Tech Mahindra CEO Mohit Joshi’s FY26 pay climbs 12% to Rs 67.5 crore

Tech Mahindra chief executive Mohit Joshi received total remuneration of Rs 67.5 crore in FY26, up 11.7% from the previous year, according to the fifth-largest Indian IT services company’s annual report.

Calculated in British pounds, Joshi’s compensation comprised a salary of £1.36 million, performance-linked pay and bonus of £1.11 million, and stock-option gains of £2.93 million. The company said the variable component was fully linked to performance targets set by the nomination and remuneration committee.

Joshi’s remuneration exceeded that of Wipro CEO Srinivas Pallia, who earned Rs 45 crore in FY26, and Tata Consultancy Services CEO K Krithivasan, whose compensation stood at Rs 28 crore. Infosys CEO Salil Parekh earned Rs 82.6 crore in FY26, while HCLTech CEO C Vijayakumar received Rs 94.6 crore in FY25, the highest in the industry so far.


Tech Mahindra’s annual report said Joshi’s compensation was 1,085.27 times that of the median employee. At the same time, median employee remuneration declined 4.89% during the fiscal year. The company employed 119,337 people at the end of FY26.

Group chairman Anand Mahindra earned Rs 1.52 crore during the year.

In his message to shareholders, Mahindra positioned artificial intelligence as an opportunity rather than a threat to the technology services industry.

“AI will reshape our industry, change the nature of work, alter the economics of software and services, and challenge old models. But it will also create one of the largest opportunities our industry has ever seen,” he said.

Joshi said FY26 marked a shift from stabilisation to acceleration, while FY27 would focus on execution and growth through operational discipline and a move towards higher-value services. He said Project Fortius, the multi-year turnaround programme announced in April 2024, would remain central to the strategy.

For FY26, Tech Mahindra reported revenue of Rs 56,815 crore, up 7.2% from Rs 52,988 crore a year earlier. Net profit rose 13.2% to Rs 4,811 crore, while operating margin expanded 290 basis points to 12.6%.

The company said large-deal bookings entering FY27 were at their highest level in more than a decade. It also highlighted investments in consulting and global capability centre services as emerging growth areas.

Management, however, cautioned that clients were likely to remain selective about long-term technology spending in FY27 as they prioritise macroeconomic stability before committing to large investments.

“While the company has experienced a meaningful upswing in order bookings, the ongoing geo-economic situation could possibly mean slower order-to-revenue conversion cycles,” the report said.

With generative AI now embedded in 90-95% of engagements across its largest client accounts, Tech Mahindra is pinning its growth ambitions on AI-led services, supported by its agentic platform Orion.

The company also said it is the only IT services firm participating in the IndiaAI Mission. It is building sovereign AI capabilities through Project Indus, a Hindi-first large language model being expanded into a broader Indic-language foundation model, and Project Garuda, a proprietary generative AI initiative developed by its Makers Lab research division.