Godrej Locks seeks Rs 2500 crore revenue by FY2027; eyes to grow twice in size

Godrej Locks & Architectural Fittings and Systems (GLAFS), a business unit of Godrej & Boyce, plans to grow twice as large and register a revenue of Rs 2,500 crore by FY 2027, the company said in a statement. The company’s business revenue is Rs 900 crore at present, and it has projected a revenue of Rs 1,000 crore for the fiscal year 2023. Godrej locks caters to the Indian market with more than 200 products and the brand has been offering ‘innovations in technology and design in the segment’.

Shyam Motwani, Business Head, Godrej Locks & Architectural Fittings and Systems, said, “We plan to cross Rs 400 crore in the Architectural Fittings and Systems business, and overall revenue of 1000 Cr in FY’23, translating into a growth of over two times within the next 5 years.”

What will facilitate the growth target?

The brand has introduced ‘Catus’ range of digital door locks in response to the increase in demand for them. To further support revenue growth, the brand will invest in market expansion, deepen market penetration and, also focus on brand promotion, the company said.

The company aims to be among the top three brands in the architectural fittings and systems industry in the next three years. “In our 125th year, we are happy to announce that we not only plan to expand our digital locks business but are also growing our architectural fittings vertical. Modern design and technology play a very important role for us and that is where we will be focusing our efforts across categories.” The architectural fittings category is a Rs 10,000 to Rs 12,000 crore market. The company introduced Neu-Lift Bed Fittings and HIKIDO wardrobe fittings. The brand also offers Smart Kitchen Drawers and Organizers (SKIDO), a line of organizers, drawers, corner solutions, under-sink solutions, and grain storage for Indian homes.

Currently, Godrej Locks exports to 24 countries across Asia, Africa, USA, and the Middle East and expects its share from the overseas market to increase and is also planning to enter the architectural hardware and kitchen systems segment in these markets.