Godrej Industries financials and balance sheet

NSE: GODREJINDBSE: 500164DiversifiedMid Cap

₹925.70₹26.20 (2.75%)BSE ₹922.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹951.90.

52-week range of traded prices to 23 Oct 2026

₹744.20Low, 30 Mar 2026₹1,443.00High, 10 Jul 2026

Market cap: ₹31,182 Cr250th largest listed
P/E: 26.5
P/B: 2.8
Dividend yield: Nonein the last 12 months
ROE: 11.0%
ROCE: 2.6%
Debt to equity: 2.20
Volume, NSE: 1,16,29446.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Godrej Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2020, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue22,237
Materials and goods−14,030
Employee costs−1,876
Other expenses−4,089
Operating profit2,242
Depreciation−501
Other income+3,744
One-off items−66
Finance costs−2,470
Profit before tax2,948
Tax−982
Joint ventures+445
Net profit2,412

What the company owns

Inventory₹59,872 Cr
Plant, investments and other assets₹53,008 Cr
Cash and bank₹6,927 Cr
Current investments₹4,486 Cr
Receivables₹2,010 Cr

What pays for it: net worth and liabilities

Borrowings₹51,038 Cr
Other liabilities₹43,425 Cr
Net worth₹23,184 Cr
Owed to suppliers₹8,657 Cr

Godrej Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Godrej Industries segment results by quarter

Revenue by segment

₹27,138 CrTotal

Estate and Property Development₹8,504 Cr31.3% of total
Animal Nutrition₹4,942 Cr18.2% of total
Chemicals₹4,135 Cr15.2% of total
Finance and Investments₹3,257 Cr12.0% of total
Veg Oils₹2,372 Cr8.7% of total
Dairy₹1,589 Cr5.9% of total
Crop Care₹1,188 Cr4.4% of total
Others₹1,031 Cr3.8% of total
Hospitality₹120 Cr0.4% of total

Profit by segment

Estate and Property Development₹2,862 Cr62.3% of total
Animal Nutrition₹351 Cr7.6% of total
Chemicals₹307 Cr6.7% of total
Finance and Investments₹461 Cr10.0% of total
Veg Oils₹347 Cr7.6% of total
Dairy₹20 Cr0.4% of total
Crop Care₹179 Cr3.9% of total
Others₹48 Cr1.0% of total
Hospitality₹18 Cr0.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Estate and Property Development
Revenue, ₹ crore
3,298
3,107
1,395
2,657
3,119
4,375
6,957
8,504
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
576
793
209
884
1,003
1,105
1,983
2,862
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Animal Nutrition
Revenue, ₹ crore
3,046
3,718
3,093
4,350
4,957
5,008
4,781
4,942
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
130
153
196
240
185
239
296
351
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemicals
Revenue, ₹ crore
1,673
1,604
1,666
3,057
4,173
2,697
3,393
4,135
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
131
140
119
334
697
254
361
307
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Finance and Investments
Revenue, ₹ crore
466
284
122
167
525
1,209
2,456
3,257
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
95
26
48
62
9
116
246
461
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Veg Oils
Revenue, ₹ crore
1,124
1,094
1,338
2,140
1,931
1,676
1,823
2,372
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
126
99
96
251
261
166
218
347
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Dairy
Revenue, ₹ crore
1,162
1,204
1,033
1,175
1,501
1,573
1,585
1,589
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
15
0
10
−25
−44
31
43
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Crop Care
Revenue, ₹ crore
988
1,096
1,140
1,197
1,196
1,238
1,125
1,188
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
231
231
248
234
126
216
199
179
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
368
590
673
958
1,164
1,129
977
1,031
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−61
−80
22
−36
19
41
30
48
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hospitality
Revenue, ₹ crore
41
107
120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
15
18
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	12,125	12,697	10,460	15,701	18,567	18,944	23,205	27,138
Company revenue, as in its results	11,140	11,291	9,334	14,130	16,740	16,601	19,657	22,237
Revenue	3,298	3,107	1,395	2,657	3,119	4,375	6,957	8,504
Revenue growth	–	−5.8%	−55.1%	90.5%	17.4%	40.2%	59.0%	22.2%
Profit	576	793	209	884	1,003	1,105	1,983	2,862
Profit growth	–	37.6%	−73.6%	322.3%	13.5%	10.2%	79.4%	44.3%
Margin	17.5%	25.5%	15.0%	33.3%	32.2%	25.3%	28.5%	33.7%
Return on capital	19.7%	15.0%	2.3%	9.4%	10.1%	10.1%	10.8%	14.4%
Assets	8,557	10,489	17,000	18,544	23,815	35,674	55,543	81,695
Liabilities	5,632	5,192	7,977	9,175	13,842	24,709	37,193	61,818
Capital employed	2,925	5,297	9,023	9,368	9,973	10,966	18,350	19,877
Revenue	3,046	3,718	3,093	4,350	4,957	5,008	4,781	4,942
Revenue growth	–	22.0%	−16.8%	40.6%	13.9%	1.0%	−4.5%	3.4%
Profit	130	153	196	240	185	239	296	351
Profit growth	–	17.9%	27.9%	22.3%	−22.9%	29.2%	23.9%	18.5%
Margin	4.3%	4.1%	6.3%	5.5%	3.7%	4.8%	6.2%	7.1%
Return on capital	150.4%	45.6%	20.2%	17.5%	14.0%	17.6%	30.5%	139.9%
Assets	1,114	1,297	1,365	1,778	1,805	1,871	1,616	1,629
Liabilities	1,028	962	395	412	481	515	648	1,379
Capital employed	86	336	970	1,366	1,324	1,355	968	251
Revenue	1,673	1,604	1,666	3,057	4,173	2,697	3,393	4,135
Revenue growth	–	−4.2%	3.9%	83.5%	36.5%	−35.4%	25.8%	21.9%
Profit	131	140	119	334	697	254	361	307
Profit growth	–	6.5%	−14.7%	180.7%	108.4%	−63.6%	42.0%	−15.0%
Margin	7.8%	8.7%	7.1%	10.9%	16.7%	9.4%	10.6%	7.4%
Return on capital	13.4%	19.1%	12.6%	29.4%	56.3%	18.9%	25.1%	17.5%
Assets	1,391	1,352	1,607	1,953	2,103	1,939	2,220	2,745
Liabilities	413	621	665	815	865	596	784	991
Capital employed	978	731	942	1,137	1,238	1,343	1,436	1,755
Revenue	466	284	122	167	525	1,209	2,456	3,257
Revenue growth	–	−38.9%	−57.0%	36.6%	–	130.0%	103.2%	32.6%
Profit	95	26	48	62	9	116	246	461
Profit growth	–	−72.7%	83.5%	30.2%	–	1,143.3%	111.5%	87.5%
Margin	20.4%	9.1%	38.9%	37.0%	1.8%	9.6%	10.0%	14.2%
Return on capital	3.1%	0.8%	0.9%	1.2%	0.1%	1.4%	2.8%	4.6%
Assets	3,087	3,362	5,084	5,103	12,092	16,978	23,289	34,216
Liabilities	2	7	2	4	5,074	8,817	14,603	24,101
Capital employed	3,084	3,355	5,082	5,098	7,018	8,162	8,686	10,115
Revenue	1,124	1,094	1,338	2,140	1,931	1,676	1,823	2,372
Revenue growth	–	−2.7%	22.3%	59.9%	−9.8%	−13.2%	8.8%	30.1%
Profit	126	99	96	251	261	166	218	347
Profit growth	–	−21.5%	−2.1%	160.3%	4.0%	−36.3%	31.0%	59.1%
Margin	11.2%	9.0%	7.2%	11.7%	13.5%	9.9%	12.0%	14.6%
Return on capital	26.7%	20.2%	19.6%	49.6%	42.3%	24.1%	29.3%	39.1%
Assets	595	557	646	585	685	760	845	1,049
Liabilities	124	68	153	78	68	70	100	162
Capital employed	471	489	492	507	617	690	745	887
Revenue	1,162	1,204	1,033	1,175	1,501	1,573	1,585	1,589
Revenue growth	–	3.6%	−14.2%	13.8%	27.8%	4.8%	0.8%	0.2%
Profit	15	0	10	−25	−44	31	43	20
Profit growth	–	–	–	–	–	–	38.2%	−54.1%
Margin	1.3%	0.0%	1.0%	−2.1%	−2.9%	2.0%	2.7%	1.2%
Return on capital	3.1%	0.0%	2.2%	−5.8%	−11.5%	8.0%	10.0%	4.6%
Assets	758	806	809	819	809	848	788	790
Liabilities	284	335	342	397	429	460	359	364
Capital employed	473	472	467	422	380	388	430	426
Revenue	988	1,096	1,140	1,197	1,196	1,238	1,125	1,188
Revenue growth	–	11.0%	4.0%	5.0%	−0.1%	3.5%	−9.1%	5.6%
Profit	231	231	248	234	126	216	199	179
Profit growth	–	−0.1%	7.6%	−5.9%	−46.3%	72.5%	−7.9%	−10.1%
Margin	23.4%	21.1%	21.8%	19.5%	10.5%	17.5%	17.7%	15.1%
Return on capital	31.4%	26.3%	27.9%	22.8%	17.2%	37.9%	31.3%	19.1%
Assets	1,197	1,340	1,459	1,776	1,549	1,469	1,619	1,874
Liabilities	460	463	567	751	818	898	981	936
Capital employed	737	877	891	1,025	732	570	638	938
Revenue	368	590	673	958	1,164	1,129	977	1,031
Revenue growth	–	–	14.2%	42.3%	21.5%	−3.0%	−13.5%	5.5%
Profit	−61	−80	22	−36	19	41	30	48
Profit growth	–	–	–	–	–	112.0%	−27.3%	62.7%
Margin	−16.6%	−13.6%	3.3%	−3.7%	1.7%	3.6%	3.0%	4.7%
Return on capital	−14.3%	−28.0%	7.4%	−3.2%	5.4%	10.4%	7.5%	11.9%
Assets	738	536	554	3,015	656	644	618	625
Liabilities	310	251	252	1,913	297	251	226	220
Capital employed	428	286	303	1,102	358	393	392	405
Revenue	–	–	–	–	–	41	107	120
Profit	–	–	–	–	–	1	15	18
Margin	–	–	–	–	–	1.3%	14.4%	15.0%
Return on capital	–	–	–	–	–	–	146.6%	67.7%
Assets	–	–	–	–	–	751	764	789
Liabilities	–	–	–	–	–	753	754	763
Capital employed	–	–	–	–	–	−2	11	26

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Godrej Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 23 May	Mar 2021Filed 22 May	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	8,483	9,405	11,140	11,291	9,334	14,130	16,740	16,601	19,657	22,237
	7,844	8,963	10,509	10,480	9,020	13,087	15,230	15,356	17,558	19,995
Materials and goods bought	5,197	7,152	8,619	8,356	6,862	10,550	12,114	11,420	12,698	14,030
Employee costs	–	–	627	679	807	769	943	1,211	1,444	1,876
Other expenses	–	–	1,263	1,445	1,351	1,768	2,173	2,725	3,416	4,089
Operating profit before depreciation	639	442	631	811	313	1,043	1,510	1,245	2,099	2,242
Operating margin	7.5%	4.7%	5.7%	7.2%	3.4%	7.4%	9.0%	7.5%	10.7%	10.1%
Materials, % of revenue	–	–	77.4%	74.0%	73.5%	74.7%	72.4%	68.8%	64.6%	63.1%
Employee costs, % of revenue	–	–	5.6%	6.0%	8.6%	5.4%	5.6%	7.3%	7.3%	8.4%
Other expenses, % of revenue	–	–	11.3%	12.8%	14.5%	12.5%	13.0%	16.4%	17.4%	18.4%
Depreciation and amortisation	148	175	173	234	242	274	305	371	430	501
Operating profit after depreciation	490	266	458	577	71	770	1,206	874	1,669	1,740
Other income	176	564	483	572	661	935	1,022	1,496	2,267	3,744
Finance costs	400	413	516	493	469	623	943	1,352	1,957	2,470
Profit before one-off items and tax	267	417	425	656	263	1,081	1,285	1,018	1,979	3,014
One-off items	23	12	88	−10	0	−84	0	0	0	−66
Profit before tax	290	429	514	646	263	997	1,285	1,018	1,979	2,948
	167	184	222	273	226	290	260	369	495	982
Current tax	186	169	72	173	152	331	282	309	362	540
Deferred tax	−19	14	150	100	74	−41	−22	61	133	441
Share of profit of joint ventures and associates	337	–	572	261	352	285	395	−53	375	445
Profit from discontinued businesses	–	–	–	174	1	–	–	–	–	–
	257	631	864	808	391	992	1,421	595	1,858	2,412
Belonging to the company's shareholders	–	420	588	552	335	654	975	60	981	1,241
Belonging to outside owners of subsidiaries	–	–	–	256	56	339	446	535	877	1,171
Other comprehensive income	–	–	32	47	−36	83	142	−32	8	230
Total comprehensive income	–	–	895	855	355	1,076	1,563	563	1,866	2,642
Net margin	3.0%	6.7%	7.8%	–	4.2%	7.0%	8.5%	3.6%	9.5%	10.8%
Net margin without joint ventures and associates	−0.9%	–	2.6%	–	0.4%	5.0%	6.1%	3.9%	7.5%	8.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 23 May	Mar 2021Filed 22 May	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	6,559	9,347	13,370	13,081	14,301	15,119	21,347	23,184
	4,346	5,787	7,553	7,127	7,984	8,001	10,152	11,176
Share capital	34	34	34	34	34	34	34	34
Reserves	4,313	5,753	7,520	7,093	7,951	7,968	10,118	11,143
Belonging to outside owners of subsidiaries	2,212	3,561	5,817	5,954	6,317	7,118	11,196	12,008
	6,903	6,650	9,758	14,449	19,449	28,807	37,851	51,038
Repayable after a year	1,261	613	3,111	5,453	7,084	11,593	19,101	21,425
Repayable within a year	5,642	6,037	6,648	8,995	12,365	17,214	18,750	29,613
	10,193	10,177	12,045	15,075	22,135	34,386	47,000	80,421
Trade payables	1,956	2,180	3,321	3,729	4,869	4,989	5,235	8,657
Other financial liabilities	861	1,348	950	967	1,501	1,823	1,687	2,560
Other liabilities	1,633	450	995	1,184	3,213	10,127	21,147	39,298
Provisions	61	71	99	179	137	116	83	125
Tax owed	40	89	32	22	50	116	98	169
	1,589	941	3,590	5,891	7,539	12,043	19,597	22,699
Other financial liabilities	1	30	200	172	167	164	192	435
Other liabilities	21	22	18	17	15	14	14	13
Provisions	27	34	39	42	43	53	74	137
Deferred tax	278	243	222	206	231	220	216	690
	18,341	20,465	29,005	34,047	43,975	61,548	87,944	1,26,305
Held for sale or for a demerger	–	–	–	–	–	–	7	–
	9,615	9,892	11,388	13,575	17,875	22,164	28,304	38,339
Plant in use, after depreciation	3,046	2,987	3,059	3,350	3,475	4,539	4,775	4,966
Plant being built	201	329	439	459	926	442	231	406
Intangible assets	72	186	265	303	468	471	526	827
Goodwill	599	683	683	973	973	973	993	1,038
Intangible assets being developed	2	5	5	25	16	21	27	26
Property held to earn rent	161	192	513	325	319	315	580	432
Investments	922	701	724	759	707	626	1,445	2,055
Stakes in joint ventures and associates	3,500	3,831	4,189	4,689	5,204	4,908	4,778	4,706
Loans given	62	57	60	1,749	4,753	8,644	13,559	21,427
Other financial assets	46	8	757	60	105	202	411	1,029
Deferred tax	650	515	401	425	469	438	304	404
Trade receivables	14	90	72	173	160	65	76	74
Other assets	321	285	202	266	266	454	517	881
	8,726	10,573	17,617	20,472	26,100	39,385	59,633	87,965
Inventories	3,444	3,245	6,187	7,797	13,977	24,443	34,723	59,872
Trade receivables	1,228	1,552	1,511	1,676	1,500	1,275	1,636	2,010
Cash and cash equivalents	756	590	394	600	1,577	1,879	2,843	3,049
Other bank balances	204	388	458	1,224	1,378	1,631	3,940	3,879
Current investments	1,052	2,062	5,039	4,161	2,099	3,135	4,942	4,486
Loans given	1,052	1,635	2,499	2,675	2,850	3,514	4,594	7,098
Other financial assets	377	548	858	1,304	1,407	1,320	1,634	1,929
Tax paid in advance	0	0	0	0	–	0	0	0
Other assets	612	553	672	1,035	1,312	2,188	5,323	5,642
Net debt	4,891	3,610	3,867	8,464	14,395	22,163	26,127	39,624

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 May	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	−664	−1,756	−4,409	−4,284	−5,151	−8,855
	−555	−1,386	−4,117	−3,835	−4,662	−8,230
	−962	−2,725	−5,894	−5,306	−7,136	−10,848
Receivables	97	−1,527	−3,227	−4,665	−5,587	−10,943
Inventories	−2,456	−954	−3,837	−4,891	−7,729	−15,207
Payables	1,061	156	340	50	−163	2,595
Other working capital	336	−400	830	4,200	6,342	12,707
Tax paid	−109	−370	−292	−449	−489	−625
Capital spending	746	524	828	1,197	781	1,028
Free cash flow	−1,409	−2,280	−5,237	−5,482	−5,932	−9,883
	−5,161	43	1,775	−2,752	−4,597	202
Plant and property sold	10	24	87	11	20	466
Interest received	134	345	285	290	258	445
Dividends received	60	30	7	48	67	71
	5,772	1,916	3,535	7,219	10,689	8,056
Borrowings raised	3,418	4,291	7,217	11,278	12,582	16,202
Borrowings repaid	−583	−216	−2,150	−1,899	−3,469	−3,814
Interest paid	−606	−741	−1,148	−2,076	−2,753	−3,488
Lease payments	0	0	0	0	−71	−99
Dividends paid	50	63	66	65	68	74
Shares bought back	0	0	0	0	0	0
Shares issued	1	0	0	0	0	0
Net change in cash	−52	203	901	183	941	−597

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Godrej Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 23 May	Mar 2021Filed 22 May	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Earnings per share	₹7.13	₹12.48	₹17.48	₹16.41	₹9.94	₹19.42	₹28.96	₹1.78	₹29.14	₹36.83
Diluted earnings per share	₹7.12	₹12.47	₹17.47	₹16.41	₹9.94	₹19.42	₹28.95	₹1.78	₹29.13	₹36.83
Dividend per share	₹1.75	₹1.75	₹1.15	–	–	–	–	–	–	–
Book value per share	–	–	₹129.20	₹171.97	₹224.40	₹211.72	₹237.20	₹237.64	₹301.41	₹331.84
Dividend payout	–	14.0%	6.6%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.3%	0.4%	0.5%	0.2%	0.2%	0.3%
Market cap at the year end (₹ crore)	16,982	18,491	18,044	9,527	18,366	15,618	13,595	26,344	38,193	25,227

Ratios

Consolidated, years to March.Godrej Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 14 May	Mar 2020Filed 23 May	Mar 2021Filed 22 May	Mar 2022Filed 27 May	Mar 2023Filed 22 May	Mar 2024Filed 18 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	−21.1%	10.9%	18.4%	–	−17.3%	51.4%	18.5%	−0.8%	18.4%	13.1%
Operating profit growth	1.2%	−30.8%	42.9%	–	−61.4%	232.9%	44.7%	−17.6%	68.7%	6.8%
Net profit growth	−46.9%	145.4%	36.9%	–	−51.6%	153.9%	43.1%	−58.1%	212.2%	29.8%
Earnings per share growth	−50.6%	75.0%	40.1%	–	−39.4%	95.4%	49.1%	−93.9%	1,537.1%	26.4%
	–	–	13.5%	10.9%	5.0%	8.9%	12.9%	0.8%	10.8%	11.6%
	–	–	–	−2.6 pts	−5.9 pts	3.9 pts	4.0 pts	−12.2 pts	10.1 pts	0.8 pts
From the net margin	–	–	–	–	–	1.5 pts	2.3 pts	−12.1 pts	9.6 pts	1.3 pts
From asset turnover	–	–	–	–	–	1.2 pts	−0.5 pts	−0.2 pts	−1.7 pts	−2.5 pts
From borrowing	–	–	–	–	–	1.2 pts	2.2 pts	0.2 pts	2.1 pts	2.1 pts
Return on capital employed	–	–	3.4%	3.6%	0.3%	2.8%	3.6%	2.0%	2.8%	2.3%
Cash conversion	–	–	–	–	−169.7%	−177.0%	−310.4%	−719.8%	−277.2%	−367.1%
Interest cover	1.2	0.6	0.9	1.2	0.2	1.2	1.3	0.6	0.9	0.7
Debt to equity	–	–	1.05	0.71	0.73	1.10	1.36	1.91	1.77	2.20
Receivable days	–	–	40	50	59	43	33	28	30	33
Inventory days	–	–	146	142	329	270	421	781	998	1,558
Payable days	–	–	83	95	177	129	147	159	150	225
Cash conversion cycle, days	–	–	103	97	212	184	307	650	878	1,365
Working capital days	–	–	71	110	248	217	246	342	365	423
Asset turnover	–	–	0.61	0.58	0.38	0.45	0.43	0.31	0.26	0.21
Assets per rupee of net worth	–	–	4.22	3.83	3.71	4.30	5.16	6.60	8.24	10.05
Sales per rupee of plant	–	–	3.66	3.78	3.05	4.22	4.82	3.66	4.12	4.48
Capital spending to depreciation	–	–	–	–	3.08	1.91	2.72	3.23	1.82	2.05
Plant being built, % of plant in use	–	–	6.6%	11.0%	14.3%	13.7%	26.6%	9.7%	4.8%	8.2%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.2%
Cash from operations against operating profit: −395.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.5%	19.0%	9.9%
Profit growth, yearly rate	9.9%	30.0%	8.4%
Return on equity, average	–	9.0%	7.7%
Return on capital employed, average	–	2.7%	2.4%
Operating margin, average	7.3%	8.9%	9.4%
Net margin, average	6.8%	7.9%	8.0%
Asset turnover, average	–	0.33	0.26
Cash conversion cycle, days, average	–	677	964
Interest cover, average	0.9	0.9	0.7
Debt to equity, average	–	1.67	1.96

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−24,455	−18,290	−8,855
Cash from investing	−5,328	−7,146	202
Cash from financing	31,414	25,963	8,056
Capital spending	4,358	3,006	1,028
Dividends paid	336	207	74
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	51,571	40,062	16,202
Borrowings repaid	11,548	9,182	3,814

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	4	5	2	4	4
Altman Z-scorePublished threshold 1.1	–	–	1.20	2.30	3.17	2.69	2.03	1.56	1.95	1.20
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.44	−1.90	−2.00	−2.42	−1.98	−1.96
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	25.13	8.58	10.39	14.46	15.53	10.33
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−2.44	−3.47	−3.57	−3.76
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	25.04	14.64	−40.44	−28.96	−14.17	9.85	9.77
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−2.74	108.57	−27.74	64.45	80.61	30.86	61.94
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.99	4.59	5.73	2.27	4.75	17.55	2.76
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.89	1.40	0.81	2.15	0.31	0.35	0.59
Effective tax ratePublished threshold 17.16 per cent	57.81	42.80	43.26	42.22	85.88	29.07	20.23	36.29	25.01	33.29
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−8.07	−2.51	−7.86	0.32	12.08

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Oct 2026	ICRA Limited (opens in a new tab)	Commercial PaperShort-term scale	[ICRA]A1+Review, Re-affirm		25
14 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AA+Review, Re-affirm	Stable	246
14 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA+Review, Re-affirm	Stable	90
14 Oct 2026	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA+New, New	Stable	1,500
14 Oct 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	1,678
14 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		126
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+Ratings Reaffirmed		3,500
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AA+Ratings ReaffirmedINE233A08055 Debt ISIN	Stable	750
9 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	WithdrawnRatings WithdrawnINE233A08121 Debt ISIN		500
17 Oct 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	1,637

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Godrej Industries business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Estate and Property Development

Animal Nutrition

Chemicals

Finance and Investments

Veg Oils

Dairy

Crop Care

Others

Hospitality