Mahindra & Mahindra is preparing to shift from navigating global uncertainty to accelerating through it, Chairman Anand G. Mahindra told shareholders at the company’s FY26 Annual General Meeting, outlining an “Attack Mode” strategy built around investment, innovation and calculated risk-taking.
In his address, Mahindra said geopolitical tensions, supply-chain realignments and rapid technological change were no longer temporary disruptions but part of a more permanent restructuring of the global economy.
“Uncertainty is no longer the exception; it is the rule. Black swan events have become obsolete because the pond is full of black swans,” he said.
Mahindra described the emerging phase as “Manthan 2.0”, extending the Samudra Manthan, or great churning, metaphor he had used in his previous annual letter. While the first phase required companies and countries to absorb disruption and identify opportunities, he said the next would demand greater agility and resilience.
“There is a shift from episodic shocks to continuous earthquakes, where anticipating change is increasingly difficult, and the imperative is to build the agility and resilience to navigate a constantly shifting landscape,” Mahindra said.
Mahindra highlights record performance and investment plans
Mahindra said the group had successfully extracted some “amrit”, or benefit, from the turbulence, pointing to what he described as historically high financial results and a sharp rise in innovation output.
The number of patents granted to the group increased from 56 to more than 1,300 over the past decade, according to the chairman. He also highlighted the NU_IQ platform, which the company says will support new approaches to mobility and passenger comfort.
Mahindra further cited the group’s proposed investment of ₹15,000 crore in Nagpur over 10 years as evidence of its confidence in long-term growth despite volatile global conditions. He described it as one of the largest prospective investments announced in the conglomerate’s history.
The group was also named Outstanding Company of the Year at the India Business Leadership Awards and included among TIME magazine’s Top 50 Companies, he said.
The achievements may provide a comfortable rear-view mirror, but Mahindra made clear that the company does not intend to spend much time admiring it.
“This is not a time to stand still or to rest on our laurels,” he said. “It is time to move from navigation to acceleration.”
India could emerge as a ‘connector economy’
A significant part of the address focused on India’s position in a global economy moving away from unrestricted globalisation towards selective partnerships and multiple strategic coalitions.
Mahindra said India’s combination of economic scale, political stability, diplomatic flexibility and a large domestic market had strengthened its appeal as a destination for investment, manufacturing and talent. He noted that, according to his address, approximately 25% of all iPhones are now manufactured in India.
“In an unpredictable world, India is holding its own,” he said.
Mahindra argued that the next global order may favour countries capable of maintaining relationships across competing political and economic blocs. India, he said, could become a “connector economy” that works across divides rather than becoming tied to a single camp.
“The next global order may well be built by those who can become ‘connectors’ in a fragmented world,” he said.
He pointed to India’s democracy, geographical position, political stability and ability to generate trust across ideological groups as factors supporting this role.
“We were the first to implement the concept of non-alignment; this is the ideal time to move from being ‘non-aligned’ to being a ‘multi-aligned’ force and a trusted partner,” Mahindra said.
“The question for India is no longer whether it will rise, but how fully will it translate this moment into an enduring advantage.”
Formula E-inspired ‘Attack Mode’
For M&M, Mahindra framed the response to uncertainty through a strategy borrowed from Formula E racing.
In the electric racing series, Attack Mode requires drivers to deliberately move away from the fastest racing line to unlock a temporary power boost. Mahindra used the concept to describe a willingness to accelerate at carefully selected moments, even when conditions remain imperfect.
“Attack Mode is a strategy adopted in Formula E racing, where a racing driver makes a deliberate choice to accelerate at the right moment, in imperfect conditions,” he said.
“In ideal conditions, overtaking is difficult, because everyone is at speed. It is when conditions are rainy or hazy that calculated acceleration can propel you to victory.”
Mahindra stressed that the approach should not be mistaken for speed without discipline.
“This is not reactive speed; it is strategic acceleration, backed by preparation and conviction,” he said.
The speech placed M&M’s proposed investments, growing patent portfolio and technology platforms within a broader strategy of pursuing market opportunities while competitors may be more cautious.
“As the mist of uncertainty billows around us, we will look for enduring advantage by going into Attack Mode,” Mahindra said.
The message to shareholders was ultimately one of guarded confidence: the global fog may not lift soon, but Mahindra believes companies with clear strategy, sufficient preparation and the nerve to accelerate at the right moment could emerge with a lasting advantage. In that race, standing still may prove riskier than moving forward.
