Otis Elevator Company (India) Ltd
The Indian arm of Otis Worldwide — 98.24% owned by Otis International Asia Pacific — sells, installs and services elevators and escalators across India, earned ₹3,162 Cr of revenue and ₹191 Cr of profit in FY25 (audited), is debt-free with ₹952 Cr of cash, and is in the middle of an NCLT-approved selective capital reduction that pays off the last 1.76% of public shareholders at ₹4,311.6 a share.
Market cap
₹4,546 Cr
1.18 Cr shares
P/E ratio
23.80
Sector average 35
Book value
₹390.07
P/B 9.87
1-year return
+3.35%
52w ₹3,675 – ₹4,150
Currently 37% of the way through its 52-week range.
Indicative price history
1Y change
+3.35% ₹3,725 → ₹3,850
52-week band in this window: ₹3,680.56 – ₹4,016.55. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Audited FY25: revenue ₹3,162 Cr (+14%), PAT ₹191 Cr, EPS ₹161.78; debt-free with ₹952 Cr of cash and ₹291 Cr operating cash flow.
- 98.24% owned by Otis International Asia Pacific Pte. Ltd; only 2,08,403 shares (1.76%) in public hands — and those are being cancelled at ₹4,311.6 under an NCLT selective capital reduction (record date reported 23 Mar 2026).
- Delisted from BSE in 2003; UnlistedZone indicative ₹3,850 (2 Mar 2026) implies ₹4,546 Cr market value, 23.8x earnings, 9.9x book.
- Dividend of about ₹135 a share paid in FY24; none in FY25.
About Otis India
Otis Elevator Company (India) Limited is the Indian subsidiary of Otis Worldwide Corporation (NYSE: OTIS), the world's largest elevator and escalator company. It manufactures, sells, installs, modernises and maintains passenger and freight elevators, escalators and moving walkways for residential, commercial, infrastructure (metro, airport, railway) and institutional customers, with a factory in Bengaluru and sales and service branches across India. Like its parent, the Indian company earns a growing share of its income from recurring maintenance contracts on its installed base, which gives it a service annuity on top of new-equipment sales.
The company was incorporated in Mumbai in 1953 (CIN U29150MH1953PLC009158) and was for decades a listed stock on the Bombay Stock Exchange. Otis took the company private through a delisting offer in 2003 under SEBI's delisting guidelines, after which the remaining minority shares traded only off-market. As at 31 March 2025 the promoter, Otis International Asia Pacific Pte. Ltd, Singapore, held 1,15,99,819 of the 1,18,08,222 shares (98.24%); the balance 2,08,403 shares (1.76%) were held by non-promoter shareholders — the float that dealer platforms quote.
Audited consolidated results (annual report FY 2024-25, B S R & Co. LLP): revenue from operations rose 14.1% to ₹3,162.23 Cr in FY25 from ₹2,770.69 Cr in FY24, and total income to ₹3,260.69 Cr. Profit before tax, however, slipped to ₹255.97 Cr from ₹285.70 Cr as material costs (₹1,710 Cr), employee costs (₹529 Cr) and other expenses (₹750 Cr) grew faster than sales; profit after tax was ₹191.04 Cr against ₹209.59 Cr, and EPS ₹161.78 (₹177.50). The balance sheet is debt-free: total equity ₹460.59 Cr, cash and bank balances ₹952.48 Cr (largely short-term deposits), trade receivables ₹555 Cr and customer advances and other current liabilities of ₹1,003 Cr that fund the working capital. Operating cash flow was ₹290.69 Cr in FY25. A dividend of ₹159.41 Cr (about ₹135 a share) was paid in FY24; no dividend was paid in FY25.
The key corporate action is a selective capital reduction. The board approved on 23 July 2024, and shareholders by postal ballot, a scheme to pay off, cancel and extinguish the 2,08,403 equity shares (1.76% of paid-up capital) held by non-promoter shareholders; the petition was filed with the NCLT, Mumbai bench, on 14 October 2024. Dealer platforms report the exit price as ₹4,311.6 per share and a record date of 23 March 2026 — about ₹90 Cr in total — which, if the reduction has been completed, means the public shares have been cancelled against a cash payout and the company has become a wholly-owned subsidiary. Buyers must confirm with the dealer and the registrar whether any shares remain transferable before dealing.
At the UnlistedZone indicative rate of ₹3,850 (2 March 2026; 52-week range ₹3,675–₹4,150, lot 10) the implied market capitalisation on 1.18 Cr shares is about ₹4,546 Cr — roughly 23.8 times FY25 earnings, 9.9 times book value and 1.4 times sales, with ₹806 a share of net cash. Planify quoted ₹3,994 on 18 July 2026, Sharescart ₹3,850 and wwipl ₹3,700. All of these are below the ₹4,311.6 capital-reduction price, which is the only exit value that matters if the scheme has gone through.
Verification status (10 Oct 2026): FY24 and FY25 revenue, expenses, profit, balance sheet, cash flows, share count, promoter holding, directors and the capital-reduction note are taken from the audited consolidated statements in the FY 2024-25 annual report (signed 20 August 2025). The incorporation day, the 2003 delisting year, the headcount and the segment split are indicative; the ₹4,311.6 exit price and the 23 March 2026 record date come from dealer platforms (wwipl, UnlistedZone) and are not confirmed from an NCLT order in this research. Prices are dealer indications, not exchange quotes.
Where the revenue comes from
- New equipment — elevators & escalators60%
Sale and installation of passenger/freight elevators, escalators and moving walks (estimate; the company reports a single segment)
- Service — maintenance, repair & modernisation40%
Recurring maintenance contracts, spares and modernisation of the installed base (estimate)
Products & services
Passenger & freight elevators
Gen2 and Gen3 machine-room-less elevators, SkyRise high-rise systems, hospital and freight lifts for residential, commercial and institutional buildings.
Escalators & moving walkways
Commercial and heavy-duty transit escalators and moving walks for malls, metros, airports and railway stations.
Maintenance & modernisation
Service contracts, Otis ONE connected monitoring, spares, repairs and modernisation of ageing installations — the recurring-revenue engine.
What works
- • Global leader's Indian arm: Otis brand, technology (Gen2, Gen3, SkyRise) and parent backing, with India one of the fastest-growing elevator markets in the world as housing and metro projects multiply.
- • Service annuity: a large installed base under maintenance contracts gives recurring, high-margin revenue that cushions new-equipment cycles — a structural feature of the Otis model.
- • Audited scale and growth: revenue up 14% to ₹3,162 Cr in FY25, ₹191 Cr PAT, EPS ₹162, and a debt-free balance sheet with ₹952 Cr of cash and ₹291 Cr of operating cash flow.
- • Negative working capital funded by customer advances (other current liabilities ₹1,003 Cr), so growth does not require borrowings; a ₹135-a-share dividend was paid in FY24.
What to watch
- • Selective capital reduction: the company is extinguishing all 2,08,403 non-promoter shares at ₹4,311.6 (record date reported as 23 March 2026). If completed, the shares quoted by dealers no longer exist as transferable securities; if pending, the upside is capped at the exit price.
- • Margin squeeze: PAT fell 9% in FY25 despite 14% revenue growth as material, employee and other costs outpaced sales; competition from Kone, Schindler, TK Elevator, Johnson Lifts and Chinese entrants is intense on price.
- • Minority position in a 98.24%-owned subsidiary: no exchange listing since 2003, no public shareholder say on dividends (none in FY25) or related-party royalty and purchase arrangements with the Otis group.
- • Real-estate cycle exposure: new-equipment orders track housing and commercial construction; a slowdown would hit order inflow, while contract liabilities (customer advances) would unwind cash.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Otis IndiaThis page | ₹3,850.00 | ₹4,546 Cr | 23.80 | 9.87 | +14.13% |
| Carrier India | ₹501.84 | ₹5,340 Cr | 35.37 | 10.29 | +14.71% |
| Philips India | ₹1,132.20 | ₹6,512 Cr | 21.08 | 2.45 | +6.57% |
| Xerox India | ₹218.00 | ₹967.92 Cr | 20.17 | 1.64 | +3.57% |
Latest reported year: FY25 ending 31 Mar 2025.