New Delhi [India], August 28 : Growing activity in India's infrastructure and healthcare sectors pushed CXO movements in both industries to six-year highs in FY2025-26, as companies strengthened leadership teams to support capacity expansion, investment, project execution and digital transformation, according to Sapphire Human Capital's CXO Moves Annual Report 2025-26.
Infrastructure recorded 448 CXO movements in FY2025-26, more than doubling from 178 in the previous year, marking both a six-year high and the sharpest growth among sectors covered in the report.
The report linked the surge to accelerated infrastructure investments and large-scale project execution, which increased demand for leaders with expertise in project delivery, infrastructure financing, capital allocation, engineering, supply-chain management, renewable energy and public-private partnerships.
"In renewable energy, leadership expectations have evolved from growth-focused execution to institutionalization and long-term value creation. As the sector scales, CXOs must go beyond project delivery to navigate governance, stakeholders, regulation, capital, technology and talent," said Aakanksha Sharma, Head of Human Resources at Gentari India, in the report.
Internal promotions in infrastructure also rose sharply to 40 per cent, the highest among all sectors covered, indicating that companies are increasingly building leadership capabilities internally. Board directors accounted for 28 per cent of movements in the sector and CEOs for 11 per cent.
Healthcare also reached a six-year high, recording 194 CXO movements in FY2025-26, up from 141 in the previous year and above the earlier peak of 170 in FY2021-22.
The report said the increase reflected sustained investment in hospital expansion, healthcare technology, medical tourism and organisational transformation. Leadership hiring increasingly focused on executives capable of handling digital health transformation, patient experience, operational excellence, clinical quality and large-scale healthcare expansion.
External hiring remained dominant in healthcare at 74 per cent, with Indian companies accounting for 81 per cent of external hires, according to the report.
Across Corporate India, the report tracked 4,361 CXO and senior leadership movements in FY2025-26, around 6 per cent lower than the record level in FY2024-25. The moderation, however, reflected more selective executive hiring rather than a broad weakening in leadership demand.
One notable shift was towards internal leadership development. While external hiring remained the primary route and accounted for 69 per cent of movements, internal promotions increased to 31 per cent from 19 per cent in FY2024-25, pointing to stronger succession planning and leadership pipelines.
Indian companies also increasingly attracted senior talent from multinational corporations. MNC-to-Indian-origin company movements rose from 30 per cent in FY2023-24 to 40 per cent in FY2024-25 and 59 per cent in FY2025-26, while movement in the opposite direction stood at 10 per cent.
Board-level movements also rose sharply, with 763 appointments in FY2025-26, up 91 per cent from 400 a year earlier, reflecting increased emphasis on governance, succession and specialised capabilities.
Executive mobility was concentrated among relatively shorter-tenured leaders, with 48 per cent of CXO movements involving executives who had spent one to three years in their previous roles.