Godrej Security Solutions expects 50% rise in revenue by FY27: Senior exec

Company makes mechanical locks, safes and digital security systems

The security solutions business of Godrej & Boyce expects revenue to grow 50 per cent from Rs 1,000 crore in FY24 to around Rs 1,500 crore in three years, said a top company executive on Tuesday.

Godrej Security Solutions makes mechanical locks, safes and digital security systems and it is one largest such company. It handles locks and digital security systems of historical landmarks like Taj Mahal, Qutub Minar, and Ajanta Ellora caves and does the same for State Bank of India, Punjab National Bank, and Muthoot.

The company, which is more than 100 years old, last year secured a project to install a 'key management system' at Satish Dhawan Space Centre, a facility of the Indian Space Research Organisation (ISRO).

"We expect to touch around Rs 1,500 crore in revenue in three years' time. In addition to this, our overseas business will also increase from 10 per cent to 15 per cent during this period. We are mainly targeting areas like the US and the European nations," said Pushkar Gokhale, executive vice-president and business head of Security Solutions, Godrej & Boyce, which is part of the Godrej Enterprises Group.

Security Solutions expects artificial intelligence to revolutionise the market. AI is already being used in connected technology and face-recognition devices at banking, financial services and insurance companies and monuments protected by the state-owned Archaeological Survey of India (ASI).

The company has introduced a high-security safe for the jewellery sector. Defender Aurum Pro Safe ensures compliance with the latest quality control order issued by the Department for Promotion of Industry and Internal Trade.

Defender Aurum protects jewellers against burglaries and was built with advanced barrier materials developed by Godrej after extensive research and development, said the company.

Gokhale said Defender Aurum reflects his company's commitment to meeting the evolving security needs of jewellers. "We have worked closely with regulators to understand and grasp industry requirements and ensure that this new safe complies with all necessary standards. Designed to withstand contemporary threats, it also maintains a competitive price point, offering an optimal balance of security and affordability."