About Carrier Airconditioning & Refrigeration Limited Private Equity

Historical Overview

Carrier has a long tradition in India dating back to 1936 when the country's first air conditioning system was installed at the famous Rambagh Palace in Jaipur. A milestone was achieved in 1986 when Carrier India was formally incorporated, subsequently opening its main manufacturing unit in Gurgaon, Haryana in 1988. This sprawling 19-acre facility houses automated manufacturing units, a dedicated research and development center, and state-of-the-art quality clinics. Carrier is a global leader in heating, ventilation, air conditioning, and refrigeration (HVACR). Its holistic approach includes fire protection and security systems as well as building control and automation. As an industry leader, the brand has a global presence and a robust infrastructure with 51 factories and 39 state-of-the-art research and design centers. This extensive network is run by a dedicated workforce of more than 53,000 employees, giving Carrier a presence in more than 180 countries.

Innovation at the heart of operations

At Carrier, innovation is not just a buzzword, it's deeply rooted in the company's DNA. From the beginning, Carrier has put innovation at the forefront of its business. This unwavering commitment has enabled Carrier to not only meet but exceed the evolving needs of its global customer base. Carrier's research and design centers serve as epicenters of this innovation. These centers are dedicated to relentless research. Rigorous testing and development of next-generation solutions. These centers ensure Carrier remains at the forefront of the HVACR industry by leveraging cutting-edge technology and groundbreaking research methodologies.

Product Portfolio

The Gurgaon hub is a testament to Carrier's commitment to quality. a) Cassettes b) Duct Splits c) Packaged Units d) Air Cooled & Water Cooled Screw Chillers e) Air Cooled & Water Cooled Piston Chillers f) Fan Coils g) Air Handling Systems h) Refrigeration Products 0 Fire Protection & Safety Products

EH&S Commitment

The company's rigorous Environmental, Health & Safety (EH&S) program is an example of its commitment to responsible business practices. A shining highlight of this commitment is Carrier India's Gurgaon facility, which has logged over 17 million work hours without a single wasted day.

Pan India Presence

Ensuring nationwide coverage. Carrier India has the following facilities:

a) 14 sales and service offices

b) 800+ sales and service channel partners

Key Business Segments

1. Small Commercial Air Conditioners (LC) The unitary business in India is primarily driven by ducted and cassette air conditioners.

a) Channel Segment: Carrier's foray into this segment has been commendable, especially since the launch of its inverter channel devices in 2018. This energy-efficient product has been widely acknowledged.

b) Cassette Segment: The BEE-labeled cassette series is gaining traction in the market. Demand for inverter cassettes is on the rise as efficiency is an important purchasing criterion.

2. Commercial Air Conditioning Systems

This business segment has experienced a remarkable recovery, supported by the growth of locally manufactured screw chillers and deeper market penetration, especially in segments such as pharmaceutical and industrial.

3. Commercial Freezers

The past year has seen a steady growth trend, especially in the non-food retail and refrigerated warehouse markets. Despite external headwinds in food retail, Carrier's commercial refrigeration business saw an increase in distribution channels and expanded into niche segments such as IQF and mushroom growing rooms.

4. Service Business

Carrier's service business has shown consistent growth year-over-year, capturing both multinational and key domestic segments. The company's energy-saving solutions have garnered attention, further strengthening its market presence.

5. Transicold

Transportation company Transicold India has been at the forefront of innovation in building a robust cold chain in India. The company's dominant position as the preferred supplier of truck cooling systems is supported by an extensive sales and service network with over 60 service centers.

Ownership Structure

Delaware's Carrier Unlisted Equity holds a substantial 96.5% stake in the company as of March 31, 2023.

Carrier Unlisted Equity Financial Performance and Price Trend

With impressive performance in FY22-23, Carrier recorded revenue growth from Rs 1,600 to Rs 2,200. In line with this performance, the price of Carrier Unlisted Equity rose from Rs 290 to Rs 330 per share last year.

Fundamentals

Why Carrier airconditioner Unlisted Shares is a Smart Pick for Future Growth and How SN Capital Helps

Carrier Airconditioning & Refrigeration Ltd., a subsidiary of the global HVAC leader Carrier Global Corporation, is a well-established name in India’s air conditioning and commercial refrigeration market. With decades of experience, the company has become synonymous with innovation, energy efficiency, and high-quality climate control solutions. As demand for air conditioning and refrigeration grows across residential, commercial, and industrial sectors, Carrier is well-positioned to benefit from India’s rising urbanization and climate-related needs.

Investing in Carrier unlisted shares offers a rare opportunity to become part of a globally reputed brand with strong growth fundamentals. Carrier’s India operations continue to expand, driven by increasing consumer demand for smart and sustainable HVAC solutions. As the company focuses on energy-efficient technologies, eco-friendly refrigerants, and IoT-enabled systems, it is aligning itself with global sustainability goals and future-ready infrastructure trends. With its strong distribution network and trusted brand, Carrier has consistent revenue and long-term growth potential—making its unlisted shares a smart, future-oriented investment.

This is where SN Capital plays a vital role. As a specialist in unlisted and pre-IPO shares, SN Capital gives investors access to high-quality opportunities like Carrier Airconditioning & Refrigeration. The platform offers expert insights, real-time pricing, and a seamless investment process. Whether you’re a retail or high-net-worth investor, SN Capital simplifies the experience with transparent documentation, professional support, and strategic guidance at every step.

For those looking to diversify their portfolio with stable, brand-backed, and sector-leading companies, Carrier unlisted shares offer both reliability and future potential. Backed by the expertise and support of SN Capital, investing in such opportunities becomes secure, efficient, and well-informed.