The twenty-first convocation in 1986 at IIMA had Shri Hiten Bhaya, Member, the Planning Commission, as the Chief Guest.
The batch photograph for that year is available on the following link.
| Chief Guest/ Director/ Chairperson information | ||
| Chief Guest | Shri Hiten Bhaya | Read whole speech |
| Director | Prof. N. R. Sheth | Read whole speech |
| Chairperson | Shri V. Krishnamurthy | Read whole speech |
| Degree Awarded in the 21st Convocation | |
| Post-Graduate Programme in Management | 148 |
| Post-Graduate Programme in Specialization Package in Agriculture (PGP-SPA) | 15 |
| Fellow Programme in Management (FPM) | 5 |
