Carrier Airconditioning & Refrigeration Limited

It's a 96.5%-owned Indian subsidiary of Carrier Corporation, Delaware (ultimate parent: Carrier Global Corporation, USA). Base is Gurugram. Revenue FY26 was ₹3,16,315 lakh (~₹3,163 crore), up 27% from ₹2,49,612 lakh. PBT ₹29,828 lakh, PAT ₹22,183 lakh. The FY25 numbers look inflated because of a one-off: they sold the Commercial Refrigeration business to Haier Appliances India on 1 Oct 2024 as a slump sale for ₹27,583 lakh, booking a ₹26,154 lakh pre-tax gain. Strip that out and FY25 PAT was really ₹20,246 lakh. So FY26's ₹22,183 lakh is roughly 10% underlying growth on 27% revenue growth — margin compression, and the reason why is in the procurement section below. What they actually sell — five businesses HVAC Airconditioning (the core). Three tiers: Light commercial — room ACs, hi-wall splits, inverter cassettes, ducted units (1–22 HP). Brands: Carrier and Toshiba. VRF — Carrier XPower and Toshiba SMMS ranges, 4–114 HP. Applied — chillers. Screw (30XW, 30XF), scroll (30RB), centrifugal (19XR, 19MV magnetic bearing, 19DV oil-free), up to ~10,500 kW. Plus AHUs and FCUs. This is project business: airports, metro, railway stations, data centres, hospitals, condominiums. Service / Aftermarket — AMCs, retrofits, upgrades, "recapture" of chillers (including competitors' installed base), under the BluEdge brand, with Abound digital diagnostics layered on. Totaline — a parts and components distribution business. Grew 32% in FY26. Pure trading. Transicold — transport refrigeration for trucks and vans (Supra, Citimax, Oasis ranges) plus Lynx Fleet telematics. 80+ authorised service centres. AdvanTEC — the newest and smallest: energy audits, building controls (i-Vu), Chiller Plant Optimizer, and early moves into Cooling-as-a-Service subscription models. How the money is actually made: manufacture vs. trade This is the single most important thing in the report, and it's easy to miss: Revenue line FY26 (₹ lakh) FY25 (₹ lakh) Sale of finished goods (made in-house) 86,261 94,521 Sale of traded goods (bought, resold) 1,78,879 1,09,957 Sale of services 50,669 44,069 Manufacturing revenue fell in FY26. Traded goods grew 63% and now make up 57% of revenue. All the growth came from buying finished product and reselling it, not from making it. What they do manufacture is at Gurugram (IGBC Platinum certified): 1,06,116 room ACs, 5,209 AHU/FCU & chiller units, condenser/evaporator modules, and gas cylinders in FY25. They've localised screw chillers, scroll chillers, 19XR centrifugals and Toshiba cassettes, and in FY26 signed a 99-year lease on 39 acres at Sri City, Andhra Pradesh for a second plant.