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  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary




Business Type

Traditional Business




Business Type

Traditional Business

Discover and get a complete analysis report on Carrier AC Unlisted Shares -  Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Carrier AC Net Profit Growth. Planify is always ready to provide you all important details before investing in Pre IPO.



Face Value


Total Share


Total Income

₹1,240.91 Crores

Profit After Tax

₹16.68 Crores







Market Capitalisation

₹3,021.10 Cr

Enterprise Value

₹3,020.09 Cr

Book Value


Intrinsic Value


Dividend Yield

0.18 %

Earnings Yield

0.55 %


Consumer Discretionary


Home Electronics & Appliance



Cashflow - Operations

₹135.16 Crores

Cashflow - Financing

-₹159.20 Crores

Carrier AC Growth

Compounded Sales Growth

  • -20.09%

    1 Year

  • -2.77%

    3 Year

  • 0.57%

    5 Year

Pro Only

Compounded Profit Growth

  • -64.56%

    1 Year

  • -38.83%

    3 Year

  • -21.20%

    5 Year

Pro Only

Return On Equity

  • 7.33%


  • 13.99%


  • 13.27%


Pro Only

About Carrier AC

  • Carrier Airconditioning & Refrigeration Limited ("Carrier AC"), manufactures, trades in, and supplies air conditioning and refrigeration equipment in India and internationally. The company offers commercial and light commercial products, such as air handlers, fan coils, chillers/heat pumps, controls, floor standing products, VRF systems, and commercial packaged products, as well as cassette and ducted air conditioning systems; fire and security products; and a range of air purifiers. It also provides modular cold rooms, condensing units, inverter condensing units, screw compressor racks, evaporator units, and supermarket refrigeration products. In addition, the company offers installation and commission, maintenance and repair, and retrofitting and modernizing services. 
  • Carrier AC has a factory at Bawal, Haryana which is one of India’s largest AC manufacturing plants with a capacity to produce over 7 lakhs ACs per year with plans to increase it to 1 million in upcoming years.
  • Carrier India has 14 sales and service offices, more than 800 sales and service channel partners throughout the country, ensuring efficient solutions and quality services at the customer’s doorstep.
  • Toshiba Carrier Corporation announced its establishment of Toshiba Carrier Air-Conditioning India Private Ltd., a joint venture with United Technologies Corporation, in Gurgaon, Haryana, India. The new joint venture, incorporated on August 14, 2018, and headquartered in the premises of Toshiba India Private Ltd., allows Toshiba Carrier to localize planning, development, manufacturing, and sales of its commercial air conditioning products, expanding its footprint in the country.
  • The company was founded in 1936 and is headquartered in Gurugram, India. Carrier Airconditioning & Refrigeration Limited operates as a subsidiary of Carrier Global Corporation.

  • Carrier AC IPO Details

As of now, the company has no plans for an IPO 

  • Carrier AC Merger & Acquisition


On May 14, 2001, Carrier Global Corporation acquired a 49% stake in Carrier Airconditioning & Refrigeration Ltd. for Rs. 1.14 Billion. Carrier Airconditioning & Refrigeration Ltd operates as a subsidiary of Carrier Global Corporation. The Carrier consortium acquired 11.48 million equity shares in Carrier AC at Rs.99.64 per share. 

  • Carrier AC Subsidiaries

  • The company does not have any subsidiaries.

Carrier AC Business Model

  • Carrier India Private Limited is engaged in supplying and manufacturing of air conditioner, window split window air conditioner. The company operates 51 factories and 39 research & design centres globally.
  • Carrier AC Revenue Segmentation

  • Sale of Airconditioning
  • Scrap Sales
  • Sale of Traded Goods
  • Sale of Services
  • Other income
  • Commission Income
  • Carrier AC Product & Services

  • Air Handlers
  • Fan Coils
  • Chillers/Heat Pumps
  • Controls

Light Commercial
  • Cassette
  • Ducted
  • Floor standing
  • Carrier VRF
  • Packaged

Air Purifiers
  • Klarwind
  • Air One

  • Modular Cold Rooms
  • Condensing Units
  • Inverter Condensing Units
  • Screw Compressor Rack
  • Evaporator Units
  • Carrier AC Assets

Assets of the company as on 31st, March 2021.

ParticularsAmount in Rs. Cr
Freehold Land4.46
Leasehold Improvements1.88
Plant and Equipment49.38
Furniture and Fixtures2.64
Computers and Office Equipment4.38
Capital Work in Progress3.98

  • Carrier AC Industry Overview

Industry Statistics


  • The consumer goods market in India is one of the largest in the world. According to a World Economic Forum report published in 2019, it is expected to become the third-largest consumer market by 2025, after the US and China.
  • Air conditioning, often abbreviated as A/C or AC, is the process of removing heat and controlling the humidity of air in an enclosed space to achieve a more comfortable interior environment by use of powered "air conditioners" or a variety of other methods, including passive cooling and ventilate cooling. Air conditioning is a member of a family of systems and techniques that provide heating, ventilation, and air conditioning (HVAC). The air conditioner market is divided based on product types the market is segmented into – Split-type (wall mounted), window-type, cassette (ceiling mounted), and floor-mounted/ Tower air conditioners. 

Market Size:

  • According to Netscribes, the air conditioner (AC) market is valued at Rs 293.37 billion in FY21, out of which split  AC segment was valued at Rs. 124.24 billion FY21, window air conditioner market segment in India was valued at Rs.112.51 billion FY21, ceiling-mounted AC segment was valued at Rs. 18.34 billion FY21 and tower AC segment are valued at Rs.38.29 billion FY21. However, the demand for tower ACs is expected to grow steadily, driven mainly by the commercial sector.
  • The Key drivers for this market are an increase in population and rapid urbanization, technical advancements due to government-imposed regulations, and reduced prices of components.

Key Trends:

  • Variable Refrigerant Flow (VRF), inverters, and R32-compliant cooling solutions are essential technological breakthroughs in the industry for making their goods sustainable.
  • The other key trends in the market related to technological advancements like ubiquitous sensor network for intelligent cooling, copper condenser & anti-corrosive hydrophilic blue fin, PM 2.5, PM 1 & anti-VOC filter, and dual inverter technology with acoustic jacket.

Major Player:

  • Major players include Voltas Limited, Blue Star Limited, Dixon Technologies Limited, and Havells India Limited.

Listed Peers:

  • The listed peers of Carrier AC Ltd, as per its market capitalization and portfolio sizes, are Symphony Ltd, Johnson Control - Hitachi Air Conditioning Ltd, and Orient Electric Ltd.

Future Prospects

  • According to Netscribes, the Indian Air conditioners market size is expected to reach Rs. 754.62 billion FY26, expanding at a compound annual growth rate (CAGR) of  20.80% during the 2021-2026 period. Increasing urbanization, finance and technological advancement and the emergence of energy-efficient HVAC systems are the factors driving the market growth. 
  • The demand for HVAC equipment is rapidly increasing owing to growing spending in the construction sector and rising disposable incomes across major economies. Another major factor contributing to the high demand for HVAC equipment across the country is climate change. Due to the growing humidity and worsening of the climate, air conditioning will be a much more necessary aid than it is today.
  • Key manufacturers have introduced the latest technologies such as Variable Refrigerant Flow (VRF), inverter, and R32-compliant cooling solutions for making their products sustainable. This step was undertaken after the government imposed strict legislation for the sustainable development of the market.
  • Below is a chart showing the forecast from Netscribes : 

Government Initiatives

  • The governments are engaged in promoting the usage of energy-efficient HVAC units by offering incentives and rebate programs. Such programs and initiatives are also anticipated to drive market growth over the forecast period.
  • Import restrictions and programmes like Atma Nirbhar Bharat and the PLI Scheme will boost domestic production of the Air conditioners market.
  • Because governmental regulations make technological developments like affordable equipment possible.
  • Also, China plus one sentiment will help all the white goods manufacturers in India to increase their manufacturing capacity, and sales as the product manufacturer in china are being blocked and not prioritised over the others.

Carrier AC Strengths

  • The cash flow from operations of the company has increased at a rate of 26.41% CAGR over the last five years. Moreover, the company has a current ratio of 1.23 and a debt to equity ratio of 0.4, which is higher than industry standards and signifies that the company has a relatively lower risk of solvency.
  • With the strong cash generation, the company repaid the borrowings in total, making it a debt-free company except for lease liabilities. 
  • Company has a strong R&D team that allows cost and additional revenue generation competitive advantages. 
  • The company has been rated A for FY21 by MIRA Inform, indicating that business transactions are permitted with low default risk.

Carrier AC Shortcomings

  • Rising container prices due to the higher cost of inward freight have resulted in a price increase for ACs and refrigerators.
  • A significant hurdle for the market is the electricity's high price and rapid usage.
  • The Net profit margins of the company are the lowest amongst its peers, which is a concern in a high inflation economic cycle.

Carrier AC Opportunities

  • Due to rising temperatures and unpredictable climatic conditions, several customers consider HVAC equipment a beneficial investment. Furthermore, rising customer inclination toward comfort has increased the demand for HVAC systems.
  • Investments in green building solutions for the future will help new businesses reduce their carbon footprint. Strategic acquisitions like Environment market Solutions, Inc. will help bolster its portfolio.
  • Several ongoing and future infrastructure projects have motivated regional and international players to contribute to the growing demand for AC. Additionally, tier I and tier II cities' rising income levels have prompted nearly 30% of households to buy air conditioning.

Carrier AC Threats

  • LG Corporation is dominating web traffic - it is the most-searched brand for air conditioners. According to a survey by Sciative Solutions, almost 70% of searches for two-ton ACs in Tier I cities were for LG products
  • The rapid consumption of electricity, coupled with its high price, is a significant challenge for the market.
  • The government imposed that all AC manufacturing companies have to incorporate a higher Energy Efficient Ratio (EER) in the equipment they produce. This law could eventually lead to hampering the efficiency of air conditioning equipment. Leading players such as Voltas Limited, Panasonic Corporation, and LG Corporation have introduced energy-efficient technologies such as District Cooling (DC), multi-split VRF systems, eco-friendly inverter technology-based units, and solar energy-based AC.
Carrier AC Rating



  • Carrier AC Detail Info

Industry Statistics


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Registered Date


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Reg Office: Narsingpur, Kherki Daula Post, Gurgaon - 122001, Haryana

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Frequently Ask Questions

The company is not planning for IPO as of now

The face value of the company is Rs.10

Yes we can expect good profit from the company in future

Chiraj Bajilal Is Managing Director of the company.

Carrier Corporation holds 96.5% stake in the company

It is an established company and has a good market share.

We recommend buy rating on this stock

the total profit for the company is 16.68Cr

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