Mukesh Ambani received no salary from Reliance Industries for the sixth consecutive year in FY2025-26, yet earned close to Rs 4,000 crore in dividend income through promoter entities that collectively control just over half of India's largest private-sector company.
The disclosure, contained in Reliance Industries' latest annual report and reported by PTI, comes as the conglomerate delivered its highest-ever annual profit, highlighting the scale of shareholder returns generated by the group's ownership structure.
The company's chairman and managing director drew nil salary, allowances, perquisites and retirement benefits during the financial year ended March 31, 2026.
Shareholding drives earnings from the company
Although Ambani has not accepted executive remuneration since 2020, dividends continue to represent his principal source of income from Reliance.
According to PTI and the company's annual report:
• Ambani directly owns 1.61 crore Reliance shares
• Based on the Rs 6 per share dividend declared for FY25, those holdings generated Rs 9.66 crore in dividend income
• Promoter group entities controlled by Ambani own 664.5 crore shares
• The promoter stake represents 50.07 per cent of Reliance Industries' equity
• Those holdings generated approximately Rs 3,987 crore in dividend income
The figures underline how ownership, rather than executive compensation, remains the primary financial link between Ambani and the company he has led for more than two decades.
Decision to forgo pay remains unchanged
PTI reported that Ambani first relinquished his remuneration in June 2020 as India grappled with the economic consequences of the Covid-19 pandemic.
What began as a temporary measure has since become a long-term arrangement.
The 68-year-old business leader was reappointed chairman and managing director in 2023 for a five-year term extending to April 2029. At the time, he opted to continue drawing no salary throughout the tenure, according to PTI.
Prior to the pandemic, Ambani had already maintained a conservative approach to executive compensation.
Key milestones include:
• Annual remuneration capped at Rs 15 crore from FY2008-09 onwards
• The cap remained unchanged for 11 consecutive years
• No remuneration received between FY21 and FY26
Board compensation reflects leadership structure
The annual report also provided details of remuneration paid to other executive and non-executive directors during FY26.
Among the senior management team:
• Nikhil Meswani received remuneration of Rs 25 crore
• Hital Meswani also received Rs 25 crore
• P.M.S. Prasad earned Rs 20.58 crore, compared with Rs 19.96 crore in the previous financial year
The report additionally disclosed payments made to Ambani's children, who joined the Reliance board in October 2023.
Isha Ambani and Akash Ambani, serving as non-executive directors, each received:
• Rs 5 lakh in sitting fees
• Rs 2.5 crore in commission
Anant Ambani, who serves as an executive director, received Rs 12.17 crore during FY26, including Rs 2.29 crore in commission, PTI reported.
Independent directors receive higher commissions
Reliance also increased commission payments to its independent directors during the year.
According to the annual report:
• Arundhati Bhattacharya, former chairperson of State Bank of India
• K.V. Chowdary, former Central Vigilance Commissioner
• K.V. Kamath, veteran banker and corporate leader
• Yasir Othman H. Al Rumayyan, representing Saudi Arabia's sovereign wealth interests on the board
each received Rs 2.5 crore in commission, compared with Rs 2.25 crore a year earlier, in addition to sitting fees.
The increase reflects board-approved compensation linked to governance responsibilities across one of India's largest listed enterprises.
Record earnings strengthen Reliance's financial position
The disclosures arrived alongside a landmark year for Reliance Industries.
According to the annual report:
• Consolidated net profit reached a record Rs 95,754 crore in FY26
• Standalone turnover stood at Rs 5,46,852 crore
• Net worth totalled Rs 5,33,313 crore
• Market capitalisation reached Rs 18,19,103 crore at the end of the financial year
PTI also reported that Ambani's personal wealth stands at just under USD 100 billion, making him the world's 18th-richest individual.
As Reliance expands across energy, telecoms, retail and new growth sectors, the company's latest disclosures show that Ambani's economic participation remains overwhelmingly tied to ownership and dividends rather than executive pay, a structure that has now remained unchanged for six consecutive years.