S. N. Subrahmanyan was paid ₹120.84 crore by Larsen & Toubro for the year to 31 March 2026. Over the same twelve months Challa Sreenivasulu Setty, chairman of State Bank of India, was paid ₹0.43 crore. Mukesh Ambani’s line in the Reliance Industries report reads Nil, and at Eternal both Deepinder Goyal and Albinder Dhindsa, who took over from him as chief executive on 1 February, waived their salaries. At Max Healthcare, Abhay Soi was entitled to variable pay for the year and gave up all of it.
The table below lists every chief executive of the 50 companies in the Nifty 50 for that year, with the pay each company printed in its own filing. Where a company changed chief executive during the year, both people appear, each against the months they held the job.
What the footnotes change
Infosys counts stock options as pay. Of the ₹82.60 crore it printed for Salil Parekh, ₹50.75 crore came from exercising restricted stock units. Bharti Airtel leaves the equivalent out. It printed ₹217,291,098 for Gopal Vittal’s nine months as chief executive, and a note under the table says the figure does not include ₹802,270,354 from stock options he exercised during the year. Add the two and, on our arithmetic, Vittal’s year comes to more than ₹100 crore, above Parekh’s.
The same split runs through the index. Larsen & Toubro, Mahindra & Mahindra and Tech Mahindra include gains from stock options, as Infosys does, while ICICI Bank, Kotak Mahindra Bank and Hindalco leave them out. Adani Ports, Grasim, HCLTech and UltraTech count a bonus earned the year before and paid this year. HCLTech prints its figure in dollars and Tech Mahindra in pounds. So the table opens in alphabetical order. You can sort it by pay, filter it by sector or ownership, and open any entry to see how the figure is made up, with the company’s own notes and a link to the filing. Tags beside each number say when it includes stock awards, leaves them out or covers only part of the year.
50companies
64chief executives
10companies changed CEO in the year
13figures include stock awards
4drew nothing
4with no total printed
Adani EnterprisesMetals & MiningRajesh S. AdaniManaging Director₹12.00 crore
| SalaryFixed pay | 3.44 |
|---|---|
| PerquisitesFixed pay | 0.56 |
| CommissionVariable pay | 7.99 |
| Total as printed | 12.00 |
Salary 3.44, perquisites 0.56, commission 7.99 (₹ crore).
Source: Integrated Annual Report 2025-26
Adani Ports and SEZServicesKaran AdaniManaging Director₹839.96 lakh₹8.40 crore
| SalaryFixed pay | 765.48 |
|---|---|
| PerquisitesFixed pay | 74.48 |
| Total as printed | 839.96 |
Includes variable pay for FY 2024-25. FY 2025-26 variable pay is paid in FY 2026-27. The company has no stock option scheme.
Source: Integrated Annual Report 2025-26
Adani Ports and SEZServicesAshwani GuptaWhole-Time Director and CEO₹3,112.23 lakh₹31.12 crore
| SalaryFixed pay | 3,047.78 |
|---|---|
| PerquisitesFixed pay | 64.45 |
| Total as printed | 3,112.23 |
Includes variable pay for FY 2024-25. FY 2025-26 variable pay is paid in FY 2026-27.
Source: Integrated Annual Report 2025-26
Apollo HospitalsHealthcareSuneeta ReddyManaging Director₹95.34 million₹9.53 crore
| Fixed payFixed pay | 55.00 |
|---|---|
| Variable payVariable pay | 40.34 |
| Total as printed | 95.34 |
Fixed 55.00, variable 40.34 (₹ million). Printed on a consolidated basis. Executive Chairman Prathap C Reddy is not listed here; see how we chose.
Source: Annual Report 2025-26
Asian PaintsConsumer DurablesAmit SyngleManaging Director and CEO₹31,24,46,860₹31.24 crore
| Basic salaryFixed pay | 5,94,72,000 |
|---|---|
| Stock options exercised (inside perquisites)Stock awards | 3,73,29,974 |
| Other perquisites (our subtraction from 9,89,74,860)Fixed pay | 6,16,44,886 |
| CommissionVariable pay | 15,40,00,000 |
| Total as printed | 31,24,46,860 |
Includes ₹3,73,29,974 from exercising stock options granted in earlier years. Excludes stock options worth ₹14,12,00,000 granted for FY 2025-26.
Source: Integrated Annual Report 2025-26
Axis BankFinancial ServicesAmitabh ChaudhryManaging Director and CEO₹102,987,665₹10.30 crore
| Basic salaryFixed pay | 50,522,928 |
|---|---|
| Leave fare concessionFixed pay | 999,996 |
| House rent allowanceFixed pay | 14,034,144 |
| Variable pay 2024-25Variable pay | 10,604,177 |
| Variable pay 2023-24Variable pay | 3,456,265 |
| Variable pay 2022-23Variable pay | 3,300,000 |
| Variable pay 2021-22Variable pay | 3,264,000 |
| SuperannuationRetirement and other | 5,052,292 |
| Utility allowanceFixed pay | 375,000 |
| Perquisites (excluding stock options)Fixed pay | 11,378,863 |
| Our sum | 102,987,665 |
Our sum of the printed parts; no total is printed. Includes deferred variable pay for four earlier years. Perquisites exclude stock options. Provident fund and gratuity are stated as formulas, not amounts.
Source: Integrated Annual Report 2025-26
Bajaj AutoAutomobile and Auto ComponentsRajiv BajajManaging Director and CEO₹588,736,785₹58.87 crore
| Salary and perquisitesFixed pay | 236,588,385 |
|---|---|
| CommissionVariable pay | 352,148,400 |
| Total as printed | 588,736,785 |
Salary and perquisites ₹236,588,385, commission ₹352,148,400.
Source: Annual Report 2025-26
Bajaj FinanceFinancial ServicesAnup SahaManaging DirectorUntil 21 July 2025₹127,498,693₹12.75 crore
| Gross salaryFixed pay | 83686007 |
|---|---|
| Stock optionsStock awards | 43812686 |
| Total as printed | 127,498,693 |
Salary ₹83,686,007 and stock options ₹43,812,686. The annual report points readers to the annual return for this figure.
Bajaj FinanceFinancial ServicesRajeev JainVice Chairman and Managing DirectorMD from 22 July 2025₹607,754,131₹60.78 crore
| Gross salaryFixed pay | 155574373 |
|---|---|
| Stock optionsStock awards | 452179758 |
| Total as printed | 607,754,131 |
Salary ₹155,574,373 and stock options ₹452,179,758. Executive Vice Chairman before 22 July 2025.
Bajaj FinservFinancial ServicesSanjiv BajajChairman and Managing Director₹48.59 crore
Salary and other compensation. The company has not issued him stock options.
Source: Annual Report 2025-26
Bharat ElectronicsCapital Goods · Government-ownedManoj JainChairman and Managing Director₹1,04,09,329₹1.04 crore
| Salaries and allowancesFixed pay | 59,80,986 |
|---|---|
| Performance-linked incentiveVariable pay | 27,16,834 |
| Other benefits and perquisitesFixed pay | 17,11,509 |
| Total as printed | 1,04,09,329 |
Salary 59,80,986, performance-linked incentive 27,16,834, other benefits 17,11,509.
Source: Integrated Annual Report 2025-26
Bharti AirtelTelecommunicationGopal VittalManaging Director and CEOUntil 31 December 2025₹217,291,098₹21.73 crore
| Salary and allowancesFixed pay | 130,248,084 |
|---|---|
| Performance-linked incentiveVariable pay | 87,036,294 |
| PerquisitesFixed pay | 6,720 |
| Total as printed | 217,291,098 |
Excludes ₹802,270,354 from stock options he exercised during the year. Executive Vice Chairman from 1 January 2026.
Source: Integrated Report and Annual Financial Statements 2025-26
Bharti AirtelTelecommunicationShashwat SharmaManaging Director and CEO (Airtel India)From 1 January 2026₹18,833,025₹1.88 crore
| Salary and allowancesFixed pay | 13,848,477 |
|---|---|
| Performance-linked incentiveVariable pay | 4,972,968 |
| PerquisitesFixed pay | 11,580 |
| Total as printed | 18,833,025 |
Covers three months, 1 January to 31 March 2026.
Source: Integrated Report and Annual Financial Statements 2025-26
Read the story behind this figure · Read our profile of Shashwat Sharma · Link to this entry
BSEFinancial ServicesSundararaman RamamurthyManaging Director and CEO₹8,64,94,321₹8.65 crore
| Basic salaryFixed pay | 2,47,88,061 |
|---|---|
| Allowances and perquisitesFixed pay | 3,97,56,692 |
| Variable payVariable pay | 1,89,75,000 |
| Provident fundRetirement and other | 29,74,568 |
| Total as printed | 8,64,94,321 |
Excludes the 50% of variable pay that is deferred for three years; includes earlier years’ deferred pay. No stock options.
Source: Integrated Annual Report 2025-26
CiplaHealthcareUmang VohraManaging Director and Global CEO₹390,599,204₹39.06 crore
| Gross salaryFixed pay | 19500000 |
|---|---|
| Stock optionsStock awards | 24756596 |
| OthersRetirement and other | 346342608 |
| Total as printed | 390,599,204 |
Salary ₹19,500,000, stock options ₹24,756,596, others ₹346,342,608. The annual report says FY 2025-26 pay includes a one-time long-term incentive of ₹25 crore. Achin Gupta took over on 1 April 2026.
Source: Annual Return (Form MGT-7) 2025-26 · Annual Report 2025-26
Coal IndiaOil Gas & Consumable Fuels · Government-ownedP.M. PrasadChairman cum Managing DirectorUntil 31 October 2025Not disclosed
The report prints pay only for directors in office on 31 March 2026.
Source: Integrated Annual Report 2025-26
Coal IndiaOil Gas & Consumable Fuels · Government-ownedSanoj Kumar JhaChairman cum Managing Director (additional charge)1 November to 15 December 2025Not disclosed
The report prints pay only for directors in office on 31 March 2026.
Source: Integrated Annual Report 2025-26
Coal IndiaOil Gas & Consumable Fuels · Government-ownedB. SairamChairman cum Managing DirectorFrom 15 December 2025₹81,38,718.55₹0.81 crore
| SalaryFixed pay | 77,66,341.48 |
|---|---|
| BenefitsFixed pay | 3,72,377.07 |
| Total as printed | 81,38,718.55 |
Salary 77,66,341.48, benefits 3,72,377.07. No stock options.
Source: Integrated Annual Report 2025-26
Dr. Reddy’s LaboratoriesHealthcareG V PrasadCo-Chairman and Managing Director₹158.17 million₹15.82 crore
| SalariesFixed pay | 22.02 |
|---|---|
| PerquisitesFixed pay | 4.95 |
| CommissionVariable pay | 131.20 |
| Total as printed | 158.17 |
Salary 22.02, perquisites 4.95, commission 131.20 (₹ million).
Source: Integrated Annual Report 2025-26
Dr. Reddy’s LaboratoriesHealthcareErez IsraeliChief Executive OfficerNo total printed
The report gives his FY 2025-26 fixed salary as ₹7.3 crore, with target variable pay of 100% and long-term incentives valued at ₹15.30 crore vesting after three years.
Source: Integrated Annual Report 2025-26
Eicher MotorsAutomobile and Auto ComponentsGovindarajan BalakrishnanManaging Director₹10.54 crore
| Fixed compensationFixed pay | 6.56 |
|---|---|
| Variable compensationVariable pay | 3.98 |
| Total as printed | 10.54 |
Fixed ₹6.56 crore, variable ₹3.98 crore. Excludes ₹0.36 crore of post-employment and long-term benefits.
Source: Integrated Annual Report 2025-26
EternalConsumer ServicesDeepinder GoyalManaging Director and CEOUntil 1 February 2026Nil
Waived his salary from 1 April 2021 until he stepped down. Excludes the value of stock options exercised during the year.
Source: Annual Report 2025-26
Read the story behind this figure · Read our profile of Deepinder Goyal · Link to this entry
EternalConsumer ServicesAlbinder Singh DhindsaChief Executive OfficerFrom 1 February 2026Nil
Waived his salary from 1 February 2026. Excludes the value of stock options exercised during the year.
Source: Annual Report 2025-26
Read the story behind this figure · Read our profile of Albinder Singh Dhindsa · Link to this entry
Grasim IndustriesConstruction MaterialsHimanshu KapaniaManaging Director₹21.62 crore
| Salary, benefits, bonus, pensionFixed pay | 11.54 |
|---|---|
| Performance-linked incentive for FY 2024-25Variable pay | 10.08 |
| Our sum | 21.62 |
Our sum; no total is printed. Salary and benefits ₹11.54 crore plus ₹10.08 crore performance pay for FY 2024-25. Stock options exercised: nil.
Source: Integrated Annual Report 2025-26
HCLTechInformation TechnologyC. VijayakumarCEO and Managing DirectorUSD 18.13 million
| Base salaryFixed pay | 2.48 |
|---|---|
| Performance-linked bonus (for FY 2024-25)Variable pay | 2.00 |
| Long-term incentive, cashVariable pay | 3.94 |
| Long-term incentive, stock units exercisedStock awards | 9.40 |
| Benefits and perquisitesFixed pay | 0.31 |
| Total as printed | 18.13 |
Paid by HCL America, a subsidiary. Includes USD 9.40 million from exercising stock units, plus bonus and long-term incentive cash earned in earlier years. Not converted.
Source: Integrated Annual Report 2025-26
HDFC BankFinancial ServicesSashidhar JagdishanManaging Director and CEO₹15,12,50,779₹15.13 crore
| BasicFixed pay | 3,30,90,088 |
|---|---|
| Allowances and perquisitesFixed pay | 3,63,30,065 |
| Provident fundRetirement and other | 39,70,812 |
| SuperannuationRetirement and other | 49,63,512 |
| Performance bonusVariable pay | 7,28,96,302 |
| Our sum | 15,12,50,779 |
Our sum of the printed parts; no total is printed. Performance bonus ₹7,28,96,302 includes deferred pay from earlier years. Stock options granted are shown as a count.
Source: Integrated Annual Report 2025-26
HDFC LifeFinancial ServicesVibha PadalkarManaging Director and CEO₹949 lakh₹9.49 crore
| Fixed payFixed pay | 618 |
|---|---|
| Variable payVariable pay | 331 |
| Total as printed | 949 |
Fixed 618, variable 331 (₹ lakh).
Source: Integrated Annual Report 2025-26
Read the story behind this figure · Read our profile of Vibha Padalkar · Link to this entry
Hindalco IndustriesMetals & MiningSatish PaiManaging Director₹3,302.41 lakh₹33.02 crore
Excludes stock options exercised during the year. Set for responsibilities across Hindalco and Novelis.
Source: Annual Report 2025-26
Hindustan UnileverFast Moving Consumer GoodsRohit JawaManaging Director and CEOUntil 31 July 2025₹14.44 crore
| Base salaryFixed pay | 1.22 |
|---|---|
| AllowancesFixed pay | 2.44 |
| BonusVariable pay | 2.22 |
| Long-term share incentivesStock awards | 8.15 |
| Other perquisitesFixed pay | 0.23 |
| Provident fundRetirement and other | 0.17 |
| Total as printed | 14.44 |
Includes ₹8.15 crore of long-term share incentives. Bonus and perquisites are net of income tax, which the company pays.
Source: Integrated Annual Report 2025-26
Hindustan UnileverFast Moving Consumer GoodsPriya NairManaging Director and CEOFrom 1 August 2025₹18.19 crore
| Base salaryFixed pay | 2.50 |
|---|---|
| AllowancesFixed pay | 9.51 |
| BonusVariable pay | 1.70 |
| Long-term share incentivesStock awards | 4.48 |
| Total as printed | 18.19 |
Includes ₹4.48 crore of long-term share incentives. Bonus and perquisites are net of income tax, which the company pays.
Source: Integrated Annual Report 2025-26
ICICI BankFinancial ServicesSandeep BakhshiManaging Director and CEO₹106,173,562₹10.62 crore
| BasicFixed pay | 34,647,600 |
|---|---|
| Performance bonusVariable pay | 34,932,563 |
| Allowances and perquisitesFixed pay | 29,549,542 |
| Provident fundRetirement and other | 4,157,712 |
| Gratuity fundRetirement and other | 2,886,145 |
| Our sum | 106,173,562 |
Our sum of the printed parts; no total is printed. Bonus includes deferred amounts from earlier years. Excludes stock options exercised.
Source: Annual Report 2025-26
InfosysInformation TechnologySalil ParekhCEO and Managing Director₹82.60 crore
| Base salaryFixed pay | 7.97 |
|---|---|
| Retiral benefitsRetirement and other | 0.53 |
| Bonus and variable payVariable pay | 23.35 |
| Stock units exercisedStock awards | 50.75 |
| Total as printed | 82.60 |
Includes ₹50.75 crore from exercising stock units. Fixed ₹8.50 crore, variable ₹23.35 crore.
Source: Annual Report 2026
InterGlobe Aviation (IndiGo)ServicesRahul BhatiaManaging DirectorNil
The report states he does not receive any remuneration from the company.
Source: Annual Report 2025-26
InterGlobe Aviation (IndiGo)ServicesPieter ElbersChief Executive OfficerUntil 10 March 2026Not disclosed
The report gives only a combined figure for its key managers.
Source: Annual Report 2025-26
ITCFast Moving Consumer GoodsS. PuriChairman and Managing Director₹2,391.52 lakh₹23.92 crore
| SalaryFixed pay | 385.92 |
|---|---|
| Perquisites and other benefitsFixed pay | 88.03 |
| Bonus, long-term incentives and commissionVariable pay | 1,917.57 |
| Total as printed | 2,391.52 |
Salary 385.92, perquisites 88.03, bonus, long-term incentives and commission 1,917.57 (₹ lakh).
Jio Financial ServicesFinancial ServicesHitesh SethiaManaging Director and CEO₹10.40 crore
| Fixed salaryFixed pay | 5.29 |
|---|---|
| Performance payVariable pay | 4.35 |
| PerquisitesFixed pay | 0.275 |
| Retiral benefitsRetirement and other | 0.49 |
| Total as printed | 10.40 |
Includes performance pay for earlier years paid in FY 2025-26. The company has no stock option scheme.
Source: Annual Report 2025-26
JSW SteelMetals & MiningSajjan JindalChairman and Managing Director₹58.20 crore
| Salary including provident fundFixed pay | 11.66 |
|---|---|
| PerquisitesFixed pay | 2.61 |
| Profit-linked commissionVariable pay | 43.93 |
| Total as printed | 58.20 |
Includes profit-linked commission of ₹43.93 crore.
Source: Integrated Report 2025-26
JSW SteelMetals & MiningJayant AcharyaJoint Managing Director and CEO₹14.80 crore
| Salary including provident fundFixed pay | 7.32 |
|---|---|
| Perquisites, including stock options exercised (amount not split)Includes stock, not split | 7.48 |
| Total as printed | 14.80 |
Perquisites of ₹7.48 crore include stock options exercised.
Source: Integrated Report 2025-26
Kotak Mahindra BankFinancial ServicesAshok VaswaniManaging Director and CEO₹1,723.47 lakh₹17.23 crore
| BasicFixed pay | 531.00 |
|---|---|
| Allowances and benefitsFixed pay | 102.44 |
| Provident fundRetirement and other | 74.27 |
| SuperannuationRetirement and other | 1.00 |
| Stock appreciation rights paid outVariable pay | 667.72 |
| Annual incentiveVariable pay | 320.00 |
| Deferred cashVariable pay | 26.04 |
| OthersRetirement and other | 1.00 |
| Total as printed | 1,723.47 |
Includes ₹667.72 lakh of stock appreciation rights paid out. Excludes gratuity, car and stock options exercised.
Source: Integrated Annual Report 2025-26, Corporate Governance
Larsen & ToubroConstructionS. N. SubrahmanyanChairman and Managing Director₹120.84 crore
| SalaryFixed pay | 4.32 |
|---|---|
| Perquisites other than stock optionsFixed pay | 3.63 |
| Stock options exercisedStock awards | 16.72 |
| Retirement benefitsRetirement and other | 21.36 |
| CommissionVariable pay | 74.80 |
| Total as printed | 120.84 |
Includes commission ₹74.80 crore, retirement benefits ₹21.36 crore and ₹16.72 crore from stock options exercised.
Source: Integrated Annual Report 2025-26
Mahindra & MahindraAutomobile and Auto ComponentsAnish ShahGroup CEO and Managing Director₹6,406.40 lakh₹64.06 crore
| Salary (includes performance pay of 1,020.05)Fixed pay | 2,149.59 |
|---|---|
| Contribution to fundsRetirement and other | 79.00 |
| Allowances and perquisitesFixed pay | 0.67 |
| Stock optionsStock awards | 4,177.13 |
| Total as printed | 6,406.40 |
Includes ₹4,177.13 lakh from stock options and performance pay of ₹1,020.05 lakh.
Source: Annual Report 2025-26
Maruti SuzukiAutomobile and Auto ComponentsHisashi TakeuchiManaging Director and CEO₹62,202,700₹6.22 crore
| Salary and perquisitesFixed pay | 40,788,700 |
|---|---|
| Performance-linked bonusVariable pay | 21,414,000 |
| Total as printed | 62,202,700 |
Salary and perquisites ₹40,788,700, performance-linked bonus ₹21,414,000, subject to board approval.
Source: Integrated Report 2025-26
Max HealthcareHealthcareAbhay SoiChairman and Managing Director₹27,37,71,228₹27.38 crore
| Fixed payFixed pay | 27,37,31,628 |
|---|---|
| PerquisitesFixed pay | 39,600 |
| Total as printed | 27,37,71,228 |
He waived his variable pay for FY 2025-26. The report separately states ₹8,56,92,526 of FY 2024-25 variable pay was paid during the year.
Source: Integrated Annual Report 2025-26
Nestlé IndiaFast Moving Consumer GoodsSuresh NarayananChairman and Managing DirectorUntil 31 July 2025₹180.8 million₹18.08 crore
| Salaries and allowanceFixed pay | 46.1 |
|---|---|
| PerquisitesFixed pay | 104.3 |
| Provident fundRetirement and other | 1.8 |
| Commission and performance incentiveVariable pay | 28.6 |
| Total as printed | 180.8 |
Nestlé IndiaFast Moving Consumer GoodsManish TiwaryChairman and Managing DirectorFrom 1 August 2025₹260.6 million₹26.06 crore
| Salaries and allowanceFixed pay | 99.5 |
|---|---|
| PerquisitesFixed pay | 18.7 |
| Provident fundRetirement and other | 6.4 |
| Commission and performance incentiveVariable pay | 136.0 |
| Total as printed | 260.6 |
Includes a lump sum on completing his first year, compensating for long-term incentives he gave up.
Source: Annual Report 2025-26
NTPCPower · Government-ownedGurdeep SinghChairman and Managing Director₹2,74,51,520₹2.75 crore
| SalaryFixed pay | 86,59,368 |
|---|---|
| Benefits (include retirement benefits)Retirement and other | 1,42,52,252 |
| Performance-linked incentiveVariable pay | 45,39,900 |
| Total as printed | 2,74,51,520 |
Salary 86,59,368, benefits 1,42,52,252 (including retirement benefits), incentive 45,39,900.
Source: Integrated Annual Report 2025-26
ONGCOil Gas & Consumable Fuels · Government-ownedArun Kumar SinghChairman and CEO₹11.68 million₹1.17 crore
| Salary including DAFixed pay | 5.27 |
|---|---|
| Other benefits and perksFixed pay | 2.24 |
| Performance incentiveVariable pay | 2.34 |
| Leave provisionRetirement and other | 0.19 |
| Provident fund and NPSRetirement and other | 1.26 |
| Gratuity and retirement provisionRetirement and other | 0.38 |
| Total as printed | 11.68 |
Includes provisions for leave, gratuity and retirement benefits.
Source: Integrated Annual Report 2025-26
Power GridPower · Government-ownedRavindra Kumar TyagiChairman and Managing Director₹1,27,21,859₹1.27 crore
| SalaryFixed pay | 66,45,645 |
|---|---|
| BenefitsFixed pay | 30,99,290 |
| Performance-linked incentiveVariable pay | 29,76,924 |
| Total as printed | 1,27,21,859 |
Salary 66,45,645, benefits 30,99,290, incentive 29,76,924.
Source: Annual Report 2025-26
Reliance IndustriesOil Gas & Consumable FuelsMukesh D. AmbaniChairman and Managing DirectorNil
SBI Life InsuranceFinancial ServicesAmit JhingranManaging Director and CEO₹133.54 lakh₹1.34 crore
| SalaryFixed pay | 103.95 |
|---|---|
| PerquisitesFixed pay | 29.59 |
| Total as printed | 133.54 |
Salary 103.95, perquisites 29.59 (₹ lakh). He is on deputation from SBI, which the company reimburses.
Shriram FinanceFinancial ServicesY. S. ChakravartiManaging Director and CEOUntil 4 December 2025₹21,400,338₹2.14 crore
| SalaryFixed pay | 10,804,593 |
|---|---|
| Provident fundRetirement and other | 629,071 |
| Leave encashmentRetirement and other | 2,837,472 |
| GratuityRetirement and other | 2,000,000 |
| Benefits under the PSAR plan, which the company describes as cash settledVariable pay | 4,051,913 |
| Perquisite under Income Tax ActFixed pay | 1,077,289.00 |
| Total as printed | 21,400,338 |
Includes leave encashment ₹2,837,472, gratuity ₹2,000,000 and ₹4,051,913 under a share-linked plan.
Source: Annual Report 2025-26
Shriram FinanceFinancial ServicesParag SharmaManaging Director and CEOFrom 5 December 2025₹15,341,740₹1.53 crore
| SalaryFixed pay | 13,286,380 |
|---|---|
| Provident fundRetirement and other | 943,644 |
| National Pension SystemRetirement and other | 1,100,916 |
| Perquisite under Income Tax ActFixed pay | 10,800.00 |
| Total as printed | 15,341,740 |
Printed against his MD and CEO row. He was MD and CFO until 4 December 2025.
Source: Annual Report 2025-26
State Bank of IndiaFinancial Services · Government-ownedChalla Sreenivasulu SettyChairman₹0.43 crore
| BasicFixed pay | 0.27 |
|---|---|
| Dearness allowanceFixed pay | 0.16 |
| OtherFixed pay | 0.006 |
| Total as printed | 0.43 |
Basic 0.27, dearness allowance 0.16, other 0.006 (₹ crore).
Source: Annual Report 2025-26
Sun PharmaceuticalHealthcareDilip ShanghviManaging Director, then Executive ChairmanMD until 31 August 2025₹70.6 million₹7.06 crore
| SalaryFixed pay | 53.3 |
|---|---|
| BonusVariable pay | 10.7 |
| Perquisites and benefitsFixed pay | 6.6 |
| Total as printed | 70.6 |
For the full year. Salary 53.3, bonus 10.7, perquisites 6.6 (₹ million).
Source: Annual Report 2025-26
Sun PharmaceuticalHealthcareKirti GanorkarManaging DirectorFrom 1 September 2025₹58.7 million₹5.87 crore
| SalaryFixed pay | 51.9 |
|---|---|
| BonusVariable pay | 4.2 |
| Perquisites and benefitsFixed pay | 2.6 |
| Total as printed | 58.7 |
Tata Consultancy ServicesInformation TechnologyK KrithivasanCEO and Managing Director₹2,811.3 lakh₹28.11 crore
| SalaryFixed pay | 167.6 |
|---|---|
| Benefits, perquisites and allowancesFixed pay | 143.7 |
| CommissionVariable pay | 2,500.0 |
| Our sum | 2,811.3 |
Our sum; no total is printed. Salary 167.6, benefits 143.7, commission 2,500.0 (₹ lakh).
Source: Annual Report 2025-26
Tata Consumer ProductsFast Moving Consumer GoodsSunil D’SouzaManaging Director and CEO₹1,584.95 lakh₹15.85 crore
| SalaryFixed pay | 1152.41 |
|---|---|
| Allowances and perquisitesFixed pay | 392.53 |
| Contribution to retiral fundsRetirement and other | 40.01 |
| Total as printed | 1,584.95 |
Long-term incentives are paid in performance share units and counted over three years as they vest.
Source: Integrated Annual Report 2025-26
Tata Motors Passenger VehiclesAutomobile and Auto ComponentsShailesh ChandraManaging Director and CEOFrom 1 October 2025₹680.30 lakh₹6.80 crore
| Basic salaryFixed pay | 90.52 |
|---|---|
| Benefits, perquisites and allowancesFixed pay | 166.10 |
| Commission, bonus and incentiveVariable pay | 303.55 |
| Retirement benefitsRetirement and other | 13.58 |
| Stock options and share unitsStock awards | 106.55 |
| Total as printed | 680.30 |
Covers 1 October 2025 to 31 March 2026. Includes ₹106.55 lakh of stock option and share unit charges that vest only on performance.
Tata SteelMetals & MiningT. V. NarendranCEO and Managing Director₹2,066.07 lakh₹20.66 crore
| BasicFixed pay | 233.75 |
|---|---|
| Perquisites and allowancesFixed pay | 332.32 |
| CommissionVariable pay | 1,500.00 |
| Total as printed | 2,066.07 |
Includes commission of ₹1,500 lakh for FY 2025-26, paid in FY 2026-27. The company has no stock option plan.
Tech MahindraInformation TechnologyMohit JoshiManaging Director and CEOGBP 5.40 million
| SalaryFixed pay | 1.36 |
|---|---|
| Stock options exercisedStock awards | 2.93 |
| Performance pay and bonusVariable pay | 1.11 |
| Total as printed | 5.40 |
Includes GBP 2.93 million from exercising stock options. Salary GBP 1.36 million, performance pay GBP 1.11 million. Not converted.
Source: Integrated Annual Report 2025-26
Titan CompanyConsumer DurablesC K VenkataramanManaging DirectorUntil 31 December 2025₹12,22,05,815₹12.22 crore
| Basic salaryFixed pay | 1,41,21,000 |
|---|---|
| Perquisites and allowanceFixed pay | 2,30,84,815 |
| CommissionVariable pay | 8,50,00,000 |
| Our sum | 12,22,05,815 |
Our sum; no total is printed. Includes commission of ₹8,50,00,000, payable after the AGM.
Source: Annual Report 2025-26
Titan CompanyConsumer DurablesAjoy ChawlaManaging DirectorFrom 1 January 2026₹2,95,97,925₹2.96 crore
| Basic salaryFixed pay | 36,00,000 |
|---|---|
| Perquisites and allowanceFixed pay | 79,97,925 |
| CommissionVariable pay | 1,80,00,000 |
| Our sum | 2,95,97,925 |
Our sum; no total is printed. Includes commission of ₹1,80,00,000, payable after the AGM.
Source: Annual Report 2025-26
TrentConsumer ServicesP. VenkatesaluManaging Director₹14.77 crore
| Basic salaryFixed pay | 2.93 |
|---|---|
| Perquisites and allowancesFixed pay | 3.27 |
| Bonus and incentivesVariable pay | 8.43 |
| RetiralsRetirement and other | 0.15 |
| Total as printed | 14.77 |
Bonus and incentives of ₹8.43 crore include payments under the Long Term Incentive Plan 2022.
Source: Integrated Annual Report 2025-26
UltraTech CementConstruction MaterialsK. C. JhanwarManaging Director₹28,69,02,115₹28.69 crore
| Salary, benefits, pensionsFixed pay | 23,75,01,115 |
|---|---|
| Performance-linked incentive for FY 2024-25Variable pay | 4,94,01,000 |
| Our sum | 28,69,02,115 |
Our sum; no total is printed. Salary and benefits ₹23,75,01,115 plus ₹4,94,01,000 incentive for FY 2024-25.
No one matches those filters.
How the table was built
The 50 companies are those on NSE’s list of Nifty 50 constituents on 8 October 2026, after the index change of 30 September that brought in BSE. For each one we read the remuneration table for the top executive post, whatever the company calls it: managing director, chief executive, or both. Where a company splits that job, as Adani Ports, JSW Steel and Dr. Reddy’s do, both people appear. At State Bank of India the post is chairman. Executive chairmen who hold neither title, such as Siddhartha Lal at Eicher Motors, Prathap C Reddy at Apollo Hospitals and Sunil Bharti Mittal at Bharti Airtel, are not included.
Each figure was found in the text of the document it links to before it went into the table. Where a company printed the parts of a package but no total, we added them up, and the row says so. Bajaj Finance and Cipla print the individual figure in their annual return, Form MGT-7, rather than in the annual report, so those two rows come from the annual return. Crore figures are our conversion of the printed number, to two decimal places. Pay printed in dollars or pounds is left in that currency.
Each breakdown lists the components exactly as the company printed them, and they add up to the total. We group them into fixed pay, variable pay, stock awards, and retirement and other, which is our grouping, not the company’s. Sector is NSE’s own industry classification. Government-owned means the company’s annual report describes it as a Government Company, which covers Bharat Electronics, Coal India, NTPC, ONGC and Power Grid, or, for State Bank of India, that the Government of India held 55.03% of its shares on 31 March 2026.
Four rows in the table carry no total. IndiGo’s report gives one combined figure for its key managers, so Pieter Elbers, chief executive until 10 March 2026, has none of his own. Coal India prints pay only for directors in office on 31 March 2026, which leaves out P.M. Prasad and Sanoj Kumar Jha, two of its three chairmen during the year. Dr. Reddy’s describes Erez Israeli’s pay structure but prints no total for him.
This page records the year to 31 March 2026 as the companies reported it. The figures for the following year will get a page of their own.
Questions
Which Nifty 50 chief executive was paid the most in FY26?
The largest rupee figure printed was S. N. Subrahmanyan’s ₹120.84 crore at Larsen & Toubro, which includes ₹21.36 crore of retirement benefits and ₹16.72 crore from stock options. HCLTech printed USD 18.13 million for C. Vijayakumar, paid by its American subsidiary. Companies count stock options differently, so the printed figures do not rank cleanly against each other.
Which Nifty 50 chief executives drew no pay in FY26?
Mukesh Ambani, whose pay Reliance Industries printed as Nil. Deepinder Goyal and Albinder Dhindsa at Eternal, who both waived their salaries. And Rahul Bhatia, managing director of IndiGo, who the company says receives no remuneration from it.
How much was the State Bank of India chairman paid in FY26?
Challa Sreenivasulu Setty was paid ₹0.43 crore for the full year, made up of basic pay, dearness allowance and a small other component. It is the lowest figure above nil in the table.