India’s corporate world has put forth a set of very powerful business leaders who range across technology, automobiles, pharmaceuticals, infrastructure, finance, and manufacturing. In 2026, we saw executive compensation reach great heights, which also includes reported salary, bonuses, stock options, ESOPs, commissions, and other benefits.
In FY 2025-26, we see that Sandeep Kalra of Persistent Systems is at the top. By that we mean that he reported a total remuneration of ₹388.58 crore. But do not take this as his set annual salary. That which went to him was mainly in the form of equity-based benefits and stock option exercises.
Sandeep Kalra at Persistent Systems.
Sandeep Kalra, in the post of Executive Director and CEO of Persistent Systems, heads the 2026 remuneration ranking. In FY2025–26, he reported a total comp of ₹388.58 crore, which is a large jump from the past year. Also, in his career, which has seen his association with the growth of tech and digital engineering, we see that his leadership has played a key role in Persistent’s growth in cloud, digital transformation, and artificial intelligence. Also noted is that a great deal of his reported pay was in the form of equity-based benefits as opposed to traditional salary.
2. C. Vijayakumar – HCLTech
C. Vijayakumar, known to many as CVK, is the CEO and MD of HCLTech. In FY2026, he reported a compensation of ₹171.93 crore. What he gets is a mix of fixed pay, performance incentives, and long-term rewards. Under his watch, HCLTech has seen expansion of its global technology, cloud, and digital services businesses.
Pawan Munjal of Hero MotoCorp.
Pawan Munjal, the Executive Chairman of Hero MotoCorp, which is a giant of the industry, saw to it that he received ₹122.31 crore in FY2026. What he has done is lead the change at Hero MotoCorp from a classic player in the two-wheeler space into a global mobility solution provider. Also under his watch, the company went international and developed a great interest in electric mobility.
S. N. Subrahmanyan at Larsen & Toubro.
S. N. Subrahmanyan, who is the Chairman and Managing Director of Larsen & Toubro, earned out 120.84 crores in FY2026. For decades, he has been a part of the engineering and infrastructure sector and also very much in the thick of L&T’s growth, which saw large-scale construction, technology, and infrastructure projects. Also, what is to be noted is that his compensation has seen a great increase from the previous year.
- Murali K. Divi, Divi’s Laboratories, which also does business as Divi Pharms.
Murali K. Divi, who is the Founder and Managing Director of Divi’s Laboratories, received ₹100.26 crore in FY2026. In terms of his career, it is very much tied to India’s pharmaceutical and chemical manufacturing industry. Divi’s Laboratories has grown to become a key player in global pharmaceutical markets, which in turn has made his leadership very prominent in India’s health care manufacturing sector.
6. Salil Parekh – Infosys
Salil Parekh heads the CEO and Managing Director role at Infosys, which is one of India’s preeminent tech companies. In FY2026, his remuneration was ₹82.60 crore. Also a product of extensive international background in consulting and technology, he also saw Infosys through a period of cloud adoption, digital transformation and growth in AI-based services.
- Anil Kanwar, Apollo Tyres.
Neeraj Kanwar, who is the Vice Chairman and Managing Director of Apollo Tyres, received ₹78.41 crore in FY2026. In the late 90s, he joined the company and went on to become its Managing Director. During his tenure, which saw international growth and manufacturing investments, we also put more into automation and new tech.
H. M. Bangur, Shree Cement.
H. M. Bangur, who is the Managing Director of Shree Cement, received in FY2026 a payout of 68.59 crore. A background in chemical engineering from IIT Bombay has been the basis for his association with the company, which has been at the forefront of the very competitive cement industry in India. His name on the list also puts into question the idea that high executive pay is a feature only of the technology sector.
Ambarish Kenghe, Angel One.
Ambarish Kenghe, who is the Group CEO of Angel One, received in FY2026 a sum of 68.23 crore. His career has been at companies like Google, Myntra, Bain & Company, and Cisco Systems. What stands out in his case is the large scale of the increase in his reported pay, which mostly came from ESOPs, which in turn shows how stock-based awards can greatly increase a CEO’s annual package.
- Mohit Joshi at Tech Mahindra.
Mohit Joshi, the CEO and Managing Director of Tech Mahindra which he did in FY2026 saw him get a payout of 67.58 crore. Before joining Tech Mahindra, he spent many years at Infosys in senior-level positions. His experience is in tech, banking, and international business, which gives him the base to lead a global IT services company.
N. Chandrasekaran at Tata Sons.
N. Chandrasekaran is a preeminent Indian corporate leader and the Executive Chair of Tata Sons. In FY2025, he reported a remuneration of ₹155.81 crore, which placed him at the top of India’s paid business leaders in the last report. Also under his watch, the Tata Group expanded into technology, automobility, aviation, and other sectors.
Rajeev Jain Bajaj Finance.
Rajeev Jain has been a key player in India’s financial services industry, which he led at Bajaj Finance. In FY2025, his compensation was reported at 102.10 crore. Also, his career has seen the growth of India’s non-bank financial segment and the rise of digital lending and financial inclusion.
- Vinay Prakash Adani Enterprises is a multi-business conglomerate in India.
In FY2025 Vinay Prakash did see his name on the list of well paid corporate heads which also included him, with a reported pay of 69.34 crore. Also included in this is the fact that his presence on that list speaks to the scale of leadership which is required in India’s infrastructure, energy and business services, which in turn is related to large, diverse groups.
Rajiv Bajaj Bajaj Auto.
Rajiv Bajaj, who is the Managing Director of Bajaj Auto, received in FY2025 the sum of 58.60 crore. He has been a key player in India’s auto space and has played a role in Bajaj Auto’s success, which saw the company strengthen its position in motorcycles and international markets. Also, at a time when the company was shifting focus to premium motorcycles and electric vehicles, his leadership was evident.
15. Srinivas Pallia – Wipro
Srinivas Pallia, who is the CEO and Managing Director of Wipro, was a key technology executive in the FY2025 remuneration rankings, which reported a compensation of ₹53.60 crore for him. His association with Wipro is of several decades, which also included leadership roles in key business units and international markets.
What These Salaries Really Mean
Total compensation in the case of Indian CEOs does not mean the same as fixed salary. Executive packages include base salary, bonuses, commissions, ESOPs, stock options, long-term incentives, and other benefits. For example, in the case of Sandeep Kalra’s FY2026 report, it reported over 94% of his total comp from perquisites and equity-based awards rather than base pay.
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