What Manubhai & Shah does

Manubhai & Shah LLP (doing business as MS Global) is one of India's large full-service Chartered Accountancy and business advisory firms, headquartered in Ahmedabad with roots traced to 1945 through its predecessor Shah & Co. and formally established under its current name in 1975. The firm operates as a private Limited Liability Partnership with 24 partners and a total staff of approximately 1,500 professionals across 12 offices in India (Ahmedabad, Mumbai city and Kandivali, Pune, Rajkot, Vadodara, Surat, Jamnagar, Udaipur, New Delhi, Indore, and GIFT City Gandhinagar). Its service portfolio covers thirteen offerings grouped around accounting and bookkeeping, statutory and tax attestation, direct and indirect taxation (including GST and transfer pricing), management consultancy, risk assessment and internal audit, transaction advisory and corporate finance, subsidies and government grant advisory, estate planning, foreign exchange consultancy, company law, cyber security, virtual CFO, and a dedicated Knowledge Process Outsourcing (KPO) division serving US CPA firms and Australian CA firms.

Revenue is generated entirely through professional services fees — engagement-based and fixed-fee pricing on audit, tax, advisory, and compliance mandates — supplemented by a managed-services-style virtual CFO offering and a recurring offshore KPO delivery model. Go-to-market is partner-led direct relationship sales, primarily to mid-market and enterprise clients including public and private companies, banks, NBFCs, housing finance companies, fintechs, EdTechs, SaaS firms, PE/VC funds, NGOs, and high-net-worth families across more than 20 industry verticals in India, the US, and Australia. Distribution is anchored by the multi-city office network in India and dedicated offshore delivery operations for international accounting firms. Differentiators are the firm's 60+-year heritage, internal partner development pipeline, ISO 9001 (2002) and ISO 27001 (2005) certifications, RBI statutory audit empanelment, and presence in GIFT City IFSC. Pricing is not publicly disclosed and there is no external equity funding; the firm is owned by its partners.

Name

Manubhai & Shah

Legal name

Manubhai & Shah LLP

Website

https://msglobal.co.in

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Manubhai & Shah LLP (MS Global) is one of India's large Chartered Accountancy and business advisory firms, offering audit, taxation, risk advisory, transaction advisory, virtual CFO, and Knowledge Process Outsourcing services to 1,000+ clients across 20+ industries through 12 offices and offshore US/Australia delivery operations.

Ownership category

akta.pro rank

Product category

Accounting & Advisory Services

NAICS

Offices of Certified Public Accountants (541211), Professional, Scientific, and Technical Services (541)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Tax Operations Support (Indirect Tax, Withholding, Compliance Admin) (BPAAAGAI)

akta.pro secondary industry

Third-Party Risk, Vendor Due Diligence & Supply Chain Compliance (BPAEAPAG)

Keywords

• Audit assurance services
• Taxation advisory services
• Management consulting
• Transaction advisory
• Knowledge process outsourcing

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Audit and Assurance Services: Statutory audits, tax audits, internal audits, concurrent audits, and attestation services for corporate clients across industries.
2. Taxation Services: Direct tax, indirect tax (GST), international taxation, transfer pricing, and tax compliance advisory services.
3. Management Consultancy: Business advisory, risk assessment, management audit, internal control systems, and SOP design services.
4. Knowledge Process Outsourcing: Offshore outsourcing services to US and Australian CPA/CA firms including tax returns, bookkeeping, audit support, and SMSF services.
5. Transaction Advisory: Due diligence, business valuations, M&A advisory, IPO support, and corporate finance services.
6. Virtual CFO Services: Full-suite CFO outsourcing including GST compliance, TDS compliance, payroll, ROC compliance, and financial management.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Manubhai & Shah LLP is an Indian chartered accountancy and professional services firm providing audit, assurance, taxation, risk management, transaction advisory, management consultancy, company law, cyber security, estate planning, foreign exchange advisory, subsidies/government grant advisory, virtual CFO and knowledge process outsourcing (KPO) services. The firm serves enterprises, SMEs, high net worth families, NGOs and international CPA/CA firms across 20+ industry verticals through 12 Indian offices and offshore divisions.

Product overview

Manubhai & Shah LLP (MS Global) is an accounting and business advisory firm that operates as a unified portfolio of professional service modules rather than a single software product. The firm offers 13 distinct service offerings including Accounting, Attestation, Company Law, Cyber Security, Estate Planning, Foreign Exchange Consultancy, Knowledge Process Outsourcing (KPO), Management Consultancy, Risk Assessment, Subsidies & Government Grant Advisory, Taxation, Transaction Advisory, and Virtual CFO. These services are delivered by a team of over 1500 professionals across multiple industry verticals and geographic locations. The core offering centers on audit, assurance, taxation, risk management, and financial advisory, with specialized KPO divisions serving international clients in the US and Australia.

Differentiator

Problem solved

Functional benefit

Products and services

• Accounting Services

Quantifiable outcome

• 1000+ clients served across 20+ industries
• +2 more outcomes

Named customers12 records

Segments21 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Doshi RC & Co., PunecoreStrategic or Co-development Partner · 1 January 2025Merger with Doshi RC & Co., Pune in 2025 further expanded the firm's presence, contributing to the 24-partner strength and adding Pune location to the network of 12 offices across India.
• Shah & Co, Mumbai (established 1945)coreStrategic or Co-development Partner · 1 January 2014Merger with Shah & Co, Mumbai (established 1945) in 2014 transformed M&S into an accounting powerhouse, increasing partner strength to 16 and establishing Mumbai presence. Shah & Co's legacy since 1945 contributed to the firm's overall heritage statement 'Gaining Trust and Commitment since 1945'.
• Jignesh D Shah & CocoreStrategic or Co-development Partner · 1 January 2006Merger of Jignesh D Shah & Co in 2006 increased partner strength to 10, expanding the firm's capabilities and client base.
• US CPA/CPA FirmscoreOthersKPO operations serve 100+ CA/CPA firms across USA, including top 50 CA/CPA firms of Australia. Services include tax returns, bookkeeping, audit support, payroll processing.
• Australian CA/CPA FirmscoreOthersDedicated operations head for Australia since 2006 providing business tax, accounting, SMSF processing, and audit support services to Australian accounting firms.

Scale indicators6 records

Recent moves16 records

Expansion highlights5 records

Direct peers

• Mazars India: Global mid-tier accounting firm with an Indian practice focused on audit, tax, advisory and outsourcing. Comparable to M&S in target clientele (mid-market, financial services, international clients served via offshore delivery).
• Grant Thornton India: Global mid-tier accounting network with substantial Indian presence. Competes head-to-head with M&S for mid-market and large-cap audit, tax, transaction advisory and advisory mandates across financial services, manufacturing and PE.
• Baker Tilly India: Indian arm of a global mid-tier accounting network. Competes with M&S across audit, tax, risk advisory and transaction services for SMEs, family businesses and listed entities.
• BDO India: Member of the global BDO network and one of India's largest mid-tier chartered accountancy/advisory firms. Most directly comparable to Manubhai & Shah in terms of multi-industry coverage (audit, tax, advisory, transaction support) and ambition to serve as a 'Big-4 alternative' in India.
• RSM India: International mid-tier accounting network providing audit, tax and advisory services in India. Closely comparable positioning to M&S - multi-vertical mid-market firm with a mix of compliance and advisory practices.
• Singhi & Co: Indian mid-tier chartered accountancy firm with similar multi-office structure, multi-vertical coverage and legacy dating back several decades. Direct competitor particularly in Mumbai and western India for mid-market audit, tax and advisory.

Broad incumbents

• KPMG India: Indian member firm of KPMG International. Competes across M&S's full service stack - audit, tax, advisory, risk - and is one of the dominant auditors of banks, NBFCs and large corporates, the same client base M&S serves.
• B S R & Co (EY India): EY's Indian member firm, one of the Big 4 audit and advisory practices in India. Competes with M&S for enterprise and financial-institution audit, tax, transaction advisory and risk services but at substantially larger scale.
• Deloitte Haskins & Sells (Deloitte India): Indian member firm of Deloitte Touche Tohmatsu - the largest of the Big 4 in India. Overlaps with M&S in audit, tax, consulting and risk advisory but operates at materially greater scale, with deeper specialty resources for large-cap and cross-border mandates.
• Price Waterhouse & Co (PwC India): Indian member firm of PwC, offering audit, tax and advisory services. Directly competes with M&S for enterprise audit, transaction advisory and SEBI-regulated engagements, with materially greater specialty depth and brand pull.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles29 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manubhai & Shah