The Unusual Billionaires Book: A Leadership, Innovation, and Long-Term Success Masterclass

Have you ever wondered why some companies thrive in super competitive spaces? Saurabh Mukherjea’s The Unusual Billionaires goes deep into seven of India’s most exceptional companies, presenting riveting corporate stories to find out how they have stayed ahead of the curve. The book is aimed at casual readers and avoids heavy business jargon. Instead, it tells inspiring stories of corporate success and innovation. The companies covered aren’t just your average companies. Their ability to maintain high growth and loyalty makes them, well, unusual.

What’s Special About These Unusual Companies?

Mukherjea looks at companies like Asian Paints, HDFC Bank, and Page Industries. These firms are outliers—not because of luck, but because of their unwavering commitment to their core business. Axis Bank, for example, achieved significant financial performance and sustained growth by shifting from a product-oriented to a customer-oriented approach under its leadership.

Take Asian Paints, for instance. They didn’t just sell paint; they used technology to transform the business. They invested in ERP systems and tinting machines to get an edge that competitors couldn’t match. This tech-enabled approach not only kept operations efficient but also customer satisfaction. Asian Paints is a prime example of how Indian companies leverage technology and innovation to stay ahead.

And then there’s Page Industries. Building an inspirational brand out of something as mundane as innerwear isn’t easy, yet they did it without offering discounts. By relying on brand loyalty and quality, they grew 35% CAGR in revenue between FY09 and FY15, way ahead of Rupa and Maxwell. That’s the kind of growth that sets these companies apart. Page Industries has consistently catered to the needs and preferences of Indian consumers, building strong brand loyalty through innovative practices.

Leadership: The Engine

Behind each of these unusual companies is a visionary corporate leader. Leaders like Harsh Mariwala of Marico saw opportunities, whereas others saw a saturated market. While competitors were happy with the status quo, Mariwala focused on Marico’s core business and even avoided hostile buyout bids from industry giants like Hindustan Unilever (HUL). His long-term vision and belief in Marico’s future helped him turn it into a FMCG giant.

Leaders in these companies didn’t chase trends or short-term gains. They had the vision to focus on long-term growth and profitability. Focusing on core operations and delegating authority to top management are pivotal decisions that can enhance a company’s life. Their success is a masterclass in how leadership can shape long-term success.

Thinking Unconventionally

What really sets these leaders apart is their ability to think differently. They didn’t follow the herd—they created the trend. Take Asian Paints again. Instead of just selling paint, they built a moat around their business by investing in technology and people. This forward-thinking approach meant they were ahead of the curve even as others were trying to catch up.

Value investing is also a critical approach to understanding successful business strategies.

Marico followed a similar path. By expanding into value-added hair oils (VAHO) and acquiring Nihar, they retained over 50% of the coconut oil market while growing in new segments. More prominent players like Dabur and HUL struggled to keep up, proving that thinking outside the box isn’t just a competitive advantage—it’s a survival strategy.

Smart Capital Allocation: The Secret Sauce for Financial Performance

One of the key themes of The Unusual Billionaires is smart capital allocation. Mukherjea argues that these companies didn’t grow by chance. They made deliberate, strategic decisions on where to invest their resources, ensuring optimal use of capital employed.

HDFC Bank is a case in point. Instead of getting into high-growth, high-risk ventures, they focused on building a low-cost liability franchise to use their capital efficiently. This helped them to be profitable even in turbulent times.

This approach highlights the importance of financial performance as a measure of effective capital utilization.

Similarly, Page Industries didn’t chase trends by offering discounts or diversifying into unrelated businesses. They stayed focused on their core business—premium clothing—and built a loyal customer base by prioritizing quality over price.

Innovation: The Lifeblood of Truly Outstanding Companies

Innovation isn’t just a word for these companies—it’s their DNA. Mukherjea shows how Astral Poly Technik took a commoditized market like pipes and turned it into a brand story. Instead of competing on price alone, they introduced new products to build customer trust and loyalty. This innovation helped them deliver high growth, achieving significant revenue increases while maintaining profitability over a decade.

HDFC Bank and Asian Paints also stand out for their use of technology. From HDFC Bank’s 10-second pre-approved loans to Asian Paints using data analytics to optimize its supply chain, these companies didn’t just adopt technology—they used it to get ahead of the competition. Their innovation ability has been the game changer that has set them apart in a digital world.

The IBAS Framework: The Formula for Success

Mukherjea uses the IBAS framework to explain the success of these companies: innovation, Brands and Reputation, Architecture and Strategic Assets. These four pillars have helped them build sustainable competitive advantages and insulate themselves from market volatility.

Ambit Capital has significantly contributed to analyzing the competitive advantages and sustainable growth of leading firms within the Indian market.

For example, Asian Paints has done well in innovation and architecture by using technology to simplify operations and enhance customer delight. Page Industries has built strong brands and reputations by staying true to its core values and is a leader in the industry without relying on discounts.

Challenges: The Real Test of Resilience

No company’s journey is without hurdles, and The Unusual Billionaires shows how these companies have overcome significant challenges over the last decade. Whether it was regulatory hurdles, market volatility or intense competition, they stayed the course and focused on the long term.

HDFC Bank, for example, played it safe during the pre-Lehman credit boom and built a low-cost liability base while others took on high-risk loans. This strategy paid off when the crisis hit, and HDFC was well-placed to weather the storm while others struggled.

Similarly, Page Industries stuck to its no-discount policy even when competitors offered discounts. This bold move paid off and strengthened their brand and customer loyalty in the long run. The same company also made strategic decisions, such as aggressive acquisitions, which influenced its trajectory and ownership changes over time.

Conclusion: A Must-Read for Investors and Entrepreneurs

In conclusion, The Unusual Billionaires is more than just a bunch of corporate success stories. It’s a masterclass of leadership, innovation, and capital allocation. This is a must-read for investors, entrepreneurs, or anyone interested in how outstanding companies grow and sustain success.

Mukherjea gives you the what, how, and why of these truly outstanding companies. Their long-term strategies, innovative approaches, and smart capital allocation set them apart. The Unusual Billionaires is a must-read if you want to know the secret behind India’s most successful companies.

This book doesn’t just tell you what these companies did; it shows you how they did it and why it worked. Whether you are an investor looking to find great companies or an entrepreneur looking for inspiration, this book should be on your shelf.

My Rating:- ★ ★ ★ ★ ★

Goodreads Rating: 4.01

The Unusual Billionaires Book Reviewed On:

• e-book
• Total pages: 411
• Genre: Non-fiction/Finance
• The Unusual Billionaires by Saurabh Mukherjea