Punjab Carbonic IPO
Punjab Carbonic IPO is a Mainboard book-built issue of up to 95.00 lakh equity shares, comprising a Fresh Issue of up to 60.00 lakh equity shares and an Offer for Sale of up to 35.00 lakh equity shares. The face value is ₹10 per share. The IPO price band,
Punjab Carbonic IPO Details
Punjab Carbonic IPO is an upcoming Mainboard IPO. Punjab Carbonic Limited filed its Draft Red Herring Prospectus dated March 31, 2026 with SEBI, BSE and NSE. The proposed IPO comprises up to 95,00,000 equity shares, including a Fresh Issue of up to 60,00,000 equity shares and an Offer for Sale of up to 35,00,000 equity shares. The equity shares are proposed to be listed on BSE and NSE. The IPO price band, issue dates and lot size have not yet been announced.
Punjab Carbonic IPO Lot Size
The Punjab Carbonic IPO lot size has not yet been announced. The price band and minimum application amount will be updated once the company announces the final IPO terms.
| Application | Lots | Shares | Amount (₹) |
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Punjab Carbonic IPO Reservation
Punjab Carbonic IPO proposes to reserve not more than 50% of the Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Bidders and not less than 35% for Retail Individual Bidders, subject to the terms of the final offer document.
Punjab Carbonic IPO Subscription
Punjab Carbonic IPO has not yet opened for subscription. Category-wise and overall subscription figures will be updated after bidding begins.
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About Punjab Carbonic
Punjab Carbonic Limited is an integrated carbon capture and utilisation (CCU) and industrial gas solutions company engaged in the manufacturing, recovery, supply and distribution of liquid carbon dioxide (CO₂) and dry ice. The company is also involved in the design and execution of CO₂ recovery and refining infrastructure. It has over three decades of operating history, having been incorporated in 1992.
The company, along with its wholly owned subsidiary Punjab Fusion Private Limited, is engaged in the production, supply and distribution of CO₂ and dry ice and the supply and setting up of CO₂ recovery units within distilleries. Punjab Carbonic produces high-purity liquid CO₂ meeting the standards of the International Society for Beverage Technologists (ISBT).
Punjab Carbonic serves customers across food and beverages, automobiles, chemicals and fertilisers, healthcare and pharmaceuticals, and aviation. The company has an established presence across more than 23 states and Union Territories in India and has also provided products and services in Sri Lanka, Nepal, Zambia and Morocco.
In addition to its CO₂ business, the company has commenced ethanol manufacturing operations through its subsidiary Pancarbo Greenfuels Private Limited (PGPL). The company operates across CO₂ supply, ethanol and DDGS, and project engineering involving the design, engineering, supply, installation and commissioning of CO₂ plants.
Strengths
- Integrated carbon capture and utilisation and industrial gas business model covering CO₂ recovery, purification, liquefaction, transportation and supply.
- Diversified customer base across food and beverages, automobiles, chemicals and fertilisers, healthcare and pharmaceuticals and aviation.
- Established presence across more than 23 states and Union Territories, with products and services also supplied internationally.
- High-purity liquid CO₂ production meeting ISBT standards.
- CO₂ operational capacity increased from 196,200 MTPA in FY2023 to 259,520 MTPA in FY2025, while operational CO₂ recovery units increased from 12 to 15.
- Project engineering capabilities covering the design, supply, installation and commissioning of CO₂ recovery plants.
- Strong financial growth, with revenue from operations increasing from ₹110.38 crore in FY2023 to ₹488.17 crore in FY2025 and PAT increasing from ₹7.28 crore to ₹26.21 crore.
Risks to Consider
- A significant portion of revenue is concentrated among a limited number of customers, creating customer concentration risk.
- The company operates in a competitive industrial gas and ethanol market.
- The business is dependent on the availability and supply of CO₂ feedstock from industrial and fermentation sources.
- Changes in government policies, regulations and environmental requirements could affect operations.
- The company has significant debt and repayment obligations, which may affect its financial flexibility.
- The company has geographic concentration in North India despite its wider presence across India.
- Expansion of ethanol manufacturing and new CO₂ recovery units involves execution, commissioning and operational risks.
- The company is exposed to risks relating to transportation and logistics of CO₂ and other products.
- Any disruption at manufacturing facilities, CO₂ recovery units or logistics infrastructure could adversely affect operations.
- The company operates in industries that require compliance with various environmental, safety and other regulatory requirements.
Punjab Carbonic Financials (₹ Cr)
Punjab Carbonic reported strong revenue growth during the last three financial years. Revenue from operations increased from ₹110.38 crore in FY2023 to ₹136.53 crore in FY2024 and ₹488.17 crore in FY2025. Profit after tax was ₹7.28 crore in FY2023, ₹6.35 crore in FY2024 and ₹26.21 crore in FY2025. For the six months ended September 30, 2025, the company reported revenue from operations of ₹279.39 crore and PAT of ₹26.18 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 110.38 | 7.28 | 145.15 | 34.38 |
| FY2024 | 136.53 | 6.35 | 287.44 | 44.49 |
| FY2025 | 488.17 | 26.21 | 312.75 | 61.50 |
| H1 FY2026 | 279.39 | 26.18 | 315.68 | 87.50 |
KPIs & Valuation
At the IPO filing stage, Punjab Carbonic reported FY2025 basic EPS of ₹10.21 and NAV of ₹13.28 per share. The company reported Return on Net Worth of 76.87% and EBITDA margin of 9.88% for FY2025. Since the IPO price band has not yet been announced, the P/E ratio cannot be calculated at this stage.
Objects of the Issue
The Punjab Carbonic IPO comprises a Fresh Issue of up to 60.00 lakh equity shares and an Offer for Sale of up to 35.00 lakh equity shares. The company proposes to utilise the net proceeds from the Fresh Issue towards setting up two CO₂ recovery units, purchasing CO₂ transportation tankers, investing in its material subsidiary Pancarbo Greenfuels Private Limited for ethanol capacity expansion, repayment and/or pre-payment of certain borrowings and general corporate purposes. The final allocation and amount may be subject to the terms of the final offer document. The company proposed to utilise the IPO proceeds for:
- Setting up two CO₂ recovery units at Nellore, Andhra Pradesh and Peddapuram, Andhra Pradesh, having installed capacities of 120 MTPD and 90 MTPD, respectively.
- Funding capital expenditure towards the purchase of CO₂ transportation tankers to strengthen the existing logistics infrastructure for the CO₂ vertical.
- Investment in Pancarbo Greenfuels Private Limited (PGPL) for financing the capital expenditure requirements towards expansion of its existing ethanol distillery at Village Lehri, Punjab by increasing ethanol manufacturing capacity by 35 KLPD.
- Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the company.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Punjab Carbonic Limited is promoted by Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli. Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the Offer and KFin Technologies Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 22 4962 0337 |
| punjabcarbonic.ipo@kfintech.com/ compliance.corp@kfintech.com | |
| Website | http://www.kfintech.com |
Punjab Carbonic IPO Review
Punjab Carbonic has an established position in the industrial gas and carbon capture and utilisation segment, with more than three decades of operating history. The company has developed an integrated business model covering CO₂ recovery, purification, liquefaction, transportation, supply and project engineering. It also has an expanding ethanol business through Pancarbo Greenfuels Private Limited. Financial performance has improved substantially, with revenue from operations increasing from ₹110.38 crore in FY2023 to ₹136.53 crore in FY2024 and ₹488.17 crore in FY2025, while PAT increased from ₹7.28 crore in FY2023 to ₹6.35 crore in FY2024 and ₹26.21 crore in FY2025.
A positive aspect of the IPO is that a significant portion of the Fresh Issue is directed towards business expansion. The proposed CO₂ recovery units at Nellore and Peddapuram, additional CO₂ transportation tankers and the planned 35 KLPD expansion of the ethanol distillery could increase the company's operating capacity and strengthen its integrated business model. The company also intends to use part of the proceeds for repayment or pre-payment of borrowings, which could help reduce debt-related pressure.
However, investors should consider the company's customer concentration, debt levels, execution risks associated with expansion projects and exposure to the industrial gas and ethanol markets. The company also operates in regulated industries where environmental, safety and regulatory requirements are important. Since the IPO price band has not yet been announced, the valuation cannot be assessed through an IPO P/E multiple at the DRHP stage.
How to Apply
Punjab Carbonic IPO applications can be made through ASBA or UPI once the IPO opens for subscription and the final bidding details are announced. The IPO dates, price band and lot size have not yet been disclosed. Investors should check the final RHP and IPO announcement for the confirmed application limits and bidding details.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Punjab Carbonic IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's DRHP and subsequent RHP and Prospectus for detailed information about the business, financial performance, risk factors, IPO structure, objects of the issue and other offer-related information. The Draft Red Herring Prospectus is dated March 31, 2026. The RHP and Prospectus are not yet available at the DRHP stage.
Last updated Oct 6, 2026.