Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares
Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares
Carrier Airconditioning & Refrigeration Limited (“Carrier India”) is India’s premier manufacturer and service provider of commercial and industrial HVAC and refrigeration solutions. Established in 1986 and headquartered in Gurugram, Haryana, the company leverages over 35 years of localized manufacturing, R&D, and distribution to serve critical infrastructure, commercial, and industrial sectors. As a subsidiary of Carrier Global Corporation, Carrier India remains unlisted, offering pre-IPO investment opportunities in its unlisted shares.
Company Profile
| Particular | Details |
| Legal Name | Carrier Airconditioning & Refrigeration Limited |
| Incorporation Date | 6 July 1992 |
| CIN | U74999HR1992FLC036104 |
| Headquarters | Narsingpur, Kherki Daula Post, Gurgaon–122004, Haryana |
| Industry Segment | Commercial HVAC, Refrigeration, Fire & Security Equipment |
| Parent Company | Carrier Global Corporation (NYSE: CARR) |
| Manufacturing Facility | Gurugram, Haryana (19-acre, highly automated plant) |
| R&D & Quality Clinic | On-site advanced R&D and quality clinic |
| Distribution Network | 14 Sales & Service offices; 900+ channel partners nationwide |
Key Areas of Focus
| Focus Area | Details |
| Made-in-India Manufacturing | Local production of chillers, ductsplits, VRF, chillers, AHUs |
| Product Innovation | Scroll compressors, digital controls, eco-friendly refrigerants |
| Service Excellence | 24×7 maintenance, remote monitoring |
| Aftermarket Growth | Spare parts, retrofits, modernization |
| Sustainability & Safety | Energy-efficient designs; ISO 9001, ISO 14001, rigorous EH&S |
| “Vocal for Local” Initiative | Government-aligned local product strategies |
Business Operations and Market Position
| Aspect | Details |
| Core Operations | Design, manufacture, install, service HVAC & refrigeration equipment |
| Market Leadership | Among top three commercial HVAC suppliers in India |
| Key End-Markets | Data centers, pharma, hospitality, malls, metros, railways |
| Geographic Coverage | Pan-India; select exports to Middle East & SEA |
| Competitive Edge | Global technology, localized manufacturing, strong service network |
Core Product Portfolio
| Product Category | Offerings |
| Chillers | Air-cooled & water-cooled screw and scroll chillers |
| VRF Systems | Variable refrigerant flow multi-split systems |
| Packaged Units | Packaged air conditioners for rooftops |
| Fan Coil Units & AHUs | Fan coil units; air handling units |
| Ducted & Cassette ACs | Concealed ducted split; cassette modules |
| Refrigeration | Commercial freezers; cold-rooms |
| Controls & IoT | i-Vu® digital control; remote performance analytics |
Manufacturing Capabilities and Expansion Plans
| Facility Location | Capacity/Capabilities | Expansion Initiatives |
| Gurugram, Haryana | 19-acre automated plant; R&D center; quality clinic | Increase scroll chiller capacity; Industry 4.0 upgrade |
| Vendor Ecosystem | Local vendor base for sheet metal, electronics, piping | Develop deeper local sourcing for critical components |
| Service Infrastructure | 900+ channel partners; nationwide spare-parts inventory | Expand IoT-based predictive maintenance rollout |
Promoters & Management
| Name | Role / Designation |
| Carrier Global Corporation | Promoter (96.47% equity) |
| Mr. Chirag Baijal | Managing Director |
| Ms. Simran Thapar | Whole-time Director |
| Mr. HarAmrit Pal Singh Dhillon | Non-Executive Director |
| Mr. Pritesh Agrawal | Whole-time Director & CFO |
| Mr. Narendra S. Sisodia | Independent Director |
| Mr. Siraj Chaudhry | Independent Director |
Shareholding Pattern (as of March 2024)
| Category | Holding % |
| Carrier Global Corporation | 96.47 |
| Public & Others | 3.53 |
| Total | 100.00 |
Company Fundamentals
| Metric | FY 24 (₹ Lakh) |
| Revenue from Operations | 2,13,114 |
| Other Income | 2,858 |
| EBITDA | 17,500 |
| Profit Before Tax | 19,500 |
| Profit After Tax (PAT) | 15,100 |
| EPS (₹) | 14.21 |
| Equity Share Capital | 10,638 |
| Other Equity | 40,273 |
| Net Worth | 50,911 |
| Total Assets | 1,36,286 |
| ROE | 29.7% |
| Debt-Equity Ratio | 0.04 |
| Current Ratio | 1.05 |
Financials
Income Statement (₹ Lakh)
| Item | FY 23 | FY 24 |
| Revenue from Operations | 2,01,274 | 2,13,114 |
| Other Income | 2,265 | 2,858 |
| Total Income | 2,03,539 | 2,15,972 |
| EBITDA | 14,100 | 17,500 |
| Profit Before Tax | 14,200 | 19,500 |
| Profit After Tax | 11,000 | 15,100 |
| Net Profit Margin | 5.46% | 7.09% |
| EPS (₹) | 10.38 | 14.21 |
Balance Sheet (₹ Lakh)
| Item | FY 24 |
| Equity Share Capital | 10,638 |
| Other Equity | 40,273 |
| Non-Current Liabilities | 8,982 |
| Current Liabilities | 77,095 |
| Total Equity & Liabilities | 1,36,286 |
| Non-Current Assets | 19,667 |
| Current Assets | 1,16,619 |
Cash Flow (₹ Lakh)
| Item | FY 23 | FY 24 |
| Cash from Operating Activities | 32,636 | 14,751 |
| Cash from Investing Activities | (4,500) | (8,200) |
| Cash from Financing Activities | (27,940) | (1,138) |
| Net Cash Change | – | 4,413 |
| Closing Cash Balance | 19,835 | 42,826 |
Annual Reports and Regulatory Compliance
| Aspect | Status |
| Annual Report (FY 23–24) | Published; available on corporate website |
| AGM | Held 8 September 2023 |
| Statutory Audit | Completed by BSR & Associates LLP |
| Secretarial Audit | No qualifications |
| ISO & EH&S Certifications | ISO 9001, ISO 14001; robust EH&S framework |
| Regulatory Filings | ROC, MCA, SEBI compliance for unlisted |
IPO Preparations and Market Listing Plans
| Milestone | Status / Timeline |
| Draft Red Herring Prospectus (DRHP) | Under internal review |
| SEBI Pre-IPO Meetings | Initial discussions held |
| Minimum Lot Size (Unlisted) | 100 shares |
| Anchor Investor Outreach | Commenced Q1 FY 26 |
| Target Exchange for Listing | BSE SME / NSE Emerge |
| Expected IPO Timeline | H2 FY 26–27 |
FAQs – How to Buy or Sell Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares
How can I buy Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares?
You may purchase Carrier India unlisted shares via SEBI-registered unlisted share platforms or brokers. Complete KYC, fund transfer, and off-market share transfer through Delivery Instruction Slip (DIS).
What is the minimum lot size for Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares?
The typical minimum lot size is 100 shares in off-market transactions.
What documents are required for Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares transactions?
PAN, Aadhaar, demat account details, client-master list, and a filled DIS form are required.
What is the current lock-in period for Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares?
A six-month lock-in applies for pre-IPO shares post-allotment as per SEBI regulations.
How are Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares transferred between accounts?
Transfers occur off-market via DIS, either as paper form submitted to your DP or through online DIS if your broker enables it.
What are the current valuation metrics for Carrier Airconditioning and Refrigeration?
Key metrics: P/E of 15x–18x (based on FY 24 EPS ₹14.21) and P/B of 3.0x (book value per share ₹48.78).
What makes Carrier Airconditioning and Refrigeration shares attractive for investment?
Strong global brand, leading market position, localized manufacturing, robust financials, and growing service backlog underpin attractiveness.
What are the tax implications of Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares transactions?
Short-term gains (≤24 months) are taxed per income slab; long-term gains (>24 months) taxed at 20% with indexation.
Can I pledge Carrier Airconditioning and Refrigeration Ltd. Unlisted Shares for loans?
Yes, subject to your DP’s and lender’s acceptance of unlisted shares as collateral.
What is the outlook for Carrier Airconditioning and Refrigeration’s IPO and exit opportunities?
With internal DRHP underway and SEBI engagement in progress, an IPO in FY 26–27 could provide exit liquidity; pre-IPO transactions remain active.
