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Carrier Airconditioning & Refrigeration Unlisted Share Price Today

ISIN INE040I01011.

Carrier Airconditioning & Refrigeration is a leading HVAC (Heating, Ventilation & Air Conditioning) and refrigeration solutions company in India , operating under the global Carrier brand. The company is engaged in the manufacturing, sales, installation, and servicing of room air conditioners (RAC), VRF systems, chillers, commercial air conditioning solutions, and refrigeration products , catering to residential, commercial, industrial, and infrastructure segments. Its revenue mix inc…

Carrier Airconditioning & Refrigeration

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Carrier Airconditioning & Refrigeration

Carrier Airconditioning & Refrigeration Unlisted Share Price Today

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SectorConsumer Goods & Durables
ISININE040I01011
Depository
Market Cap₹6,020.92 Cr
P/E Ratio13.3
ROE (%)83.16
Revenue₹2,496.12 Cr
Book ValueN/A
Debt to EquityN/A
Face Value10
52W High₹576
52W Low₹483
Market Cap₹6,020.92 Cr
P/E Ratio13.3
ROE (%)83.16
Revenue₹2,496.12 Cr
Book ValueN/A
Debt to EquityN/A
52W High/Low₹576 / ₹483
Face Value10
As of FY25

About the company & Industry

Carrier Airconditioning & Refrigeration is a leading HVAC (Heating, Ventilation & Air Conditioning) and refrigeration solutions company in India, operating under the global Carrier brand. The company is engaged in the manufacturing, sales, installation, and servicing of room air conditioners (RAC), VRF systems, chillers, commercial air conditioning solutions, and refrigeration products, catering to residential, commercial, industrial, and infrastructure segments. Its revenue mix includes unitary cooling products, applied HVAC systems (chillers & VRF), commercial refrigeration, and service & maintenance contracts, with a strong focus on energy-efficient and technology-driven cooling solutions.

Carrier follows a technology-led, manufacturing-backed operating model, combining local manufacturing with global R&D capabilities from its parent network. The company places strategic emphasis on premium positioning, energy efficiency, localization of production, and project-based commercial HVAC growth, rather than pure volume-driven expansion. Its performance is closely linked to seasonal demand cycles (summer-driven RAC sales), infrastructure and real estate growth, commercial project execution, pricing power in premium segments, and operating leverage, making capacity utilization and working capital efficiency critical to profitability.

Headquartered in Gurugram, Haryana, Carrier operates manufacturing and research facilities in India and serves marquee commercial, industrial, and institutional clients across sectors such as data centers, infrastructure, healthcare, hospitality, and real estate.

Carrier Airconditioning & Refrigeration is a leading HVAC (Heating, Ventilation & Air Conditioning) and refrigeration solutions company in India, operating under the global Carrier brand. The company is engaged in the manufacturing, sales, installation, and servicing of room air conditioners (RAC), VRF systems, chillers, commercial air conditioning solutions, and refrigeration products, catering to residential, commercial, industrial, and infrastructure segments. Its revenue mix includes unitary cooling products, applied HVAC systems (chillers & VRF), commercial refrigeration, and service & maintenance contracts, with a strong focus on energy-efficient and technology-driven cooling solutions.

Carrier follows a technology-led, manufacturing-backed operating model, combining local manufacturing with global R&D capabilities from its parent network. The company places strategic emphasis on premium positioning, energy efficiency, localization of production, and project-based commercial HVAC growth, rather than pure volume-driven expansion. Its performance is closely linked to seasonal demand cycles (summer-driven RAC sales), infrastructure and real estate growth, commercial project execution, pricing power in premium segments, and operating leverage, making capacity utilization and working capital efficiency critical to profitability.

Headquartered in Gurugram, Haryana, Carrier operates manufacturing and research facilities in India and serves marquee commercial, industrial, and institutional clients across sectors such as data centers, infrastructure, healthcare, hospitality, and real estate.

Financials

Strong Margin Expansion

EBIT margin improved from 3.60% (FY21) to 11.13% (FY25), reflecting significant operating leverage and pricing strength.

Consistent Revenue Growth

Revenue grew from ₹1,218 Cr (FY21) to ₹2,496 Cr (FY25), delivering a strong multi-year expansion trajectory.

Earnings Volatility from One-offs

FY25 PAT margin jumped to 18.13%, materially higher than historical levels, partly supported by exceptional gains.

Income Statement

Revenue(Figures in Cr.)

Strong Margin Expansion

EBIT margin improved from 3.60% (FY21) to 11.13% (FY25), reflecting significant operating leverage and pricing strength.

Consistent Revenue Growth

Revenue grew from ₹1,218 Cr (FY21) to ₹2,496 Cr (FY25), delivering a strong multi-year expansion trajectory.

Earnings Volatility from One-offs

FY25 PAT margin jumped to 18.13%, materially higher than historical levels, partly supported by exceptional gains.

Income Statement

Revenue(Figures in Cr.)

Competitive Position

Market Share

P/E Ratio

Financial Ratio Comparison (FY25)

Particulars
Carrier Airconditioning & Refrigeration
Voltas Limited
Johnson Controls- Hitachi
Revenue (₹ Cr)2496.1215412.792756.46
Revenue Growth (%)17.1323.4943.66
EBITDA Margin (%)12.258.535.71
Net Profit Margin (%)18.135.412.13
ROE (%)83.1613.469.61
Debt to Equity1.840.130.00
Asset Turnover Ratio (x)1.591.221.59
Fixed Asset Turnover (x)35.0018.809.39
ROCE (%)41.42--
Working Capital Intensity (%)17.9718.6310.80
ROA (%)28.90--

Market Share

P/E Ratio

Financial Ratio Comparison (FY25)

Particulars
Carrier Airconditioning & Refrigeration
Voltas Limited
Johnson Controls- Hitachi
Revenue (₹ Cr)2496.1215412.792756.46
Revenue Growth (%)17.1323.4943.66
EBITDA Margin (%)12.258.535.71
Net Profit Margin (%)18.135.412.13
ROE (%)83.1613.469.61
Debt to Equity1.840.130.00
Asset Turnover Ratio (x)1.591.221.59
Fixed Asset Turnover (x)35.0018.809.39
ROCE (%)41.42--
Working Capital Intensity (%)17.9718.6310.80
ROA (%)28.90--

Management

Shareholding PatternAs of FY26
Carrier Corporation, Delware
96.50%
Others
3.50%

Key Managerial Personnel

As of FY26
NameDesignation and Experience
Mr. Sundaresan Narayanan
Managing Director
Mr. Alfred Thomas
Chief Financial Officer

Shareholding PatternAs of FY26
Carrier Corporation, Delware
96.50%
Others
3.50%

Key Managerial Personnel

As of FY26
NameDesignation and Experience
Mr. Sundaresan Narayanan
Managing Director
Mr. Alfred Thomas
Chief Financial Officer
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DECLARATION OF RISKTERMS OF USEPRIVACY POLICY
reported revenue of ₹2496.12 Cr in FYFY25. PAT was ₹452.59 Cr. See full financials on this page.

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