Half of NSE-Listed Firms Have Zero Women in Top Leadership

MUMBAI — A startling new analysis of 2,647 companies listed on the National Stock Exchange (NSE) has exposed a massive gender void in India’s corporate boardrooms.

According to the Udaiti Foundation, nearly 50% of NSE-listed firms do not have a single woman in a Key Managerial Position (KMP). As India aims for a $5-trillion economy, the data suggests that half of the country’s corporate leadership remains a “men’s only” club.

The Leadership Void

The numbers paint a bleak picture of representation at the highest levels of decision-making:

• Zero Representation: Almost 50% of firms have no women in KMPs.
• The 10% Exception: Only 1 in 10 companies employs more than one woman in a top leadership role.
• The Average: There are only 0.64 women per company in key positions—not even one full person on average across the exchange.

The “Shunting” Effect: High Pay vs. Low Pay

Perhaps the most concerning trend is where women are being employed within the formal sector.

• The Shrinking High-Earners: Among workers earning more than ₹18,000/month, women’s representation plummeted from 21% in 2021 to just 12% in 2025.
• The Low-Wage Rise: Conversely, in lower-paid roles, women’s representation rose from 19% to 23%.
• The Verdict: Women are being “shunted” out of high-paying formal roles and concentrated in lower-wage positions.

Sector-Wise Snapshot: Where are the Women?

While some sectors have embraced diversity, others remain almost entirely male-dominated.

Sector	Women in Workforce
Hospitals & Lab Services	48% (Highest)
Textiles	37%
Consumer Services / IT	34%
Banking	26%
FMCG	21%
Construction	2% (Lowest)

The “Formalization” Myth

Pooja Sharma Goyal, CEO of the Udaiti Foundation, points out that “regular wage jobs” for women often lack the benefits of true formalization.

• The Contract Gap: 57% of women in regular wage jobs have no written contract.
• The Pay Gap: On average, women earn ₹5,864 less than men every month (₹18,353 for women vs. ₹24,217 for men).