FY25 CEO Pay: Pawan Munjal, Rajeev Jain Cross Rs.100 Cr as Nifty Leaders Show Divergent Trends

Hero MotoCorp and Bajaj Finance top executive compensation charts as FY25 CEO pay in Nifty 50 sees wide variation amid performance-linked shifts.

In a detailed disclosure of FY25 executive compensation, Hero MotoCorp’s Pawan Munjal and Bajaj Finance’s Rajeev Jain emerged as the highest-paid CEOs among the 26 Nifty 50 companies that have released their data so far. Both executives took home over ₹100 crore, driven largely by stock-linked incentives and performance bonuses despite uneven financial performance across sectors.

The broader picture reflects divergent compensation trends. Of the 26 firms, 10 reported pay hikes over 10%, 11 saw single-digit increases, while 5 witnessed a decline. Variable pay components such as bonuses and ESOPs dominated these packages, with fixed salaries forming a smaller slice of total pay.

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Market Reaction and Technical Outlook

While compensation figures typically don’t trigger immediate price action, the data offers insights into corporate governance, board sentiment, and performance-linked alignment with shareholder interests. Stocks like Hero MotoCorp (₹5,200) and Bajaj Finance (₹7,050) have seen stable movement this quarter, trading near key resistance levels.

Hero MotoCorp has struggled to cross its 200-DMA of ₹5,240, while Bajaj Finance shows bullish strength with RSI around 60 and strong accumulation on delivery-based volume. In the options market, Bajaj Finance saw significant put writing at ₹7,000, indicating downside protection by traders amid stable leadership metrics.

Check This: Hero MotoCorp Stock Price

Broader Sector and Index Impact

The divergence in CEO pay growth reflects underlying sector realities:

• IT and FMCG names like Infosys, Wipro, Asian Paints, and HUL showed muted growth or even declines in pay, mirroring earnings stagnation and margin pressures.

• Financials like Bajaj Finserv and Mahindra & Mahindra Financials reported sizable executive hikes, despite tighter NIM pressures in FY25.

• Capital goods (L&T) and consumer discretionary (Titan, Bajaj Auto) posted moderate to strong gains in leadership compensation tied to solid earnings delivery.

The Nifty 50 continues to reflect sector rotation, with funds moving out of rate-sensitive stocks and defensives into capital goods and select private banks. FII flows remained mixed in Q1 FY26, focused more on macro stability than management remuneration trends.

Trading Sentiment and Watchlist Ahead

Investors may interpret rising executive payouts in sectors like BFSI, infra, and capital goods as confidence indicators. Conversely, flat or declining CEO pay in IT and FMCG sectors reaffirms the earnings slowdown and limited near-term triggers.

Stocks to watch:

• Bajaj Finance (₹7,050) – Breakout above ₹7,150 could trigger momentum; strong OI at 7,200 CE

• Hero MotoCorp (₹5,200) – Technical support at ₹5,080; delivery action rising on weekly charts

• L&T (₹3,610) – RSI above 65; bullish sentiment after 18% CEO pay bump, signals strong FY26 outlook