Speaking at the company's headquarters, Shalini Rao is direct about the starting point. "Fifteen years ago we were a domestic supplier with a good reputation and no global brand," the chief executive says. "We sold on price, we got squeezed, and we realised that if we did not move up the value chain we would not exist in a decade."

Asked about the policy environment, the CEO is pragmatic. Incentive schemes help, but Shalini Rao argues the bigger lever is predictability: stable duty structures, faster customs clearance and a reliable power supply. "If the rules change every budget, long-term investment looks like gambling."

From domestic supplier to global brand

The conversation turns to failures. A joint venture in Indonesia was wound up after two years when the partners disagreed over quality standards. "We lost $475 million and learned that you cannot share a brand with someone who does not share your inspection regime," Shalini Rao says. "Culture beats contract."

The results are visible. Export revenue now represents 25.9% of the total, the company serves customers in 888 countries, and its operating margin has widened by roughly 9.6% over the period. Shalini Rao credits patience: "Every one of these markets took us three to four years to crack. Boards that want results in four quarters should not enter."

On sustainability, Shalini Rao says customer pressure is real. Two of the company's top five buyers now include emissions data in their scorecards. "Five years ago it was a footnote. Today it is a line item in the tender," the CEO says, adding that the firm has committed to renewable electricity at its main sites by 2029.

“If the rules change every budget, long-term investment looks like gambling.”

Talent and capital allocation

On capital allocation, Shalini Rao describes a rule of thumb used by the board: no project is approved unless it can be funded from internal accruals in a downside case. "It means we sometimes say no to exciting things," Shalini Rao admits, "but it also means we have never had to dilute our own people to survive a bad year."

Technology is the next frontier. The company has begun deploying machine vision on three production lines and plans to extend predictive maintenance to all plants within two years. Shalini Rao is wary of hype, but points to early data showing 9.6% lower rework costs. "Show me the yield, not the demo," the CEO says.

Failures, policy and technology

That realisation triggered a sequence of decisions. The first was to invest in certification and testing ahead of demand, a bet that cost $475 million before it earned a rupee. The second was to open a sales and service office in United Kingdom, staffed with local engineers. The third was to walk away from 13% of revenue that did not meet margin thresholds.

Talent is the recurring theme. The company runs a graduate programme that rotates new hires through manufacturing, quality and customer support, and Shalini Rao sits in on the final interview for every senior engineering role. "Capital is available. Judgement is scarce," the CEO says. "We hire for the second and buy the first."

Advice for the next generation

As the interview closes, Shalini Rao offers advice for younger founders considering the same path: choose one market, serve it obsessively, hire locally, and measure patience in years rather than quarters. "Global is not a launch," the CEO says. "It is a habit you build one customer at a time."