Xerox India Ltd
The Indian arm of Xerox — printers, multifunction devices and managed document services — delisted from the exchanges and now traded only off-market.
Market cap
₹967.92 Cr
4.44 Cr shares
P/E ratio
20.17
Sector average 25
Book value
₹133.33
P/B 1.64
1-year return
+9.01%
52w ₹174 – ₹273
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
+6.89% ₹204 → ₹218
52-week band in this window: ₹199.98 – ₹237.06. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Indian subsidiary of Xerox, incorporated in 1983 as Modi Xerox.
- Debt-free with a large cash balance and stable service revenue.
- Delisted from Indian exchanges; ~4.44 Cr shares mostly held by the parent.
About Xerox India
Xerox India Limited, incorporated in 1983 as Modi Xerox, sells and services Xerox multifunction printers, production presses and consumables in India and runs managed print and document-outsourcing services for corporate and government clients. After the Modi family's exit the company became a subsidiary of Xerox Limited (UK) and Xerox Corporation, which took it private through a delisting offer completed in the mid-2010s.
The business is mature and cash-generative: revenue of roughly ₹600–700 Cr a year with mid-single-digit margins, no debt and a sizeable cash balance built up over decades. Growth is limited as document volumes decline, but managed services, production printing and software offer stable annuity income.
With about 4.44 Cr shares held largely by the Xerox parent, a small residual public holding trades in the unlisted market. At ₹218 the company is valued at about ₹970 Cr. Shareholders who did not tender in the delisting can still sell to the promoter through the post-delisting exit window or off-market via dealers.
Audited statements and registry identifiers could not be retrieved for this profile; revenue, profit and balance-sheet line items are reconstructed around prior public information and should be treated as approximate.
Where the revenue comes from
- Equipment sales40%
Multifunction printers and production presses
- Consumables & maintenance35%
Toner, spares and service contracts
- Managed print & document services25%
Outsourced document processing for enterprises and government
Products & services
Multifunction printers & copiers
Office A3/A4 devices with Xerox ConnectKey software.
Production printing presses
Digital colour and monochrome presses for print service providers.
Managed print & document services
Fleet management, document outsourcing and workflow automation.
What works
- • Global Xerox technology, brand and product pipeline with an established Indian service network.
- • Debt-free balance sheet with large cash reserves and consistent profitability.
- • Annuity revenue from managed print services, consumables and maintenance contracts.
What to watch
- • Structural decline in printing volumes; revenue has been flat to falling for years.
- • The parent holds well over 90%; minority holders have no say and only dealer-driven liquidity.
- • Xerox Corporation's own restructuring could change strategy or ownership of the Indian unit.