Corporate India is continuing a trend of lavish compensation at the top, with FY 2025 seeing a select group of senior executives cross the ₹100‑crore mark. At the top stands Sandeep Kalra, the CEO & Executive Director of Persistent Systems, whose total compensation reached approximately ₹148.09 crore during FY 25.
Leading the Pack
- Sandeep Kalra (Persistent Systems) – ₹148.09 crore
Under his leadership, Persistent Systems delivered remarkable stock performance in recent years. This pay package firmly places him as India’s highest‑paid corporate executive in FY 25. - Pawan Munjal (Hero MotoCorp) – ₹109.41 crore
The Executive Chairman of Hero MotoCorp earned over ₹109 crore in FY 25, consolidating his status as the best‑paid executive in India’s auto sector. - Rajeev Jain (Bajaj Finance) – ₹102.10 crore
As Executive Vice Chairman, Rajeev Jain crossed the ₹100 crore threshold for the second consecutive year, reflecting Bajaj Finance’s robust growth. - C Vijayakumar (HCLTech) – ₹94.6 crore
The highest‑paid executive in the Indian IT sector for FY 25, his package included base salary, performance bonuses, and RSUs. His total compensation rose from about ₹84 crore the previous year. - Murali K Divi (Divi’s Laboratories) – ₹88.15 crore
The MD of Hyderabad‑based API maker Divi’s Laboratories benefited from a sizeable profit‑linked bonus, resulting in a nearly 38% increase over the previous year. - Salil Parekh (Infosys) – ₹80.62 crore
Infosys CEO Salil Parekh saw a 21.7% rise in compensation, of which nearly ₹50 crore came through exercised stock options. His total reached approximately ₹80.6 crore in FY 25. - S. N. Subrahmanyan (Larsen & Toubro) – ₹76.25 crore
Since taking over in 2017, SN Subrahmanyan has steered L&T across infrastructure and technology domains. His FY 25 payout rose by nearly 50% over the prior year.
Broader Perspective
- The average CEO compensation across listed Indian companies in FY 24 was just ₹7.2 crore. These top executives earn multiples of that average, reflecting corporate ambition and performance incentives.
- While IT sector leaders like Vijayakumar and Parekh earn lavish packages, remarkable pay levels also come from financial services, automotive, pharmaceuticals, and engineering conglomerates.
What’s Behind These Astronomical Pay Packages?
- Performance‑Linked Bonuses and Stock Awards: A significant chunk of these packages comes from performance bonuses and long‑term stock-based incentives, rewarding value creation and shareholder returns.
- High‑Growth Businesses: These executives lead companies that have delivered strong financial performance, often expanding rapidly in global markets, be it in fintech, APIs, or engineering services.
- Board Governance and Peer Benchmarks: Compensation committees are benchmarking packages against global peers, especially in publicly listed firms, ensuring Indian CEOs stay competitive.
- Retention Strategy: With global demand for leadership talent rising, companies are using hefty packages to retain and motivate key executives.
Conclusion
In FY 25, Sandeep Kalra made headlines as the top‑paid executive in India with an astounding ₹148 crore package, far ahead of his peers. Close behind are top performers in consumer finance, IT, pharma, and infrastructure. These compensation figures reflect both individual leadership and the rapid growth dynamics of their industries. As boards increasingly tie pay to performance, it’s likely that next year’s list will feature similar high‑value packages as companies seek to reward and retain effective leadership.