'Manthan 2.0' is here; M&M to shift into 'attack mode' amid global churn, says Anand Mahindra

A year after likening the global economy to "Samudra Manthan", Mahindra & Mahindra (M&M) Chairman Anand Mahindra on Thursday said the world has entered "Manthan 2.0", with geopolitical conflicts, shifting supply chains and technological disruption becoming the new normal.

Against this backdrop, the company will move into "attack mode", choosing strategic acceleration over caution to capitalise on emerging opportunities, he said.

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The remarks came on a day when India's largest SUV maker reported another strong quarter, with consolidated profit after tax rising 34% year-on-year to Rs 5,455 crore on 28% growth in revenue to Rs 58,188 crore, driven by robust performance across its automotive, farm and services businesses. Auto and farm profits rose 18%, while Tech Mahindra expanded EBIT margins by 330 basis points, underscoring the broad-based nature of the group's growth.

Addressing shareholders at the company's annual general meeting, Mahindra recalled that in last year's annual report he had described the global economy as a "Samudra Manthan", a great churning that would force countries and companies to swallow some of the "poison" created by geopolitical and economic disruptions while striving to extract "amrit" from it.

"Last year, in my letter to shareholders, I had described the global situation as a Samudra Manthan... I had also said that the winners would be those who did not merely survive the poison, but had the resilience and skill to extract some amrit from it. I am happy to say that both India and your company have done exactly that," he said.

Mahindra said the world was moving away from traditional globalisation towards selective partnerships, creating opportunities for countries that combine manufacturing scale, talent, political stability and strategic flexibility.

"Countries are looking for scale, stability, manufacturing capability, talent and trust. And India is increasingly being seen as a credible answer," he said, adding that nearly one-fourth of all iPhones are now manufactured in India.

"In an uncertain world, India is not merely coping. India is gaining relevance," he added.

Turning to M&M's own performance, Mahindra said the company had also emerged stronger from the first phase of the global reset.

"The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary NU_IQ platform. Our innovation engine is gaining force," he said.

The company retained its leadership in the domestic SUV market during the June quarter with a 25% revenue market share, while SUV volumes grew 15%. Tractor volumes rose 18%, helping Mahindra maintain its leadership in the segment with a 44.9% market share. The services businesses also posted strong growth, with revenue rising 31% and profit increasing 80%.

Mahindra also pushed back against the perception that Indian companies underinvest in research and development.

"I know there is a widespread perception that Indian companies do not spend enough on R&D... On the contrary, the patents granted to your company have gone from 56 to over 1,300 in the last decade," he said.

He pointed to the company's planned Rs 15,000-crore investment over the next decade in Nagpur, describing it as one of M&M's largest-ever investment commitments and "a strong statement of confidence in the future."

Mahindra said the company's performance had also earned global recognition, citing its selection as Outstanding Company of the Year at the India Business Leadership Awards and its inclusion among TIME magazine's World's Top 50 Companies.

Even so, he warned that businesses should prepare for continued volatility.

"The Manthan is not over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It has become the norm," he said.

In one of the most striking remarks of his speech, Mahindra observed: "Black swan events may be obsolete, because the pond now seems full of black swans."

He argued that the next global order would be shaped less by rigid geopolitical blocs and more by countries capable of building partnerships across them, creating an opportunity for India to become a "connector economy."

"It is not about being non-aligned. It is about being multi-aligned. About being a trusted partner across the world," he said.

For M&M, the response to this environment would be to accelerate rather than retreat.

"This is not a time to stand still. It is time to move from navigation to acceleration. I would describe this moment as one that calls for Attack Mode," he said.

Drawing on Formula E racing, where Mahindra Racing competes, he said "Attack Mode" is about choosing the right moment to accelerate despite imperfect conditions.

"Attack Mode is not reckless speed. It is strategic acceleration. It is speed backed by preparation. Confidence backed by capability. Ambition backed by execution," he said.

Mahindra concluded by saying the company would continue to invest and grow despite global uncertainty.

"As the mist of uncertainty billows around us, we will not wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution."