Godrej Security bets on gold surge, targets ₹1,500 cr revenue and 80% locker share in Kerala

Pushkar Gokhale, Business Head, Security Solutions, Godrej Enterprises Group 

Godrej Security Solutions is betting big on surging gold prices, which turned out to be an opportunity to garner a good market share.

Pushkar Gokhale, Business Head, Security Solutions, Godrej Enterprises Group, said the company has achieved a 15-18 per cent market share in various markets and is targeting a 20 per cent growth in Kerala, driven by the increasing demand for gold among Keralites.

“We are in the business of risk mitigation and the rising gold prices in the last few years have increased the risks as well as demand for safe lockers”, he told businessline on the sidelines of unveiling the Smart Security range in Kerala in connection with the Onam festival season.

Kerala’s demand for Safe’s is growing rapidly as the jewellery retail is evolving fast despite high gold prices. “We aim to capture more than 80 per cent of the market share in the home locker segment and 65 per cent in the institutional segment”, he said. 

Kerala and Tamil Nadu, according to him, are the largest markets for the company, catering to both B2B and B2C segments, particularly with the presence of banks, NBFCs, and jewellers. “We are looking at a 20 per cent growth in the B2B segment and 25 per cent in B2C”, he added.

On the revenue side, Gokhale stated that the company generated ₹1,200 crore last year and is targeting ₹1,500 crore over the next two years.

Kerala remains a high-performance market, contributing significantly to the revenues of its southern region. The company is strengthening its retail network and customer outreach in Kerala in the festive season, he said.

Published on July 11, 2025