When Mahindra Group CEO & Managing Director Anish Shah stepped into the top job five years ago, the brief was straightforward: clean up the portfolio, tighten capital allocation and improve returns. What followed was anything but.
A pandemic, supply chain breakdowns and geopolitical tensions have since reshaped the operating environment. For Shah, the bigger shift is not any one crisis, but how frequently they now occur.
“The future is disorder… this is the best possible time to be alive, when almost everything you thought you knew is wrong,” he said, reflecting on the group’s journey at the end of his first term.
He pointed to a clear pattern. Disruptions that once came once in a decade are now far more frequent. “If you look back, you would get one shock every 10–11 years… from 2000 to 2020 it became every four years, and from 2020 onwards it is every three to four months,” Shah said.
The Clean-Up Phase
The early years of Shah’s tenure were marked by tough calls. Mahindra exited businesses that did not meet its return thresholds, a move that helped bring sharper focus to the group. “We did exit a number of businesses initially… and we continue to maintain that discipline,” he said.
That process has changed the shape of the group. Businesses that remain are those with clearer growth visibility, and some that were earlier too small to matter are now contributing more meaningfully. “At one time, some of these businesses were very small… now they are getting valuation and recognition,” Shah said.
With that phase largely behind it, Mahindra is now looking at growth.
“At this point, we are a lot more focused on growth. We have a very strong foundation and are well positioned in the face of uncertainty,” Shah said.
The group’s stronger balance sheet and cash position give it room to invest, even as external risks remain. For Mahindra, the response has been to build resilience into the way it operates, whether in capital allocation, supply chains or decision-making.
The idea is not to predict the next disruption, but to be prepared for it, he said.