After completing courses of study at the Massachusetts Institute of Technology and Harvard University in the United States, he joined the family business, a conglomerate of companies spanning multiple industries.

Lalbhai was born to the Jain[1] Nagarsheth family of Ahmedabad, and was a direct descendant of Shantidas Jhaveri, a royal jeweller of Mughal emperors.

Kasturbhai was co-founder of several companies that eventually turned into the Lalbhai Group, including Arvind Mills, Atul Chemicals and Anil Starch.

For the first five years, while working in various departments of the family companies, he also devoted substantial time to helping the group resolve government allegations of illicit marketing practices and tax evasion in 1948–49.

[5][7] Shrenikbhai served on the boards of several educational, cultural, industrial and religious organizations, including Ahmedabad Education Society (AES), Gujarat Vishwakosh Trust, Gujarat Museum Society, Jain Visa Oswal Club, CEPT University, NID, Indian Space Research Organization, Nirma University, Institute of Plasma Research, IIMA, Ahmedabad Textile Industries Research Association, Lalbhai Dalpatbhai Institute of Indology and the Institute of Jainology.