FMCG and pharma emerge as new strongholds for women CEOs

A few years ago, India’s BFSI sector with leaders including Shikha Sharma (Axis Bank), Naina Lal Kidwai (HSBC), Zarin Daruwala (Standard Chartered), and Kalpana Morparia (JP Morgan), stood out as the most visible sector for women leadership.Despite the progress, industry experts note structural and cultural barriers persist at workplaces. “There are still deep-rooted stereotypes that sectors such as infrastructure, capital goods, automobiles are better suited to male leaders. Companies need to actively encourage more women to enter these fields and support them through policies, mentorship and leadership development. The share of women in STEM also remains relatively small, which weakens the leadership pipeline. At the same time, macro issues like safety continue to be real barriers,” said Emcure Pharmaceuticals executive director, Namita Thapar.While terming it as the “broken rung” challenge, Achal Khanna, CEO, professional association SHRM (APAC & MENA), cited a 2026 India Inc Leadership Report, which estimated that nearly 30% of companies have seen stagnation or decline in women in senior roles over the last five years, largely because of many exits at the middle-management stage due to limited structural support and perceived unfairness in promotions. Fixing this bottleneck will be critical to building a stronger leadership pipeline.“Beyond mentorship, what matters is sustained sponsorship, cultural change, and policies that support career continuity,” said Vedanta Resources CEO, Deshnee Naidoo. The picture is, however, dynamic and could evolve every year. Sectors that consciously promote gender-diverse talent and prioritise their growth over a period of time, are likely to stay ahead. While industries such as manufacturing, infrastructure, technology and logistics, where the pipeline remains thinner, lag.Meanwhile, multinationals have a higher share of women CEOs as diversity has been embedded in their leadership agenda, the survey said. Indian companies have begun focusing on it only more recently suggesting a gap that may take five to 10 years to narrow.