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Big 4 India gets bigger: Revenue surged to ₹38,800Cr & to surpass ₹45,000 crore

Big 4 hit $212 billion in global revenue in 2024, while India’s Big 4s surged to $4.67B (₹38,800 crore) in FY24, up from ₹32,700 crore ($3.93B) in FY23. But here’s the real kicker: By FY25, India is set to surpass ₹45,000 crore in revenue.

The Finance Story by The Finance Story
Published date: 8th January, 2025
Last edited date: 30th January, 2025
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Big 4 India post double-digit growth, targeting ₹45,000Cr revenue!
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  • Big 4 raked in a whopping $212 billion globally in 2024, while India’s Big 4 skyrocketed from $3.93 billion in FY23 to $4.67 billion in FY24!
  • And the momentum isn’t slowing – India is on track to smash $5.41 billion by FY25, thanks to double-digit growth.
  • Hint: It’s no longer just about audits!

Which Big 4 makes the most revenue?

2023, the Big 4 (Deloitte, PwC, EY, KPMG) generated $204 billion in combined global revenue!In

2024 that number skyrocketed to a record $212 billion! That’s an $8 billion jump in just a year!

However globally the revenue growth rate has not surpassed expectations! With growth rates between 3-5%:

  • Deloitte Global revenue: $64.9 billion (FY2023) | $67.2 billion (FY2024)
  • PwC Global Revenue: $53.1 billion (FY2023) | $55.4 billion (FY2024)
  • EY Global Revenue: $49.4 billion (FY2023) | $51.2 billion (FY2024)
  • KPMG Global Revenue: $36.4 billion (FY2023) | $38.4 billion (FY2024)

In 2024, the Big 4’s revenue distribution highlights their regional strengths:

  • Deloitte generated $36.4 billion in North and South America, accounting for slightly more than half of its global revenue.
  • PwC saw 50% of its revenue come from the Americas, while nearly half of its global earnings were driven by the Asia Pacific and EMEA regions, with particularly strong growth in EMEA.
  • KPMG’s most lucrative region was EMEA (including India), where its network of firms thrived, contributing significantly to its overall revenue.

Yes, the Big 4 generated the lion’s share of their revenue in the Americas!

These four companies have the most influence in the accounting and audit sector in the United States, auditing over 80 per cent of U.S. public companies.

Big 4’s revenue: advisory/Consulting is the new audit

  • Deloitte’s consulting revenue accounted for about 40% of its record-breaking total in 2024
  • PwC and EY received most of their revenue from auditing services

Big 4 Global Employees:

  • Deloitte had the highest number of employees: 457,000 (FY2023) | 460,300 (FY2024)
  • EY: 395,000 (FY2023) | 393,025 (FY2024)
  • PwC: 364,000 (FY2023) | 370,393 (FY2024)
  • KPMG: 298,356 (FY2023) | 275,288 (FY2024) a drop of over 23,000! 😲 

While the other Big 4 are steadily growing their teams (Deloitte adding 3,300, PwC growing by 6,393), KPMG seems to have hit the brakes on hiring!

Source: Statista: Global Big 4 Employee Growth
Source: Statista: Global Big 4 Employee Growth

Big 4 India, the real growth story

In stark contrast, Indian arms of the Big 4 have outpaced their global counterparts in revenue “growth rate” for the fiscal year 2024 (FY24):

EY India: Achieved a growth of 16-17%, crossing ₹13,400 crore (~$1.61 billion). Made significant progress in government and mid-market client services.

Deloitte India: Led with a 29% growth, reaching ₹10,000 crore (~$1.20 billion) in FY24. Forecasting even more growth in FY25, positioning themselves as problem solvers beyond just accounting.

PwC India: Experienced a 22% growth, bringing in ₹9,200 crore (~$1.10 billion). Focused on helping businesses adapt to challenges like climate change and the future of work.

KPMG India: Saw steady growth, reaching ₹5,900-6,200 crore (~$708 million to $744 million). KPMG India, while not growing at the same pace as its counterparts, still saw respectable growth – 5.5%!

Which Big 4 makes the most revenue? Deloitte in global revenues and in India EY.

What’s behind this extraordinary surge?

Let’s rewind.

India’s growing role in the global economy has fueled demand for technology, risk management, and digital transformation.

India’s IPO market is on fire! In 2024, India dethroned China as Asia’s top IPO market, raising a record $11.2 billion. Meanwhile, China’s IPOs nosedived by 86%, from $48 billion to just $7.5 billion!

India also led in IPO volume, hitting a record number of listings.

And guess what? The Big 4 capitalized early, expanding their consulting and tech services, propelling their Indian subsidiaries to new heights.

Big 4 service lines focus in India

Consulting, especially in tech and risk management, has proven to be the powerhouse for India’s Big Four.

Thus Consulting is the golden goose (even) in India!

Consulting / Advisory Services

  • Consulting ruled the revenue charts, bringing in over ₹25,000 crore (~$3.02 billion) in FY24.
  • EY’s consulting segment alone crossed ₹8,000 crore ($3.62 billion to $3.87 billion) by FY25.
  • Deloitte, for instance, watched its revenues skyrocket, with more than 60% of its income coming from consulting services.

Tax Services:

  • Tax services proved to be a steady performer, generating over ₹6,000 crore (~$724 million) across the firms.
  • EY’s tax team, led by Sameer Gupta, contributed ₹1,900 crore (~$229 million) alone.
  • With compliance work and global mandates like Pillar Two tax reforms, the segment is forecasted to grow 12-23% in FY25.

Deals and Valuation:

  • From due diligence to post-deal structuring, the Big Four collectively earned ₹2,800 crore (~$338 million) in FY24.
  • Despite economic uncertainties, the deal space continues to thrive.

Future Projections and Insights

Deloitte India: Expecting further growth in FY25, with a forecast of 23-25% revenue expansion.

Romal Shetty, Deloitte South Asia CEO: “We’re set to grow 23-25% in FY25, with 60% of our revenue now coming from consulting services. Our goal is to hit ₹20,000 crore by 2026.”

PwC India:

  • Focus on generating trust and delivering outcomes for clients.
  • Emphasis on climate initiatives, business model reinvention, and capitalizing on opportunities in India.
  • Expansion of global capability centers (GCCs).
  • Sanjeev Krishan, PwC India Chairperson: “Trust and delivering outcomes remain key for PwC, with a focus on climate, business reinvention, and GCC opportunities.”

FY25 Consulting Revenues:

  • Expected to rise significantly.
  • Estimates predict a combined total of Rs 30,000-32,000 crore.

Presence in Tier 2 cities

  • Big 4, including Deloitte India, is focused on expanding into tier II cities to access new talent and grow its presence.
  • They’ve set up centers in Bhubaneswar and Coimbatore, with Coimbatore already surpassing 1,000 employees.

Investment in technology and innovation

  • In the last two years, Deloitte has invested in a tech centre in Bengaluru and created a 200-member innovation team.

The competition surely heats up!

Big 4s focus on…GCCs

Looking to the future, the key growth driver for Deloitte, PwC, and EY in FY25 is expected to be the expansion of global capability centres (GCCs) in India.

GCC will help clients establish, transition, and manage their operations in the country.

FYI: EY’s GCC segment was particularly strong, surpassing Rs 3,600 crore in FY24, bolstered by significant contributions from mid-market clients and government services.

Big questions?

Big Four’s performance in India is a testament to the country’s growing importance as a global business hub.

But here’s the catch: the landscape is changing. Tech transformation projects have cooled, and global uncertainties are making corporations more cautious. So, while growth has been stellar, some of these firms are also facing pressure.

Also, despite this promising outlook, the ongoing friction between the Indian arms of the Big Four and their global counterparts over revenue and profit-sharing arrangements could present challenges.

Work-life balance remains a key issue as India’s growing economy and focus on employee well-being may pressure firms to address these concerns.

Source: Statista, Economic Times and Internet

The Finance Story

The Finance Story

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