Carrier Airconditioning & Refrigeration Limited Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Carrier Airconditioning & Refrigeration Limited Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 2,543.5 | 2,159.7 | 2,035.4 |
| Expense | 2,238.2 | 1,957.4 | 1,751.5 |
| EBITDA | 305.4 | 202.3 | 283.9 |
| Other Cost | 30.1 | 26.9 | 159.8 |
| PBT | 275.2 | 175.5 | 124.1 |
| Tax Expense | 72.8 | 43.7 | 27.4 |
| PAT | 202.5 | 131.8 | 96.7 |
| Other Inc./Exp. | 250.7 | 15.3 | 12.6 |
| Net Income | 453.1 | 147.1 | 109.3 |
| Shares O/S | 10.64 | 10.64 | 10.64 |
| EPS (₹) | 42.55 | 14.15 | 10.33 |
| Rev. Growth % | 17.8% | 6.1% | — |
| EBITDA Mgn % | 12.0% | 9.4% | 13.9% |
| Net Mgn % | 17.8% | 6.8% | 5.4% |
| EPS Growth | 200.7% | 37.0% | — |
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Carrier Airconditioning & Refrigeration Limited Unlisted Shares Unlisted Shares
Carrier Airconditioning & Refrigeration Limited (CARL) is engaged in the manufacturing and trading of air conditioning and refrigeration equipment. It offers residential and light commercial products, such as furnaces, central air conditioners, air filters, window units, split systems, and other home comfort solutions; and commercial building systems, including various chillers, airside systems and controls for use in buildings. CARL also provides refrigeration products, such as freezers, bottle coolers, and cold rooms, as well as decks, service cases, counters, freezers; and truck and trailer refrigeration systems.
Product Portfolio and Solutions
Carrier Global Corporation offers a range of residential and commercial HVAC systems, including chillers, VRF systems, and transport refrigeration, along with building automation and energy management solutions that help improve efficiency and reduce operating costs. Below is a detailed look at its product portfolio:
A) Equipment Sales
Carrier Global Corporation generates its primary revenue through the sale of equipment, which makes up its largest income source. The product range consists of three main categories, which include residential air conditioners, commercial HVAC systems, and transport refrigeration units. The market needs these products because people build new structures. They also need to expand their infrastructure, and they must replace their old systems.
B) After-Sales Services
Carrier Global Corporation generates its primary revenue through the sale of equipment, which makes up its largest income source. The product range consists of three main categories, which include residential air conditioners, commercial HVAC systems, and transport refrigeration units. The market needs these products because people build new structures. They also need to expand their existing infrastructure, and they must replace their old systems, too.
C) Digital and Performance Services
The company provides digital platforms through Abound and Lynx that enable users to track their system operations, enhancing operational efficiency and reducing interruptions. The services generate ongoing income for the business while creating deeper relationships between the company and its clients.
Customer Segments
Carrier Global Corporation serves a wide range of customers across multiple industries:
Residential customers purchasing air conditioners and heating systems.
Commercial clients such as offices, malls, hospitals, hotels, and data centres.
Industrial and logistics companies require cold storage and transportation facilities for refrigerators.
This diversified customer base helps the company maintain steady demand across different economic cycles.
Key Strengths of the Carrier Air Conditioning Business Model
A) Strong Installed Base:
A large number of installed systems worldwide creates continuous demand for services, spare parts, and upgrades.
B) Recurring Revenue Model:
A growing share of revenue comes from services and aftermarket activities, reducing dependence on equipment sales.
C) Energy Efficiency Focus:
The company focuses on energy-efficient systems and low-emission technologies, which are increasingly important for customers.
D) Integrated Offering:
Carrier Global Corporation provides a complete solution, including equipment, software, and services, making it more competitive than companies offering only products.
Carrier Airconditioning Financial Performance Overview
Metrics | FY2025 (In Rs. Crore) | FY2024 (In Rs. Crore) |
Revenue | 206,183 | 212,500 |
Net income | 14,771 | 13,800 |
Net Margin | 7.2% | 6.5% |
Operating Margin | 10% | 9.5% |
Free Cash Flow | 20,109 | 18,500 |
The financial comparison between FY2025 and FY2024 shows an overall stronger position for Carrier Global Corporation, with both positives and some pressure areas.
Revenue saw a slight decline, mainly due to weaker residential HVAC sales.
Net income increased from Rs. 13,800 crore to Rs. 14,771 crore, supported by better margins and lower operating costs.
Operating and net margins improved due to stronger execution and a more favourable freezers business mix.
Free cash flow rose to Rs. 20,109 crore, reflecting solid cash generation despite lower revenue.
The company kept its profit margins steady because it earned service revenue and successfully managed its expenses, but residential HVAC market weakness reduced its revenue expansion.
Carrier Airconditioning Unlisted Share Price Review
Carrier Airconditioning & Refrigeration Ltd Share price has been fluctuating for last 3 years. In 2023, the Carrier airconditioning unlisted share price was trading around 250-300. In 2024, the shares saw considerable growth and doubled in just 1 year.
In Jan 2025 the Carrier airconditioning unlisted share price reached an all-time high of Rs 660 per share but declined gradually in 2025, to remain stable around Rs 500 per share. The Carrier airconditioning unlisted share price today is Rs 530 per share.
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