What India's million-dollar CXOs earn - collectively and individually

New-age company executives made a blockbuster entry into India’s million-dollar CXO club in FY25, capturing four of the top 10 slots, according to an Economic Times report, citing an analysis of BSE 200 companies by executive search firm EMA Partners India.

According to the report, the number of executives earning $1 million or more at India’s 200 largest listed firms rose 6.6% to 227 from 213 in FY24, while their combined compensation surged over 36% to Rs 7,025 crore from Rs 5,144 crore.

Yashish Dahiya, cofounder, chairman and group CEO of PB Fintech (PolicyBazaar), topped the list with Rs 641.32 crore in total compensation, including Rs 638.35 crore from exercised stock options.

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His cofounder and executive vice-chairman, Alok Bansal, ranked third with Rs 247.98 crore, including Rs 243.46 crore in ESOPs.

Two other new-age founders made the top 10: Lakshmi Nandan Reddy Obul, whole-time director and head of innovation at Swiggy, at sixth with Rs 90.28 crore (Rs 88.33 crore from ESOPs), and Sriharsha Majety, cofounder and group CEO of Swiggy, at ninth with Rs 76.61 crore (Rs 74.75 crore from ESOPs), added the report.

“Competitive compensation for founders and promoters is becoming a strategic lever to ensure founders stay committed to scaling the next phase of growth,” ET quoted K Sudarshan, Managing Director, EMA Partners India, as saying.

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“Founders who were drawing value only through dividends or capital gains are now increasingly being rewarded for operational leadership and performance, just like professional CEOs,” he added.

The trend coincides with several founder- or promoter-led digital and consumer retail companies going public. Many formalised their compensation via the offer-for-sale (OFS) route, providing visibility into pay structures post-listing.

“Well-funded startups are paying big money to be in line with what multinationals and the rest of the organisations they are hiring from are paying,” Meena Ganesh, cofounder and chairperson of Portea Medical, told ET.

“Factoring in ESOPs into the equation, the upside could be much more, which is one of the factors that attracts people to startups, along with the flexibility and pace of learning. There is an opportunity for them to earn much more,” Ganesh added.

Professional CXOs formed the bulk of the million-dollar cohort, rising to 151 from 141, while promoters increased to 76 from 72. In terms of compensation, promoters dominated, with their share rising over 61% to Rs 2,931 crore from Rs 1,814 crore, while professional CXO payouts grew about 23% to Rs 4,094 crore.

“As Indian executives are being tapped for global CEO and CXO positions, compensation expectations have naturally reset,” ET quoted Gopinadhan KG, partner, India and Singapore at EMA Partners, as saying.

“Companies in India now recognise the need to offer globally competitive packages to attract and retain such talent. Investors and boards are increasingly viewing higher CEO pay as a fair trade-off for breakthrough performance and sustained value creation.”

According to Shriram Subramanian, MD at corporate governance advisory firm InGovern, the surge in pay is also fueled by a robust stock market enabling executives to cash out ESOPs, increased operational complexity, and higher risks at senior levels.

“Capable talent is hard to come by, and compensation has increased in line with that,” he added.

With inputs from agencies