• ROFR Required
  • 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

₹2,978.55 Cr

Enterprise Value

₹2,977.54 Cr

Book Value


Intrinsic Value


Dividend Yield

0.18 %

Earnings Yield

0.56 %


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%


  • 13.38%


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 not filed for DRHP.

  • Carrier AC Merger & Acquisition


On May 14, 2001, Carrier Global Corporation acquired an 49% stake in Carrier Airconditioning & Refrigeration Ltd. for INR 1.14 Billions. Carrier Airconditioning & Refrigeration Ltd operates as a subsidiary of Carrier Global Corporation. The carrier consortium acquire 11.48 million equity shares in Carrier AC at INR 100 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 Traded Goods
  • Sale of Airconditioning, cold room etc
  • Sale of Services
  • Other 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.
  • The air conditioner (AC) market is valued at INR 293.37 Bn FY 2021. It is expected to reach INR 754.62 Bn FY 2026, expanding at a compound annual growth rate (CAGR) of ~20.80% during the 2021 – 2026 period
  • In 2020, the refrigerator market was valued at INR 296.75 Bn. It is expected to reach INR 513.81 Bn by 2026, expanding at a CAGR of 9.50% during the 2021 – 2027 period. Increasing urbanization, finance and technological advancement and the emergence of energy-efficient HVAC systems are the factors driving the market growth. 
  • Based on product type, the market is segmented into split AC, window AC, and cassette and tower ACs. Based on product type, the market is segmented into split AC, window AC, and cassette and tower ACs. However, the demand for tower ACs is expected to grow at a steady rate, mostly driven by the commercial sector.
  • In India, almost 70% of AC sales take place during January – June; a majority of the sales i.e. 50% occurs between March and May, which is the peak summer season, in view of the second wave in FY21, various AC outlets were shut down because of the lockdown and restriction norms imposed by state governments. Hence, for the second consecutive year, the sales volume of the air conditioner market declined drastically. People became hesitant to allow house visits by techniciansfor the installation of ACs in the current pandemic scenario.
  • The Key drivers for this market are increase in population and rapid urbanization, technical advancements due to government imposed regulations and reduced prices of components.
  • Major players include Voltas Limited, Blue Star Limited, Daikin Industries Limited, and Havells India Limited 

Future Prospects

  • 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 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 sustainable development of the market.

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.
  • Owing to the global disruption of supply chain due to covid 19, the government introduced significant policies to help consumers tackle the situation

Carrier AC Strengths

  • The cash flow from operations of the company has increased at a rate of 26.41% CAGR over the last 5 years. Moreover, the company has a current ratio of 1.23 and debt to equity ratio of 0.4, which signifies that the company has relatively lower risk of solvency 
  • The company has generated operating cash of Rs. 13,516 Lakh as against Rs. 5,811 Lakh in the previous financial year. With the strong cash generation, the company repaid the borrowings in full which makes it a debt free company except leases. 
  • Strong R&D team allows competitive advantages in terms of cost and additional revenue generation. 

Carrier AC Shortcomings

  • Rising container prices due to the higher cost of inward freight has resulted in a price increase of ACs and refrigerators by 4-5 % in July 2021
  • The India HVAC market growth is being negatively affected by the COVID-19 scenario, both on the demand and supply sides. Due to the lockdowns imposed in several countries to curb the spread of the disease, the manufacturing and import of such equipment to India have been severely hit.
  • The Return on equity has declined to 7.33% in FY21 and the total asset has declined with a CAGR of 11.42% from ₹ 878 Cr in FY20 to ₹ 778 Cr in FY21.

Carrier AC Opportunities

  • Due to rising temperatures and unpredictable climatic conditions, several customers consider HVAC equipment as 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 in new business and reduce its carbon footprint. Strategic acquisitions like Environment market Solutions, Inc. will help bolster its portfolio.

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 TierI cities were for LG products
  • The rapid consumption of electricity, coupled with its high price is a major challenge for the market.
Carrier AC Rating



  • Carrier AC Detail Info

Industry Statistics


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last Updated


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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