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Diverse firms earn 50% more profit but inclusion gaps persist, finds study
According to HR advisory firm Marching Sheep's Marching Sheep Inclusion Index 2025, about eight out of 10 industries analysed showed a positive link between having more women in the workforce and stronger profit after tax (PAT).
The annual report, carried out by Marching Sheep's research and analytics team, looked at data from 840 listed companies across 30 sectors. These included manufacturing, steel, banking and financial services (BFSI), pharmaceuticals, FMCG, infrastructure and information technology.
Lack of inclusion at senior levels
Despite some progress, the study found that India Inc is still a long way from being truly inclusive, especially in leadership roles.
The study also found that women make up just 22 per cent of employees in corporate India, significantly lower than the 28 per cent reported in the Periodic Urban Labour Force Survey 2023–24 —a gap of six percentage points.
Inclusion must go beyond numbers
Marching Sheep's founder and managing partner, Sonica Aron, stressed the importance of women having real influence in organisations. 'We don't just need more women in the room; we need them at the table, influencing decisions and shaping strategy,' she said.
She emphasised that real inclusion is not about ticking boxes but about rebalancing who holds power. 'And that shift is still absent. Inclusion is about access, authority and accountability,' she added.
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