M&M CEO Anish Shah's pay package jumps by 95.42% to Rs 47.3 crore in FY25; Employee salaries rise 10%
At Mahindra & Mahindra Ltd, the average percentage increase made in salaries of employees was 10.16% while the increase in the managerial remuneration was 83.91% for FY25
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Mahindra & Mahindra Group Chief Executive Officer and Managing Director (CEO & MD) Dr Anish Shah's annual pay package has jumped by 95.42% in the fiscal year 2025. The Group's auto and farm segment's CEO, Rajesh Jejurikar, remuneration surged by 98.81% in the same duration.
Dr Shah's remuneration soared to Rs 47.33 crore for FY25, comprising salary of Rs 16.4 crore, company's contribution to funds of Rs 65.38 lakh, allowances Rs 1.13 lakh, and prerequisites related to ESOPs exercised Rs 30.18 crore. Employee Stock Options and Performance Pay were the only components of remuneration that were performance-linked. Shah was granted 33,733 stock options in 2024, and the vesting period is November 2025, 2026 and 2027. In FY24, Shah's annual remuneration was Rs 24.22 crore, according to the Mahindra & Mahindra Ltd annual report.
On the other hand, Jejurikar's FY25 remuneration stood at Rs 38.27 crore compared to Rs 19.25 crore salary package in the year ago period. Jejurikar was granted 28,979 stock options in the same period.
The ratio of Shah's remuneration to the median remuneration of employees jumped to 411.57 in the fiscal year 2025.
At M&M, the average percentage increase made in salaries of employees was 10.16% while the increase in the managerial remuneration was 83.91% for FY25. The median remuneration of the employees in the Group stood at 11.52 lakh, with a headcount of permanent employees of 25,222 as of 31 March 2025.
Shah was appointed as Managing Director and Chief Executive Officer of the Mahindra Group on 2 April 2021. He was reappointed this year in April.
The board members had approved the basic salary of Dr Shah as MD & CEO in the scale of Rs 18,00,000 to Rs 30,00,000 per month with effect from 2nd April, 2021 to 31st March, 2025 (both days inclusive) and perquisites and performance pay not exceeding 200% and 150% of the Annual Basic Salary respectively.
Shah joined the Mahindra Group in 2014 as Group President (Strategy). In 2019, he was appointed Deputy Managing Director and Group CFO. However, as Group CEO and Managing Director since 2021, Shah was responsible for Brand Equity, Strategic planning, and External relations, including achieving annual and long-term business targets, monitoring market dynamics, and identifying growth opportunities.
Meanwhile, Jejurikar's ratio of remuneration to median remuneration of employees stood at 332.78 in FY25. Jejurikar took over as the Executive Director of the Automotive and Farm sectors on 23 May 2023. Jejurikar joined Mahindra in 2000 as Vice President – Marketing for the Automotive Sector. He was then appointed Executive Vice President – Sales & Marketing and went on to become the Managing Director of Mahindra Renault. Jejurikar became Chief of Operations of the Automotive Sector, and in 2010, he was appointed Chief Executive for the Automotive Division and Member of the Group Executive Board. He became President of the farm equipment sector in 2015.
