Carrier Airconditioning and Refrigeration Ltd Unlisted Shares: A Complete 2025 Investment Guide
02 December 2025 ·
A Deep Dive Into Carrier Airconditioning & Refrigeration Ltd’s Unlisted Share Price, Financials, Growth Outlook & Investment View.
Introduction
The unlisted market has been gaining strong traction among HNIs, retail investors, and early-stage institutional investors. One company that stands out due to its strong global brand reputation and consistent financial performance is Carrier Airconditioning and Refrigeration Ltd. With investors searching for stable, industry-leading businesses outside the public markets, Carrier’s unlisted shares have become a noteworthy option.
In this detailed guide, we explore Carrier Airconditioning and Refrigeration Ltd unlisted shares, the Carrier Aircon unlisted share price today, business fundamentals, financial growth trajectory, shareholding structure, and key strengths and risks to help investors form an informed perspective.
What Makes Carrier India Relevant in the Unlisted Space?
Carrier Airconditioning and Refrigeration Ltd is the Indian arm of the globally renowned Carrier Global Corporation, one of the most respected HVACR (Heating, Ventilation, Air Conditioning and Refrigeration) companies worldwide.
With India witnessing rapid infrastructure development—airports, metros, data centres, commercial real estate—the demand for high-quality cooling and heating systems has gone up significantly. Carrier has positioned itself at the forefront of this growth cycle, especially in the commercial HVAC segment, where it continues to maintain a leadership position.
This combination of global expertise, strong local R&D, and sustainable manufacturing practices makes Carrier’s unlisted stock particularly attractive for long-term investors.
Company Fundamentals at a Glance
| Metric | Value |
|---|---|
| Current Price | ₹510 |
| Market Cap | ₹5,425.21 Cr |
| Face Value | ₹10 |
| ISIN | INE040I01011 |
| P/E Ratio | 26.84 |
| EPS | ₹19 |
| P/B Ratio | 9.36 |
| Book Value | ₹54.48 |
| Debt-to-Equity Ratio | 0 |
Strengths of Carrier Airconditioning & Refrigeration Ltd
1. Leadership in Commercial HVAC
While many competitors target retail air conditioner markets, Carrier has built a niche in:
Airports
Metro systems
Hospitals
Data centres
Commercial buildings
This segment is high-margin and high-demand, giving the company an advantage over peers.
2. Strong Financial Performance in FY25
The FY25 numbers indicate:
17.1% revenue growth
53.6% profit growth
10.3% operating margin
Such numbers highlight robust operational efficiency and business momentum.
3. Local R&D and Sustainable Manufacturing
Carrier operates a state-of-the-art IGBC Platinum-certified facility in Gurugram, which:
Enhances cost efficiency
Helps create India-specific products
Promotes sustainability in manufacturing
4. Focus on “Cooling as a Service” (CaaS)
This subscription-based model aligns with modern consumption trends where:
Users pay only for the cooling service
No need to buy or maintain costly HVAC systems
Long-term recurring revenue opportunity for Carrier
This is expected to be a key growth engine for the next decade.
Revenue Growth Trend
| FY | Revenue (₹ Cr) | Growth % |
|---|---|---|
| FY2025 | 2496.1 | 17% |
| FY2024 | 2131.1 | 6% |
| FY2023 | 2012.7 | 25% |
| FY2022 | 1612.1 | 32% |
| FY2021 | 1218.1 | -20% |
| FY2020 | 1524.4 | 3% |
| FY2019 | 1476.8 | 0% |
Operating Performance
| FY | EBIT (₹ Cr) | Margin % |
|---|---|---|
| FY2025 | 258.0 | 10.3% |
| FY2024 | 173.7 | 8.2% |
| FY2023 | 124.4 | 6.2% |
| FY2022 | 63.1 | 3.9% |
Profitability
| FY | PAT (₹ Cr) | Growth % |
|---|---|---|
| FY2025 | 202.5 | 53.6% |
| FY2024 | 131.8 | 36.3% |
| FY2023 | 96.7 | 129.6% |
| FY2022 | 42.1 | 152.5% |
Weaknesses & Risks
No company is without challenges. Investors must factor these before evaluating unlisted shares.
1. High Competition
Carrier competes with:
Voltas
Blue Star
Daikin
LG
Several of these companies offer more price-competitive options in the mass retail segment.
2. Dependence on Institutional Orders
A large part of revenues comes from:
Metro projects
Government contracts
Data centre cooling systems
Large commercial infrastructure
Any slowdown in infrastructure spending may affect earnings.
Understanding Carrier’s Business Model
Carrier operates across two major verticals:
1. Heating, Ventilation & Air Conditioning (HVAC)
This is the company’s core business, serving:
Commercial buildings
Large industrial setups
Airports, hospitals, IT parks
2. Refrigeration Solutions
Carrier also provides:
Commercial refrigeration
Cold chain storage
Industrial cooling systems
These segments have seen strong demand due to India’s expanding retail, e-commerce, pharma, and food logistics industries.
Board of Directors & Leadership Team
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
The leadership combines global expertise with strong India-focused operational experience.
Conclusion
Carrier Airconditioning and Refrigeration Ltd continues to emerge as one of the stronger players in India’s HVACR landscape. Its solid fundamentals, strong commercial segment leadership, debt-free balance sheet, and innovative offerings such as Cooling as a Service make its unlisted shares a compelling watchlist addition.
For investors exploring unlisted opportunities in 2025, Carrier offers a blend of stability, brand strength, and long-term growth potential — but awareness of liquidity and competition-related risks is essential.