Just a year ago at Eden Gardens, Shreyas Iyer stood under the floodlights, visibly deflated, as the Punjab Kings pulled off a run-chase for the ages. Chasing a mammoth 261 for six posted by Kolkata Knight Riders, Punjab made the unthinkable look effortless. Jonny Bairstow’s whirlwind unbeaten 108 spearheaded the chase, and the Kings romped home with eight wickets and plenty of balls to spare. That crushing defeat didn’t just dent KKR’s playoff hopes—it was a dagger through the morale of a team that had fought valiantly, and for Iyer, it was perhaps the toughest night of his captaincy career.

But champions aren’t just built on triumphs—they’re forged in setbacks. What followed in the months after that soul-sapping night is a testament to Iyer’s resilience and leadership. He managed to rally a deflated KKR squad and take them on an extraordinary turnaround journey, one that culminated in lifting the IPL trophy. It was a title that arrived a full decade after KKR’s last, under the stewardship of Gautam Gambhir back in 2014. The celebrations were massive, but even amid the confetti and chaos, Iyer seemed quietly contemplative—perhaps aware that his chapter at KKR was nearing its end.

In the off-season, Iyer made a significant decision—he parted ways with Kolkata, opening himself up to a new challenge, a fresh environment, and a chance to test his leadership mettle elsewhere. That opportunity came knocking quickly, in the form of an aggressive move from Punjab Kings, a franchise eager to reboot and rebrand its cricketing fortunes. The management had already made a marquee appointment in Australian legend Ricky Ponting as head coach. Bringing Iyer on board was their next bold stroke.

It didn’t come cheap. Punjab shelled out ₹26.75 crore to secure Iyer’s services—a figure second only to the ₹27 crore spent by Lucknow Super Giants on Rishabh Pant, making it one of the most expensive player acquisitions in IPL history. But the investment wasn’t just for Iyer the batter, who had built a reputation as a calm yet commanding presence in the middle order—it was also for Iyer the captain, the tactician, the man-management expert who could inspire unity in a tournament dominated by egos, expectations, and unpredictability.

Now, nearly halfway through the league phase of IPL 2025, Punjab’s decision appears to be paying rich dividends. Iyer has flourished with the bat and in the dugout. His numbers speak volumes—250 runs at an average of 62.50 and an eye-popping strike rate of 204.91, placing him fourth in the Orange Cap race. But beyond the stats, it’s his influence on the field that has reignited Punjab’s campaign. The team sits comfortably in the top half of the table with four wins from six matches, riding a wave of tactical discipline and renewed belief.

The most emphatic statement of Iyer’s new chapter came against his former franchise. In what could be described as poetic justice or simply a masterclass in strategy, Iyer led Punjab to a sensational win over KKR—this time defending a mere 111 runs. It was the lowest total ever successfully defended in IPL history, and the moment carried a weight that stats could never quantify. It was symbolic, dramatic, and a clear marker of how far Iyer had come, both as a captain and a competitor.

What makes Iyer’s leadership fascinating is the nuance he brings to the role. There’s a common misconception in cricket that captaincy and leadership are interchangeable, but the two demand distinct skillsets. Captaincy is about strategy—field placements, bowling changes, reading the pitch and the opposition. Leadership, however, is far more layered: it’s about man-management, motivation, composure under pressure, and the ability to make every player feel valued. Iyer possesses both qualities in equal measure.

He is the kind of captain who commands respect without raising his voice, a leader who trusts his players and backs them in tough moments. That kind of environment fosters cohesion, especially in a format like the IPL, where dressing rooms are melting pots of cultures, egos, and ambitions. Under his guidance, Punjab has found structure, clarity, and an unmistakable hunger—things that have often eluded them in previous seasons.

And yet, for all of Iyer’s success, poise, and pedigree, the path to leading India remains uncertain. It’s one of cricket’s most confounding realities—that some of the most composed, intelligent, and successful IPL captains never get the opportunity to wear the national captain’s armband. The reasons can be many: timing, the presence of other superstars, team balance, or even sheer luck. With stalwarts like Rohit Sharma still active and players like Hardik Pandya and KL Rahul constantly in the conversation, Iyer’s name rarely surfaces when the topic of India’s next captain arises.

It’s not a reflection of his shortcomings, but perhaps a consequence of India’s abundance of talent. In another era, Iyer may well have been the obvious choice. Today, despite his achievements, he remains on the periphery of the leadership discussion at the national level—a fascinating paradox for a man who checks every box a cricket board could ask for.

Still, if his journey so far is any indication, Iyer is far from done. His performances this season, both with bat and brain, show a cricketer in his prime—hungry, composed, and quietly determined. While the elusive India captaincy may remain a dream deferred, there’s no denying that in the world’s biggest T20 league, Shreyas Iyer continues to stand tall, not just as a player, but as a leader par excellence.