Mahindra & Mahindra Ltd has reported its biggest-ever annual jump in executive compensation in FY25, thanks to a surge in sport utility vehicle (SUV) sales and a robust rise in its stock price in a slowing auto market. According to the company’s latest annual report, the total remuneration for top executives jumped 84% in FY25, significantly up from a 44% increase the previous year. The company’s executive director and CEO (auto and farm sector), Rajesh Jejurikar, saw the biggest jump in annual remuneration, which includes exercise of employee stock ownership plans (Esops), at 99%. Mahindra Group’s managing director and CEO, Anish Shah, saw his annual pay go up by 95%.According to a person directly aware of the matter, the increase in the top executives’ annual pay was largely due to the good performance of the company’s shares, as managerial personnel hold Esops.In the last five years, Mahindra’s stock price has increased by over five times while Nifty Auto has seen a three-fold jump. Analysts attribute the strong performance of the company’s shares to its surge in sales on the back of its products finding takers. “While these (Esops) were given at a much lower value in prior years, the annual report reflects the value of exercise at the current price. Therefore, the increase in stock price is driving the increase in managerial compensation,” the person said.Key TakeawaysMahindra & Mahindra saw an 84% rise in top executives’ pay in FY25, the biggest jump ever, mainly due to gains from stock options. CEO Rajesh Jejurikar’s pay rose 99%, and group CEO Anish Shah’s by 95%, driven by Esop exercises as the company’s share price soared 5 times in five years. Mahindra’s strong SUV sales grew 20% in FY25, outperforming rivals like Hyundai and Tata Motors, which saw a 3% decline. Non-managerial staff saw just a 10% salary hike in FY25, down from 14% in FY24. Analysts credit Mahindra’s SUV portfolio and steady demand for its strong investor sentiment and stock performance. Queries emailed to Mahindra and Mahindra Ltd remained unanswered until press time. In its annual report, the company disclosed that the remuneration of its managerial personnel is dependent on several factors, apart from the exercise of stock options. “The remuneration of the Managing Director and Executive Director is decided based on the individual performance as well as performance of the company, inflation, prevailing industry trends and benchmarks,” the company’s annual report said.The average salaries of employees other than managerial personnel increased by 10% during the last financial year, compared to a 14% rise in FY24. “Among all the auto companies, Mahindra has been outperforming for a while, which is giving investors confidence. Its SUV portfolio and the market’s affinity for such products are helping the company attract investors,” Saji John, senior research an in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. 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Mahindra’s ‘bull run’ results in the largest annual salary increase for its top executives.
