Anand Mahindra wants M&M to go into 'attack mode' amid global uncertainty

Mahindra Group Chairman Anand Mahindra has called on the conglomerate to go into "Attack Mode," urging the company to shift from merely navigating global uncertainty to aggressively pursuing growth opportunities amid what he described as a new era of permanent disruption.

In his annual letter to shareholders, part of the FY26 Integrated Annual Report, Mahindra said the world had entered "Manthan 2.0"—a reference to the Hindu mythological churning of the ocean—where uncertainty has become the norm rather than an exception.

“It is time to move from navigation to acceleration. As the mist of uncertainty billows around us, we will look for enduring advantage by going into Attack Mode,” Mahindra noted.

Drawing an analogy from Formula E racing, Mahindra described 'attack mode' as a deliberate strategy of accelerating under difficult conditions rather than waiting for stability to return.

“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. This is not reactive speed; it is strategic acceleration, backed by preparation and conviction,” Mahindra explained, signalling that the group's next phase of growth will be built on aggressively capitalising on uncertainty rather than waiting for calmer conditions.

Mahindra warned that geopolitical tensions, shifting supply chains and technological disruption have created a world of "continuous earthquakes," adding that "black swan events have become obsolete because the pond is full of black swans."

Despite the uncertain environment, Mahindra said both India and the company had emerged stronger.

He highlighted India's growing strategic importance as global companies diversify manufacturing, noting that around a quarter of iPhones are now produced in the country. He also described India as a potential "connector economy" capable of maintaining relationships across competing geopolitical blocs.

"The question for India is no longer whether it will rise, but how fully will it translate this moment into an enduring advantage," he wrote.

On the corporate front, Mahindra pointed to record financial performance, more than 1,300 patents granted over the past decade, the launch of the NU_IQ platform, and the group's planned ₹15,000-crore investment in Nagpur over the next 10 years.

However, Mahindra cautioned that the first phase of global disruption was over and that businesses should prepare for a prolonged period of geopolitical and economic instability.

His message to shareholders was clear: the era of defensive management has ended.

“We are accelerating through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution,” said Mahindra.