Company Snapshot

Carrier India is a financially robust, debt-free leader in the HVAC and refrigeration sectors, backed by global expertise and deep localization. With a strong dealer network, broad product and service offerings, and ESG-oriented operations, the company is well-positioned for long-term growth in India’s booming cooling and refrigeration market.

Overview & Heritage

• Incorporation & Legacy: Established in 1936 in India; installed India's first AC at Rambagh Palace (Jaipur). Indian subsidiary formalized in 1986 and merged as Carrier Airconditioning & Refrigeration Ltd in 2006.
• Ownership: Subsidiary of U.S.-based Carrier Global Corporation (~96% holding).
• Manufacturing Facilities: Gurgaon plant (~19 acres) for ACs and chillers; Bawal plant (Haryana) produces over 700,000 ACs annually.

Product Portfolio & Services

• Commercial HVAC: Chillers, air handling units, VRF systems, fan coils, heat pumps, controls.
• Light Commercial & Residential: Cassette, ducted splits, floor-standing ACs, room ACs, air purifiers.
• Refrigeration: Cold rooms, condensing units, inverter systems, supermarket display systems.
• Services: Installation, maintenance, retrofitting, predictive maintenance, parts, and AMC support nationwide.

Strengths & Strategic Initiatives

• Brand & Network: One of India’s pioneering HVAC brands with 900+ dealers, 14+ offices, strong cold-chain presence.
• Sustainability & Safety: IGBC Platinum-certified Gurgaon plant; 35 million man-hours without lost time injury.
• Localization & Expansion: Post-Toshiba acquisition, enhanced local production; continued focus on VRF, aftermarket, and digital monitoring.
• Innovations:“Healthy Buildings” program and DOE 2023-compliant AC models for indoor air quality and regulatory alignment.

Industry Outlook

HVAC (Heating, Ventilation & Air Conditioning) – India

Market Size & Growth

• 2024: ₹97,500 crore (~USD 11.7 billion)
• 2033 Projection: ₹3,78,000 crore (~USD 45.4 billion)
• CAGR:~16.2% (2024–2033)

Growth Drivers

• Rapid urbanization and infrastructure development
• Rising demand for energy-efficient and smart systems
• Government schemes: ECBC, Green Building Code, Smart Cities Mission
• Commercial sector growth: malls, airports, hospitals, co-working spaces

Key Trends

• Popularity of VRF systems, IoT-enabled HVAC, and AI diagnostics
• Surge in residential and semi-urban demand
• Focus on decarbonized HVAC systems (solar-assisted, natural refrigerants)

Refrigeration Sector – India

Commercial Refrigeration

• 2024: ₹22,500 crore
• 2030: ₹31,800 crore
• CAGR: 6–8%

Drivers:

• Expansion of QSR chains, cloud kitchens, and retail stores
• Rising demand for cold display units, deep freezers, plug-ins
• Growth in food delivery and quick-commerce infrastructure

Industrial Refrigeration

• 2024: ₹9,450 crore
• 2030: ₹15,200 crore
• CAGR: ~8.3%

Key Applications:

• Cold chains for perishables, vaccines, dairy, seafood
• Large-scale food, pharma, and chemical processing
• Move toward natural refrigerants (CO₂, R-290) & low-GWP technologies

Summary

HVAC is witnessing explosive growth in India, supported by climate needs, building norms, and smart tech. Refrigeration demand is being driven by e-commerce, food logistics, and vaccine storage, with strong policy backing for cold chains. Both sectors are transitioning towards sustainable, smart, and cost-efficient technologies.

Latest Shareholding Pattern of Carrier Airconditioning & Refrigeration Ltd.