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Carrier Airconditioning & Refrigeration Limited supplies HVAC, refrigeration and associated service solutions in India. Its HVAC activity includes commercial applied products, VRF, light-commercial systems, chillers, air-handling units and related controls. The 2024 AGM transcript describes India manufacturing and portfolio localisation for cooling-only high-wall, Toshiba-branded Hi-wall and VRF products, plus locally made commercial chillers and terminal units. It sells through channel partners and works with project customers in public infrastructure, data centres, commercial projects, healthcare and industrial applications. Its service business provides annual service agreements, retrofits, upgrades, maintenance and digital-monitoring-related support for plant-room equipment. The company also operates transport refrigeration through Carrier Transicold, supplying equipment to logistics companies and truck manufacturers with an aftermarket network, and Totaline HVAC parts. The transcript records a planned 2024 transfer of the commercial refrigeration division to Haier Appliances India Private Limited.
About this company
Carrier Airconditioning & Refrigeration Limited is the Indian arm of the global heating, ventilation, air-conditioning and refrigeration (HVACR) group, tracing its India presence back to the mid-1980s and incorporated in its present form in 1992. Headquartered in Gurugram, Haryana, the company designs, manufactures, sells and services a broad portfolio of cooling and climate-control products, with manufacturing and engineering operations anchored around its Gurgaon facility. The business spans several segments. In commercial HVAC it supplies chillers, air handling units, ducted and packaged systems, and building automation for offices, malls, hospitals, hotels and industrial plants. In residential and light-commercial air-conditioning it offers room and split units. The company is also active in commercial refrigeration and cold-chain solutions, and it earns recurring revenue from after-sales service, spare parts, annual maintenance contracts and retrofit work across its large installed base. Its product engineering and distribution network extend across India, supporting infrastructure, data-centre, healthcare and process-cooling applications. Carrier carries strong parentage. The company is a subsidiary within the Carrier group lineage, with the overwhelming majority of equity held by overseas Carrier entities, giving it access to global technology, brand recognition and product platforms. The Carrier name is one of the most established in the climate-control industry worldwide. The company was historically listed in India but was delisted following an open offer, and its equity is no longer traded on the NSE or BSE main board. As a result, its shares now change hands only in the private, unlisted market, where they draw interest as a way to gain exposure to a well-known multinational HVACR brand with a long Indian operating history, branded distribution and a domestic manufacturing footprint. Investor attention also reflects the broader growth in air-conditioning, cold-chain and energy-efficient cooling demand in India. As an unlisted security, its indicative price is set by private buyer-seller negotiation and limited transaction flow rather than a continuous exchange order book, and reported quotes can vary between counterparties and over time.
COMPANY REGISTRY · ON FILE
THE CREW · BOARD & MANAGEMENT
COMMON QUESTIONS.
Is Carrier Airconditioning & Refrigeration Limited listed on the stock exchange?+
No. As of 3 September 2026, Carrier Airconditioning & Refrigeration Limited is an unlisted company whose shares trade over-the-counter; it would list only if and when it completes an IPO.
What is the Carrier Airconditioning & Refrigeration Limited unlisted share price?+
As of 3 September 2026, the indicative unlisted share price of Carrier Airconditioning & Refrigeration Limited is ₹515 per share. This is an over-the-counter reference price, not a stock-exchange quote.
What indicative minimum amount is displayed for Carrier Airconditioning & Refrigeration Limited unlisted shares?+
The displayed unit count is 20 share(s); at the indicative price of about ₹515, the displayed amount is approximately ₹10,300. This is a display convention, not evidence of inventory, an order minimum or a quote.
What is the ISIN of Carrier Airconditioning & Refrigeration Limited?+
The recorded ISIN of Carrier Airconditioning & Refrigeration Limited is INE040I01011. An ISIN is a 12-character security identifier. Verify it against the issuer and the relevant depository record before using it for any transfer or documentation.
Is trading in Carrier Airconditioning & Refrigeration Limited unlisted shares legal in India?+
Unlisted shares can be transferred off-market in India, but the legal, tax and compliance position depends on the security, parties, documents and current rules. Verify the intermediary, issuer restrictions and applicable requirements before proceeding.
Is there a lock-in period for unlisted shares?+
A post-listing lock-in may apply under the rules in force at the time. The period and any exemptions can depend on the holder and acquisition, so check the current regulation and the issuer's offer documents rather than relying on a generic period.
Do you guarantee returns?+
No. Unlisted shares carry higher risk and lower liquidity than listed shares. Returns depend on company performance, market conditions and future listing outcomes. This is information only, not investment advice.