CEO pay jumps 100% in a decade; FY24 average hits ₹7.2 crore: Report

The average annual compensation for CEOs in India’s listed companies touched ₹7.2 crore in FY2023–24, according to the CEO Compensation Report 2025 released by Mumbai-based executive search firm Resource Bridge.

The study shows that CEO compensation in India has doubled over the past decade, rising at a compound annual growth rate of 9 per cent. Chief Financial Officers (CFOs), meanwhile, saw average annual compensation rise to ₹2.3 crore—an increase of 1.7 times over the same ten-year window. These findings are based on a detailed analysis of company annual reports from FY15 to FY24 and open-source financial data available in the public domain.

The data reveals sharp trends in sectoral, regional and ownership-based pay disparities. CEOs in manufacturing firms continue to command some of the highest pay packages in India, a trend consistent over several years. In contrast, CFOs in service-led industries—particularly technology and financial services—have emerged as the top earners among their peer group.

Regionally, the report found significant differences in executive compensation. CEOs and CFOs based in North India consistently earn the highest salaries across the country, while their counterparts in East India earn the least, regardless of sector or company size. This regional pay gap has persisted over time and appears to be widening, the report notes.

Ownership structure has also emerged as a critical determinant of executive pay. According to the findings, multinational corporations operating in India continue to offer significantly higher pay packages for top leadership compared to Indian-owned enterprises. Pay jumps are particularly evident once companies cross key revenue milestones. Firms with annual turnover above ₹5,000 crore, ₹50,000 crore and ₹1 lakh crore all show notable inflection points in CEO and CFO compensation.

In a notable innovation, Resource Bridge has introduced a proprietary compensation calculator as part of its report. This tool allows boards, promoters and CHROs to input a range of factors—such as turnover, industry sector, ownership model, region, and financial performance—and receive a realistic benchmark for CEO and CFO pay. The calculator is designed to support both listed and unlisted companies in structuring competitive and market-aligned compensation packages for their leadership.

"The Indian market is at an inflection point when it comes to leadership compensation," said K. Ramadhurai, co-founder of Resource Bridge, in a press statement. "We are seeing not just growth in absolute numbers but a growing sophistication in how boards think about pay—for performance, retention, and long-term value creation."

Ramadhurai added that as regulatory scrutiny and investor expectations rise, companies are increasingly seeking data-backed compensation strategies that balance market competitiveness with governance norms. "Compensation transparency is now a board-level conversation, not just an HR concern," he said.