| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 1612 | 2197 | 2131 | 2496 |
| Cost of Material Consumed | 1087 | 1502 | 1363 | 1534 |
| Change in Inventory | -66 | -28 | -45 | -23 |
| Gross Margins | 36.66 | 32.91 | 38.15 | 39.46 |
| Employee Benefit Expenses | 166 | 169 | 1777 | 187 |
| Other Expenses | 362 | 413 | 461 | 540 |
| EBITDA | 63 | 141 | 175 | 258 |
| OPM | 3.91 | 6.42 | 8.21 | 10.34 |
| Other Income | 20 | 24 | 47 | 47 |
| Finance Cost | 3 | 2 | 2 | 2 |
| D&A | 23 | 21 | 25 | 28 |
| EBIT | 40 | 120 | 150 | 230 |
| EBIT Margins | 2.48 | 5.46 | 7.04 | 9.21 |
| PBT | 57 | 142 | 195 | 275 |
| PBT Margins | 3.54 | 6.46 | 9.15 | 11.02 |
| Tax | 15 | 32 | 44 | 73 |
| PAT | 42 | 110 | 151 | 202 |
| NPM | 2.61 | 5.01 | 7.09 | 8.09 |
| EPS | 3.95 | 10.38 | 14.21 | 18.99 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 3.91 | 6.42 | 8.21 | 10.34 |
| Net Profit Margin | 2.61 | 5.01 | 7.09 | 8.09 |
| Earning Per Share (Diluted) | 3.95 | 10.38 | 14.21 | 18.99 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 68 | 65 | 84 | 79 |
| CWIP | 0.6 | 9 | 5 | 33 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 257 | 324 | 332 | 383 |
| Inventory | 337 | 344 | 379 | 422 |
| Other Assets | 249.4 | 395 | 683 | 731 |
| Total Assets | 912 | 1137 | 1483 | 1648 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 106.3 | 106 | 106.3 | 106.38 |
| FV | 10 | 10 | 10 | 10 |
| 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 | 1137 | 1483 | 1648 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 57 | 142 | 200 | 275 |
| OPBWC | 76 | 160 | 211 | 297 |
| Change in Receivables | 19 | -63 | -36 | -65 |
| Change in Inventories | -89 | -14 | -52 | -62 |
| Change in Payables | 68 | 107 | 198 | 116 |
| Other Changes | 17 | 12 | 15 | -2 |
| Working Capital Change | 15 | 42 | 125 | -13 |
| Cash Generated From Operations | 91 | 202 | 336 | 284 |
| Tax | -15 | -40 | -63 | -113 |
| Cash Flow From Operations | 76 | 162 | 273 | 171 |
| Purchase of PPE | -9.6 | -13 | -36 | -48 |
| Sale of PPE | 0.3 | 0 | 0 | 0.23 |
| Cash Flow From Investment | -9 | -8 | -21.6 | 284 |
| Borrowing | 0 | 0 | 0 | -383 |
| Dividend | -5.7 | -10 | -10.7 | 0 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -9.8 | -10 | -10.9 | -11 |
| Cash Flow from Financing | -15.5 | -20 | -21.6 | -394 |
| Net Cash Generated | 51.5 | 134 | 229.8 | 61 |
| Cash at the Start | 13 | 65 | 198.2 | 420 |
| Cash at the End | 64.5 | 199 | 428 | 481 |
Carrier Airconditioning & Refrigeration Limited is one of India’s leading HVAC (Heating, Ventilation, and Air Conditioning) companies, known for its advanced cooling technologies, energy-efficient products, and strong engineering expertise. As a subsidiary of Carrier Global Corporation, a global pioneer in air-conditioning solutions, the company has built a strong presence across residential, commercial, and industrial segments in India. Carrier India specializes in air conditioners, chillers, refrigeration units, and cold-chain equipment, offering high-performance solutions backed by innovation, sustainability, and world-class manufacturing standards. With a robust distribution network and a reputation for reliable after-sales service, Carrier continues to be a trusted brand among corporates, institutions, and households.
The unlisted shares of Carrier Airconditioning & Refrigeration Limited have drawn increasing interest from investors due to the company’s steady financial performance, strong market reputation, and leadership in energy-efficient cooling technologies. Rising demand for air conditioning in homes, offices, data centers, and industrial units has boosted the company’s long-term growth potential. Carrier India benefits from its global parent company’s R&D strength, which allows it to introduce advanced, eco-friendly cooling systems tailored to Indian climatic conditions. Investors view the company as a stable and growth-oriented business with solid cash flows, a strong product lineup, and significant presence across both B2B and B2C markets. Limited share availability in the private market also increases the desirability of its unlisted stock.
Looking ahead, Carrier Airconditioning & Refrigeration Limited’s unlisted shares remain attractive as the company expands into smart cooling solutions, green buildings, and climate-friendly refrigeration products. With India’s rising disposable income, sustained construction activity, and growing demand for energy-efficient appliances, Carrier is well-positioned to capitalize on future opportunities. Government policies promoting sustainability and eco-friendly HVAC solutions are expected to further strengthen the company’s growth trajectory. For investors seeking exposure to a stable manufacturing and technology-driven company in the unlisted space, Carrier Airconditioning & Refrigeration Limited offers a compelling long-term investment proposition.
1. What are Carrier Air Conditioning & Refrigeration unlisted shares?
Carrier Airconditioning & Refrigeration unlisted shares are equity shares of Carrier’s India business that are not yet listed on the stock exchanges. These shares are traded privately in the pre-IPO market between investors before the company goes public.
2. What is the latest price of Carrier Air Conditioning & Refrigeration unlisted shares?
The price of Carrier Air Conditioning & Refrigeration unlisted shares varies based on market demand, company performance, and liquidity in the unlisted market. Investors should check real-time quotes from trusted unlisted share platforms or brokers before buying or selling.
3. How can I buy Carrier Air Conditioning & Refrigeration unlisted shares?
You can buy Carrier unlisted shares through:
The shares are usually transferred after payment confirmation and proper documentation.
4. Can I sell Carrier Air Conditioning & Refrigeration unlisted shares before IPO?
Yes, unlisted shares can be sold in the secondary private market before IPO, subject to the availability of buyers and regulatory norms. Liquidity may be lower compared to listed shares.
5. Is investing in Carrier Air Conditioning & Refrigeration unlisted shares safe?
Unlisted shares carry higher risk than listed stocks due to:
Investors should assess company fundamentals and consult a financial advisor before investing.
6. Is Carrier Air Conditioning & Refrigeration planning an IPO?
There is market speculation about Carrier’s potential IPO in India, but official announcements may vary. Investors should follow company filings and credible news sources for updates.
7. What factors affect the price of Carrier unlisted shares?
Key factors include:
8. What documents are required to buy unlisted shares in India?
Typically required: