Speaking at the Business Today Most Powerful Women Awards 2026, Nyrika Holkar, Executive Director at Godrej Enterprises Group, articulated a core philosophy for enduring business success: legacy alone is insufficient to maintain market relevance. While a long-standing reputation can foster trust and confidence among consumers, she emphasized that genuine preference must be continually earned through innovation and adaptation.
Holkar highlighted that the 129-year-old Godrej Enterprises Group consistently reinvents itself by aligning with India's evolving needs. This strategic approach has propelled its diversification across numerous industries, from its origins in locks to modern ventures in furniture, security, and aerospace.
Adapting to India's Evolving Economy
The group's next phase of growth is strategically shaped by key trends within the Indian economy. Holkar pointed to significant opportunities in energy-efficient appliances and battery storage solutions, addressing the country's growing demand for sustainable technologies. The low penetration of air conditioners, for instance, coupled with rising temperatures, positions them as essential productivity tools rather than luxury items, presenting substantial growth potential for consumer durables.
Beyond consumer goods, Godrej is scaling its industrial businesses, capitalizing on India's expanding manufacturing capabilities and burgeoning space program. Holkar identified aerospace as a particularly promising sector for future expansion. Decades of investment in this area are now poised for significant returns, driven by increasing interest from foreign Original Equipment Manufacturers (OEMs) and the opening of India's space industry to private sector participation.
Fostering an Entrepreneurial Spirit
For Holkar, steering a legacy business involves more than just preserving its past; it requires nurturing an entrepreneurial spirit across generations. This involves a culture of experimentation, rapid learning, and, critically, the wisdom to discontinue initiatives that fail to meet their underlying assumptions.
The group also aims to unlock further growth within its existing portfolio. Consumer-facing businesses, despite strong brand recognition, still have considerable room for expansion in underpenetrated markets. Examples include the largely unorganised furniture market and the nascent digital locks and safes categories, which offer additional avenues for growth and market formalization.