At a fireside chat held at the IIM Bangalore campus, Mr. Narayana Murthy and Mr. Aditya Puri shared reflections on leadership, institution-building, and India’s entrepreneurial evolution. The discussion, titled ‘The Art of Building Legendary Companies’, was hosted by Catamaran in association with IIM Bangalore and moderated by Catamaran Chairman M. D. Ranganath.
The event drew a diverse audience of entrepreneurs, business leaders, students, and faculty members. Ms. Sudha Murty, Chairperson of the Murty Trust, and Mr. U. Dinesh Kumar, Director (In-charge), IIM Bangalore, were also in attendance.
Setting the backdrop, Mr. Ranganath spoke about the economic realities of India during the founding years of Infosys and HDFC Bank, describing a time marked by regulatory restrictions, scarce capital, and a fledgling entrepreneurial ecosystem. He highlighted how both organisations were built from first principles in such an environment.
The conversation explored the risks founders took in leaving secure careers to build institutions without proven business models or assured backing. Both speakers recalled the challenge of convincing early employees to believe in a vision driven by shared values rather than immediate financial gains.
Reflecting on Infosys’ founding philosophy, Mr. Murthy said, “I never wanted Infosys to just be the largest in terms of revenue, net profit or market cap. I wanted it to be the most respected company in the eyes of its stakeholders.” He underlined the role of discipline and fairness, stating, “Trust is built over time through fairness and sacrifice. Leaders must be unequivocal about values and demonstrate them consistently through action.”
He also pointed out that this value-driven approach resulted in equitable wealth creation, with Infosys stock delivering an annualised return of 47% during his leadership.
Turning to HDFC Bank’s early years, Mr. Puri spoke about the importance of getting the fundamentals right. “If you don’t set the culture right on day one, if you don’t set the systems and your purpose on day one, you will never build a sustainable organisation. If your only objective is top line or profit, you don’t see the full picture. That cannot be the purpose of your existence,” he said.
Aligning with Mr. Murthy’s views, he added, “The purpose of your existence is to be relevant, to be a valuable member of society, and to be respected. And respect can only be earned. The right product, the right fit, at the right price, delivered with integrity—and thereafter, whatever you earn must be fairly distributed. If you don’t want to share value with employees and want to keep it all, why should they commit themselves to the organisation?”
Discussing investor trust and long-term credibility, Mr. Puri remarked, “Banking, for me, was never about being elite. Our purpose was to take banking to every section of society, build trust with every stakeholder, and keep reinventing ourselves as the world moved.”
He further noted that while external environments change, core values must endure. “When you start your career, the fundamentals matter most—you define your market, your product, your margins, the technology and the people, and then you execute. But as the world evolves, you must evolve with it. Your values and your system of analysis must remain constant—you must simply learn to distinguish between hype and reality.”
Praising Mr. Puri’s journey, Mr. Murthy said, “In my opinion, Aditya is the finest entrepreneur produced by our country post-Independence. What is truly impressive is that he succeeded in the Indian environment—taking an institution from zero revenues to a market capitalisation of nearly USD 155 billion.”
The discussion concluded with advice for students and early-stage founders, offering insights from an era of institution-building without formal startup playbooks.
