Madan Bahal on sustaining growth through turbulence

In this episode of the Earned First podcast, Arun Sudhaman speaks with Madan Bahal, co-founder and MD of Adfactors PR, about what it takes to sustain consistent growth in a public relations industry marked by prolonged uncertainty. Reflecting on the pressures facing consultancies, Bahal describes this turbulence as a permanent condition that firms must learn to operate within — a mentality that has helped Adfactors grow to more than $65m in fee income over the past three decades.The conversation also explores why public relations continues to struggle to command value commensurate with its influence, particularly in India. Bahal discusses how this reality shapes agency behaviour, expectations, and leadership priorities, before turning to questions of succession, long-term continuity and his own peace of mind.