How CFOs are redefining leadership for a future-ready enterprise: Amit Khandelwal, Managing Partner, Strategy and Transactions, EY India and Africa region

The role of the Chief Financial Officer has undergone a fundamental shift. No longer limited to financial stewardship, today’s CFO operates as a strategic leader influencing enterprise-wide priorities. Their responsibilities now extend into mergers and acquisitions (M&A), digital transformation, and international expansion. This broadening mandate reflects the increasing complexity of business decisions and the need for integrated, data-led leadership.

In the context of M&As, CFOs are central to shaping growth strategy. They are involved from the earliest stages of identifying opportunities to evaluating strategic fit, conducting valuations, structuring deals, and managing capital allocation. Their oversight remains critical during integration, where maintaining operational continuity and achieving expected synergies can determine the long-term success of a transaction. According to EY’s M&A insights, India recorded 649 deals in Q3 FY25, reflecting a 10% increase over the 590 deals in the second quarter of financial year 2024-25. Activity was dominated by the infrastructure, technology, and healthcare sectors. Strategic buyers accounted for 60% of transactions, signalling a sustained focus on consolidation and capability building. Private equity continued to play a strong role as well, with $38.4 billion invested across 977 deals until September 2025, compared to $26.7 billion across 610 deals until June 2025. These numbers reinforce the importance of a structured and disciplined approach to M&A, led in large part by CFOs.

CFOs are also playing a decisive role in driving enterprise innovation. As companies adopt new technologies and operating models, finance leaders are increasingly responsible for enabling and scaling digital transformation. Their access to financial data, coupled with their role in risk assessment and capital allocation, positions them to champion the adoption of technologies such as analytics, artificial intelligence, and automation. These tools support more accurate forecasting, faster decision-making, and more efficient processes. EY research shows that CFO-led digital initiatives can improve operational efficiency by up to 30%, demonstrating the tangible benefits of modernising the finance function.

Global expansion presents another area where CFOs are taking on a broader leadership role. As Indian companies look for growth beyond domestic markets, they must navigate complex regulatory environments, tax considerations, and geopolitical uncertainties. CFOs oversee these challenges while ensuring that financial structures, risk frameworks, and capital investments support sustainable international growth. Data indicates that companies with CFO-driven global strategies tend to achieve stronger returns, with up to 20% higher returns on investment (ROI) on cross-border investments compared to peers. This reinforces the value of involving the CFO directly in international strategy and execution.

CFOs will likely continue strengthening their strategic focus, investing in digital capabilities, fostering collaboration across business functions, and developing finance teams equipped to manage emerging challenges. Their evolving role places them at the centre of organisational decision-making, making them critical to building resilient, future-ready enterprises.

As organisations navigate an environment shaped by shifting market conditions and technological change, empowering CFOs to lead across these domains will be essential to unlocking long-term value and maintaining competitive strength.

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