Unlisted Equity Research Report | Updated September 2026
Category: Technology / Printing & Document Management / Digital Workplace
Status: Active & Unlisted Public Company
CIN: U72200HR1995PLC049183
ISIN: INE034E01013
Face Value: ₹10 per share
Incorporated: 29 December 1995
Registered Office: Gurugram, Haryana
Managing Director: Leo Joseph
About the Company
Xerox India Limited (XIL) is the Indian operating company of the global Xerox group and has been serving the Indian market for decades. The company provides printing, document management, digital workplace, workflow automation and managed print solutions to enterprises, government organisations, SMEs and other institutions.
Xerox India also serves Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan through its operations and channel partners. Its business has increasingly moved beyond traditional printers and copiers toward managed print services, digitisation, workflow automation, content management and digital services.
The company is currently active and unlisted. It is not traded on NSE or BSE.
Key Highlights
| Particular | Details |
|---|---|
| FY25 Gross Revenue | ₹462.42 Cr |
| FY25 Revenue from Operations | ₹451.73 Cr |
| FY25 PBT | ₹23.25 Cr |
| FY25 PAT | ₹18.29 Cr |
| FY25 EPS | ₹4.08 |
| FY25 Net Worth | ~₹266.80 Cr |
| FY25 Debt | No borrowings reported by major company-data sources |
| FY25 Revenue Growth | ~3.3% |
| FY25 PAT Growth | ~0.9% decline |
| FY25 Dividend | ₹20/share |
| Indicative Unlisted Price | ~₹224/share |
| Indicative Market Cap | ~₹1,005 Cr |
| Status | Active & Unlisted |
FY25 financial figures are based primarily on the company’s audited annual report.
Business Model
Xerox India operates across both traditional printing infrastructure and newer digital workplace solutions.
1. Managed Print Services
Xerox helps organisations manage their entire printing infrastructure, including devices, consumables, service, security and optimisation.
2. Printing & Imaging Products
The portfolio includes:
- Multifunction printers
- Office printers
- Digital production presses
- Inkjet printing solutions
- Scanners
- Toners and consumables
- Printing supplies
3. Digital Workplace & Workflow Automation
The company is expanding its technology proposition through:
- Workflow automation
- Document digitisation
- Content management
- Personalisation
- Communication software
- Document security
- Digital services
This transition is strategically important because the long-term opportunity is less about selling individual printers and more about becoming a technology and workflow partner for enterprises.
Geographic Reach
Xerox India’s operations cover:
India + Bangladesh + Sri Lanka + Nepal + Maldives + Bhutan
The company uses a combination of direct operations and channel partners to serve customers across these markets.
Financial Performance
Revenue & Profit Trend
| ₹ Crore | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue / Gross Revenue | 363.32 | 445.45 | 447.25 | 462.42 |
| PBT | 10.71 | 21.96 | 24.72 | 23.25 |
| PAT | 7.52 | 12.95 | 18.45 | 18.29 |
| EPS | 1.68 | 2.89 | 4.12 | 4.08 |
The company has delivered a substantial improvement in profitability since FY22, although revenue growth has moderated considerably in the last two years. FY25 revenue grew around 3.3%, while PAT declined marginally by about 0.9%.
Important Observation
Xerox India should not be viewed purely as a high-growth technology company.
The more interesting part of the investment case is the combination of:
Established brand + recurring consumables/services + enterprise relationships + digital transformation + strong parentage + dividend potential.
At the same time, the relatively modest revenue growth needs to be considered carefully when evaluating the valuation.
Profitability & Balance Sheet
FY25 net profit was approximately ₹18.29 Cr, giving a net margin of roughly 4%.
The company’s reported net worth was approximately ₹266.8 Cr, while major company-data sources indicate no borrowings/debt on the balance sheet.
The balance sheet therefore provides an important element of comfort compared with highly leveraged businesses.
Dividend
One of the more attractive features of Xerox India is its dividend history.
For FY25, the company declared an interim dividend of:
₹20 per share
The aggregate dividend was approximately ₹89.62 Cr. The annual report states that this dividend was proposed to be confirmed as the final dividend for FY25.
At an indicative unlisted price of ₹224.30, ₹20 per share represents a potential dividend yield of roughly 8.9%, assuming the dividend is considered in full for yield calculation.
This makes Xerox India different from many new-age unlisted companies that are focused entirely on reinvesting capital for growth.
Shareholding Pattern
As of FY25:
| Shareholder | Holding |
|---|---|
| Xerox Limited, UK | 45.58% |
| XC Trading Singapore Pte. Ltd. | 39.29% |
| Xerox Investments Europe B.V. | 11.79% |
| Public / Other Shareholders | 3.34% |
| Total | 100% |
Therefore, entities ultimately controlled by Xerox Holdings Corporation, USA, hold approximately 96.66% of Xerox India.
The very high parent ownership is important for understanding both the company’s strategic backing and the relatively limited free float.
Indicative Unlisted Valuation
As of 11 September 2026, one unlisted-market source quotes Xerox India around ₹224.30/share.
With approximately 4.48 Cr shares outstanding:
Indicative Market Capitalisation ≈ ₹1,005 Cr
Based on FY25 EPS of ₹4.08:
Indicative P/E ≈ 55x
Based on FY25 book value of approximately ₹59.54/share:
Indicative P/B ≈ 3.8x
Valuation Interpretation
The valuation requires some caution.
At approximately ₹224/share, Xerox India is not inexpensive on FY25 earnings alone. A ~55x P/E is demanding for a company whose FY25 revenue grew only around 3%.
However, the valuation also needs to be considered alongside:
- Strong global parentage
- Established enterprise relationships
- High promoter ownership
- Dividend potential
- Debt-free balance-sheet profile
- Recurring consumables/service revenues
- Digital workplace transformation opportunity
Therefore, the investment thesis is more dependent on future earnings improvement and corporate actions than simply the current earnings multiple.
Investment Positives
1. Strong Global Parentage
Xerox Holdings Corporation is the ultimate parent, with approximately 96.66% indirect ownership.
2. Established Enterprise Brand
Xerox has a long-standing position in printing, document management and workplace technology.
3. Profitable Business
Unlike many unlisted technology companies, Xerox India is already consistently profitable.
4. Attractive Dividend Potential
The ₹20/share FY25 dividend is a notable feature for an unlisted company.
5. Digital Transformation Opportunity
The company is expanding from traditional printing toward workflow automation, digitisation, content management and digital workplace services.
6. Low Financial Leverage
The reported balance sheet does not indicate conventional borrowings, reducing financial risk compared with highly leveraged businesses.
7. Limited Public Float
With approximately 96.66% held indirectly by the Xerox group, the public float is very small. This can create scarcity value in private transactions, although it simultaneously creates liquidity risk.
Key Concerns & Risks
1. Moderate Revenue Growth
FY25 gross revenue increased only around 3.3%. The company needs stronger growth to justify a premium valuation.
2. Earnings Growth Has Also Moderated
PAT was ₹18.45 Cr in FY24 compared with ₹18.29 Cr in FY25.
3. Traditional Printing Industry Pressure
Digitalisation and paperless workflows can structurally reduce traditional printing volumes.
4. Valuation Risk
At around ₹224/share, the stock can appear expensive relative to FY25 earnings.
5. Unlisted Liquidity
There is no NSE/BSE market. Buying and selling depends on private-market counterparties, making exit timing uncertain.
6. Low Free Float
Approximately 96.66% ownership by Xerox group entities leaves only a small portion with other shareholders.
7. Parent-company Dependence
The Indian entity is strategically connected to Xerox Holdings, so corporate restructuring, capital allocation or group-level decisions can materially affect minority shareholders.
8. No Confirmed IPO
There is currently no verified DRHP, SEBI-approved IPO or confirmed listing date for Xerox India Limited.
Therefore, it should not be marketed as a confirmed pre-IPO opportunity.
Recent Legal / Regulatory Development
A noteworthy recent development is a Supreme Court judgment dated 5 August 2026 involving Xerox India and the Central Excise authorities.
The case concerned whether the grouping/fitting of imported modules into photocopier machines to meet customer requirements constituted “manufacture” under the Central Excise Act.
This is primarily a historical tax/excise matter rather than evidence of deterioration in the company’s current operating performance, but investors should remain aware of legacy litigation and tax exposures when analysing the company.
Share Details
| Particular | Details |
|---|---|
| Company | Xerox India Limited |
| CIN | U72200HR1995PLC049183 |
| ISIN | INE034E01013 |
| Face Value | ₹10 |
| Paid-up Capital | ₹44.81 Cr |
| Shares Outstanding | ~4.48 Cr |
| Listing | Unlisted |
| Depositories | NSDL / CDSL |
| Indicative Price | ~₹224/share |
| Indicative Market Cap | ~₹1,005 Cr |
The ISIN and share-count information are corroborated by unlisted-market sources and company filings.
Investment View
Xerox India — Established Business, Dividend Potential, But Valuation Sensitive
Xerox India presents a very different proposition from high-growth start-ups and new-age technology companies.
It is an established, profitable and parent-backed business with a strong enterprise brand, recurring service/consumables revenue and an increasing focus on digital workplace solutions.
The FY25 numbers show a healthy business, but growth remains moderate. At an indicative price around ₹224/share, the valuation already discounts a meaningful amount of future earnings improvement.
The ₹20/share FY25 dividend is a significant positive and provides an additional element to the investment thesis.
Our View
Business Quality: ★★★★☆
Financial Stability: ★★★★☆
Growth Potential: ★★★☆☆
Dividend Potential: ★★★★☆
Valuation Comfort: ★★☆☆☆
Liquidity: ★★☆☆☆
IPO Visibility: ★★☆☆☆
Overall Category:
Established Unlisted Technology & Digital Workplace Company
For investors considering Xerox India, the key question is not simply whether the company is good, but whether the purchase price adequately compensates for moderate growth and unlisted liquidity risk.
How to Invest
Xerox India shares are not available through NSE/BSE.
Unlisted shares are generally transacted through specialised private-market platforms, brokers or existing shareholders. Investors should independently verify:
- ISIN
- Exact share class
- Seller’s ownership
- Transferability
- Current price
- Transaction costs
- Demat process
- Lock-in/restrictions, if applicable
- Latest financial statements
Private-market quotations can vary materially between sellers and platforms. One current reference is around ₹224.30, while another market source recently displayed ₹188.85, highlighting why an OTC quote should be treated as indicative rather than an exchange-traded market price.
Final Takeaway
Xerox India is a mature, profitable and globally backed unlisted company rather than a speculative start-up.
Its strongest attributes are its brand, parentage, profitability, enterprise relationships, dividend potential and digital-workplace transition.
The main challenges are moderate growth, structural pressure on traditional printing, limited liquidity and a valuation that appears demanding relative to current earnings.
For investors looking at the company, entry valuation and expected holding period are likely to be more important than the Xerox brand alone.
Investment stance: Watch / Selective Accumulation at an Appropriate Valuation
Disclaimer
This report is prepared for educational and informational purposes only and should not be considered investment advice, an offer to buy or sell securities, or a guarantee of future returns.
Unlisted share prices are indicative private-market references and may differ between buyers and sellers. Investors should independently verify financial statements, share ownership, ISIN, transferability, valuation and applicable tax/regulatory requirements before investing.
Past financial performance does not guarantee future results. Unlisted securities can carry significantly higher liquidity and exit risks than listed securities.
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