JOIN US Legendary homegrown locking systems pioneer Godrej Locking Solutions and Systems (Godrej LocksS), which began its journey 118 years ago, has expressed it is bullish on future (digital) technologies.
In this era where the Internet of Things (IoT), Smart Cities, and Digital India are the talk of the town, one of the most critical features of one’s home and safety — the humble door lock — would not be far behind from its own digitisation dive. And Godrej LocksS may just be the company leading the way.
Talking to Deccan Herald on Wednesday, Godrej LocksS Executive Vice President and Business Head Shyam Motwani hinted, “Every industry is focused on IoT. Technologies are constantly evolving, and R&D for us is an ongoing process. We do come out with a multi-generation product plan for a period of 3-10 years, but it’s too early to state anything.”
Explaining the lock market in India, Motwani — who was in Bengaluru to launch the company’s latest product under its iconic Nav-Tal brand, the Nav-Tal NXT — said that digital locks occupied a smaller emerging market, while the global mindset bats for reliable mechanical solutions.
“When it comes to opting for a particular type of locking system, each realtor or developer observes security differently. Flats are usually designed with multiple locks (automatic locks such as night locks and rim locks), while most homes are fortified with an additional, stronger padlock,” he said.
Padlock path
Godrej is particularly bullish on the padlock segment (to which Nav-Tal belongs). “Many people see padlocks to be dying, but with urbanisation, there’s more safety requirement, and the demand for padlocks will always be on the rise,” Motwani said. He added that 85 per cent of all lock sales in India is obtained from urban areas.
The overall lock market in India is valued at Rs 5,000 crore, which is largely unorganised and fragmented. Godrej holds a lion’s share of 50 per cent of the organised segment, besides a separate 65 per cent share just in the padlock category.
The company’s products are fully localised, designed, and produced in India. Godrej LocksS manufactures all kinds of locking systems such as padlocks, main door locks, cylindrical locks, mortise lock, and furniture locks, among others. “We have developed five platforms in-house for all locking solutions — PSD (pivoted spring disk) technology, pin cylinder technology, EXS technology, and Evva (a German technology that has been indigenised),” Motwani added.
Meanwhile, the Nav-Tal NXT — designed by industrial designer Michael Foley — is composed of state-of-the-art safety features such as a double-locking mechanism, longer ‘P’ shaped Mazak keys with over 45,000 possible combinations, and a hardened shackle. Priced at a 30 per cent premium over the current Nav-Tal (equivalent) range, it will be sold across three sizes.
The company’s revenues during this financial year stood at Rs 700 crore, with a CAGR of 18 per cent. It estimates padlock sales of 2.7 million units during the said period, with the category notching around 22 per cent of Godrej LocksS’ overall business.