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Carrier Airconditioning & Refrigeration Limited is a public limited Company principally engaged in the business of providing air-conditioning and refrigeration solutions in India. It manufactures/imports both commercial and light commercial air conditioning and refrigeration equipment and sells the same in Indian/overseas market. Carrier Corporation, Delaware is major holding company which owns 96.5% stake in it.

Carrier is a renounced player in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls and energy services for residential, commercial, retail, transport and food service customers. Carrier is a leading supplier of high-technology heating, air-conditioning and refrigeration solutions to a range of customers in all parts of Asia.

Carrier has a rich history & long presence in India. In 1988, the first manufacturing facility was commissioned in Gurgaon, Haryana. Spread in an area of 19 acres, this state-of-the-art facility consists of highly automated manufacturing unit, an excellent R&D center and an advanced quality clinic. Currently, products manufactured in this facility include cassettes, ducted splits, package units, air- and water-cooled screw chillers, air- and water-cooled reciprocating chillers, fan coil units, air handling units, refrigeration products and fire & security products.

Product lines

Commercial (Air Handlers, Fan Coils, Chillers, Heat Pumps & Controls), Light Commercial (Cassette, Ducted, Floor Standing, VRF & Packaged), Air Purifier (Klarwind & Air One), Refrigeration (Modular, Condensing, Screw Compressor) & Opti clean.

Financial Highlights (INR crore)

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Revenue 2,221.31 1,632.19 1,240.91 1,549.45 1,511.38 1,356.07
PBT 141.82 56.99 33.40 80.65 108.23 113.02
PAT 109.93 42.11 16.68 47.45 68.03 72.88
EPS 10.33 3.96 1.57 4.46 6.4 6.85

Debt to equity ratio for FY23 is registered as 1.5 whereas it was recorded as 2.1 in FY22.

During the financial year ended March 31, 2023, Carrier India has total net revenue from operations of INR 2,197.19 crore as against INR 1,612.07 crore in FY22. Profit before tax for the financial year 2023 is INR 141.82 crore as against INR 56.99 crore during last financial year. Total comprehensive income is INR 109.29 crore as against INR 39.85 crore during last financial year.

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Carrier India has 14 sales and service offices, more than 800 sales and service channel partners throughout the country, ensuring efficient solutions and quality services at customer’s doorstep. It also sold products and solutions to establish themselves as a frontrunner brand amongst their counterparts. New solutions offering like the ultraviolet germicidal irradiation & advanced filtration were offered between air purifiers, ducted split units and air handling units for better indoor air quality.

Carrier’s comprehensive Environment, Health & Safety (EH&S) program establishes a framework and provides tools for implementing the EH&S practices into their business line & culture. Carrier India, Gurgaon facility holds a distinctive record of delivering over 17-million-man hours without a lost workday incident, clearly citing the measures of safety followed here.

Carrier has been investing heavily on the research and development vertical to maximize the output at minimal cost without compromising the quality of the product. It has designed the products as per the requirement of Indian market which helps them with their future plan of action which includes following measures: -

  • Develop new products in keeping upcoming technology and market requirements.
  • Localize more products for cost/lead time benefit to customers.
  • Value Analysis Value Engineering (VAVE) to optimize product cost with improved/same performance.
  • Provide energy efficient solutions.
  • Quality/reliability improvement for products supplied from factory.
  • Low temperature application condensing & evaporating unit to bridge the gap with existing product.
  • Usage of mode advance tools to optimize the cost and bring agility in design cycle.

It also manages to win several accolades over the period of time & recently Carrier’s HVAC factory has been awarded Platinum certification by the Indian Green Building Council (IGBC). The accreditation for maintaining green building standards under the IGBC Green Factory Building Ratings is a milestone for the 33-year-old factory located at Gurugram campus.

With the market picking up the pace because of surging economy & government and private sector investment on various projects - education, retail, healthcare & hospitality sector, Carrier India will manage & targeting to deliver it on time. Also, it has been part of steering committee on National Cold Chain Logistics Resource Centre & involved in expansion and providing efficient cold chain solutions by offering sophisticated equipment & developing a multimodal cold chain infrastructure.

The future of the firm is pragmatic considering that India is a tropical country & witnesses proper sun time for almost three quarters across the country which brings in the need for air conditioners. Also rising residential & commercial buildings will contribute to the growth of it. Apart from that people are taking health very seriously and ongoing expansion has increased the dust particles in the air which can be blocked by Carrier other product i.e., Air Purifier


Key Person

Chirag Baijal- Managing Director

Simran Thapar – Whole Time Director

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