Mukesh Ambani and Deepinder Goyal: Leading Nifty’s Top Unpaid Executives Driving Growth Without Drawing Salaries

In a rare and noteworthy alignment within India’s corporate landscape, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, and Deepinder Goyal, Managing Director and CEO of Eternal (parent company of Zomato), have both drawn zero salary in the fiscal year 2025, standing out as the Nifty50’s highest-profile executives who opted not to take any remuneration. Despite declining personal salaries, both leaders remain pivotal to their companies’ performance, with their wealth closely linked to the market success of their enterprises.

 

Key Highlights: Salary Forgone but Wealth Retained through Shareholding

 

Mukesh Ambani has waived his salary for the fifth consecutive year, a practice he initiated during the 2020 COVID-19 pandemic as a gesture of leadership amidst national challenges. Prior to that, Ambani had capped his annual pay at ₹15 crore starting from the financial year 2009 but chose to forego all forms of compensation—including salary, allowances, and commissions—from FY21 through FY25.

 

Deepinder Goyal voluntarily waived his salary starting April 2021 and has committed to continuing without remuneration until March 2026, signaling a long-term personal commitment to reinvesting in company growth rather than drawing executive pay.

 

Both executives continue to derive income indirectly from their substantial holdings in their companies. Ambani holds over 80 lakh shares in Reliance Industries, and the promoter group owns more than half the company, benefiting from dividends amounting to ₹7,443 crore paid out by Reliance in FY25.

 

Goyal holds a 3.8% stake in Eternal. Although Eternal has yet to declare dividends, its profitability improved sharply with a 50% increase in net profit to ₹527 crore in FY25, thus potentially setting the stage for shareholder returns in the future.

 

Corporate Performance Amidst Salary Waivers

 

Reliance Industries recorded strong fiscal results in FY25, with net profit growing at a 5-year CAGR of 12.1% to ₹69,648 crore and total revenue increasing 10.1% to ₹9.6 lakh crore, highlighting robust operational performance without executive salary overheads at the top.

 

Eternal also demonstrated growth by more than doubling its headcount to 16,375 employees, expanding its footprint in quick-commerce and “going-out” services like restaurant bookings and event management. Employee benefit expenses climbed 54% to ₹2,558 crore, reflecting significant investment in talent to fuel future growth.

 

Share-based payment expenses increased by 55% to ₹798 crore, underscoring a focus on incentivizing employees through equity-based compensation rather than fixed salaries at the top management level.

 

Governance and Family Involvement

 

While Ambani has taken no pay, his children Isha, Akash, and Anant Ambani, who joined the Reliance board as non-executive directors in October 2023, earned a combined ₹2.31 crore in FY25 through sitting fees and commissions.

 

The move to forgo salary places reliance on company growth and shareholder value creation as the prime sources of wealth for these leaders, aligning their financial interests with the long-term success of their firms rather than short-term income.

 

Strategic Implications and Industry Perspective

 

Ambani’s and Goyal’s decisions to maintain zero salary levels serve as leadership examples that could influence remuneration practices in corporate India. This approach signals confidence in business fundamentals and shareholder returns rather than fixed remuneration.

 

The contrasting model of compensation, relying on shareholding and dividends versus direct salary, reflects a governance philosophy more closely aligned with performance-based incentives, potentially fostering trust among investors.

 

Their actions come amid expanding business operations and growing workforce commitments, emphasizing reinvestment into business growth and sustainability—key themes for Indian corporates aiming for global competitiveness.

 

Looking Ahead: The Path Forward for Executive Compensation

 

While salary waiver at the executive level is uncommon, it highlights new dynamics in corporate leadership remuneration, particularly in promoter-led companies where entrepreneurial control is strong.

 

The practice may encourage other promoters and CEOs in India to consider forgoing fixed pay in favour of equity-based compensation to align interests with shareholders.

 

However, it also raises broader questions about balancing fair executive compensation with motivating talent and ensuring equitable distribution within leadership teams.

 

Conclusion

 

Mukesh Ambani and Deepinder Goyal stand tall as exemplars of leadership that transcends typical salary structures by voluntarily foregoing remuneration while driving exemplary business growth and shareholder value in fiscal 2025. Their choices underline a modern governance ethos where executive wealth is increasingly tied to company performance rather than guaranteed salaries. As Reliance and Eternal expand aggressively, their strategy reflects a roadmap that could inspire corporate India’s evolving compensation norms, fostering investor confidence and long-term sustainable success.

 

Sources: CNBC-TV18, ANI News