In 2025, the Indian air conditioner (AC) market is expected to generate $7 billion in revenue, with a projected annual growth rate of 17.58 percent CAGR from 2025 to 2030.
Further, by 2030, the market volume of Air Conditioners is forecasted to reach 28 million units, with an anticipated 17.1 percent growth in volume in 2026. The surge in demand for air conditioners in India is driven by the expanding middle class and rapid urbanization.
Here are a few stocks in focus for this summer amid India’s growing Air Conditioners market:
1. Amber Enterprises Limited
With a market cap of Rs. 19,032.6 crores, the stock surged nearly 0.3 percent to Rs. 5,960 on Friday. In Q3 FY25, the company’s revenue from operations grew by around 64.8 percent to Rs. 2,133.3 crores, while the net profit grew from a loss of Rs. 0.5 crores in Q3 FY24 to a profit of Rs. 36 crores in Q3 FY25.
Amber commands a substantial market share in the room air conditioners (RAC) industry, representing 27.3 percent (in value terms) of the manufacturing footprint in the RAC sector.
Amber Enterprises Limited is principally engaged in the business of manufacturing and trading consumer durables, electronics manufacturing services and railway subsystem & mobility and its services.
2. Blue Star Limited
With a market cap of Rs. 39,392.7 crores, the stock surged nearly 1.2 percent to Rs. 1,950 on Friday. In Q3 FY25, the company’s revenue from operations grew by around 25.3 percent to Rs. 2,807 crores, while the net profit grew by nearly 32 percent YoY to Rs. 132 crores.
By December 2025, the company’s room AC business saw significant growth, achieving a quarterly market share of 14 percent.
Blue Star Limited is India’s leading air conditioning, commercial refrigeration, and MEP (Mechanical, Electrical, Plumbing, and Fire-fighting) contracting company. It offers a wide range of cooling solutions and has also made inroads into water and air purification, engineering facilities management, commercial kitchens, and healthcare refrigeration.
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3. Voltas Limited
With a market cap of Rs. 43,580.8 crores, the stock surged nearly 2 percent to Rs. 1,334.65 on Friday. In Q3 FY25, the company’s revenue from operations grew by around 18 percent to Rs. 3,105 crores, while the net profit grew from a loss of Rs. 28 crores in Q3 FY24 to a profit of Rs. 131 crores in Q3 FY25.
Voltas continues to remain the market leader in both Split and Window Air Conditioners, recording an exit market share of 20.5 percent. as of December 2024.
As of the end of September 2024, Voltas held an 11.1 percent market share in the air cooler category, securing its position as the No. 2 brand. Additionally, by November 2024, its year-to-date market share reached 8.3 percent in washing machines and 5.1 percent in refrigerators.
Voltas Limited, part of the Tata Group, is engaged in the business of AC, refrigeration, electromechanical projects and engineering product services for mining, construction equipments and the textile industry.
4. KRN Heat Exchanger and Refrigeration Limited
With a market cap of Rs. 5,419.4 crores, the stock surged nearly 2 percent to Rs. 932.35 on Friday. In Q3 FY25, the company’s revenue from operations grew by around 68.2 percent to Rs. 111 crores, while the net profit grew by nearly 75 percent YoY to Rs. 14 crores.
KRN Heat Exchanger and Refrigeration (KHERL) is one of the leading manufacturers & exporters of aluminium/copper fins and copper tubes heat exchangers, water coils, condensers and evaporator coils, which are widely used by OEMs in heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry.
Written by Shivani Singh
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