The report shows that while women make up 23% of employees in listed companies, their representation steadily declines as one moves up the company rankings. Women make up only 14% of key management personnel (KMPs), 10% of CEOs and only 5% of managers or CEOs.
According to Pranav Haldia, managing director of PRIME Database Group, the data reflects the classic “leaky bucket” phenomenon, where women gradually drop out of the leadership pipeline. Policies and supportive actions are urgently needed to ensure that women do not leave the workforce due to childcare and other caregiving responsibilities, he said.
At the board level, representation has improved over time. As of February 23, 2026, about 98% of the 2,285 companies listed on the NSE main board had at least one female director, compared to 97% a year ago. Out of the 48 companies that still do not have a female director, 20 are public sector companies.
In total, 2,898 women currently hold 3,738 director positions, accounting for 21% of all board seats. This represents an increase from 18% in March 2021 and just 5% in March 2014, when the requirement to appoint at least one woman director on boards was first announced. Haldia noted that regulations have played an important role in improving board representation. However, the pace of development slowed down after companies largely complied with regulatory requirements. He also pointed out that when the law was introduced in 2014, many companies hired female relatives of promoters or individuals, which undermined the goal of gender diversity.
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Even the number of companies with two or more female directors has increased from 35% in March 2021 to 47% currently. About 88% of companies now have at least one independent female director, while the number of independent female directors increased from 10% to 21% over the same period.
Women hold 28% of independent director positions but only 10% of executive directors. At the top, representation remains particularly limited. Only 119 companies, or 5% of the total, have a woman MD or CEO. Among the 130 women who head these companies, nearly 69% belong to the promoter group, indicating the limited presence of professional women leaders outside the promoter families.
Women are also underrepresented in other senior roles. Outside of development groups, professional female CEOs make up only 7% of such positions. Meanwhile, only 6% of companies have a female CEO, almost half of which are from development groups.
The report also highlights a significant gender pay gap. The average salary of male CEOs was Rs 120 lakh in the fiscal year, about 74% higher than the Rs 69 lakh for women. Among non-promoter CEOs, the gap is even wider, with a median income of Rs 104 lakh compared to Rs 43 lakh for men. Male KMPs earned on average about 77% more than females, while the average salary of male employees was 34% higher. Among workers, the gap is even wider, with men earning 86% more than women.
Interestingly, this trend reverses for independent directors, where women earn slightly more. The median salary of female independent directors was Rs 4.90 lakh compared to Rs 4.80 lakh for men.
By sector, female CEOs had the highest representation at 23% in diversified, healthcare and information technology companies, while energy had the lowest share at 17%. Among employers and workers, information technology recorded the highest female participation, while the commodities, industries and employment sectors reported the lowest levels.
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