Reliance annual report shows zero pay for CMD in FY26 while promoter holdings deliver bulk of dividend income

Mukesh Ambani did not draw any salary, allowances, perks or retirement benefits from Reliance Industries Limited (RIL) in the financial year 2025-26, the company’s annual report released on Thursday shows, marking the sixth consecutive year the chairman and managing director has foregone a pay packet. Instead, Ambani’s reported income for the year came largely from dividends paid on promoter and personal shareholdings, which together amounted to about ₹3,996.66 crore.

Zero salary recorded

According to the FY26 annual report, Ambani’s total salary, allowances, stock options and retirement benefits stood at zero for the year. Company documents and regulatory filings show the decision to forgo a salary dates back to June 2020, when Ambani waived his remuneration in response to the economic and social fallout from the COVID-19 pandemic. He had stated at the time that he would not accept salary until Reliance’s businesses recovered fully; the zero-salary record has continued through FY21, FY22, FY23, FY24, FY25 and now FY26.

Dividends form major income

Reliance declared a dividend of ₹6 per share for FY26. Ambani personally owns 1.61 crore shares of Reliance, the filings say, which translates to a direct dividend of about ₹9.66 crore. The much larger portion of the payout came via promoter group holdings: companies controlled by the promoter group hold roughly 664.5 crore Reliance shares (about 50.07% stake), attracting dividends of about ₹3,987 crore. Combined, those payouts total ₹3,996.66 crore — the figure cited in the report as Ambani’s dividend-linked income stream for the year.

Net worth and context

Sources familiar with the matter noted that Ambani’s personal net worth remains substantial; market estimates put it at about $92 billion (roughly ₹8.83 lakh crore), placing him among the world’s richest individuals. Company disclosures and stock-market records were used to compute the dividend sums cited in the report.

Other executive pay moves

The FY26 report also details pay for other senior executives. Anant Ambani, who joined the Reliance board as an executive director last year, earned a total package of ₹12.17 crore in FY26, which includes a commission component of ₹2.29 crore. Siblings Akash and Isha Ambani, who were inducted to the board in October 2023 without salaries, received sitting fees of ₹5 lakh each and profit commissions totalling ₹2.5 crore apiece. Nikhil and Hital Meswani’s remuneration remained unchanged at ₹25 crore each, comprising salary, retirement benefits and profit commission. Executive Director P M S Prasad’s remuneration rose modestly to ₹20.58 crore from ₹19.96 crore a year earlier.

Company performance snapshot

Reliance reported a 13% year-on-year fall in net profit in the fourth quarter (January–March) of FY26, with Q4 profit of ₹16,971 crore compared with ₹19,407 crore in the same quarter a year earlier. Nonetheless, revenue rose about 13% to ₹2.98 lakh crore for the quarter, up from ₹2.64 lakh crore in Q4 FY25, the filings show.

Market and governance implications

Analysts say the continued waiver of salary by a high-profile founder can be both symbolic and practical. “For a promoter of Ambani’s standing, foregoing salary underscores governance optics and can be politically and socially resonant,” one corporate governance consultant said on condition of anonymity. At the same time, dividends and promoter-entity payouts remain key channels through which family wealth is realised.

What comes next

Reliance will face scrutiny from investors and regulators on capital allocation as it balances large-scale investments in energy transition, telecom and retail with shareholder payouts. The company’s board and investor relations team will likely be asked for further clarity on dividend policy and promoter remuneration practices at upcoming analyst calls and the next annual general meeting.