Unlisted Shares
Carrier Airconditioning & Refrigeration Limited Unlisted Shares
Carrier Airconditioning & Refrigeration Limited (Unlisted)
Verified Unlisted CompanyOff-market Transfer · NSDL / CDSL
About Carrier Airconditioning & Refrigeration Limited Unlisted Shares
Carrier Airconditioning & Refrigeration Limited is a leading HVAC (heating, ventilation, air conditioning, and refrigeration) solutions provider in India. It is part of Carrier Global Corporation and operates across residential, commercial, and industrial cooling solutions with a strong brand presence and distribution network.
Share Details
| company Name | Carrier Airconditioning & Refrigeration Limited (Unlisted) |
| indicative Unlisted Share Price | ₹657 |
| market Capitalization | ₹5,200–5,600 Crore |
| lot Size | 100 |
| 52 Week High | ₹605–650 |
| 52 Week Low | ₹480–495 |
| face Value | ₹10 |
| book Value | ₹54.5 |
| pe Ratio | 26–27 |
| pb Ratio | ~9 |
| debt To Equity | 0 |
| return On Equity | 25–30% |
| total Outstanding Shares | 10.64 Crore |
| isin | INE040I01011 |
| depository | NSDL & CDSL |
| pan | AAACC8414B |
| cin | U74999HR1992FLC036104 |
| rta | Link Intime India Pvt Ltd |
Income Statement (Profit & Loss) (₹ in Crore)
| Particulars | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 1,612 | 2,197 | 2,131 | 2,496 |
| Cost of Material Consumed | 1,087 | 1,502 | 1,363 | 1,534 |
| Change in Inventory | -66 | -28 | -45 | -23 |
| Employee Benefit Expenses | 166 | 169 | 177 | 187 |
| Other Expenses | 362 | 413 | 461 | 540 |
| EBITDA | 63 | 141 | 175 | 258 |
| Operating Profit Margin (%) | 3.91 | 6.42 | 8.21 | 10.34 |
| Other Income | 20 | 24 | 47 | 47 |
| Finance Cost | 3 | 2 | 2 | 2 |
| Depreciation | 23 | 21 | 25 | 28 |
| EBIT | 40 | 120 | 150 | 230 |
| PBT | 57 | 142 | 195 | 275 |
| Tax | 15 | 32 | 44 | 73 |
| PAT | 42 | 110 | 151 | 202 |
| Net Profit Margin (%) | 2.61 | 5.01 | 7.09 | 8.09 |
| EPS (₹) | 3.95 | 10.38 | 14.21 | 18.99 |
Key Financial Ratios (Last 3–5 Years)
| Ratio | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 3.91 | 6.42 | 8.21 | 10.34 |
| Net Profit Margin (%) | 2.61 | 5.01 | 7.09 | 8.09 |
| EPS (₹) | 3.95 | 10.38 | 14.21 | 18.99 |
Financial Annual Report Summary
Carrier India has shown consistent revenue growth with improving profitability and margins. The company operates with strong operational efficiency and a debt-free balance sheet.
Why Invest in Carrier Airconditioning &
- Strong revenue growth and margin expansion.
- Profitability improving steadily each year.
- High EPS growth trajectory.
- Operating leverage kicking in.
Balance Sheet - Assets (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Fixed Assets | 68 | 65 | 84 | 79 |
| CWIP | 0.6 | 9 | 5 | 33 |
| Trade Receivables | 257 | 324 | 332 | 383 |
| Inventory | 337 | 344 | 379 | 422 |
| Other Assets | 249.4 | 395 | 683 | 731 |
| Total Assets | 912 | 1,137 | 1,483 | 1,648 |
Balance Sheet - Liabilities & Equity (₹ in Crore)
| Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Share Capital | 106.3 | 106 | 106.3 | 106.38 |
| Reserves | 166 | 266 | 403 | 473 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 431 | 529 | 687 | 788 |
| Other Liabilities | 208.7 | 236 | 286.7 | 280.62 |
| Total Liabilities | 912 | 1,137 | 1,483 | 1,648 |
Liabilities Breakdown & Balance Sheet Insights
Balance Sheet Insights
Debt-free balance sheet with improving reserves and stable working capital.
Liabilities Breakdown
Zero debt company with strong internal accruals funding growth.
Additional Insights
Healthy balance sheet with consistent reserve growth and no leverage risk.
Cash Flow Insights
- Strong operating cash flow growth.
- Low capex requirements.
- Dividend payouts impacting financing cash flow.
Shareholding Pattern
Recent
Promoter: Carrier Global Corporation (~96%)
Institutional: -
Public: Low float
Promoters & Management
Subsidiary of Carrier Global Corporation (USA).
Key Management
Leadership Team - Management
HVAC Industry
Registrar & Transfer Agent (RTA)
Registrar: Link Intime India Pvt Ltd
Management Analysis
Focused on expanding HVAC market share in India with strong brand backing and improving margins.
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