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Fortune India Magazine - September 2025

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In this issue

SPECIAL ISSUE: AUTO SPECIAL, In this Auto Special, we take a close look at all aspects of this EV battle—the several new launches, the challenges in the EV market, who’s winning, and much more. This issue also delves deep into the strategies of three key auto companies—Tata Motors, Mahindra & Mahindra, and Ashok Ley-land—and examines how each is putting together its own growth recipe in an increasingly competitive and challenging market.

THE GREAT INDIAN EV RACE

THESE DAYS, animated discussions in corporate circles are often dominated—Trump tariffs apart—by the latest car launches from the major automakers. And discussion also centres around how the auto companies are now aggressively fighting for a share of the electric vehicles (EV) pie. Never has this trend of EV launches been more pronounced than in 2025. Whether it is Tata Motors or JSW MG Motor or Mahindra, the auto market has rarely seen such action as it is doing this year, where all major players are betting big on EVs, bolstered in large measure by the government's push towards clean mobility.

2 mins

AN UNBREAKABLE BOND: WARREN HARRIS, CEO & MD OF TATA TECHNOLOGIES AND A TATA VETERAN, FEELS HIS FIRST MEETING WITH RATAN TATA SET THE TONE FOR THE FUTURE.

ON A CRISP November afternoon in 2005, Warren Harris walked into the opulent Four Seasons Hotel George V in Paris to meet Ratan Tata for the first time. The French capital was slipping into winter—the air sharp, Christmas markets luring early buyers with their festive warmth. Harris, then head of engineering services firm INCAT—which had been taken over by Tata Technologies just three months ago—had spoken with Tata only over the phone. “We had a couple of conversations about the opportunity to converge INCAT with the Tata company,” Harris recalls.

6 mins

AN UNBREAKABLE BOND: WARREN HARRIS, CEO & MD OF TATA TECHNOLOGIES AND A TATA VETERAN, FEELS HIS FIRST MEETING WITH RATAN TATA SET THE TONE FOR THE FUTURE.

6 mins

INDIA ACTS TO 'SUSTAIN' LANDSCAPES & LIVES

As a nation with the world's largest population, India is seen as a critical player in realising the 2030 Agenda for Sustainable Development for reversing the depletion and damage done to the earth impacting human lives, flora and fauna. The thrust to achieve the SDG targets are multi-pronged backed by innovative policies and will of the government for a world where peace and prosperity reign.

5 mins

IGL: SUSTAINING INDIA'S GREEN FUTURE WITH CLEAN ENERGY

Kamal Kishore Chatiwal Managing Director, IGL

3 mins

IGL: SUSTAINING INDIA'S GREEN FUTURE WITH CLEAN ENERGY

Kamal Kishore Chatiwal, Managing Director, IGL and Mohit Bhatia, Director (Commercial), IGL

3 mins

LORD'S MARK INDUSTRIES REINVENTING GROWTH WITH PURPOSE

Sachidanand Upadhyay is the key promoter of Lords Mark Industries Ltd. A technocrat with an unwavering vision for growth, he leads the group from the front. Born on December 3, 1977, his educational foundation was laid at Vidya Mandir School in Dahisar. However, his entrepreneurial aspirations were ignited by the likes of Shri. Ratan Tata. Commencing his professional journey with M/s Ion Exchange (I) Ltd, Upadhyay garnered extensive experience through pivotal roles in renowned corporations such as Nutrients Confectionery, Hindustan Lever Ltd. and Blue Dart, before he ventured out on his own in 1998 with Lords Mark Industries. Upadhyay has since expanded the group's footprint into the Solar/LED industry, Healthcare, Automotive, and Innovative MedTech Sectors.

5 mins

LORD'S MARK INDUSTRIES REINVENTING GROWTH WITH PURPOSE

5 mins

GST

THE REFORMS SEASON IS BACK THE NEXT-GENERATION REFORMS ANNOUNCED BY THE PM ON INDEPENDENCE DAY WILL HELP INDIA ACCELERATE GROWTH.

3 mins

TALENT HUNT, POWERED BY AI: THE LINEARITY BETWEEN HEADCOUNT AND REVENUES AT IT SERVICES FIRMS NO LONGER HOLDS. WITH THE AI DISRUPTION, TRIMMING OBSOLETE ROLES TO FOCUS ON NEXT-GEN TECHNOLOGY TALENT IS THE NEW NORM.

DAYS AFTER POSTING a third straight quarter of decline in revenues, Tata Consultancy Services (TCS) announced in early August that it would reduce its workforce by 2% to “future-proof” the company. This means that nearly 12,000 middle- and senior-level executives will be rendered jobless by the end of FY26 at India’s largest IT services firm with a headcount of around 613,000 employees. The move, a harbinger of what lies ahead, has jolted the sector.

3 mins

GAME OVER: HOW INDIA'S THRIVING REAL-MONEY GAMING INDUSTRY WENT FROM BOOM TO BUST IN JUST FOUR DAYS.

INDIA'S GAMING industry went from being a $2.4-billion sunrise sector to one scrambling for survival—in four days. The Promotion and Regulation of Online Gaming Bill, 2025, which received Cabinet approval on August 19, was passed by both Houses by August 21 and became law the following day after receiving the President's assent.

3 mins

THE GREAT MARKET SHIFT: EVEN AS FOREIGN PORTFOLIO INVESTORS TURN NET SELLERS, DOMESTIC INVESTORS ARE TAKING CHARGE ON D-STREET.

FOR YEARS, foreign portfolio investors (FPIs) were the pacesetters for Indian equities. A single sell order from Singapore or New York would send shivers down D-Street. But the balance of power is shifting. Today, even as FPIs withdraw billions, the stock market is holding its ground, courtesy of an army of domestic investors who are rewriting the rules of the game with steady inflows.

2 mins

The Next Billion-dollar Leap

India's future unicorn bets are not on consumer apps, but on research-based, transformational products rooted in deep technologies.

3 mins

Defence: Growth Fully Priced In?

The sector sees surging exports and rising capex, but investors need to be careful because of the steep valuations.

3 mins

Defence: Growth Fully Priced In?

The sector sees surging exports and rising capex, but investors need to be careful because of the steep valuations.

3 mins

Why Process Matters More than a CEO's Personality

High-performing boards ensure a CEO's accountability through thoughtful structure, consistent feedback, and a clear understanding of their role.

3 mins

Why Process Matters More than a CEO's Personality

High-performing boards ensure a CEO's accountability through thoughtful structure, consistent feedback, and a clear understanding of their role.

3 mins

STANDING STRONG

THE U.S. HAS IMPOSED 50% TARIFFS ON INDIAN EXPORTS AND NEGOTIATIONS HAVE BROKEN DOWN. WHAT LIES AHEAD?

7 mins

STANDING STRONG

THE U.S. HAS IMPOSED 50% TARIFFS ON INDIAN EXPORTS AND NEGOTIATIONS HAVE BROKEN DOWN. WHAT LIES AHEAD?

8 mins

INDIA-U.S. TRADE & TARIFFS: THE OPTIONS FOR NEW DELHI

WITH THE EMERGENCE of new geopolitical realities arising out of the unilateral announcement of reciprocal tariffs by U.S. President Donald Trump, America cannot be considered a very reliable trade partner.

1 mins

TASK CUT OUT FOR CHANDRA 3.0

OF THE MANY CHALLENGES, WORKING OUT AN EXIT ROUTE FOR THE SHAPOORJI PALLONJI GROUP FROM TATA SONS COULD WELL BE HIS TOUGHEST JOB.

6 mins

THE MAIA METHOD: A BLUEPRINT FOR PURPOSEFUL REAL ESTATE

At MAIA, restraint is treated as a coveted currency, an approach that has resonated with a discerning community of buyers who seek homes that reflect their values, not just their net worth. Guided by this ethos of \"edited luxury,\" MAIA's developments command a 20-30% premium over comparable developments and are typically sold out much before completion. The numbers are encouraging, but for Mayank, the true reward lies in creating spaces that are intentional, enduring, and quietly compelling.

4 mins

COVID'S HEALTHCARE SHIFT

TECHNOLOGY GOES MAINSTREAM, BRICK-AND-MORTAR EXPANDS, AND AMBITIOUS GOVERNMENT PROGRAMMES BENEFIT MEDICAL INFRASTRUCTURE.

9 mins

BUILT FOR SPACE

SPACE IS EMERGING AS THE NEW LABORATORY FOR BIOTECHNCOLOGY, AND INDIAN STARTUPS ARE POWERING THE COUNTRY'S AMBITION TO LEAD IN SPACE BY 2047.

10+ mins

SALIL PANIGRAHI: ARCHITECT OF EXPERIENCES, NOT JUST HOTELS

With Atmosphere Core's India entry, the CA-turned-hotelier blends emotional design, cultural authenticity, and scalable disruption to reshape Indian luxury travel

3 mins

ELECTRIC YEAR

CARMAKERS HIT THE ACCELERATOR ON ELECTRIFICATION IN 2025, UNLEASHING A SLEW OF BLOCKBUSTER EV RELEASES.

10+ mins

ELECTRIC YEAR

THE FUTURE IS HERE—on four wheels and it is electric. 2025 is shaping up to be the year electric car sales hit the accelerator in India with a flurry of launches. While Tata Motors is the leader of the pack by volume, JSW MG Motor India—JSW Group's joint venture with China’s SAIC Motor—is closing in. A reignited Mahindra & Mahindra (M&M) is not far behind.

9 mins

LEADERSHIP IN MOTION Dr. ABINASH SAMAL, STEERING THE EMPREO GROUP JUGGERNAUT

From service bays to supercars, few entrepreneurs embody acceleration quite like Dr. Abinash Samal. At just 37, he has taken the wheel of Empreo Group and shifted it into overdrive, transforming a family enterprise rooted in industrial grit into a ₹3,800 crore powerhouse that now defines Odisha's mobility landscape.

2 mins

AI-POWERED CUSTOMER EXPERIENCE: Redefining engagement and support

Sandeep Panchal - India Consulting Leader, CognizantAarthi Arunachalam - Principal, Automotive Consulting, Cognizant

4 mins

M&M's ELECTRIC MAKEOVER

MAHINDRA GROUP LINES UP 12 SUV LAUNCHES BY 2030, LOOKS TO SCALE UP EV PORTFOLIO FOR GROWTH.

10+ mins

Rewiring for a Giant Leap

WHEN N. CHANDRASEKARAN took charge as chairman of Tata Sons in 2017, the passenger vehicles (PV) business of Tata Motors was staring into the abyss. Losses had ballooned to nearly ₹4,000 crore annually, market share had slipped below 5% and bankers whispered a single piece of advice: shut it down.

6 mins

ASHOK LEYLAND SHIFTS GEARS

INDIA'S SECOND-LARGEST MAKER OF COMMERCIAL VEHICLES IS READYING TO COUNTER THE DISRUPTION WITH NEW PLATFORMS, PRODUCTS, AND EVs.

7 mins

WHY INDIA CAN'T IGNORE HYBRIDS

HYBRIDS OFFER LOWER EMISSIONS AND HELP BRIDGE THE GAP TO FULL ELECTRIFICATION, BUT TAX ISSUES REMAIN A MAJOR HURDLE.

7 mins

A RARE REPORT CARD

How automakers manoeuvred a quarter of disrupted supply after China decided to tighten control of the rare-earth supply chain.

6 mins

VISIONARIES & TRENDSETTERS SHAPING THE FUTURE

From commanding ships across the world’s oceans to steering multinational enterprises, Captain Pradeep Singh's journey is the story of a global business icon. A Master Mariner who went on to complete advanced degrees at leading UK institutions—Manchester, Northumbria, and Northampton Universities—he built a rare academic foundation in business, finance, and law that has shaped his multifaceted leadership style. His pursuit of continuous excellence was further enriched at Harvard Business School through the prestigious OPM Program.

2 mins

PLUG WARS

THE LACK OF A COMMON STANDARD IN CHARGING PLUGS IN THE TWO-WHEELER SEGMENT COULD HIT INDIA'S AMBITIOUS TARGET OF INCREASING EV PENETRATION TO 30% BY 2030.

6 mins

BYD BEAT TESLA. NOW IT'S IN THE DRIVER'S SEAT.

China's champion electric-vehicle manufacturer is outselling Tesla and Volkswagen in the global EV race-and a spate of new factories could help it dominate markets outside China. How BYD and its globe-trotting No. 2, Stella Li, are spending billions and flexing their soft power.

8 mins

THE ROAD TO DECARBONISATION WON'T BE STRAIGHT

Why India's path to automotive decarbonisation requires technological diversity as BEVs continue to spearhead the transition.

3 mins

AMBITIOUS, BUT NOT INSURMOUNTABLE

Can India replicate its ICE two-wheeler success in the electric space to conquer the global markets?

3 mins

THE 100 MOST POWERFUL PEOPLE IN BUSINESS

Imagine the world's most valuable companies and the nations with the largest economies are clambering over one another to get what you sell—and they want more than you can produce.

2 mins

Is this man a Google killer?

Perplexity and founder Aravind Srinivas are using AI to reshape how people find information online. They're forcing giants like Google and Apple to figure out how to beat them—or buy them.

10+ mins

Unplugged, unbothered

As missing out is no longer a deficit but a deliberate act of choosing differently, India is where indulgent escapes are replacing bucket lists.

4 mins

BUILDING RESILIENCE

Stories of risk, reward, and resolve aplenty at Fortune India's 40 Under 40 awards.

4 mins

Kasstech Aerospace: A new Impetus to Indian Aviation

Every great journey begins with a vision-and the will to turn it into reality

3 mins

Reinventing Cultural Values in the Workplace

If discord, disruption and dissent are all around we see, the imperatives of the 'trust factor' in leadership gather even more relevance today.

2 mins

A Trusted Brand and Market Leader Shaping India's Protein Industry

The protein industry in India stands at a transformative crossroads, driven by evolving consumer preferences, technological advancements, and an increasing focus on nutritional security. At the forefront of this revolution stands ABIS Group, under the umbrella of IB Group, which has emerged as India's largest protein-centric agribusiness conglomerate with an impressive turnover of INR 13,000 Cr as of 2025. This remarkable journey from humble beginnings to market leadership exemplifies how visionary leadership and unwavering commitment to quality can reshape an entire industry.

4 mins

There are no shortcuts to success

This third-generation business leader from the Goel Group, Central India's leading conglomerate, has honed his skills through no less a personality than his grandfather. Looking back on his journey as a results-driven entrepreneur, Archit Goel - Director and CFO of Goeld Frozen Foods, recalls it was the practical mentoring of his grandfather which yielded the path, both in business and life, he would follow. Goel, now 35, was just in his 20s at the time when he embraced those lessons he needed so desperately to illuminate his future.

2 mins

A Journey of a Visionary Enterprise

The story of Mumbai is inseparable from the story of Jeena & Company.

2 mins

Leading with Vision in Health Management Research

The global challenges brought forth by the COVID-19 pandemic have permanently reshaped the way the world approaches healthcare and health management research. At the forefront of this transformation in India stands IIHMR University, Jaipur, a pioneering institution that has consistently combined academic excellence, research-driven learning, and a strong sense of social responsibility. Recognized as the No. 1 Health Management University in India, IIHMR's reputation is powered by the visionary leadership of its President, Prof. P.R. Sodani.

2 mins

Technology Meets Trust: How Medikabazaar is Powering India's Healthcare Supply Chain Transformation

India’s healthcare sector is in the midst of a profound transformation. Rising government investments, increasing participation from private players, and rapid adoption of digital technologies are reshaping how care is delivered. Hospitals are now expected to provide treatment that is faster, more reliable, and cost-efficient. Yet, one critical question remains: how can hospitals ensure a dependable supply of the supplies they need every day to keep this promise of care?

2 mins

Scripting a narrative of trust, reliability and humane endeavour

The Ankita Group of Companies' burgeoning global success and rising fortunes hinge on its trustworthiness, ethical ethos and philanthropic trajectories. What has propelled the Ankita Group's performance has been the enabling prowess of CEO and Chairman Dr. Anil Kumar, self-made billionaire tycoon, future-forward leader and philanthropist.

4 mins

Pivoting the Logistics Game for Sustainable Progress and Prosperity

High-calibre business acuity and strategic planning have raised the level of performance witnessed by Paradeep Parivahan Ltd (PPL) under the steadfast steerage of CMD and CEO, Dr. Khalid Khan.

2 mins

AI can Automate. Only Dharma can awaken

Stripped of clichés and corporate polish, one man is leading a storm in leadership thinking—at a time when the world is torn between ancient roots and an Al-disrupted future.

2 mins

Igniting young minds to change lives

Soil, water, sunlight and shadows—just as these bring together their strengths to nurture a plant, JIS Group Educational Initiatives' Founder-Chairman Sardar Jodh Singh's entrepreneurial drive has left behind a legacy, ably nurtured by Sardar Taranjit Singh his son, now the Group's Managing Director.

4 mins

Building Blocks of a Legacy Through Mentorship

As Founder-Chairman of the 39 Solutions Group, Business Coach Basesh Gala has set a fresh benchmark for Business Mentoring and Investment Organization. With his flair for practical insights and understanding of market realities he has helped shape the business ethos of a slew of entrepreneurial ventures and those seeking to make a mark in the Indian MSME space.

2 mins

Lighting the Flame of Global Excellence

Slowly but steadily, Karnataka is emerging as one of South India's most significant educational hubs. Adding strength to this transformation is the Mysore-based JSS Academy of Higher Education & Research (JSS AHER), a proud constituent unit of JSS Mahavidyapeetha.

2 mins

Providing More Heft to India's Bid for Energy Self-Reliance

The burgeoning speed at which India is tackling the need to become more self-reliant in the energy space has witnessed a compelling scenario unfold in corporate India.

2 mins

Driven by Passion and Humanism

He has been quietly scripting a unique narrative in the state of Uttarakhand's educational landscape. For years its rural expanses have been plagued with the migration of its youth to the big cites for lack of better educational and job opportunities.

2 mins

Driving the Winds of Change in Ophthalmology

In 1985, ophthalmologists Dr.Prakash Kankaria and Dr. Sudha Kankaria from Ahilyanagar made a path- breaking trip to Russia. They eventually returned to India to shake up Indian ophthalmology with the learnings they had gathered studying the benefits of radial keratotomy from Dr. Fyodorov.

2 mins

Pioneering a Vision of Caring and Trustworthiness

Dr. Unmesh Vidyadhar Takalkar has never taken half measures when it comes to redefining healthcare in India. From his formative years at Tata Hospital, where he first experienced the profound impact of compassionate medicine, he has relentlessly pursued excellence in patient care. That pursuit reached a defining milestone in 2007, with the founding of CIIGMA Hospital—a bold step rooted in his unwavering belief that world-class medical care should be accessible and affordable within the local community.

1 mins

Read all Stories from Fortune India

Fortune India Magazine Description:

Publisher: Business-Media-Pvt-Ltd

Category: Business

Language: English

Frequency: Monthly

Fortune India, is your ultimate guide to business, economy, and leadership. From corporate power moves to disruptive startups, Fortune India bring you deep insights, expert analysis, and inspiring success stories that shape India’s financial and entrepreneurial landscape.

1. Business & Economy – Exclusive reports on market trends, policy shifts, and economic developments. 

2. Leadership & Strategy – Meet the CEOs, founders, and visionaries redefining industries. 3. Wealth & Investment – Smart strategies for investors, market insights, and expert financial advice.

4.  Tech & Startups – The latest in AI, fintech, and innovations driving India’s growth story.

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