Carrier Unlisted Share
Carrier Airconditioning and Refrigeration Ltd.
INE040I01011
Listing Status: DRHP Not Filed
About Carrier Unlisted Share
Overview of Carrier Unlisted Share
Genesis
of Carrier Refrigeration systems
Carrier's legacy in India dates back to 1936 with the installation of the country's first air-conditioning system at Rambagh Palace in Jaipur.
Carrier India manufactures a diverse range of products, including refrigeration systems, AC-packaged units, chillers, fan-coil units, and more.
Since its establishment in 1986, Carrier India has expanded, operating a cutting-edge manufacturing facility in Gurgaon, Haryana. This facility spans 19 acres and includes an R&D center and a quality testing clinic. It has a manufacturing capacity of 7 Lakh AC units per year and plans to expand it to 10 lakh units in the upcoming years.
Pan-India Presence: With 24 sales and service offices and over 900 channel partners nationwide, Carrier India ensures efficient solutions and quality services, presenting an attractive opportunity for investors.
Carrier Corporation, based in Delaware holds a significant 96.5% stake in the Company as of 31st March 2023.
Product Portfolio
Cassettes |
Ducted Splits |
Carrier VRF Systems |
Chillers |
Fan Coil Units |
Refrigeration Products |
Packaged units |
Air Handling Units |
Fire & Security Products |
Services Offered:
Service |
Description |
Installation and Commission |
Professional setup of HVAC systems to ensure optimal performance. |
Maintenance and Repairs |
Regular servicing and prompt repairs to keep systems operating smoothly. |
Retrofit and modernize |
Upgrading existing systems for improved efficiency. |
Customer Support |
Dedicated helpline for inquiries, service requests, and technical assistance. |
Totaline Network |
An extensive network of authorized dealers offering genuine parts and accessories. |
Key Business Segments
HVAC Segment: Provides solutions for residential and commercial heating, ventilating, and cooling needs.
1. Light Commercial Airconditioning (LC):
- Known for their Inverter ducted systems launched in 2018 and the Inverter cassette units which are gaining widespread popularity in India due to their efficiency.
2. Commercial Airconditioning:
- Experiencing rapid growth with locally manufactured screw chillers.
- Making headway into markets such as pharmaceuticals and industry.
Refrigeration Segment: Provides products, services, and digital solutions for reliable transport and preservation of perishable goods.
1. Commercial Refrigeration:
- Witnessing steady growth, especially in non-food retail and cold room markets.
- Diversifying into niche segments like IQF (Individual Quick Freezing) and mushroom growth chambers.
2. Transicold:
- Leading innovation in establishing robust cold chains in India.
- Preferred supplier of truck refrigeration systems with a widespread service network.
Fire & Security Segment: Offers residential, commercial, and industrial technologies aimed at saving lives and protecting property. Enables healthy, safe, intelligent buildings and homes through integrated digital solutions and smoke–detecting technologies.
Timeline of Previous Mergers and Acquisitions
Oct 26, 2006: Carrier Corporation announces the merger of its two Indian subsidiaries - Carrier Aircon Ltd (air conditioning business) and Carrier Refrigeration Pvt Ltd (refrigeration business). The merged entity is renamed Carrier Airconditioning & Refrigeration Ltd. Carrier Aircon, previously a publicly listed company, was delisted three years prior due to an open offer from Carrier, but still retains minority shareholders.
August 14, 2018: On August 14, 2018, Toshiba Carrier Corporation established Toshiba Carrier Air-Conditioning India Private Ltd. in Gurgaon, Haryana, in a joint venture with United Technologies Corporation, expanding Toshiba Carrier's presence in India.
On July 31, 2022, Carrier Global Corporation completed the acquisition of Toshiba Corporation's stake in Toshiba Carrier Corporation (TCC) for $900 Million. TCC, a joint venture was a global provider of HVAC solutions with annual sales of approximately $2 billion.
Insights of Carrier Unlisted Share
Financial Highlights (INR – in Crs)
Values in INR – Crs.
Particulars |
FY-23 |
FY22 |
Growth |
Total Income |
2221 |
1632 |
36% |
EBITDA |
141 |
63 |
124% |
PAT |
110 |
42 |
162% |
EBITDA Margins |
6% |
4% |
|
Net Profit Margins |
5% |
3% |
|
EPS |
10.33 |
3.96 |
|
ROE |
30% |
16% |
|
4-year Revenue CAGR: 10.4% | 4-Year PAT CAGR: 12.50%
Peer Comparison
Values in INR - Crs.
Particulars |
Carrier |
Voltas |
Whirlpool |
Blue Star |
Total Income |
2221 |
9667 |
6795 |
8008 |
PAT |
110 |
136 |
224 |
401 |
Net Profit Margins |
5% |
1.4% |
3% |
5% |
EPS |
10.33 |
4.08 |
17.26 |
14.40 |
Market Cap |
5744 |
42949 |
18041 |
29175 |
CMP (18/04/24) |
₹540 |
₹1298 |
₹1422 |
₹1419 |
P/E |
52 |
318 |
82 |
98 |
Market Share of Key Players:
Carrier has shown remarkable growth in comparison to its peers. Total Income increased by 36% whereas the profitability increased by 162% YOY. The P/E Ratio is also lower than the industry average suggesting a slight undervaluation of the share.
Industry Overview
The air conditioner and refrigerator market in India is experiencing robust growth driven by factors like urbanization, rising disposable income and evolving consumer lifestyles.
Some key drivers of growth in this sector:
- Expansion of the food and beverage industry.
- Government initiatives like "Make in India"
- Rising demand for advanced technological appliances, including fully-furnished smart homes.
- Rising temperatures due to Global warming and concerns about food spoilage in hot and humid weather conditions further increase demand for efficient refrigerators and ACs.
Technological advancements like energy-efficient models, inverter technology, and smart connectivity features are shaping market trends. However, challenges such as seasonality and intense competition persist.
The industry remains optimistic after a surge in demand in April 2022, with record-breaking sales exceeding 15 lakh units in March alone. India's demand for household ACs is projected to increase nine-fold by 2050.
Industry Trends
- The HVAC market with intelligent building solutions is estimated to reach Rs 1,78,000 crore (or $21.5 billion) by 2028 in India.
- The Indian Refrigerator Market size is estimated at USD 5.14 billion in 2024 and is expected to reach USD 8.14 billion by 2029, growing at a CAGR of 9.63% during the forecast period (2024-2029).
- The Union Cabinet has approved the Production-Linked Incentive (PLI) Scheme for enhancing India’s Manufacturing Capabilities under “Atmanirbhar Bharat”, projected to expand food processing capacity by nearly INR 30,000 Crs. further driving the growth of cold storage and refrigeration units.
These figures highlight substantial growth opportunities in the Indian market for HVAC and refrigeration solutions.
Recent Developments - Expansion Plans: Carrier plans to invest $800 million in India over five years. India has only 8% residential AC penetration, which offers a strategic growth market. Carrier aims for double-digit growth by expanding manufacturing, boosting supply chain spending, and increasing employment. Government incentives like the PLI program support this.
Based on Industry trends, peer comparison, and industry outlook, Carrier seems to be a profitable investment for shareholders.
Share Price Journey: The share price of Carrier Unlisted shares was ₹69 when they were first introduced in the unlisted market in March 2021. In November of the same year, the share reached a peak of ₹425. Since then the stock faced a healthy correction and reached ₹225 by the end of March 2022. The share price surged to ₹440 per share in February 2024. Currently, it is trading at ₹540/share.
Financial Charts of Carrier Unlisted Share
Balance Sheet of Carrier Unlisted Share
Profit and Loss of Carrier Unlisted Share
Ancillary of Carrier Unlisted Share
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Carrier Unlisted Share
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How to buy Carrier Airconditioning and Refrigeration Ltd.?
Below are three ways through which you can purchase Carrier Airconditioning and Refrigeration Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Carrier Airconditioning and Refrigeration Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
-
How to sell Carrier Airconditioning and Refrigeration Ltd.?
Below are three ways through which you can sell Carrier Airconditioning and Refrigeration Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Carrier Airconditioning and Refrigeration Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
-
What is the price of Carrier Airconditioning and Refrigeration Ltd.?
We provide a two way quote on all the shares we deal in. Your buy price for Carrier Airconditioning and Refrigeration Ltd. is ₹580 and your sell price for Carrier Airconditioning and Refrigeration Ltd. is ₹505. The price is based on our estimates and market conditions.
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What is the lock-in period of Carrier Airconditioning and Refrigeration Ltd.?
The lock-in period for Carrier Airconditioning and Refrigeration Ltd. varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Carrier Airconditioning and Refrigeration Ltd.
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Carrier Airconditioning and Refrigeration Ltd.
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Carrier Airconditioning and Refrigeration Ltd. price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Carrier Airconditioning and Refrigeration Ltd.. The price is also determined from the most recent funding round for Carrier Airconditioning and Refrigeration Ltd.. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Carrier Airconditioning and Refrigeration Ltd.?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Carrier Airconditioning and Refrigeration Ltd. with us kindly click here.
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What are the financials of Carrier Airconditioning and Refrigeration Ltd.?
The financials of Carrier Airconditioning and Refrigeration Ltd. which includes the P/L of Carrier Airconditioning and Refrigeration Ltd. and the Balance Sheet of Carrier Airconditioning and Refrigeration Ltd. is in the financials section (Click on link).
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Where can I find the annual report of Carrier Airconditioning and Refrigeration Ltd.?
The annual report of Carrier Airconditioning and Refrigeration Ltd. is available in the annual report section (Click on link).
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Is buying Carrier Airconditioning and Refrigeration Ltd. legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Carrier Airconditioning and Refrigeration Ltd.?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Carrier Airconditioning and Refrigeration Ltd. and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Carrier Airconditioning and Refrigeration Ltd. once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Carrier Airconditioning and Refrigeration Ltd.?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Carrier Airconditioning and Refrigeration Ltd. from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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