![\"\u2018We](\"https:\/\/static.toiimg.com\/thumb\/msid-130456209,imgsize-23904,width-400,height-225,resizemode-4\/we-want-to-be-among-leaders-if-not-the-leader-pirojsha-godrej.jpg\")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nMUMBAI: Two years after one of India\u2019s most storied business dynasties, Godrej Group, split, Godrej Industries Group (GIG) is targeting 15% annual growth over five years and preparing to list more businesses as incoming chairman Pirojsha Godrej charts its next phase.GIG, with sales of Rs 57,300 crore, also plans to expand a nascent pet care business and untangle Godrej Agrovet (GAL), which Pirojsha calls \u201ca conglomerate on its own\u201d, spanning animal feed, dairy, poultry and frozen foods.At GIG\u2019s headquarters in Vikhroli, where his office overlooks a vast stretch of protected mangroves, Pirojsha is clear about the filters guiding these ambitions. \u201cWe don\u2019t want to be in spaces where we are a marginal player,\u201d he said. \u201cWe want to be among the leaders, if not the leader.\u201dThat principle applies as much to exits as expansion. While acquisitions remain on the table, GIG is willing to prune, shifting capital from sub-scale or non-core bets to businesses where it sees growth potential.Pirojsha, who started as a management trainee in 2004 and has been heading Godrej Properties (GPL), describes GIG as a \u201c129-year-old but two-year-old group\u201d. The 46year-old, a father of two, said: \u201cWe have the characteristics and advantages of an established group but we\u2019re also new (following the 2024 split). It is both a great opportunity and a big responsibility to script the next chapter.\u201dHe takes over as chairman from his uncle Nadir Godrej in Aug, following a separation that stood out in corporate India for the absence of public acrimony.\u201cIt wasn\u2019t straightforward or quick. There were genuine differences, but there was always a shared commitment to resolve things amicably,\u201d Pirojsha said, measured in his response. If anything, the aftermath has been calmer.\u201cI\u2019ve been on holiday with some of my cousins from the other side,\u201d he said, with a brief laugh. \u201cWe\u2019ve all grown up together.\u201d With business decisions now independent, \u201cthat potential source of disagreement has effectively been resolved.\u201dThe split created two groups. The other faction, Godrej Enterprises Group (GEG), led by Jamshyd Godrej, has revenues of Rs 19,769 crore.<\/p>\n That equanimity extends to the groups\u2019 most consequential shared asset\u2014the Vikhroli real estate holdings. Despite speculation that the parcels were central to the dispute, Pirojsha said the partnership framework was left largely untouched and continues as before.Under the arrangement, GEG\u2014which owns the Vikhroli land\u2014will act as developer, while GPL will serve as marketing manager, focused on sales and entitled to 10% of the project topline. The arrangement covers all Vikhroli properties, with both sides retaining equal rights to Godrej brand in the region. Outside, brand usage will follow first-mover precedence, resting solely with GPL. Both groups are also bound by a six-year non-compete.For GIG, the next five years come with defined targets. Sales are expected to grow at least 15% annually, while earnings per share are projected to rise 20% each year. As newer businesses like financial services mature, each is expected to deliver at least 18% return on equity. If achieved\u2014and with planned listings of the chemicals and financial services businesses\u2014the group\u2019s market capitalisation could reach Rs 5 lakh crore, roughly three times current levels. The targets, Pirojsha said, are being made public deliberately to \u201chold ourselves accountable, both internally and externally.\u201dCurrently five companies are listed: Godrej Industries, the holdco of GIG, Godrej Consumer Products (GCPL), GPL, GAL and Astec LifeSciences, a subsidiary of GAL.Within the portfolio, GPL has been among the fastest-growing, scaling nearly fourfold in four years\u2014from under Rs 8,000 crore in sales to over Rs 34,000 crore. Yet, he points out, it still has only about 5% market share nationally\u2014\u201cwhich tells you the opportunity.\u201dGCPL, meanwhile, has navigated a more uneven recovery, with a K-shaped demand pattern post-pandemic with premium segments outpacing mass-market ones. Pirojsha, however, pointed to green shoots: GST cuts, new launches such as Godrej Fab liquid detergent, and the acquisition of Muuchstac in men\u2019s face wash.GAL presents a different kind of challenge. Pirojsha said the business is likely to be restructured over time. \u201cIt\u2019s quite diversified,\u201d he said. \u201cThat makes it harder for the market to fully understand.\u201dFor a family split that lacked the drama of a Hindi movie, Pirojsha is building a modern film studio in Panvel. The Godrej story, it seems, has moved on to its next scene.<\/div>\n![\"Pirojsha](\"https:\/\/static.toiimg.com\/photo\/msid-130456213\/pirojsha-godrej-maps-growth-push-with-listings-and-overhaul-two-years-after-dynasty-split.jpg\" "\\"\\"")
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