Financial due diligence, tax due diligence, business valuation, deal structuring and post-merger integration — structured advisory support from evaluation through closure.
Structured review of financial performance, tax exposure, liabilities and transaction risks — before capital is committed.
M&A advisory combines financial analysis, due diligence, valuation support, transaction structuring and execution assistance — helping buyers, sellers and investors make well-informed deal decisions.
Review of revenue, earnings quality, cash flows, assets, liabilities and working capital to validate the financial picture.
Examination of income tax, GST, TDS obligations, pending assessments, notices and contingent tax liabilities.
Value analysis using income, market and asset-based approaches to support transaction pricing and negotiation.
Transaction structuring inputs and post-deal financial integration support for accounting, reporting and controls.
Transaction-focused advisory covering financial analysis, tax review, valuation and deal execution support.
Support for acquirers and investors evaluating a target business.
Assistance for business owners preparing for a sale, exit or investment.
Detailed review of the target's financial position and performance.
Review of direct and indirect tax exposure, compliance and outstanding matters.
Value analysis to support transaction pricing, negotiations and deal terms.
Rapid preliminary assessment of key financial and tax risks before full diligence.
Seller-commissioned DD report prepared for sharing with prospective buyers.
Advisory on structuring the transaction to optimise financial and tax outcomes.
Financial and accounting support after transaction closure.
A structured six-stage process helps identify risks early and improves clarity throughout the transaction.
Due diligence is designed to understand the true financial position and surface matters that may affect transaction value or deal terms.
Assessment of revenue trends, profitability, margins and financial sustainability over the review period.
Identification of non-recurring items and adjustments affecting sustainable or maintainable earnings.
Review of receivables, inventory, payables and ageing to assess normal working-capital requirements.
Review of all borrowings, cash, debt-like items and financial obligations that affect equity value.
Examination of income tax, GST, TDS compliance and outstanding tax disputes or contingencies.
Review of promoter and group-level transactions, balances and operational dependencies.
Assessment of major customer dependency, revenue spread and collection history.
Review of payroll, statutory dues and employment-related obligations affecting deal value.
Review of accounting processes, reconciliations, reporting systems and data reliability.
Each mandate produces structured reports that support negotiation, board decisions, and deal closure — not just documentation.
The core engagement output — a structured report covering financial performance, tax exposure, key risks, and deal-specific observations with supporting data.
Key findings and observations for decision-makers — structured for board or investor review
Revenue trends, quality of earnings, working capital, and normalised EBITDA schedules
Material observations, liabilities, and risk items that require attention or price adjustment
Conditions precedent and post-closure action items aligned to deal terms
Business valuation using DCF, comparable multiples, or net asset approach — with a supported value range for negotiation.
Summary of direct and indirect tax positions, outstanding proceedings, and contingent exposures affecting transaction value or deal structuring.
Documented responses from target management to due diligence queries — forms part of the transaction record and supports warranty negotiations.
Scope is agreed before the engagement begins. Every mandate starts with a defined work scope, timeline, and document list — so deliverables are calibrated to the transaction size and your specific decision requirements, not a standard template.
M&A advisory from a practice that understands how Indian businesses are actually built — and where value is typically hidden or overstated.
Six reasons clients rely on us for transaction mandates
On-ground presence across western India for physical document review, management meetings, and site visits.
Every engagement starts with a scope letter, document list, and committed delivery date — so deal timelines are respected.
No need to co-ordinate between multiple advisors — financial DD, tax DD, and valuation are handled by the same team.
Work calibrated to unlisted Indian businesses — closely held companies, family-run operations, and founder-led entities.
Findings are presented with context — what the number means for deal value, not just what the number is.
We act for one party per transaction. Findings are reported as observed, without softening for deal pressure.
Issues that surface during Indian SME diligence
Revenue inflated by related-party sales — group entities purchasing at non-market rates to inflate topline before a transaction
Undisclosed GST or TDS demands — pending notices or arrears not reflected in balance sheets or shared data rooms
Promoter loan balances treated as equity — unsecured loans from directors or family included in net worth calculations
Working capital managed ahead of deal close — debtors collected and payables cleared to show an artificially clean balance sheet
Key revenue dependent on a single promoter relationship — contracts or clients that will not transfer with the business
PF and gratuity obligations not fully provided — statutory employee liabilities understated or omitted from contingent debt
Whether you are acquiring a business or preparing one for sale, the advisory scope and focus are different — and so is how we approach each mandate.
You want to know exactly what you are buying — validated numbers, hidden liabilities, and a supportable price before you commit capital.
Validate revenue, margins, and cash flows; identify adjustments to normalised earnings
Identify pending tax demands, undisclosed liabilities, and structuring risk
Independent valuation to anchor your negotiation and support deal pricing
Material risks documented — what needs a price adjustment, indemnity, or deal condition
You want to enter the process with clean books, a defensible valuation, and no surprises that let a buyer renegotiate or walk away late.
Run DD on your own business before the buyer does — find and address issues proactively
Understand the range of value before entering negotiations — and what drives it
Organise, reconcile, and present financials in a form that holds up to scrutiny
Structure the transaction to minimise post-sale tax liability — before deal terms are fixed
Some transactions involve both — a partial exit, a merger, or a fundraise with valuation components. Discuss your situation with us and we will define the right scope.
A standard diligence request list covers four areas. The specific scope is agreed at mandate stage — not every document applies to every transaction.
Accounts, statements and internal reports
Direct and indirect tax compliance records
Company constitution, ownership and contracts
People, assets and business operations
The list above is indicative. Once scope is agreed, we share a structured document request list specific to the transaction — with priorities, format preferences, and a submission timeline.
Common questions about M&A advisory, due diligence, and how engagements are structured.
A focused red flag review can be completed in 5–7 working days. A full financial and tax due diligence typically takes 3–4 weeks, depending on the volume of documents, responsiveness of the target, and the scope agreed at mandate stage. Timelines are defined in the engagement letter before work begins.
Financial DD focuses on the quality and sustainability of earnings, working capital, net debt, and the accuracy of historical financial statements. Tax DD covers income tax, GST, and TDS compliance — identifying pending demands, undisclosed liabilities, and structuring risks that could affect deal value or post-acquisition exposure. Both are usually conducted together.
Ideally, before signing the term sheet or letter of intent — so findings can influence deal terms, price, or conditions rather than create post-signing renegotiation. For sellers, vendor DD is most effective 2–3 months before entering a sale process, giving time to address issues before a buyer's team finds them.
No. We act for one party per transaction to maintain independence and avoid any conflict of interest. If we are engaged by a buyer, we cannot simultaneously advise the seller in the same deal — and vice versa. This is stated in our engagement terms.
A red flag review is a shorter, higher-level assessment designed to surface material concerns quickly — typically used at early deal stages or for smaller transactions. A full due diligence is a comprehensive review across all agreed areas, with detailed schedules, normalisation analysis, and a complete deliverable set. The right scope depends on deal size, timeline, and risk appetite.
Yes. Financial DD and business valuation are often conducted together — the normalised earnings and working capital peg from DD directly feed into the valuation model. Combining both reduces document requests, avoids duplication, and ensures the valuation reflects actual verified financials rather than management-presented numbers.
All information shared during the engagement is covered by a mutual non-disclosure agreement signed before any documents are shared. Data is accessed only by team members working on the engagement and is not shared with third parties. Physical and digital data handling protocols are discussed and agreed at the start of the mandate.
No. Due diligence is relevant for any transaction where a party is committing capital or assuming liabilities — including acquisitions of small businesses, partial stake purchases, and fundraising rounds with valuation components. The scope and depth are calibrated to the transaction size; smaller deals typically use a focused red flag review rather than a full DD process.
Tell us about the deal — stage, size, and what you need. We will confirm scope and a timeline within one business day.