Carrier Airconditioning & Refrigeration Ltd
- Unlisted share
- Industrials & Engineering
- ISIN INE040I01011
At a glance
Sales
FY26
₹3,163 Cr
+26.7%on FY25What the company earned from its customers in the year.
Profit
FY26
₹222 Cr
−51.0%on FY25What was left after every cost and tax was paid.
Market valuecalculated
₹6,248 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹414 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Carrier Airconditioning & Refrigeration Ltd
- ISIN
- INE040I01011
- Sector
- Industrials & Engineering
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹587.32
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Carrier Airconditioning & Refrigeration Ltd
Carrier Airconditioning & Refrigeration Limited makes, sells and services air-conditioning and refrigeration equipment in India for homes, offices, factories and transport, from its base at Gurugram in Haryana. It has been in business since its incorporation in 1992. It is a subsidiary of Carrier Corporation of the USA, which holds about 96.5% of the shares; the rest is held by roughly 6,700 public shareholders.
Written from: carrier.com, carrier.com
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Industrials & Engineering
- ISIN
- INE040I01011
- Year of incorporation
- 1992
- Registered office
- Gurugram, Haryana
- Holding company
- Carrier Corporation, USA (holds 96.47%)
- Key people
- Managing Director: Sundaresan Narayanan; CFO: Alfred Thomas
- Carrier Airconditioning & Refrigeration Limited: draft Annual Return (Form MGT-7) for FY2025-26
- Nominal value per equity share
- ₹10
- Carrier Airconditioning & Refrigeration Limited: draft Annual Return (Form MGT-7) for FY2025-26
- Paid-up equity shares
- 10,63,76,745 shares
- Carrier Airconditioning & Refrigeration Limited: draft Annual Return (Form MGT-7) for FY2025-26
- Corporate Identity Number
- U74999HR1992FLC036104
- Website
- carrierindia.com
Read from: Carrier Airconditioning & Refrigeration Limited: Notice of the 34th AGM (Annual Report 2025-26), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to book (P/B)calculated
15.08×
At this price you pay ₹15.08 for every ₹1 of net worth on the company's books.
Profit margincalculated
7%
Out of every ₹100 of sales, ₹7 was left as profit.
Return on equitycalculated
53.5%
For every ₹100 of the owners' money, the company made ₹53.5 of profit in the year.
- Indicative price
- ₹587.32
- Market valuecalculated
- ₹6,248 Cr
- price × shares
- No. of shares
- 10,63,76,745
- Book value per share
- ₹38.95
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Carrier Airconditioning & Refrigeration Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹2,131 Cr to ₹3,163 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹151 Cr to ₹222 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | 2,131.14 | 2,496.12 | 3,163.15▲27% |
| Other income | 28.58 | 47.41 | 66.27▲40% |
| Total revenue | 2,159.72 | 2,543.53 | 3,229.42▲27% |
| Profit after tax | 150.52 | 452.59 | 221.83▼51% |
Rupees crore unless marked, standalone. The change shown is the latest year against the year before. Read from: Carrier Airconditioning & Refrigeration Limited: Notice of the 33rd AGM (Annual Report 2024-25), Carrier Airconditioning & Refrigeration Limited: Notice of the 34th AGM (Annual Report 2025-26).
Ownership
Shareholding pattern
Who owns the company
96.5%Promoter: Carrier Corporation (body corporate)
- Largest holder
- 96.5%
- Top 3 together
- 99.8%
- Holders named
- 8
- Promoter: Carrier Corporation (body corporate)96.47%
- Public: Indian individuals / HUF2.72%
- Public: Government companies0.64%
- Public: Others0.12%
- Public: Foreign nationals (other than NRI)0.03%
- Public: Financial institutions0.01%
- Total100.01%
Read from: Carrier Airconditioning & Refrigeration Limited: draft Annual Return (Form MGT-7) for FY2025-26
Leadership
Management
Sundaresan Narayanan
Managing Director
Alfred Thomas
CFO
Ekta
Company Secretary
Siraj Azmat Chaudhry
Director
Shan Jain
Director
Simran Thapar
Whole-time director
Hitesh Khanna
Whole-time director
Munish Kumar
Whole-time director
Naveen Kumar Prabhakaran
Whole-time Director
Read from: Carrier Airconditioning & Refrigeration Limited: draft Annual Return (Form MGT-7) for FY2025-26, Carrier Airconditioning & Refrigeration Limited: Notice of the 34th AGM (Annual Report 2025-26)
Corporate calendar
Events
- 25 Sept 2026AGM34th Annual General Meeting called to adopt FY2025-26 accounts, re-appoint the Managing Director and re-appoint the statutory auditorsOpen
- 25 Sept 2026AGM result34th AGM held; all resolutions passed, including adoption of FY2025-26 accounts and the appointment of Naveen Kumar Prabhakaran as Whole-time Director for five years from 31 March 2026Open
- 26 Sept 2025AGM33rd Annual General Meeting called to adopt FY2024-25 accounts and declare a final dividend of ₹35.50 per shareOpen
- 8 Sept 2023AGM31st Annual General Meeting called to adopt FY2022-23 accounts and declare a final dividend of ₹1 per shareOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- FY2025-26Consolidated scrutinizer's report on e-voting for the 34th AGM
- FY2025-26Draft Annual Return (Form MGT-7) 2025-26
- FY2025-26Notice of the 34th AGM (extract of Annual Report 2025-26)
- FY2024-25Annual Return for FY 2024-25
- FY2024-25Notice of the 33rd AGM (extract of Annual Report 2024-25)
- FY2023-24Annual Return for FY 2023-24
- FY2023-24Notice of the 32nd AGM, 20 September 2024 (scanned; text not machine-readable)
- FY2022-23Annual Return for FY 2022-23
- FY2022-23Notice of the 31st AGM (extract of Annual Report 2022-23)
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Carrier Airconditioning & Refrigeration Ltd on WhatsAppIs the price shown for Carrier Airconditioning & Refrigeration Ltd final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Carrier Airconditioning & Refrigeration Ltd shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Carrier Airconditioning & Refrigeration Ltd shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Carrier Airconditioning & Refrigeration Ltd. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.