HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan’s total remuneration was Rs 15.13 crore for the financial year ended March 2026, a 19 percent increase from the previous fiscal year, according to its latest annual report for FY26.
According to the annual report, Jagdishan’s basic pay was at Rs 3.09 crore, the same as the previous fiscal year, and his allowances and perquisities were at Rs 3.46 crore. However, Jagdishan’s performance bonus jumped nearly 35 percent from FY25, from Rs 4.67 crore to Rs 7.28 crore in FY26.
The number of shares held by Jagdishan granted under the employee stock option plan (ESOP) also increased to 4.28 lakh from 2.12 lakh, the annual report said.
Jagdishan was paid 50 percent of the cash variable pay for the performance year 2024-25 of Rs 2.67 crore. The same is in accordance with the Reserve Bank of India (RBI) guidelines and was paid in January 2026.
Meanwhile, Kaizad Bharucha, Executive Director and Deputy Managing Director of HDFC Bank, was paid Rs 17.14 crore as his annual remuneration for FY26, significantly higher than Jagdishan’s annual remuneration. His basic salary was Rs 3.59 crore, while his performance bonus jumped almost 100 percent to Rs 8.59 crore in FY26, as compared to Rs 4.19 crore in FY25.
The number of stock options granted under ESOP also jumped 5 times in FY26 to 6.23 lakh from 1.30 lakh in the previous financial year, the annual report revealed. Bharucha was elevated as a whole-time director of the bank in January.
HDFC Bank is set to announce its results on July 18. The country’s largest private bank recently appointed Rajiv Kumar as its new part-time chairman last month.