India's Most Diverse Companies Deliver 50% Higher PAT, Says Study

With more and more companies prioritising inclusivity, a study has revealed that the most diverse companies delivered 50% higher net profit compared with less diverse counterparts.

Around 8 out of 10 industries studied showed a positive relationship between the presence of women and profit after tax (PAT) as most diverse companies delivered 50% higher net profit than their less diverse counterparts, according to HR advisory firm Marching Sheep's 'Marching Sheep Inclusion Index 2025' study.

This annual study, conducted by HR advisory firm Marching Sheep's research and analytics wing, analysed data from 840 listed companies across 30 industries, including Manufacturing, Steel, BFSI, Pharma, FMCG, Infrastructure, and IT.

The study further revealed that India Inc. is still far from being truly inclusive, especially at the top level.

While women's representation on boards exists owing to statutory mandates, their key managerial positions remained abysmally low, it stated.

Over 63.45% of organisations had zero women in key managerial positions (KMPs), the study revealed.

Further, it found that India Inc employs only 22% women, compared to the 28% reported in the Periodic Urban Labour Force Survey 2023-24, a clear 6 percentage point gap.

"We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy," Marching Sheep Founder and Managing Partner Sonica Aron said.

She said true inclusion isn't about counting numbers but about redistributing power.

"And that shift is still absent. Inclusion is about access, authority, and accountability," she added.