FDI in India and China losing favour, firms must engage in tax, structuring, corporate finance, FEMA, and RBI advisory—areas with immense potential.

FAQ

What is the future of insolvency services in CA firms?

Insolvency services are expected to evolve. Demand may fluctuate based on economic conditions.

The focus is shifting towards restructuring, turnaround strategies, and cross-border insolvencies.

While the demand has decreased in certain markets, firms that specialize in complex insolvency cases are likely to continue to see growth.

How has the NFRA’s regulations impacted Audit Firms?

With significant listed company work, NFRA regulations have had a direct impact!

Compliance costs have increased, but it’s essential for credibility.

To handle IPOs and similar engagements, the firm has made key investments in processes and governance.

At Singhi & Co., we have implemented: Beyond SQC 1 compliance, we established an executive board and three councils:

• Quality Council
• Growth Council
• People’s Council

Technical committees for audit standardization. The Quality Council includes technical committees to review and clear significant technical matters.

SQC 1 compliance involves EQCR partners, proper documentation, sampling techniques, and complete audit files.

A dedicated Quality Control partner and team oversee compliance—an added cost, but essential for maintaining high standards.

How can small & mid-sized CA practices compete with the Big 4?

I believe there’s room for everyone to carve a niche—through productized services, industry specialization, and value addition.

To share some stats:

• India has 97000 Chartered Accountant firms
• China has 850,000
• U.S., despite a larger economy, has only 45,000 firms!

With so many players, consolidation is key—joining forces to build something bigger.