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Carrier Airconditioning & Refrigeration Unlisted Shares
DRHP Status : Not Filed
523
Fundamentals About Carrier Airconditioning & Refrigeration
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Carrier Airconditioning & Refrigeration
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1218 | 1612 | 2197 | 2131 |
| Cost of Material Consumed | 666 | 1087 | 1502 | 1363 |
| Gross Margins | 45.32 | 32.57 | 31.63 | 36.04 |
| Change in Inventory | 50 | -66 | -28 | -45 |
| Employee Benefit Expenses | 152 | 166 | 169 | 177 |
| Other Expenses | 309 | 362 | 413 | 461 |
| EBITDA | 41 | 63 | 141 | 175 |
| OPM | 3.37 | 3.91 | 6.42 | 8.21 |
| Other Income | 23 | 20 | 24 | 47 |
| Finance Cost | 10 | 3 | 2 | 2 |
| D&A | 20 | 23 | 21 | 25 |
| EBIT | 21 | 40 | 120 | 150 |
| EBIT Margins | 1.72 | 2.48 | 5.46 | 7.04 |
| PBT | 33 | 57 | 142 | 195 |
| PBT Margins | 2.71 | 3.54 | 6.46 | 9.15 |
| Tax | 16 | 15 | 32 | 44 |
| PAT | 17 | 42 | 110 | 151 |
| NPM | 1.4 | 2.61 | 5.01 | 7.09 |
| EPS | 1.6 | 3.95 | 10.38 | 14.21 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 3.37 | 3.91 | 6.42 | 8.21 |
| Net Profit Margin | 1.4 | 2.61 | 5.01 | 7.09 |
| Earning Per Share (Diluted) | 1.6 | 3.95 | 10.38 | 14.21 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 73 | 68 | 65 | 84 |
| CWIP | 4 | 0.6 | 9 | 5 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 274 | 257 | 324 | 332 |
| Inventory | 251 | 337 | 344 | 379 |
| Other Assets | 175 | 249.4 | 395 | 683 |
| Total Assets | 777 | 912 | 1137 | 1483 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 106.3 | 106.3 | 106 | 106.3 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 131 | 166 | 266 | 403 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 372 | 431 | 529 | 687 |
| Other Liabilities | 167.7 | 208.7 | 236 | 286.7 |
| Total Liabilities | 777 | 912 | 1137 | 1483 |
About Company
Carrier India’s legacy in India dates back to 1936, when the company installed the country’s first air-conditioning system at the historic Rambagh Palace, Jaipur. The company was formally established in India in 1986, and in 1988 it commissioned its first manufacturing facility in Gurgaon, Haryana—a facility that spans 19 acres and includes an automated manufacturing unit, an R&D centre and a quality clinic.
Carrier India is part of the global Carrier organisation, a leading player in HVACR (heating, ventilating, air-conditioning and refrigeration) solutions. The brand’s global presence includes over 51 factories and 39 R&D centres, serving more than 180 countries and employing more than 53,000 people globally.
The following table shows a 10-point analysis of Carrier Airconditioning & Refrigeration Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹2,496 cr · PAT ₹452 cr · Reported PAT margin ~18% (core ~8–10%) | Leading HVAC&R player in India and subsidiary of Carrier Global (~96.5% stake); manufactures and trades room ACs, VRF systems, chillers and commercial refrigeration; strong presence in residential and light commercial segments; benefits from rising cooling demand and energy-efficiency push. |
| Industry & Market Position | Top-tier in Indian AC market · Strong VRF & light commercial presence · Bawal capacity >7 lakh units | Competes with major listed peers; benefits from global Carrier/Toshiba technology and brand trust; operates in structurally growing but seasonally cyclical HVAC market. |
| Revenue Growth Trend | FY23–FY25 CAGR ~15–20% (FY24 ₹2,131 cr → FY25 ₹2,496 cr) | Consistent expansion driven by VRF growth, infrastructure demand and summer season strength; moderate input cost pressures but overall resilient trajectory. |
| Profitability & Margins | EBITDA margin ~10%+ · ROE elevated (one-off boosted) · PAT margin ~18% reported | Reported margins supported by one-time gain (~₹262 cr pre-tax from discontinued operations); core profitability strong versus peers; operational efficiency key driver. |
| Cash Flow Quality | Positive OCF · Dividend payouts noted | Stable cash generation from core HVAC operations; asset sale proceeds strengthened cash position; relatively low capex post scale-up; earnings quality solid despite seasonality. |
| Balance Sheet Strength | Book value ~₹48–50 · Debt/Equity ~0–0.1x | Virtually debt-free with strong equity base; conservative capital structure provides significant downside protection and flexibility. |
| Valuation Comfort | Unlisted price ₹535–575 (Feb 2026 range) · P/E ~27–30x (adjusted EPS ~₹19–32) | Premium multiple reflecting global parent backing and quality positioning; reasonable compared to listed HVAC peers; supported by structural cooling demand theme. |
| Management & Governance | Subsidiary of Carrier Global (USA) · Professional management | Strong governance standards under multinational parent; transparent disclosures and audited reporting; stable execution track record. |
| Growth Triggers & Catalysts | VRF/commercial expansion · Energy-efficient products · Rising cooling demand | Structural growth from low AC penetration and green building norms; scale efficiencies and product innovation support margin stability; future listing remains speculative. |
| Liquidity & Exit Visibility | OTC liquidity · No confirmed IPO (previously delisted) | Moderate unlisted trading activity; exit primarily via OTC transactions; strategic optionality exists given strong parent backing. |
Innovation at the Heart of Operations
Innovation is central to Carrier India’s strategy. The R&D centre in Gurgaon supports product development in chillers, splits, ducted units, cassettes, air-handling units and other HVACR equipment. The facility has achieved significant safety and environmental milestones — for example, the Gurgaon plant has recorded over 17 million man-hours without a lost-work-day incident.
Product Portfolio
From its Gurgaon hub, Carrier India manufactures a wide range of products:
- Cassette and ducted split systems
- Packaged units, air- and water-cooled screw chillers, reciprocating chillers
- Fan coil units (FCUs), air-handling units (AHUs)
- Refrigeration products, fire & security products
EH&S (Environment, Health & Safety) Commitment
Carrier India’s approach to EH&S is rigorous. The Gurgaon facility is IGBC-platinum accredited and boasts a strong safety record.
The company’s sustainability initiatives include high-efficiency refrigerants, digital controls, and energy-saving solutions aligned to global and Indian regulatory demands.
Pan-India Presence & Service Network
- Carrier India has a strong sales-and-service footprint with multiple offices and channel partners.
- The company supports both residential/light commercial and large-scale commercial/infrastructure sectors, including data centres, railways and airports.
Key Business Segments
- Light Commercial (LC) / Unitary Business: Focused on ducted and cassette systems; inverter technology is gaining traction.
- Commercial Air Conditioning (Large Commercial HVAC): Growth driven by screw chillers, large projects in industry/pharma, and infrastructure.
- Commercial Refrigeration: Non-food retail, cold rooms, specialised applications (IQF, mushrooms) are segments of interest.
- Service & After-Market Business: Maintenance, energy‐efficiency interventions, and retrofits are gaining importance.
- Transicold / Cold‐Chain Solutions: Carrier’s cold-chain arm supports transport refrigeration and associated services.
Ownership & Shareholding
Carrier Global Corporation (USA) holds a 96.5% stake in the Indian company as of 31 March 2023 (per disclosed information).
Click here to visit the official website of Carrier Airconditioning & Refrigeration.
Shareholding Pattern of Carrier Airconditioning & Refrigeration
| Name | Holding |
|---|---|
| Carrier Corporation, Delware | 96.5% |
| Other Investors | 3.5% |
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Frequently Asked Questions
These are shares of Carrier Airconditioning & Refrigeration Ltd. that are not traded on public stock exchanges like NSE or BSE. You can invest in them privately through UnlistedKraft before the company potentially goes public.
Yes, UnlistedKraft offers access to Carrier Airconditioning & Refrigeration Ltd. unlisted shares. Once your KYC is completed, you can place your order and get the shares delivered to your demat account.
Unlisted shares involve market risks and limited liquidity, but Carrier is a reputed name in HVAC technology. With UnlistedKraft, transactions are safe, transparent, and handled by experienced professionals.
The share price is based on recent transactions, company performance, and market demand. UnlistedKraft updates prices regularly to ensure fair and transparent rates for investors.
Yes, you must have an active demat account to hold and transact unlisted shares, including Carrier Airconditioning & Refrigeration Ltd.
There is no fixed holding period unless the company gets listed. Investors often choose to hold these shares until an IPO or buyout to maximise potential returns.
Yes, you can resell your unlisted shares through UnlistedKraft’s resale support, depending on demand and market conditions.
Yes. As per SEBI guidelines, shares bought in the unlisted market before the IPO are subject to a 6-month lock-in period after listing.
Long-term gains (after 2 years) are taxed at 20 percent with indexation. Short-term gains are taxed as per your applicable income slab.
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+91-9599071664
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