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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.


DESCRIPTION Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
Revenue 163219 124091 154945 151138 135607
PBT 5699 3340 8065 10823 11302
PAT 4211 1668 4745 6803 7288
EPS 3.96 1.57 4.46 6.4 6.85

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During the financial year ended March 31, 2022, Carrier India has total net revenue from operations of Rs. 161,207 Lakh as against Rs. 121,813 Lakh in the previous financial year. Profit before tax for the financial year 2022 is Rs. 5,699 Lakh as against Rs. 3,340 Lakh in the previous financial year. Total comprehensive income is Rs. 3,985 Lakh against Rs. 1,812 Lakh in the previous financial year

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.

The company also sold products and solutions which helped make buildings healthier. Solutions 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 our EH&S practices into our business & 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 wing to maximize the output at minimal cost without compromising the quality of the product. It designed the product as per the requirement of Indian market which helped them and future plans of action for the firm are as follows:

  • Develop new products in keeping upcoming technology and market requirements.
  • Localize more products for cost/lead time benefit to customers.
  • 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.
  • Usage of mode advance tools to optimize the cost and bring agility in design cycle.


Carrier Corporation holds 96.5% stake in the company

Total Shares Outstanding - 10,63,76,745

Key Person

Chirag Baijal- Managing Director

Simran Thapar – Whole Time Director


Market Cap: Rs 3,600 to Rs 3,700 crore

Face Value: Rs 10 per share

  • It won 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 pace across government and private sector projects in education, retail, healthcare & hospitality sector, Carrier India was able to match and deliver it on time with the demand and keeping in mind future growth projection according to demand. 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.
  • Carrier Product lines includes: - 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.

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