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We do not publish one number for Godrej Industries — and here is why.
Godrej Industries is really several different businesses under one roof, and they do not work the same way. Adding them together into a single “fair value” would produce a figure that describes none of them. So we value each part on its own terms instead of printing one number that looks tidy and means little.
- How it is valued: business by business, with no single blended figure.
- What the price assumes: 22% growth, against 15% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Godrej Industries' revenue went from ₹9,405 crore to ₹22,237 crore — it compounded at about 11% a year over 8 years.
- Biggest swing factor: Value of listed stakes. Main risk: A wider discount.
01The listed holding company of the Godrej group
Godrej Industries, part of the Adi and Nadir Godrej side of the family after the 2024 family settlement, holds stakes in Godrej Consumer Products, Godrej Properties and Godrej Agrovet.
It also runs an oleochemicals business, and Godrej Capital, a lender for housing and small businesses.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Godrej Industries, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Godrej Industries' record, in plain numbers
Between FY2018 and FY2026, Godrej Industries' revenue went from ₹9,405 crore to ₹22,237 crore — it compounded at about 11% a year over 8 years. Net profit grew from ₹631 crore to ₹2,412 crore, about 18% a year — faster than revenue, so margins widened. In FY2026 it kept 10.8% of revenue as net profit — its best year in the period. The latest year added 13.1% to revenue, close to its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 9,405 | 631 | 6.7% |
| FY2019 | 11,140 | 864 | 7.8% |
| FY2020 | 11,291 | 808 | 7.2% |
| FY2021 | 9,334 | 391 | 4.2% |
| FY2022 | 14,130 | 992 | 7.0% |
| FY2023 | 16,740 | 1,421 | 8.5% |
| FY2024 | 16,601 | 595 | 3.6% |
| FY2025 | 19,657 | 1,858 | 9.5% |
| FY2026 | 22,237 | 2,412 | 10.8% |
04How Godrej Industries gets valued — and why
Estimate withheld — the engine says so itselfThis is a group of businesses with different economics. A single discounted cash flow across all of them averages them into something that describes none of them, so our engine withholds a single blended fair value rather than publishing a number it cannot defend. The parts are valued separately instead.
05What decides Godrej Industries' value
Value of listed stakes
Godrej Consumer and Godrej Properties dominate its worth.
Holding-company discount
Markets value it below its stakes.
Godrej Capital
A growing lending business.
Chemicals
Oleochemicals add a smaller profit stream.
06What could go wrong
- A wider discount. Investment in new ventures can widen the discount.
- Stake values. Falls in the listed companies cut its value.
- Leverage. Holding-company debt.
07What the full Godrej Industries valuation shows
Sign in free to see the complete Godrej Industries valuation
- ✓Stake-by-stake workings — Godrej Consumer, Godrej Properties and Godrej Agrovet at market value, after the discount
- ✓Every assumption — holdings, prices and the discount applied, with sources
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Grasim and other holding companies
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about Godrej Industries
What does Godrej Industries own?
Stakes in Godrej Consumer, Godrej Properties and Godrej Agrovet, plus chemicals and Godrej Capital.
What was the 2024 Godrej family settlement?
The split of the Godrej group between Adi and Nadir Godrej's side and Jamshyd and Smita Godrej's side.
Why do holding companies trade at a discount?
Investors usually value them below the market value of their stakes.
Is Godrej Industries overvalued?
At ₹952 the market is pricing in roughly 22% sustained growth, against the ~15% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Godrej Industries?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How much debt does Godrej Industries carry?
Debt to equity stands at 1.92, against 0.89 at the start of the period — the balance sheet is a core input to the cost of capital used here.