Godrej Industries Group—fastest growing establishment in BT500 list

In 1897, a young lawyer -turned-entrepreneur named Ardeshir Godrej abandoned his legal career after a series of failed ventures and took a bold gamble on something simple yet symbolic—locks. Few would have guessed that this modest foray into manufacturing would be the key to building one of India’s most enduring and diversified business empires.

More than a century later, the Godrej Industries Group stands as a symbol of resilience and reinvention, with businesses spanning consumer products, agribusiness, real estate, and chemicals. From safeguarding homes with locks to safeguarding livelihoods with sustainable farming, housing millions in its real estate ventures, and building a household name, the Godrej brand has become deeply entwined with India’s growth story.

And this enduring relevance has given Godrej Industries Group a place in Business Today’s annual BT500 edition. The group was the fastest-growing entity in the BT500 list, seeing a stupendous 382% rise in profit after tax (PAT) in FY25.

Godrej Industries Group has a consolidated revenue of over Rs 50,000 crore, and the group’s diverse businesses, including Godrej Consumer Products Ltd (GCPL), Godrej Agrovet Ltd (GAVL), Godrej Properties Ltd (GPL), and Godrej Industries Ltd (GIL), fired on multiple cylinders.

As per a BT analysis, GCPL staged a dramatic turnaround, bouncing back from a Rs 561 crore loss in FY24 to deliver Rs 1,852 crore profits in FY25. GPL's profit grew 86% to Rs 1,389 crore. GIL, the group’s chemicals arm, also shone with 19% revenue growth and PAT soaring 212% to Rs 1,858 crore. Even in the volatile agribusiness space, GAVL managed to lift profits by 12%, reinforcing its ability to navigate uncertainty.

For Nadir Godrej, Chairperson of Godrej Industries Group and Managing Director of Godrej Industries, this performance was the result of multiple engines firing together.

“This was no one-lever result,” Godrej tells BT. “It was a confluence of operational discipline, widening market presence, and a steady pipeline of innovative offerings—each elevating the impact of the others.”

For GCPL, FY25 marked a strong recovery after the previous year’s turbulence. Profits had plunged in FY24 due to a non-cash write-off that resulted in a Rs 561-crore loss. But Sudhir Sitapati, MD & CEO of GCPL, insists the fundamentals were never in doubt.

“FY24 loss was notional. India will be the strongest growth vector going forward, and that’s where the majority of our investment is concentrated,” says Sitapati.

The rebound is evident in product performance. Categories such as liquid detergents and air fresheners are growing in double digits, and GCPL is outpacing category growth. Its Fab liquid detergent, launched last year, has crossed Rs 150 crore in revenues within 15 months, a testament to its ability to capture the fast-evolving consumer demand, according to Sitapati.

Market analysts are taking note. InCred Equities’ Rohan Kalle says while raw material inflation created near-term pressure, GCPL’s non-soaps portfolio grew in mid-teens, signalling resilience. Motilal Oswal Financial Services echoes the sentiment, noting that easing of palm oil prices and stronger domestic performance position the company for a margin recovery in FY26.

Despite the volatile nature of the agribusiness, GAVL has built a model that thrives amid uncertainty.

“GAVL is a unique agri-business platform,” says Balram Singh Yadav, MD of GAVL. “Over the years, we’ve developed capabilities to navigate volatility across a diversified portfolio, while prioritising margin improvement and long-term sustainable growth.” The company’s strategy is to pivot towards branded, value-added, and contract manufacturing streams. Its capital allocation increasingly favours high-margin verticals such as crop protection and vegetable oils. Technology, too, is playing a key role. “Strong performance in domestic crop protection and vegetable oils reflected our ability to align offerings with evolving market and climate realities, while expanding farmer networks through digital and AI-powered advisory platforms,” says Nadir Godrej.

The diversification—spanning palm oil, poultry, dairy, and acquisition of Astec Lifesciences—offers stability and growth avenues. Analysts at Ashika Institutional Equities see GAVL’s broad-based revenue, margin and profitability growth as a sign that the company’s long-term bets are paying off.

If there’s one sector where Godrej delivered a knockout performance in FY25, it is the real estate sector. GPL posted its highest-ever booking value—Rs 29,444 crore—becoming the top Indian real estate developer during the financial year.

Gaurav Pandey, MD & CEO of GPL, attributes the success to strategic discipline. “Operationally, we’ve stayed disciplined on capital deployment and focused on high-RoE projects. Strategically, our presence in high-demand micro-markets within MMR (Mumbai Metropolitan Region), NCR (National Capital Region), Bengaluru, Pune, and now Hyderabad, accounted for a large share of sales,” he says.

For the latest quarter ended June 2025, GAVL reported nearly 18% rise in consolidated PAT. GIL, GPL and GCPL posted 9%, 7.7% and 0.39% growth in PAT in Q1FY26, respectively.

Beyond metros, GPL is also betting big on Tier-II cities through plotted developments in Indore, Panipat, Raipur, and Baroda. These projects offer faster turnaround, boosting profitability and enabling quicker capital churn. “Plotted projects complement our larger group housing projects, offering resilience in P&L recognition,” says Pandey.

Looking ahead, GPL has guided for a booking value of Rs 32,500 crore in FY26, underscoring confidence in India’s robust housing demand. Motilal Oswal has retainsed a ‘buy’ rating on GPL, implying a potential upside of 22%.

The lesser known but highly profitable arm of the group is its chemicals business, under GIL. In FY25, GIL recorded consolidated revenue of Rs 20,183 crore, a 18.6% YoY rise. PAT more than tripled to Rs 1,858 crore, up from Rs 595 crore in FY24.

Operational discipline and capacity enhancements, along with innovation, have been critical here. From green chemistry-based specialty chemicals to food additives, the company is betting on high-value, niche segments.

“For us, the lifeblood of growth is product innovation,” says Godrej. “We are applying generative AI in real estate design, developing green chemistry-based specialty chemicals, and launching consumer products that blend functionality with aesthetics. Recent acquisitions in specialty chemicals and food additives position us for long-term capability building.”

Equity analysts remain bullish on Godrej Group’s multi-pronged strategy. Motilal Oswal notes that GCPL is positioned for strong volume growth and margin recovery in the second half of FY26. InCred highlights that easing headwinds in Indonesia and new launches in India could further strengthen performance. Similarly, GAVL’s focus on high-margin verticals is expected to support shareholder returns, while GPL’s record-breaking booking value reinforces its position among India’s top developers.

At its core, Godrej’s journey has always been about balancing tradition with innovation.

@PalakAgarwal64