Hira Mahajan

From Trainee to Tycoon, Driving Growth Through Financial Insigh

Hira Mahajan

Head & Senior General Manager- Finance

Costing/MIS and Commercial, UPL

Integrating financial acumen with supply chain management defines Hira Mahajan’s leadership. With nearly 28 years of experience across industries like agriculture and manufacturing, Hira excels at merging finance with operational functions for optimal business performance. Starting as a management and chartered accountant trainee in 1996, Hira expanded his expertise through various roles in finance and commercial, including accounting, costing & MIS, auditing, taxation, compliance and regulatory. His journey, spanning companies like Apollo Tyres, Kapoor and Kapoor Associates, and UPL Group, allowed him to develop a comprehensive approach to financial management, blending financial insights with supply chain and manufacturing operations. Hira’s leadership is marked by his dual focus on financial and operational perspectives, which enables him to streamline processes, identify cost-saving opportunities, and optimise working capital. His emphasis on value-driven decision-making helps eliminate inefficiencies and concentrate on highimpact initiatives. His skills in plant controllership, SCM finance, and financial operations are crucial for managing and leading functions like finance planning & analysis, budgeting, and management reporting and emerging as an enterprising finance leader. Hira’s collaborative approach and commitment to continuous improvement foster a culture where finance and supply chain teams work together to enhance profitability and sustainable growth. Hira shares insights into his journey and achievements in financial and operational success with TradeFlock.

If sleepless nights and cold sweats become frequent, it signals the need for a change. Maintaining balance, addressing concerns promptly, and embracing reflection help me stay focused and mitigate potential stress effectively.

What are the top financial risks in crop protection, and how do you mitigate them?

The crop protection chemical industry faces significant financial risks due to seasonality, demand fluctuations from weather changes, and pest resistance, all of which impact revenue, supply chain, and operations. Additionally, maintaining large inventories for seasonal demand and the substantial investment required for R&D, new molecule development, and patents are major challenges. To mitigate these risks, we diversify our product portfolio, invest heavily in R&D, form global alliances, and operate in various geographies. Educating farmers, optimising working capital, and maintaining agile supply chain capabilities allow us to adjust product supplies efficiently based on weather conditions.

What are some of your key milestones that you are proud of and why?

My professional journey began in 1996 at M/s Kapoor and Kapoor Associates, where I was responsible for end-to-end accounting and compliance, directly reporting to the CEO. Within six months, I was promoted to senior consultant, thanks to my initiative in setting up robust systems and processes. This role provided me with invaluable exposure to taxation and export procedures, which shaped my process-oriented mindset. At Apollo Tyres, I quickly advanced to the Districts Commercial Incharge. I was part of the core team implementing ERP for inventory management, costing, and finance functions. Among my achievements was cleaning up financial books, recovering D23 crore in old dues, and securing VAT and duty refunds. In 2005, I joined UPL Limited, a pivotal career move that offered diverse responsibilities. Over two decades, I progressed from assistant manager to senior general manager, earning the trust of top management. I spearheaded initiatives that improved manufacturing efficiency, optimised working capital, and ensured continuous recovery of D20-25 crore incentives annually. My efforts in supply chain excellence, strategic acquisitions, and costsaving projects solidified my role as a trusted SCM finance leader. Through every milestone, I’ve adhered to one principle: “Success is the sum of small efforts, repeated day in and day out.”

Emerging financial leaders should think strategically and adopt a CEO mindset to drive impactful decisions. Embrace ownership, seamlessly blend business and finance roles, and practice perseverance.

What are your top strengths and a key area for improvement as a financial leader?

My greatest strength as a financial leader is fostering leadership within my team. I exemplify integrity, clear communication, accountability, and a visionary perspective, backed by strong financial expertise, strategic planning, risk management, and technological savvy. My experience in handling complex financial planning, commercial negotiations, and regulatory compliance has honed my ability to make informed decisions and drive sustainable performance. One area I aim to improve is balancing work and life, as my dedication sometimes leads to an overemphasis on perfectionism, which can impact decision-making efficiency. To address this, I regularly assess the materiality of issues and focus on prioritising what truly matters rather than striving for perfection in every detail.

What keeps you up at night and why? How are you mitigating it?

Nothing truly keeps me awake at night, but I do have reflective “4 a.m. moments,” as many leaders do. These quiet hours allow me to think deeply about challenges and strategize next steps. If sleepless nights and cold sweats become frequent, it signals the need for a change. Maintaining balance, addressing concerns promptly, and embracing reflection help me stay focused and mitigate potential stress effectively.

What are your future aspirations, and how will you achieve them?

I am excited to integrate a new API manufacturing plant into my role, aiming to establish robust systems and processes within the next 6–8 months and build lasting partnerships for growth. My vision is to evolve our finance and commercial operations into a predictive analytics powerhouse that drives value and innovation over the next two years. On the personal front, I am committed to achieving a balanced work-life integration and nurturing mental well-being. Recognising that a fulfilling life is key to overall health and effectiveness, I will prioritise self-care and personal growth to maintain peak performance and happiness.

Share an example of how your financial strategy achieved major cost savings or efficiency gains.

Cost optimisation has been a key focus throughout my journey in manufacturing and supply chain finance, with numerous instances where my strategic financial insight has led to substantial cost savings and efficiency improvements. One such instance involved optimising our revenue budgets and forecasts. By eliminating unnecessary buffers and ensuring more realistic projections, we unlocked significant cost-saving opportunities. A critical review of the Bill of Materials (BOM) at the SKU level proved equally impactful. This detailed analysis allowed us to optimise raw materials, packaging, and utilities while also identifying ways to reduce labour and overhead costs. These efforts were supported by cross-functional collaboration, leading to efficiency improvements such as reduced batch cycle times and capacity enhancements. By incorporating these savings into our standard operating procedures, we ensured that the cost reductions were sustainable over the long term, resulting in a notable improvement in the company’s financial performance.

What key financial metrics do you use to assess UPL’s success?

The most critical financial metrics for assessing UPL’s operational health are resilient performance, long-term revenue growth, EBITDA growth, and reduction in net debt. These indicators reflect the company’s profitability, cash flow generation, and debt management, which are essential for sustainable growth. Additionally, UPL benefits from excise and GST benefits under the Budgetary Support Scheme and ensuring timely clearance of these inflows from the tax department is crucial for maintaining liquidity. In my role, I focus on financial controls, performance reviews, and key metrics to drive efficiency, profitability, and sustainability. By closely monitoring cash flows, optimising working capital, and implementing strategic cost controls, we maintain financial stability while steadily improving margins and reducing net debt.

Who is your inspiration and why?

My father, who passed away 28 years ago, remains my greatest inspiration. He instilled in me the values of hard work, honesty, integrity, and complete dedication to my work—traits that have guided me through every challenge in my professional journey. His lessons taught me resilience, even in moments of perceived injustice. From a business perspective, mentors like CA V.K. Kapoor, Mr. K.R. Srivastava, Mr D C Gupta, Mr Melwyn Moses, Mr Brij Gopal and others have inspired me with their ethical and sustainable leadership. Their first-principles approach to challenges continues to shape my outlook, fostering both personal growth and professional excellence.

One transformative decision that you took and its impact

Throughout my career, I’ve made numerous transformative decisions yielding both tangible and intangible benefits. A pivotal one was aligning the finance strategy to the business by focusing not on historical benchmarks but on optimising resources for strategic goals. This shift prioritised high-value products over lowerperforming ones, significantly boosting returns on enterprise assets. For example, introducing a high-value product replaced several lower-value offerings, maximising ROI and improving margins. Additionally, strategic expansions enabled us to secure indirect tax benefit for another 10 years translating to cumulative tax holiday of 20 years. These decisions optimised incentives, reduced costs, and enhanced cash flow in challenging environments. By fostering strategic foresight and prioritisation, I’ve consistently driven sustainable growth while ensuring that transformations align with longterm corporate objectives and market demands. The outcomes include stronger financial health and improved operational efficiency.

What advice do you have for emerging financial leaders in agriculture and manufacturing?

Emerging financial leaders should think strategically and adopt a CEO mindset to drive impactful decisions. Embrace ownership, seamlessly blend business and finance roles, and practice perseverance. This approach will lead to sustainable success in challenging industries like agriculture and manufacturing.