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The Unusual Billionaires

Written by Saurabh Mukherjea

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294 pages, about 6 hours of reading

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About this book

What makes a company truly outstanding? What is the secret sauce of delivering successful results over multiple decades? What is common to Asian Paints, HDFC Bank, Axis Bank, Marico, Berger Paints, Page Industries and Astral Poly? They are Unusual Companies, built by Unusual Billionaires. This book tells the story of these seven companies, handpicked out of 5000 listed on the stock exchange. Built by visionary business leaders, they have delivered outstanding results for a decade and more. How did these companies do it? Why couldn’t this be replicated by other companies? What are they doing differently? Saurabh Mukherjea, bestselling author of Gurus of Chaos, delivers an exceptional book with lessons to learn from these seven businesses. Mukherjea tells you why focusing on the core business is central to corporate success and how a promoter giving up control to the top management could be a boon. He also explains how investors can generate market-beating investment returns from identifying companies such as these using a simple set of metrics. Packed with these learnings are riveting corporate stories of how Hindustan Unilever made an aggressive bid to buy Harsh Mariwala’s business, but had to sell a business to him in a few years, or how Page Industries found an innovative way to stop unionization at their manufacturing units. Other stories include the turnaround of Axis Bank and the boardroom coup that led to its chairman’s exit and how Vijay Mallya sold Berger Paints to the Dhingra brothers. This book is mandatory reading for anyone who wants to understand how business is done successfully in India.

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Reading guide

Themes, characters and key ideas in The Unusual Billionaires, written by Chaptra AI.

  • about 8 hours
  • intermediate
  • Informative
  • Insightful
  • Analytical

Saurabh Mukherjea's "The Unusual Billionaires" delves into the success stories of seven handpicked Indian companies – Asian Paints, HDFC Bank, Axis Bank, Marico, Berger Paints, Page Industries, and Astral Poly – to uncover the 'secret sauce' behind their sustained, market-beating performance over decades. The book posits that these are 'unusual companies' built by 'unusual billionaires' who adopted distinct business philosophies. Through detailed case studies, Mukherjea identifies key principles such as focusing on core business, promoters ceding control to professional management, and disciplined execution as central to their enduring success. It also offers practical metrics for investors to identify similar high-performing companies, making it a crucial read for understanding successful business strategies in the Indian context.

What makes a company truly outstanding? What is the secret sauce of delivering successful results over multiple decades?

Key themes

Focus on Core Business
The book consistently emphasizes that a disciplined, unwavering focus on a company's core competency, rather than diversifying into unrelated ventures, is a critical driver of long-term success. It argues that this allows for deeper expertise, better resource allocation, and sustained competitive advantage.
Promoter Ceding Control to Professional Management
A key theme is the idea that for a company to scale and achieve enduring success, the visionary founder (promoter) must eventually empower and trust professional management. This transition allows for institutionalization, reduces dependence on individuals, and fosters meritocracy.
Disciplined Execution and Corporate Governance
The book implicitly and explicitly champions the importance of rigorous operational discipline, ethical practices, and strong corporate governance. This includes prudent financial management, efficient supply chains, and transparent decision-making, which collectively build trust and resilience.

Worth discussing

What specific elements define an 'Unusual Company' according to Mukherjea, and do you agree with his criteria?

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