There comes a moment in every leader’s life when the road behind becomes a teacher, and the road ahead becomes a testament. For Rakesh Bhalla, that moment arrives not with nostalgia, but with clarity. After decades of steering financial strategy, stabilizing risk, and guiding transformation as CFO , Chief Risk Officer & Sourcing head , he steps into his pre retirement advisory role as  his path was never meant to be linear; it was shaped by cycles of learning, unlearning, and courageous reinvention. Each role sharpened his understanding that leadership is not about hierarchy, but humanity. He learned that numbers tell stories, but people write them. And in boardrooms filled with ambition, he chose the quieter, steadier language of ethics, discipline, and integrity.

Rakesh’s journey has been marked by resilience, including a turnaround that earned him the CFO of the Year 2024–25 – Excellence in Turnaround (CII). Yet he carries that recognition with humility, believing that true success is measured not by awards, but by the values one refuses to compromise. For him, ethical leadership is not optional it is the only path that stands the test of time. As he transitions into an advisory role, he sees the next chapter as one of contribution: giving back to the ecosystem that shaped him, sharing the lessons forged through crisis and growth, and guiding new leaders who will define India’s next economic wave. He believes that a career is not defined by titles, but by the opportunities embraced, the people learned from, and the principles upheld with conviction. And so, as he steps into this new season, he does so with gratitude, purpose, and a steady voice that reminds us all: Success is not about where you start, but how consistently and how courageously you walk the path.

From Humble Beginnings to Strategic Leadership

Rakesh’s professional journey began with a simple yet powerful aspiration to build a life of purpose grounded in discipline, integrity, and continuous learning. He started his career at SML Isuzu Ltd. (then Swaraj Mazda) more than 36 years ago, equipped with the technical foundation of a Cost Accountant and the determination to prove his capabilities through hard work rather than words. When he joined the organisation in 1989, he had no grand title and no predefined leadership trajectory. What he did have was curiosity and a deep desire to understand the business end-to-end. This mindset propelled him across multiple functions Internal Audit, Taxation, Finance, Accounts, IT, Procurement, and Vendor Development each role exposing him to new challenges and expanding his understanding of how organisations truly operate.

His journey was far from linear; it was a continuous cycle of learning, unlearning, and reinventing himself. Leading the IT Department from 2007 to 2012 gave him a new lens, revealing technology as the backbone of organisational transformation. Later, heading Procurement and Vendor Development between 2019 and 2025 taught him the strategic importance of collaboration, negotiation, and cultivating long-term trust with partners.

A pivotal moment arrived in February 2021, when he stepped into the dual role of Chief Financial Officer and Chief Risk Officer, in addition to his Procurement and Vendor Development responsibilities at a time when SML was navigating one of the most turbulent periods in its history. The pandemic had severely impacted the commercial vehicle industry, placing immense financial strain on the organisation. During those months, every decision carried weight, every hour demanded clarity, and every step required courage.

What began as a crisis soon transformed into one of the most meaningful chapters of his career. Through resilience, disciplined execution, and unwavering teamwork, he helped steer SML through one of the most remarkable financial turnarounds the industry has witnessed.

Today, as he transitions into the advisory role , he reflects on his journey with deep gratitude. What began as the dream of a young professional has grown into a lifetime of meaningful contributions shaped by perseverance, humility, and a profound sense of responsibility toward the organisation, its people, and the industry it serves.

Rakesh Bhalla’s Leadership Principles and Guiding Ideals (Rephrased in Third Person)

• Consistency Over Intensity: Rakesh believes that meaningful success is built through small, consistent actions repeated over time. Whether analysing financials, mentoring teams, or negotiating with vendors, his steady approach helped him build trust, reliability, and long-term credibility across the organisation.

• Courage to Take Difficult Decisions” Throughout his career especially during periods of crisis Rakesh demonstrated a willingness to make tough decisions in the best interest of the company. From cost restructuring to strategic investments and challenging established processes, his courage to act decisively became a defining aspect of his leadership.

• Ability to Build Relationships: Across roles in finance, IT, procurement, and risk management, Rakesh considered people his strongest asset. He invested intentionally in relationships with colleagues, suppliers, industry bodies, and public institutions. These connections formed the foundation for collaboration, trust, and shared success.

Guiding Ideals

• Integrity Above Everything: Rakesh holds an unwavering belief that integrity is the cornerstone of effective leadership. No financial strategy or business decision can succeed without ethical grounding, and he views ethical leadership not as an option, but as the only sustainable path.

• Nation-Building Through Professional Excellence: Through contributions to ASSOCHAM, ICMAI, IIMM, and public responsibilities through the BJP platform, Rakesh maintains that professionals must actively support India’s economic and developmental priorities. His involvement in policy forums and industry bodies reflects this commitment.

• Continuous Learning and Reinvention: Even after 36 years, Rakesh sees himself as a lifelong student. From digital transformation to next-generation GST reforms, he continually pushes himself to stay informed, relevant, and capable of leading in an evolving landscape.

• Empathy in Leadership: Rakesh believes that behind every meeting, every KPI, and every report is a human being. Understanding people not just processes is, in his view, essential for any leader who wants to create meaningful and lasting impact.

SML and the Leadership Challenges That Shaped Rakesh

SML Isuzu Ltd. stands among India’s most trusted commercial vehicle manufacturers, known for reliability, durability, and value-driven engineering. Its diverse product portfolio includes Light and Intermediate Commercial Vehicles, buses and special application vehicles, school and staff transportation solutions, fully built and customised bodies, and a robust pan-India after-sales service and parts network. The company’s mission extends beyond manufacturing vehicles it is committed to enabling mobility, supporting livelihoods, and strengthening economic activity across the nation. Throughout his long tenure, several defining challenges shaped Rakesh as a leader:

• Navigating the COVID-19 Financial Crisis at SML: Stepping into the role of CFO in February 2021, at the height of the pandemic, marked one of the greatest challenges of his career. The commercial vehicle industry faced unprecedented disruption—losses, volatile demand cycles, broken supply chains, and urgent liquidity pressures. Leading the financial turnaround required strategic clarity, calm decision-making, and a sense of collective optimism at a time when uncertainty was overwhelming.

• Managing Multi-Department Leadership Roles: Transitioning across Finance, IT, Procurement, and Vendor Development demanded different skill sets and perspectives. Each role pushed him beyond familiar expertise and required reinvention. While challenging, these transitions accelerated his growth and broadened his understanding of the organisation’s operational ecosystem.

• Transforming Organisational Mindsets: Driving digital transformation, reworking cost structures, and redesigning supplier strategies required more than technical implementation—it demanded a cultural shift. Convincing teams, overcoming resistance, and aligning diverse stakeholders were complex but ultimately rewarding responsibilities that strengthened organisational resilience.

• Balancing Corporate Duties with Public Responsibilities: His involvement with ASSOCHAM, ICMAI, BJP professional cells, and various advisory committees added another layer of responsibility. Balancing corporate leadership with public and industry engagements required discipline, commitment, and meticulous time management reinforcing his belief that professionals play a critical role in advancing India’s broader developmental goals.

Awards, Recognitions, and Guiding Principles

Over the years, Rakesh has been humbled to receive several recognitions that reflect both his professional impact and his commitment to organisational excellence.

Professional Awards:

• CFO of the Year 2024–25 – Excellence in Turnaround, CII
• CFO Outstanding Performer Award 2024, ICMAI
• Distinguished Supply Chain Management & Outstanding CFO Award, IIMM
• India CFO Award 2024, Biz Integration
• CMA Achiever Award 2016, ICMAI

Special Assignments

• Member of the Business Delegation accompanying Hon’ble Prime Minister Shri Narendra Modi for the BRICS Summit in Rio, Brazil

Accreditations

• Lifetime Registration in the Independent Directors’ Data Bank (IICA)

To him, these recognitions are not milestones of personal achievement but reminders of the responsibility to continue contributing meaningfully to the profession, to industry, and to the nation. Rakesh has lived his life by the principle that “Discipline creates destiny.” For him, titles may change and responsibilities may evolve, but the discipline with which one approaches life is what ultimately shapes long-term success. Consistency, honesty, and self-discipline have remained the bedrock of his journey values that continue to guide him as he steps into his advisory role and supports the next chapter of growth and transformation.

Inspiration, Transition, and Future Priorities

Rakesh draws inspiration from many sources throughout his life and career. He credits his parents for instilling in him the foundational values of integrity, humility, and hard work principles that shaped every decision he made. He also finds motivation in his colleagues and teams, whose resilience and optimism remained unwavering even in the most challenging periods. Leaders like Hon’ble Prime Minister Shri Narendra Modi inspire him deeply through their discipline, vision, and commitment to nation-building. Additionally, the professionals he engages with through ASSOCHAM, ICMAI, and various public forums continually reinforce his confidence that India’s future lies in capable and responsible hands.

For Rakesh, inspiration is not a rare event it is present everywhere, every day, for those willing to observe, listen, and absorb. As of 1st October 2025, he has transitioned into the role of Advisor to the CEO of SML Isuzu / SML Mahindra, where he now focuses on need based strategic guidance . This shift marks a new chapter one defined not by titles, but by legacy and contribution. His future priorities reflect his enduring commitment to national and professional development:

• Contributing to national-level policy and economic reforms, particularly in GST, taxation, and industry growth
• Mentoring the next generation of finance and supply chain professionals
• Serving the nation through public governance roles and professional bodies
• Supporting MSMEs in strengthening financial discipline and operational resilience
• Participating in board roles and strategic committees as an Independent Director

Rakesh firmly believes that the coming years will be dedicated to giving back sharing the wisdom accumulated over decades and using it to strengthen India’s growth story. For him, impact is not measured in awards or positions, but in the value, one creates for people, organisations, and the nation.

Advice for Aspiring Leaders

Rakesh offers simple yet powerful guidance for emerging leaders wisdom shaped by decades of experience, resilience, and continuous learning.

• Never stop learning: He believes that industries evolve, technologies change, and leaders must evolve with them. Growth is a lifelong commitment.

• Lead with honesty and empathy: According to him, people remember how you treat them not the position you hold. Respect and empathy build lasting influence.

• Take responsibility, not credit: Rakesh emphasizes that true leaders focus on outcomes rather than applause. Accountability defines character.

• Embrace challenges—they are your greatest teachers: Every setback, in his view, carries the seed of a stronger comeback. Challenges are catalysts for reinvention.

• Stay grounded: No matter how high one rises, he believes humility keeps leaders connected to their purpose and to the people they serve.

• Build relationships based on trust: He stresses that a strong network is invaluable—but only when built with sincerity, respect, and mutual reliance.

• Create impact, not noise: For Rakesh, meaningful work speaks louder than ambition. Substance will always outlast showmanship.

Rakesh reflects that his career was never defined by designations, but by the opportunities he embraced, the people he learned from, and the values he upheld. His involvement with ASSOCHAM, ICMAI, IIMM, the BJP professional cell, and various Chandigarh administration committees has allowed him to contribute far beyond the corporate world. He also believes deeply in giving back to society. In the years ahead, his focus is on mentoring young professionals, supporting policy reforms, and using his experience to strengthen India’s industrial and economic landscape.

Ultimately, Rakesh’s journey stands as a reminder that success is not determined by where one begins, but by how consistently and how courageously one chooses to walk the path.