Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Johnson Controls-Hitachi Air Conditioning India Ltd ₹397, price ₹1,970, upside -79.9%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range ₹915.68 – ₹2,524 · fair‑value band ₹282.45 – ₹543.77 · the ₹1,970 price screens above the ₹396.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Johnson Controls-Hitachi Air Conditioning India Limited manufactures and distributes air conditioners, chillers, refrigerators, air purifiers, and variable refrigerant flow systems in India and internationally.
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Johnson Controls-Hitachi Air Conditioning India Limited manufactures and distributes air conditioners, chillers, refrigerators, air purifiers, and variable refrigerant flow systems in India and internationally. The company offers inverter, fixed speed, split, non-inverter, hot and cold, packaged, window, and cassette air conditioners (AC); ducted and ductless air conditioners; centralized AC and room AC controllers; and water- and air-cooled screw chillers, and centrifugal chillers; as well as air quality solutions, and AC apps and controllers. It provides after sales services, including repair and maintenance. The company offers its products under the Hitachi brand. It exports its products. The company was formerly known as Hitachi Home & Life Solutions (India) Limited and changed its name to Johnson Controls-Hitachi Air Conditioning India Limited in September 2016. The company was incorporated in 1984 and is headquartered in Kadi, India. Johnson Controls-Hitachi Air Conditioning India Limited is a subsidiary of JCHAC India Holdco Limited.
Stock analysis
Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) currently trades at ₹1,970, while our model-based Fair Value estimate is ₹396.66, 79.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹514.58 per share, and 0 of the 24 models we run sit above the ₹1,970 price.
Bear case: the Asset-Based group reads lowest at ₹157.94, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹282.45 (bear) to ₹543.77 (bull), the price of ₹1,970 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Johnson Controls-Hitachi Air Conditioning India Ltd reported revenue of ₹27.3B in FY2025 versus ₹16.3B in FY2021, a compound +13.7%/yr. Reported net income was ₹588M in FY2025, compounding +15.5%/yr from FY2021.
Key figures
Market cap ₹53.6B (≈ $556M) · P/E ratio 190.1 · P/S ratio 4.10 · EPS (TTM) ₹10.36 · Net margin 2.2% · Return on equity 5.3% · Return on assets (EBIT) −0.1% · Operating margin −12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 90% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 3% fair-value upside, at −80%, JCHAC screens richer than that median.
Fair Value models
Bear ₹282.45Fair Value ₹396.66Bull ₹543.77
Price ₹1,970 · Upside -79.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (₹10.36 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+43.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−6.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.8%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 3%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+44.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +38.9% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Furnishings, Fixtures & Appliances · 306 stocks
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Cite: Fair Value Calculator (2026). "Johnson Controls-Hitachi Air Conditioning India Ltd Fair Value". https://www.fairvalue-calculator.com/stock/JCHAC
Frequently asked questions
Is Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of ₹396.66 versus a price of ₹1,970, about −80% upside (overvalued).
What is the fair value of JCHAC?
Our model-based fair value for Johnson Controls-Hitachi Air Conditioning India Ltd is ₹396.66 (as of Oct 2, 2026), built from audited fundamentals. The current price: ₹1,970.
What is the quality score of JCHAC?
Johnson Controls-Hitachi Air Conditioning India Ltd has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Our model-based price target is the fair value of ₹396.66 (as of Oct 2, 2026) from 24 valuation models. Cautious scenario ₹282.45, optimistic scenario ₹543.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Johnson Controls-Hitachi Air Conditioning India Ltd stock forecast for 2026?
Our models put fair value at ₹396.66, about −80% upside versus a price of ₹1,970 (overvalued). Cautious scenario ₹282.45, optimistic scenario ₹543.77. The calculation is refreshed regularly with new filings.
What is the revenue of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Johnson Controls-Hitachi Air Conditioning India Ltd reported trailing-twelve-month revenue of about ₹26.2B (latest available figure, as of Oct 2, 2026).
What growth is priced into Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
For today's price to be fair in a discounted-cash-flow model, Johnson Controls-Hitachi Air Conditioning India Ltd would have to grow free cash flow by +44.7 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of JCHAC use?
Our models discount Johnson Controls-Hitachi Air Conditioning India Ltd at 12.4 %: a base by market capitalisation (small), damped by beta 0.24, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Johnson Controls-Hitachi Air Conditioning India Ltd that is +44.7 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) delivered so far?
Over the past 5 years revenue at Johnson Controls-Hitachi Air Conditioning India Ltd grew +4.6 % a year. The price currently implies +44.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Johnson Controls-Hitachi Air Conditioning India Ltd (+44.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The free-cash-flow yield on the price is 1.21 %: that much free cash flow Johnson Controls-Hitachi Air Conditioning India Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Johnson Controls-Hitachi Air Conditioning India Ltd it is ₹396.66 per share (as of Oct 2, 2026), against a price of ₹1,970. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Johnson Controls-Hitachi Air Conditioning India Ltd stock overvalued or undervalued in 2026?
As of Oct 2, 2026, JCHAC trades above its calculated fair value: price ₹1,970, fair value ₹396.66, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JCHAC?
No. The price is what the market pays today (₹1,970); the fair value is what the company's own numbers justify (₹396.66). For Johnson Controls-Hitachi Air Conditioning India Ltd the two are ₹1,573 per share apart. That gap is exactly why we show both numbers side by side.
How much is Johnson Controls-Hitachi Air Conditioning India Ltd worth?
The market values Johnson Controls-Hitachi Air Conditioning India Ltd at about ₹53.6B (market capitalisation, as of Oct 2, 2026). Per share that is ₹1,970; our models calculate a fair value of ₹396.66 per share.
What do the bullish and bearish scenarios say about JCHAC?
Our models span a range for Johnson Controls-Hitachi Air Conditioning India Ltd: cautious scenario ₹282.45, base ₹396.66, optimistic ₹543.77 per share (as of Oct 2, 2026, price ₹1,970). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JCHAC?
Johnson Controls-Hitachi Air Conditioning India Ltd trades at a price-to-earnings ratio of 190.1 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹396.66 is built from several models across several years. Other multiples: P/B 8.4, P/S 2.0, EV/EBITDA 53.6.
How solid is the balance sheet of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Balance-sheet figures for Johnson Controls-Hitachi Air Conditioning India Ltd (as of Oct 2, 2026): return on equity 5.3%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is JCHAC from its 52-week high?
Johnson Controls-Hitachi Air Conditioning India Ltd trades at ₹1,970, at its 52-week high of ₹1,970 and 90% above the low of ₹1,037 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹396.66 is for.
Which stocks are comparable to Johnson Controls-Hitachi Air Conditioning India Ltd?
From the same area (Consumer Cyclical) we also value Midea Group, King Slide Works Co, Gree Electric Appliances, Inc, Haier Smart Home Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Johnson Controls-Hitachi Air Conditioning India Ltd stock attractive at the current price?
The data as of Oct 2, 2026: price ₹1,970, calculated fair value ₹396.66 (−80%), Quality Score 66/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JCHAC calculated?
We run Johnson Controls-Hitachi Air Conditioning India Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹396.66, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Johnson Controls-Hitachi Air Conditioning India Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The closing price on Oct 1, 2026 was ₹1,970. Our model-based fair value is ₹396.66, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Johnson Controls-Hitachi Air Conditioning India Ltd right now?
The price sits above even our optimistic bull case (₹543.77). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹282.45 to ₹543.77) leaves room in how you read the outcome.
Key figures of Johnson Controls-Hitachi Air Conditioning India Ltd
How large is the market capitalisation of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The market capitalisation of Johnson Controls-Hitachi Air Conditioning India Ltd is ₹53.6B (≈ $556M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The price-to-sales ratio of Johnson Controls-Hitachi Air Conditioning India Ltd is 4.10 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Earnings per share at Johnson Controls-Hitachi Air Conditioning India Ltd are ₹10.36 (price ÷ EPS = P/E 190.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The net margin of Johnson Controls-Hitachi Air Conditioning India Ltd is 2.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The return on equity (ROE) of Johnson Controls-Hitachi Air Conditioning India Ltd is 5.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
On an EBIT basis the return on assets of Johnson Controls-Hitachi Air Conditioning India Ltd is −0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
The operating margin of Johnson Controls-Hitachi Air Conditioning India Ltd is −12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Revenue at Johnson Controls-Hitachi Air Conditioning India Ltd is growing +2.2% versus a year earlier (3y avg +8.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC)?
Earnings per share at Johnson Controls-Hitachi Air Conditioning India Ltd are growing −57.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Johnson Controls-Hitachi Air Conditioning India Ltd (JCHAC) carry?
The net debt of Johnson Controls-Hitachi Air Conditioning India Ltd is ₹1.2B (fiscal year 2023, ≈ 1.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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