Carrier Airconditioning and Refrigeration Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹550
- Market Cap
- ₹5,850.72 Cr
- ISIN
- INE040I01011
- Face Value
- ₹10
- P/E Ratio
- 28.95
- EPS
- ₹19
- P/B Ratio
- 10.10
- Book Value
- ₹54.48
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | 2496.1 | 2131.1 | 2012.7 | 1612.1 | 1218.1 | 1524.4 | 1476.8 |
| Growth % | 17% | 6% | 25% | 32% | -20% | 3% | 0 |
| Operating Expenses | 2238.2 | 1957.4 | 1888.3 | 1549.0 | 1177.1 | 1434.6 | 1393.6 |
| Growth % | 14% | 4% | 22% | 32% | -18% | 3% | 0 |
| Operating Profit | 258.0 | 173.7 | 124.4 | 63.1 | 41.0 | 89.9 | 83.3 |
| Op. Profit Margin % | 10.3% | 8.2% | 6.2% | 3.9% | 3.4% | 5.9% | 5.6% |
| Other Income | 47.4 | 28.6 | 22.7 | 20.1 | 22.8 | 25.0 | 34.6 |
| Interest Expense | 2.3 | 2.1 | 2.0 | 2.7 | 10.5 | 16.2 | 1.57 |
| Depreciation | 27.8 | 24.7 | 21.0 | 23.5 | 19.9 | 18.0 | 8.0 |
| Profit Before Tax | 275.2 | 175.5 | 124.1 | 57.0 | 33.4 | 80.7 | 108.2 |
| Tax | 72.8 | 43.7 | 27.4 | 14.9 | 16.7 | 33.6 | 40.2 |
| Tax % | 3% | 2% | 1% | 1% | 1% | 2% | 3% |
| Profit After Tax | 202.5 | 131.8 | 96.7 | 42.1 | 16.7 | 47.1 | 68.0 |
| Growth % | 53.6% | 36.3% | 129.6% | 152.5% | -64.6% | -30.8% | 0 |
| PAT % | 8% | 6% | 5% | 3% | 1% | 3% | 5% |
| Diluted EPS | 19.0 | 14.2 | 10.3 | 4.0 | 0 | 4.5 | 6.4 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 106.4 | 106.4 | 106.4 | 106.4 | 106.4 | 106.4 | 106.4 |
| Reserves | 473.0 | 402.7 | 266.2 | 165.9 | 130.7 | 111.8 | 414.2 |
| Total Equity | 579.3 | 509.1 | 372.6 | 272.3 | 237.1 | 218.1 | 520.6 |
| Provisions | 71.9 | 69.0 | 59.3 | 58.9 | 56.3 | 57.3 | 57.7 |
| Other Non-Current Liabilities | 19.5 | 16.7 | 20.5 | 15.8 | 7.4 | 12.2 | 2.3 |
| Total NC Liabilities | 91.4 | 85.7 | 79.8 | 74.7 | 63.7 | 69.5 | 60.0 |
| Borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 153.4 | 0.0 |
| Other Current Liabilities | 977.2 | 888.5 | 684.6 | 565.6 | 476.8 | 436.7 | 447.4 |
| Total Current Liabilities | 977.2 | 888.5 | 684.6 | 565.6 | 476.8 | 590.1 | 447.4 |
| Equity + Liabilities | 1647.9 | 1483.3 | 1137.0 | 912.5 | 777.5 | 877.7 | 1028.0 |
| Fixed Assets (incl. WIP) | 104.3 | 108.9 | 98.8 | 90.6 | 79.6 | 77.6 | 76.1 |
| Other Non Current Assets | 138.6 | 103.1 | 85.1 | 81.3 | 74.3 | 86.1 | 83.9 |
| Total NC Assets | 242.9 | 211.9 | 184.0 | 172.0 | 153.9 | 163.7 | 159.9 |
| Trade Receivables | 382.8 | 331.9 | 323.9 | 257.3 | 274.1 | 280.7 | 310.4 |
| Cash & Cash Equivalents | 480.5 | 428.3 | 198.4 | 64.9 | 13.5 | 48.9 | 167.3 |
| Other Current Assets | 541.8 | 511.2 | 430.8 | 418.4 | 336.0 | 384.4 | 390.4 |
| Total Current Assets | 1405.0 | 1271.4 | 953.0 | 740.6 | 623.6 | 714.0 | 868.1 |
| Total Assets | 1647.9 | 1483.3 | 1137.0 | 912.5 | 777.5 | 877.7 | 1028.0 |
Shareholding Pattern
- Carrier Corporation, Delware
- 96.50%%
- others
- 3.50%%
Strengths & Weaknesses
Strengths
- Market Leadership in Commercial Market: The company holds a strong position in the commercial HVAC (heating, ventilation, and air conditioning systems) segment, with major industrial projects such as airports, data centres, and metro rail systems setting it apart from competitors that primarily focus on the retail market.
- Strong Core Financial Performance: In FY25, Revenue grew by 17.1%, while profit grew by 53.6%. This means the company has significantly increased its operational efficiency.
- Localised R&D and Manufacturing: Carrier India has a strong local R&D and manufacturing -IGBC Platinum-certified facility (achieved the highest level of recognition from the Indian Green Building Council, for exceptional environmental and resource efficiency) in Gurugram. This enables the company to develop and produce competitive, India-made products.
- Exploring new business segments: Carrier India is actively exploring the Cooling as a Service (CaaS) model, aligning with India’s growing adoption of the subscription-based economy. In short, customers pay for cooling as a service (like a subscription) instead of buying or maintaining chillers and HVAC systems themselves.
Weaknesses
- High Competition: Carrier faces competition from players like Voltas, Blue Star, and international brands like Daikin and LG, which may have more price-competitive products in certain segments.
- Heavy Dependency on Institutional orders: A large share of revenue comes from infrastructure projects and institutional orders
About Carrier Airconditioning and Refrigeration Ltd
Carrier is a leading provider of HVACR (heating, ventilation, and air conditioning and refrigeration) solutions. Founded in 1915 by Willis Carrier, the company has a long history of innovation in the HVAC industry. Carrier is part of Carrier Global Corporation, which is a multinational corporation that designs, manufactures, and sells HVAC systems, components, and related services.
Board of Directors
- Mr. Sundaresan Narayanan - Managing Director
- Mr. Pritesh Agrawal - Whole-time Director & CFO
- Mr. Rahul Jain - Whole-time Director
- Ms. Simran Thapar - Whole-time Director
- Mr. Narendra Singh Sisodia - Independent Director
- Mr. Siraj Azmat Chaudhry - Independent Director
- Mr. Har Amrit Pal Singh Dhillon - Non-Executive Director
Senior Management
- Mr. Sundaresan Narayanan - Managing Director
- Mr. Pritesh Agrawal - CFO
Frequently Asked Questions
- Is there any lock in period for Carrier Airconditioning and Refrigeration Ltd unlisted shares?
- The lock-in period for Carrier Airconditioning and Refrigeration Ltd Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of Carrier Airconditioning and Refrigeration Ltd.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on Carrier Airconditioning and Refrigeration Ltd unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on Carrier Airconditioning and Refrigeration Ltd unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in Carrier Airconditioning and Refrigeration Ltd unlisted shares through InCred Money?
- Buying Carrier Airconditioning and Refrigeration Ltd Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select Carrier Airconditioning and Refrigeration Ltd from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in Carrier Airconditioning and Refrigeration Ltd unlisted shares?
- To invest in Carrier Airconditioning and Refrigeration Ltd Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
