Carrier Airconditioning & Refrigeration Ltd
Indian arm of Carrier Global: air-conditioning, chillers and cold-chain equipment, debt-free with returns on equity near 30%.
Market cap
₹5,724 Cr
10.64 Cr shares
P/E ratio
37.91
Sector average 45
Book value
₹48.78
P/B 11.03
1-year return
-0.04%
52w ₹430 – ₹575
Currently 74% of the way through its 52-week range.
Indicative price history
1Y change
-0.04% ₹538 → ₹538
52-week band in this window: ₹503.46 – ₹558.52. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Indian subsidiary of Carrier Global with paid-up capital of ₹106.38 Cr and a Gurgaon manufacturing base.
- Dealer valuation data imply PAT of ~₹150 Cr, net worth ~₹520 Cr and return on equity close to 30%.
- Debt-free with a record of paying out most earnings as dividend to the parent and minority holders.
About Carrier India
Carrier Airconditioning & Refrigeration Ltd is the Indian subsidiary of Carrier Global Corporation, the US heating, ventilation, air-conditioning and refrigeration group. From its Gurgaon plant and a national sales and service network it makes and sells residential and light-commercial air conditioners, ducted and variable-refrigerant-flow systems, chillers and air-handling units for commercial buildings, and transport and commercial refrigeration equipment sold under the Carrier and Toshiba brands.
The company was listed as Carrier Aircon Ltd in the 1990s and was taken private by its parent; a residual public holding still trades through unlisted-share dealers. The registry lists it as a subsidiary of a foreign company with paid-up capital of ₹106.38 Cr (about 10.64 Cr shares of ₹10). Fortune India data show revenue of ₹1,178 Cr and profit of ₹55 Cr in FY17; dealer valuation data now imply profit after tax of about ₹150 Cr on a net worth near ₹520 Cr, a return on equity close to 30% and no debt, with most earnings paid out as dividend.
Growth is driven by rising room-AC penetration, commercial construction and cold-chain demand, plus Carrier Global's push to source from India. Margins depend on copper, aluminium and compressor costs, energy-label changes and competition from Daikin, Voltas, Blue Star and LG.
Revenue figures for FY23-FY25 are estimates built from the FY17 base and the roughly 15% three-year growth reported by dealer data. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Residential & light-commercial AC45%
Split, cassette and ducted units; Carrier and Toshiba brands
- Commercial HVAC35%
Chillers, VRF, air-handling units and building services
- Commercial & transport refrigeration20%
Cold rooms, truck refrigeration and retail display cases
Products & services
Room and light-commercial air conditioners
Split, cassette and ducted units under the Carrier and Toshiba brands.
Chillers and VRF systems
Water- and air-cooled chillers, VRF and air-handling units for offices, malls, hospitals and factories.
Commercial and transport refrigeration
Cold rooms, display cases and truck refrigeration units for the cold chain.
What works
- • Global parent with technology, brand and sourcing support; the Indian unit supplies chillers and components to Carrier Global's other markets.
- • Debt-free balance sheet with return on capital employed near 30% and a long dividend record.
- • Diversified across residential, commercial HVAC and cold-chain, where India's food-logistics build-out is a multi-year tailwind.
What to watch
- • Minority shareholders have no influence; the parent could delist the residual float at a price of its choosing or squeeze margins through royalties and transfer pricing.
- • Room-AC market is intensely competitive with thin margins and heavy exposure to summer demand and commodity prices.
- • Public financial disclosure is limited to MCA filings; dealer quotes moved from ₹240 to ₹575 in three years on thin volumes.