In India, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought. BSR & Co was an auditing firm founded by B.S. Raut in Mumbai. Deloitte carries out audits in India under multiple names of C.C.Chokshi & Co, Fraser & Ross, PC Hansotia & Company and SB Billimoria & Company and Deloitte Haskins & Sells. Price Waterhouse is the Indian affiliate of PwC. EY carries out its Indian audit operations through the firm SR Batliboi & Associates.
| Global Firm | Indian Affiliate |
| KPMG | BSR & Co. |
| Deloitte | Deloitte Haskins & Sells |
| PwC | Price Waterhouse |
| EY | SR Batliboi & Associates |
| GT | Walker Chandiok & Co. |
| BDO | MSKA & Associates |
Price Waterhouse was banned in 2019 by Indian market regulator Securities Exchange Board of India (SEBI) for a period of 2 years from conducting any audits. This order was later set aside by the Appellate Tribunal. Based on looking at the top 100 companies of India by market cap, PwC only audits 6 companies. KPMG audits 23 of the top 100 companies either individually or as a joint auditor while EY audits 22 of them. Deloitte audits 17 of the 100 companies. Indian audit market is highly fragmented with local firms auditing some of the biggest listed companies. Also, a significant number of companies on the top 100 list is government owned where auditors are non-big4 firms appointed by the Comptroller and Auditor General of India.
| Audit Firm | Total Audit fees (In INR Crores) | No. of Companies audited |
| Non big-4 or GT or BDO | 258.23 | 28 |
| KPMG | 197.53 | 22 |
| EY | 221.39 | 21 |
| Deloitte | 132.67 | 17 |
| PwC | 66.27 | 6 |
| GT | 15.01 | 3 |
| EY & KPMG | 15.26 | 1 |
| GT & PwC | 9.91 | 1 |
| BDO | 4.63 | 1 |
The listing of top 100 Indian companies by their market capitalization, auditor, and audit fees is provided below:
| # | Company | Audit Firm | Global Firm | Total Fee (Crores INR) |
|---|---|---|---|---|
| 1 | Reliance Industries | SRBC & Co. LLP and DTS Associates | EY | 59.73 |
| 2 | Tata Consultancy Services | BSR & Co. LLP | KPMG | 14.67 |
| 3 | HDFC Bank | MSKA & Associates | BDO | 4.63 |
| 4 | Infosys | Deloitte Haskins & Sells LLP | Deloitte | 19.00 |
| 5 | Hindustan Unilever | BSR & Co. LLP | KPMG | 4.49 |
| 6 | Housing Development Finance Corporation | BSR & Co. LLP | KPMG | 9.02 |
| 7 | ICICI Bank | Walker Chandiok & Co. | GT | 11.29 |
| 8 | State Bank of India | Khandelwal Jain & Co | Non-big4 | 0 |
| 9 | Bajaj Finance | SRBC & Co. | EY | 1.65 |
| 10 | Kotak Mahindra Bank | Walker Chandiok & Co. and Price Waterhouse LLP | GT & PwC | 9.91 |
| 11 | Wipro | Deloitte Haskins & Sells LLP | Deloitte | 14.00 |
| 12 | Bharti Airtel | Deloitte Haskins & Sells LLP | Deloitte | 57.80 |
| 13 | Asian Paints | Deloitte Haskins & Sells LLP | Deloitte | 3.65 |
| 14 | ITC | SRBC & Co. | EY | 7.66 |
| 15 | HCL Technologies | BSR & Co. LLP | KPMG | 22.00 |
| 16 | Maruti Suzuki India | Deloitte Haskins & Sells LLP | Deloitte | 2.90 |
| 17 | Bharat Petroleum | CVK Associates & Borkar Mazumdar | Non-big4 | 0.96 |
| 18 | DMart | SRBC & Co. | EY | 1.35 |
| 19 | Adani Green Energy | Dharmesh Parikh & Co. | Non-big4 | 1.65 |
| 20 | Bajaj Finserv | SRBC & Co. | EY | 3.86 |
| 21 | UltraTech Cement | BSR & Co. LLP; Khimji Kunverji & Co. | KPMG | 6.20 |
| 22 | Axis Bank | Haribhakti & Co. LLP | Non-big4 | 5.97 |
| 23 | Adani Enterprises | Shah Dhandharia & Co | Non-big4 | 0.60 |
| 24 | Adani Transmission | Deloitte Haskins & Sells LLP | Deloitte | 2.12 |
| 25 | JSW Steel | SRBC & Co. | EY | 22.56 |
| 26 | Adani Ports & SEZ | Deloitte Haskins & Sells LLP | Deloitte | 4.31 |
| 27 | Nestlé India | BSR & Co. LLP | KPMG | 1.30 |
| 28 | Sun Pharmaceutical | SRBC & Co. | EY | 15.72 |
| 29 | Oil & Natural Gas | MKPS & Associates, G.M. Kapadia & Co., R. Gopal & Associates, Kalani & Co., SARC & Associates and R.G.N. Price & Co | Non-big4 | 4.70 |
| 30 | Titan Company | BSR & Co. LLP | KPMG | 2.84 |
| 31 | Hindustan Zinc | SRBC & Co. | EY | 2.01 |
| 32 | HDFC Life | G.M. Kapadia & Co., & Price Waterhouse | PwC | 1.14 |
| 33 | Tata Steel | Price Waterhouse & Co. | PwC | 53.31 |
| 34 | Bajaj Auto | SRBC & Co. | EY | 3.65 |
| 35 | Tata Motors | BSR & Co. LLP | KPMG | 79.72 |
| 36 | Powergrid Corporation of India | T R Chadha & Co.;Umamaheswara Rao & Co.;B M Chatrath & Co. and P S D & Associates | Non-big4 | 1.21 |
| 37 | Divis Laboratories | Price Waterhouse & Co. | PwC | 0.63 |
| 38 | NTPC Limited | S K Mehta & Co., New Delhi; S.N. Dhawan & Co. LLP, New Delhi; Varma & Varma, Hyderabad; Parakh & Co., Jaipur; M/s C K Prusty & Associates, Bhubaneshwar; M/s B C Jain & Co., Kanpur; and M/s V K Jindal & Co., Ranchi. | Non-big4 | 2.03 |
| 39 | Indian Oil | V. Singhi & Associates, Kolkata; K. C. Mehta & Co., Mumbai; G. S. Mathur & Co., New Delhi; and Singhi & Co., Kolkata | Non-big4 | 4.02 |
| 40 | Vedanta | SRBC & Co. | EY | 29.00 |
| 41 | Pidilite | Deloitte Haskins & Sells LLP | Deloitte | 1.50 |
| 42 | Bharat Petroleum | BSR & Co. LLP | KPMG | 9.02 |
| 43 | Shree Cement | Gupta & Dua | Non-big4 | 56.94 |
| 44 | Mahindra & Mahindra | BSR & Co. LLP | KPMG | 11.22 |
| 45 | SBI Life Insurance | R. Devendra Kumar & Associates and S.C. Bapna & Associates, | Non-big4 | 0.74 |
| 46 | Grasim Industries | SRBC & Co. and BSR & Co. LLP | EY & KPMG | 15.26 |
| 47 | SBI Card | S. Ramanand Aiyar & Co | Non-big4 | 0.49 |
| 48 | Tech Mahindra | BSR & Co. LLP | KPMG | 6.60 |
| 49 | Dabur | Walker Chandiok & Co LLP | GT | 0.98 |
| 50 | Coal India | RAY & RAY | Non-big4 | 0.95 |
| 51 | Dr. Reddy's | SRBC & Co. | EY | 11.16 |
| 52 | Hindalco Industries | Price Waterhouse & Co. | PwC | 5.00 |
| 53 | Godrej | BSR & Co. LLP | KPMG | 0.89 |
| 54 | Britannia Industries | BSR & Co. LLP | KPMG | 1.67 |
| 55 | ICICI Prulife | BSR & Co. LLP | KPMG | 2.16 |
| 56 | Motherson Sumi Systems | SRBC & Co. | EY | 45.94 |
| 57 | IndusInd Bank | Haribhakti & Co. LLP | Non-big4 | 2.36 |
| 58 | Berger Paints | SRBC & Co. | EY | 0.78 |
| 59 | Cipla | Walker Chandiok & Co LLP | GT | 2.75 |
| 60 | Siemens India | BSR & Co. LLP | KPMG | 3.00 |
| 61 | Eicher Motors | SRBC & Co. | EY | 3.63 |
| 62 | DLF | SRBC & Co. | EY | 2.38 |
| 63 | GAIL | ASA & Associates LLP and A R & Co. | Non-big4 | 1.56 |
| 64 | InterGlobe Aviation | SRBC & Co. | EY | 4.02 |
| 65 | Indus Towers | Deloitte Haskins & Sells LLP | Deloitte | 1.32 |
| 66 | Havells India | SRBC & Co. | EY | 1.45 |
| 67 | Ambuja Cements | Deloitte Haskins & Sells LLP | Deloitte | 2.14 |
| 68 | ICICI Lombard | Chaturvedi & Co and PKF Sridhar & Santhanam LLP | Non-big4 | 3.17 |
| 69 | Cadila Healthcare | Deloitte Haskins & Sells LLP | Deloitte | 1.38 |
| 70 | UPL | BSR & Co. LLP | KPMG | 9.99 |
| 71 | Tata Consumer Products | Deloitte Haskins & Sells LLP | Deloitte | 12.84 |
| 72 | Marico | BSR & Co. LLP | KPMG | 2.72 |
| 73 | Hero MotoCorp | BSR & Co. LLP | KPMG | 2.76 |
| 74 | Muthoot Finance | Varma & Varma | Non-big4 | 0.77 |
| 75 | Info Edge | SRBC & Co. | EY | 1.26 |
| 76 | National Mineral Development Corporation | Sagar & Associates | Non-big4 | 0.90 |
| 77 | Aurobindo Pharma | BSR & Co. LLP | KPMG | 2.60 |
| 78 | Lupin Limited | BSR & Co. LLP | KPMG | 1.09 |
| 79 | Gland Pharma | SRBC & Co. | EY | 1.01 |
| 80 | Bandhan Bank | Deloitte Haskins & Sells LLP and M. M. Nissim & Co. LLP | Deloitte | 1.62 |
| 81 | Apollo Hospitals | Deloitte Haskins & Sells LLP | Deloitte | 4.00 |
| 82 | Torrent Pharmaceuticals | BSR & Co. LLP | KPMG | 1.17 |
| 83 | Cholamandalam Investment and Finance | SRBC & Co. | EY | 1.19 |
| 84 | Biocon | BSR & Co. LLP | KPMG | 2.40 |
| 85 | BOSCH India | Deloitte Haskins & Sells LLP | Deloitte | 1.10 |
| 86 | Colgate-Palmolive India | SRBC & Co. | EY | 1.38 |
| 87 | Punjab National Bank | S N Dhawan & Co. LLP; M K Aggarwal & Co.; A John Moris & Co.; S R Goyal & Co.; PSMG & Associates | Non-big4 | 85.97 |
| 88 | Hindustan Petroleum | M.P. Chitale & Co. and R. Devendra Kumar & Associates | Non-big4 | 1.41 |
| 89 | Piramal Group | Deloitte Haskins & Sells LLP | Deloitte | 2.03 |
| 90 | Container Corporation of India | S.N. Nanda & Co | Non-big4 | 0.05 |
| 91 | United Spirits | Price Waterhouse & Co | PwC | 5.15 |
| 92 | Balkrishna Industries | N G Thakrar & Co. | Non-big4 | 0.46 |
| 93 | Bank of Baroda | Dass Gupta & Associates; R Devendra Kumar & Associates; J Kala & Associates; Vyas & Vyas | Non-big4 | 74.10 |
| 94 | IDBI Bank | K S Aiyar & Co and M P Chitale & Co. | Non-big4 | 3.25 |
| 95 | Jubilant FoodWorks | Deloitte Haskins & Sells LLP | Deloitte | 0.96 |
| 96 | Procter & Gamble India | Kalyaniwalla & Mistry LLP | Non-big4 | 1.17 |
| 97 | PI Industries | Price Waterhouse & Co | PwC | 1.04 |
| 98 | Jindal Steel & Power | Lodha & Co. | Non-big4 | 2.41 |
| 99 | Gujarat Gas | S. R. Goyal & Co. | Non-big4 | 0.24 |
| 100 | Adani Gas | Shah Dhandharia & Co. | Non-big4 | 0.14 |
Look into our other posts on big4 audit clients in USA, UK, and Australia. We are starting a new blogpost to collect the salary data to help all current and prospective employees of accounting firms. So if interested, update the form and results will be published soon.
