NSE: GODREJIND · BSE: 500164
GODREJ INDUSTRIES LTD
Operates as a diversified holding with eight reporting segments spanning real estate, agribusiness, chemicals, financial investments and hospitality. Estate and Property Development was the largest contributor at Rs 8,504.33 crore (31.3% of segment revenue) and the most profitable at Rs 2,862.3 crore in EBIT. Animal Nutrition generated Rs 4,941.54 crore (18.2%) and Chemicals Rs 4,135.3 crore (15.2%), both relatively low-margin businesses. Finance and Investments, routed through wholly owned subsidiary Godrej Investment Limited, contributed Rs 3,257.18 crore (12.0%) and houses equity in Godrej Capital and Godrej Wealth and Asset Management. The agribusiness cluster also covers Veg Oils (Rs 2,372.04 crore, 8.7%), Dairy (Rs 1,589.02 crore, 5.9%), Crop Care (Rs 1,188.31 crore, 4.4%) and Hospitality (Rs 119.64 crore, 0.4%). Materials at 134.9% of revenue signal commodity-heavy businesses where raw material costs flow through pricing. Employee cost was 8.4% of revenue, other operating expenses 18.4%, depreciation 2.3% and capex 4.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Estate and Property Development (31%), Animal Nutrition (18%), Chemicals (15%), Finance and Investments (12%), Veg Oils (9%), Dairy (6%), Crop Care (4%), Others (4%), Hospitality (0%). Diversified holding company spanning real estate, agribusiness (animal feed, vegetable oils, dairy, crop protection), specialty chemicals, financial services and hospitality.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,130 | 16,740 | 16,601 | 19,657 | 22,237 |
| EBITDA (ex other income) | 960 | 1,510 | 1,245 | 2,099 | 2,176 |
| margin % | 6.8 | 9.0 | 7.5 | 10.7 | 9.8 |
| Owners' profit | 654 | 975 | 60 | 981 | 1,241 |
| EPS, as reported (₹) | 19.42 | 28.96 | 1.78 | 29.14 | 36.83 |
| ROE % · ROCE % | 7.6 · 8.5 | 9.9 · 10.2 | 3.9 · 8.7 | 8.7 · 9.6 | 10.4 · 11.8 |
| Debt / equity (x) | 1.10 | 1.36 | 1.91 | 1.77 | 2.20 |
| Cash from operations | (1,756) | (4,409) | (4,284) | (5,151) | (8,855) |
| Capex | (524) | (828) | (1,197) | (781) | (1,028) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,805 | 4,825 | 5,780 | 4,460 | 5,032 | 5,051 | 7,694 | 5,448 |
| Profit before tax | 303 | 303 | 560 | 966 | 687 | 375 | 921 | 608 |
| Net profit | 489 | 312 | 416 | 725 | 493 | 353 | 841 | 523 |
| EPS (₹) | 8.54 | 5.59 | 5.44 | 10.37 | 7.20 | 6.07 | 13.19 | 8.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemicals | 4,135 | 15.2 |
| Animal Nutrition | 1,270 | 4.7 |
| Veg Oils | 2,372 | 8.7 |
| Estate and Property Development | 8,504 | 31.3 |
| Finance and Investments | 3,257 | 12.0 |
| Dairy | 1,589 | 5.9 |
| Crop Care | 313 | 1.2 |
| Hospitality | 120 | 0.4 |
| Others | 1,031 | 3.8 |
| Animal Feeds | 3,672 | 13.5 |
| Crop Protection | 875 | 3.2 |
| Total, before eliminations | 27,138 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| 3M INDIA LIMITED | 32,491 | 53.1 | 15.13 | 37.5 | 27.2 | 35.7 | 6.8 | 21.7 |
| GODREJ INDUSTRIES LTD ◆ | 31,855 | 27.1 | 1.37 | 13.5 | 10.4 | 6.4 | 19.0 | 27.3 |
| DCM SHRIRAM LIMITED | 14,235 | 9.8 | 1.84 | 10.0 | 11.1 | 9.5 | 11.4 | 11.7 |
| KAMA HOLDINGS LTD. | 6,790 | 7.3 | 0.45 | — | 12.3 | — | 13.5 | 22.4 |
| BALMER LAWRIE & CO LTD | 2,647 | 9.5 | 1.27 | 6.8 | 13.0 | 11.2 | 12.2 | 14.8 |
| TTK HEALTHCARE LIMITED | 1,448 | 19.6 | 1.30 | — | 5.9 | 7.4 | — | 12.2 |
| EMPIRE INDUSTRIES LTD. | 563 | 10.9 | 1.60 | — | 14.7 | 10.5 | — | 19.5 |
| GILLANDERS ARBUTHNOT LTD | 203 | 11.6 | 0.79 | 10.0 | 3.7 | 3.5 | 0.0 | 9.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.1 | 11.5 | 13 of 15 | 14% |
| P/B | 1.4 | 1.1 | 11 of 14 | 23% |
| ROCE | 6.4 | 8.4 | 10 of 14 | 31% |
| ROE | 10.4 | 10.7 | 8 of 14 | 46% |
| Debt / Equity | 2.2 | 0.4 | 13 of 13 | 0% |
| EBITDA margin | 27.3 | 20.6 | 3 of 14 | 85% |
| Revenue growth | 22.2 | 11.9 | 6 of 14 | 62% |
| Profit growth | (27.9) | 100.4 | 13 of 13 | 0% |
| Market cap | 31855 | 203 | 2 of 15 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Godrej Industries replies to BSE query on volume movement | regulatory legal | medium | — | — |
| 16 Oct 2026 · BSE seeks clarification from Godrej Industries on volume movement | compliance | low | — | — |
| 15 Oct 2026 · Godrej Industries responds to NSE query on unusual volume spike | regulatory legal | medium | — | — |
| 15 Oct 2026 · NSE seeks clarification on unusual trading volume in Godrej Industries | compliance | medium | — | — |
| 14 Oct 2026 · ICRA assigns AA+ Stable to new NCDs, reaffirms A1+ on commercial paper | credit debt | medium | — | — |
| 12 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26 dematerialization | compliance | minimal | — | — |
| 9 Oct 2026 · CRISIL reaffirms AA+ rating on NCDs, A1+ on commercial paper | credit debt | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 2026 till 48 hours after Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Postal Ballot resolution passed with requisite majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Godrej Industries invests about 335 Crore in wholly owned subsidiary GIVL | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.