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ICICI Securities Report
Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer, Godrej Properties and Godrej Agrovet. As per our target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 55% holdco discount, Godrej Industries' value works out to Rs 1,030/share.
At current market prices of listed subsidiaries and associates, Godrej Industries' value works out to Rs 1,150/share. Godrej Group in April 2024 had announced to simplify group structure via ownership realignment of shareholdings in the group.
We believe further simplification (if any) of the group may result in value unlocking. Further, it may result in lower holdco discount in the long term.
At present, the stock trades at a discount of 64% to the combined market value of subsidiaries and associates.
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