diff --git a/target/riscv/cpu.h b/target/riscv/cpu.h
index 980e2154cd..f515ad072b 100644
--- a/target/riscv/cpu.h
+++ b/target/riscv/cpu.h
@@ -181,6 +181,15 @@ typedef struct PMUCTRState {
     target_ulong irq_overflow_left;
 } PMUCTRState;
 
+typedef struct PMUFixedCtrState {
+        /* Track cycle and icount for each privilege mode */
+        uint64_t counter[4];
+        uint64_t counter_prev[4];
+        /* Track cycle and icount for each privilege mode when V = 1*/
+        uint64_t counter_virt[2];
+        uint64_t counter_virt_prev[2];
+} PMUFixedCtrState;
+
 struct CPUArchState {
     target_ulong gpr[32];
     target_ulong gprh[32]; /* 64 top bits of the 128-bit registers */
@@ -377,6 +386,8 @@ struct CPUArchState {
     /* PMU event selector configured values for RV32 */
     target_ulong mhpmeventh_val[RV_MAX_MHPMEVENTS];
 
+    PMUFixedCtrState pmu_fixed_ctrs[2];
+
     target_ulong sscratch;
     target_ulong mscratch;
 
diff --git a/target/riscv/pmu.h b/target/riscv/pmu.h
index 7c0ad661e0..ca40cfeed6 100644
--- a/target/riscv/pmu.h
+++ b/target/riscv/pmu.h
@@ -34,5 +34,7 @@ int riscv_pmu_incr_ctr(RISCVCPU *cpu, enum riscv_pmu_event_idx event_idx);
 void riscv_pmu_generate_fdt_node(void *fdt, uint32_t cmask, char *pmu_name);
 int riscv_pmu_setup_timer(CPURISCVState *env, uint64_t value,
                           uint32_t ctr_idx);
+void riscv_pmu_update_fixed_ctrs(CPURISCVState *env, target_ulong newpriv,
+                                 bool new_virt);
 
 #endif /* RISCV_PMU_H */
diff --git a/target/riscv/cpu_helper.c b/target/riscv/cpu_helper.c
index 10d3fdaed3..395a1d9140 100644
--- a/target/riscv/cpu_helper.c
+++ b/target/riscv/cpu_helper.c
@@ -695,9 +695,14 @@ void riscv_cpu_set_mode(CPURISCVState *env, target_ulong newpriv, bool virt_en)
 {
     g_assert(newpriv <= PRV_M && newpriv != PRV_RESERVED);
 
-    if (icount_enabled() && newpriv != env->priv) {
-        riscv_itrigger_update_priv(env);
+    if (newpriv != env->priv || env->virt_enabled != virt_en) {
+        if (icount_enabled()) {
+            riscv_itrigger_update_priv(env);
+        }
+
+        riscv_pmu_update_fixed_ctrs(env, newpriv, virt_en);
     }
+
     /* tlb_flush is unnecessary as mode is contained in mmu_idx */
     env->priv = newpriv;
     env->xl = cpu_recompute_xl(env);
diff --git a/target/riscv/csr.c b/target/riscv/csr.c
index 364583dc03..85d3f0aa3f 100644
--- a/target/riscv/csr.c
+++ b/target/riscv/csr.c
@@ -787,36 +787,16 @@ static RISCVException write_vcsr(CPURISCVState *env, int csrno,
     return RISCV_EXCP_NONE;
 }
 
+#if defined(CONFIG_USER_ONLY)
 /* User Timers and Counters */
-static target_ulong get_ticks(bool shift, bool instructions)
+static target_ulong get_ticks(bool shift)
 {
-    int64_t val;
-    target_ulong result;
-
-#if !defined(CONFIG_USER_ONLY)
-    if (icount_enabled()) {
-        if (instructions) {
-            val = icount_get_raw();
-        } else {
-            val = icount_get();
-        }
-    } else {
-        val = cpu_get_host_ticks();
-    }
-#else
-    val = cpu_get_host_ticks();
-#endif
-
-    if (shift) {
-        result = val >> 32;
-    } else {
-        result = val;
-    }
+    int64_t val = cpu_get_host_ticks();
+    target_ulong result = shift ? val >> 32 : val;
 
     return result;
 }
 
-#if defined(CONFIG_USER_ONLY)
 static RISCVException read_time(CPURISCVState *env, int csrno,
                                 target_ulong *val)
 {
@@ -834,14 +814,14 @@ static RISCVException read_timeh(CPURISCVState *env, int csrno,
 static RISCVException read_hpmcounter(CPURISCVState *env, int csrno,
                                       target_ulong *val)
 {
-    *val = get_ticks(false, (csrno == CSR_INSTRET));
+    *val = get_ticks(false);
     return RISCV_EXCP_NONE;
 }
 
 static RISCVException read_hpmcounterh(CPURISCVState *env, int csrno,
                                        target_ulong *val)
 {
-    *val = get_ticks(true, (csrno == CSR_INSTRETH));
+    *val = get_ticks(true);
     return RISCV_EXCP_NONE;
 }
 
@@ -1025,17 +1005,82 @@ static RISCVException write_mhpmeventh(CPURISCVState *env, int csrno,
     return RISCV_EXCP_NONE;
 }
 
+static target_ulong riscv_pmu_ctr_get_fixed_counters_val(CPURISCVState *env,
+                                                         int counter_idx,
+                                                         bool upper_half)
+{
+    int inst = riscv_pmu_ctr_monitor_instructions(env, counter_idx);
+    uint64_t *counter_arr_virt = env->pmu_fixed_ctrs[inst].counter_virt;
+    uint64_t *counter_arr = env->pmu_fixed_ctrs[inst].counter;
+    target_ulong result = 0;
+    uint64_t curr_val = 0;
+    uint64_t cfg_val = 0;
+
+    if (counter_idx == 0) {
+        cfg_val = upper_half ? ((uint64_t)env->mcyclecfgh << 32) :
+                  env->mcyclecfg;
+    } else if (counter_idx == 2) {
+        cfg_val = upper_half ? ((uint64_t)env->minstretcfgh << 32) :
+                  env->minstretcfg;
+    } else {
+        cfg_val = upper_half ?
+                  ((uint64_t)env->mhpmeventh_val[counter_idx] << 32) :
+                  env->mhpmevent_val[counter_idx];
+        cfg_val &= MHPMEVENT_FILTER_MASK;
+    }
+
+    if (!cfg_val) {
+        if (icount_enabled()) {
+                curr_val = inst ? icount_get_raw() : icount_get();
+        } else {
+            curr_val = cpu_get_host_ticks();
+        }
+
+        goto done;
+    }
+
+    if (!(cfg_val & MCYCLECFG_BIT_MINH)) {
+        curr_val += counter_arr[PRV_M];
+    }
+
+    if (!(cfg_val & MCYCLECFG_BIT_SINH)) {
+        curr_val += counter_arr[PRV_S];
+    }
+
+    if (!(cfg_val & MCYCLECFG_BIT_UINH)) {
+        curr_val += counter_arr[PRV_U];
+    }
+
+    if (!(cfg_val & MCYCLECFG_BIT_VSINH)) {
+        curr_val += counter_arr_virt[PRV_S];
+    }
+
+    if (!(cfg_val & MCYCLECFG_BIT_VUINH)) {
+        curr_val += counter_arr_virt[PRV_U];
+    }
+
+done:
+    if (riscv_cpu_mxl(env) == MXL_RV32) {
+        result = upper_half ? curr_val >> 32 : curr_val;
+    } else {
+        result = curr_val;
+    }
+
+    return result;
+}
+
 static RISCVException write_mhpmcounter(CPURISCVState *env, int csrno,
                                         target_ulong val)
 {
     int ctr_idx = csrno - CSR_MCYCLE;
     PMUCTRState *counter = &env->pmu_ctrs[ctr_idx];
     uint64_t mhpmctr_val = val;
-    bool instr = riscv_pmu_ctr_monitor_instructions(env, ctr_idx);
 
     counter->mhpmcounter_val = val;
-    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) || instr) {
-        counter->mhpmcounter_prev = get_ticks(false, instr);
+    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) ||
+        riscv_pmu_ctr_monitor_instructions(env, ctr_idx)) {
+        counter->mhpmcounter_prev = riscv_pmu_ctr_get_fixed_counters_val(env,
+                                                                ctr_idx, false);
         if (ctr_idx > 2) {
             if (riscv_cpu_mxl(env) == MXL_RV32) {
                 mhpmctr_val = mhpmctr_val |
@@ -1058,12 +1103,13 @@ static RISCVException write_mhpmcounterh(CPURISCVState *env, int csrno,
     PMUCTRState *counter = &env->pmu_ctrs[ctr_idx];
     uint64_t mhpmctr_val = counter->mhpmcounter_val;
     uint64_t mhpmctrh_val = val;
-    bool instr = riscv_pmu_ctr_monitor_instructions(env, ctr_idx);
 
     counter->mhpmcounterh_val = val;
     mhpmctr_val = mhpmctr_val | (mhpmctrh_val << 32);
-    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) || instr) {
-        counter->mhpmcounterh_prev = get_ticks(true, instr);
+    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) ||
+        riscv_pmu_ctr_monitor_instructions(env, ctr_idx)) {
+        counter->mhpmcounterh_prev = riscv_pmu_ctr_get_fixed_counters_val(env,
+                                                                 ctr_idx, true);
         if (ctr_idx > 2) {
             riscv_pmu_setup_timer(env, mhpmctr_val, ctr_idx);
         }
@@ -1082,7 +1128,6 @@ static RISCVException riscv_pmu_read_ctr(CPURISCVState *env, target_ulong *val,
                                          counter->mhpmcounter_prev;
     target_ulong ctr_val = upper_half ? counter->mhpmcounterh_val :
                                         counter->mhpmcounter_val;
-    bool instr = riscv_pmu_ctr_monitor_instructions(env, ctr_idx);
 
     if (get_field(env->mcountinhibit, BIT(ctr_idx))) {
         /*
@@ -1103,8 +1148,10 @@ static RISCVException riscv_pmu_read_ctr(CPURISCVState *env, target_ulong *val,
      * The kernel computes the perf delta by subtracting the current value from
      * the value it initialized previously (ctr_val).
      */
-    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) || instr) {
-        *val = get_ticks(upper_half, instr) - ctr_prev + ctr_val;
+    if (riscv_pmu_ctr_monitor_cycles(env, ctr_idx) ||
+        riscv_pmu_ctr_monitor_instructions(env, ctr_idx)) {
+        *val = riscv_pmu_ctr_get_fixed_counters_val(env, ctr_idx, upper_half) -
+                                                    ctr_prev + ctr_val;
     } else {
         *val = ctr_val;
     }
diff --git a/target/riscv/pmu.c b/target/riscv/pmu.c
index 0e7d58b8a5..ac648cff8d 100644
--- a/target/riscv/pmu.c
+++ b/target/riscv/pmu.c
@@ -19,6 +19,7 @@
 #include "qemu/osdep.h"
 #include "qemu/log.h"
 #include "qemu/error-report.h"
+#include "qemu/timer.h"
 #include "cpu.h"
 #include "pmu.h"
 #include "sysemu/cpu-timers.h"
@@ -176,6 +177,97 @@ static int riscv_pmu_incr_ctr_rv64(RISCVCPU *cpu, uint32_t ctr_idx)
     return 0;
 }
 
+/*
+ * Information needed to update counters:
+ *  new_priv, new_virt: To correctly save starting snapshot for the newly
+ *                      started mode. Look at array being indexed with newprv.
+ *  old_priv, old_virt: To correctly select previous snapshot for old priv
+ *                      and compute delta. Also to select correct counter
+ *                      to inc. Look at arrays being indexed with env->priv.
+ *
+ *  To avoid the complexity of calling this function, we assume that
+ *  env->priv and env->virt_enabled contain old priv and old virt and
+ *  new priv and new virt values are passed in as arguments.
+ */
+static void riscv_pmu_icount_update_priv(CPURISCVState *env,
+                                         target_ulong newpriv, bool new_virt)
+{
+    uint64_t *snapshot_prev, *snapshot_new;
+    uint64_t current_icount;
+    uint64_t *counter_arr;
+    uint64_t delta;
+
+    if (icount_enabled()) {
+        current_icount = icount_get_raw();
+    } else {
+        current_icount = cpu_get_host_ticks();
+    }
+
+    if (env->virt_enabled) {
+        counter_arr = env->pmu_fixed_ctrs[1].counter_virt;
+        snapshot_prev = env->pmu_fixed_ctrs[1].counter_virt_prev;
+    } else {
+        counter_arr = env->pmu_fixed_ctrs[1].counter;
+        snapshot_prev = env->pmu_fixed_ctrs[1].counter_prev;
+    }
+
+    if (new_virt) {
+        snapshot_new = env->pmu_fixed_ctrs[1].counter_virt_prev;
+    } else {
+        snapshot_new = env->pmu_fixed_ctrs[1].counter_prev;
+    }
+
+     /*
+      * new_priv can be same as env->priv. So we need to calculate
+      * delta first before updating snapshot_new[new_priv].
+      */
+    delta = current_icount - snapshot_prev[env->priv];
+    snapshot_new[newpriv] = current_icount;
+
+    counter_arr[env->priv] += delta;
+}
+
+static void riscv_pmu_cycle_update_priv(CPURISCVState *env,
+                                        target_ulong newpriv, bool new_virt)
+{
+    uint64_t *snapshot_prev, *snapshot_new;
+    uint64_t current_ticks;
+    uint64_t *counter_arr;
+    uint64_t delta;
+
+    if (icount_enabled()) {
+        current_ticks = icount_get();
+    } else {
+        current_ticks = cpu_get_host_ticks();
+    }
+
+    if (env->virt_enabled) {
+        counter_arr = env->pmu_fixed_ctrs[0].counter_virt;
+        snapshot_prev = env->pmu_fixed_ctrs[0].counter_virt_prev;
+    } else {
+        counter_arr = env->pmu_fixed_ctrs[0].counter;
+        snapshot_prev = env->pmu_fixed_ctrs[0].counter_prev;
+    }
+
+    if (new_virt) {
+        snapshot_new = env->pmu_fixed_ctrs[0].counter_virt_prev;
+    } else {
+        snapshot_new = env->pmu_fixed_ctrs[0].counter_prev;
+    }
+
+    delta = current_ticks - snapshot_prev[env->priv];
+    snapshot_new[newpriv] = current_ticks;
+
+    counter_arr[env->priv] += delta;
+}
+
+void riscv_pmu_update_fixed_ctrs(CPURISCVState *env, target_ulong newpriv,
+                                 bool new_virt)
+{
+    riscv_pmu_cycle_update_priv(env, newpriv, new_virt);
+    riscv_pmu_icount_update_priv(env, newpriv, new_virt);
+}
+
 int riscv_pmu_incr_ctr(RISCVCPU *cpu, enum riscv_pmu_event_idx event_idx)
 {
     uint32_t ctr_idx;
