Punjab Carbonic IPO is a proposed Mainboard Book Built public issue by Punjab Carbonic Limited. The proposed public issue comprises a fresh issue of up to 60,00,000 equity shares along with an Offer for Sale of up to 35,00,000 equity shares by the promoter selling shareholders. The total proposed Offer is therefore up to 95,00,000 equity shares of face value ₹10 each.
Punjab Carbonic Limited is an integrated carbon capture and utilisation and industrial gas solutions company engaged in the manufacturing, recovery, supply and distribution of liquid carbon dioxide and dry ice. The company, together with its subsidiary Punjab Fusion Private Limited, also supplies and sets up carbon dioxide recovery units within distilleries. Through Pancarbo Greenfuels Private Limited, the group has also commenced manufacturing and sale of fuel-grade ethanol.
The company serves customers across food and beverages, automobiles, chemicals and fertilisers, healthcare and pharmaceuticals and aviation. Its ethanol business supplies fuel-grade ethanol to Oil Marketing Companies. As of March 31, 2025, its annual installed capacity for liquid CO₂ was 259,200 metric tonnes. The company has developed operations across North, South, West and Central India.
The Indian industrial gas and carbon utilisation market provides opportunities through increasing demand for liquid CO₂, dry ice, carbon recovery solutions and ethanol. Investors should nevertheless evaluate the company’s financial performance, customer concentration, debt, regulatory environment, project execution, ethanol policy dependence and IPO valuation before making an investment decision.
Table of Contents
Punjab Carbonic IPO Details
| Information | Details |
|---|---|
| IPO Name | Punjab Carbonic IPO |
| Company Name | Punjab Carbonic Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | To be announced |
| Issue Size | Up to 95,00,000 Equity Shares |
| Fresh Issue | Up to 60,00,000 Equity Shares |
| Offer for Sale | Up to 35,00,000 Equity Shares |
| IPO Open Date | To be announced |
| IPO Close Date | To be announced |
| Anchor Investor Bidding | To be announced |
| Basis of Allotment | To be announced |
| Refund Initiation | To be announced |
| Shares Credited to Demat Account | To be announced |
| Listing Date | To be announced |
| Listing Exchange | NSE & BSE |
| Lot Size | To be announced |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Beeline Capital Advisors Private Limited |
The company filed its DRHP dated March 31, 2026. The final price band, bidding dates, lot size and other final issue terms were not specified in the DRHP. The company may also consider a Pre-IPO Placement of up to 20% of the Fresh Issue before filing the RHP, subject to applicable requirements.
Punjab Carbonic IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | To be announced |
| IPO Opening Date | To be announced |
| IPO Closing Date | To be announced |
| Basis of Allotment | To be announced |
| Refund Initiation | To be announced |
| Shares Credited to Demat Account | To be announced |
| Listing Date | To be announced |
The DRHP does not contain final IPO dates. Investors should check the RHP, Prospectus, NSE, BSE, SEBI and company announcements for confirmed dates after the IPO receives the applicable regulatory clearances.
Punjab Carbonic IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation will depend on the applicable IPO regulations and the number of valid applications received during the bidding period.
Punjab Carbonic IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | To be announced | To be announced |
| Retail Maximum | To be announced | To be announced |
| S-HNI Minimum | To be announced | To be announced |
The price band and market lot had not been disclosed in the DRHP. Therefore, the application amount cannot be calculated accurately at this stage. The final lot size and application value will be updated after the company announces the final issue terms.
About Punjab Carbonic Limited
Punjab Carbonic Limited was originally incorporated as Punjab Carbonic Private Limited on December 28, 1992. It was subsequently converted into a public limited company, with the name changed to Punjab Carbonic Limited in January 2026. The company has its registered office in Village Lehri, Talwandi Sabo, Bathinda, Punjab, and its corporate office in Bathinda.
The company operates as an integrated carbon capture and utilisation and industrial gas solutions business. Its principal activities include manufacturing, recovery, supply and distribution of liquid CO₂ and dry ice. It also designs and executes CO₂ recovery and refining infrastructure.
Through Punjab Fusion Private Limited, the company undertakes CO₂ recovery and related activities. Through Pancarbo Greenfuels Private Limited, it has expanded into fuel-grade ethanol manufacturing. This combination gives the group exposure to industrial gases, carbon recovery and renewable-fuel-related demand.
Business Operations
Punjab Carbonic Limited operates through several complementary business activities.
- Liquid CO₂ – The company manufactures and supplies high-purity liquid carbon dioxide for customers across multiple industries.
- Dry Ice – It manufactures and distributes dry ice for applications requiring solid carbon dioxide.
- CO₂ Recovery Units – The company supplies and sets up CO₂ recovery units within distilleries to recover carbon dioxide from fermentation processes.
- CO₂ Recovery and Refining – The company designs and executes recovery and refining infrastructure for carbon dioxide.
- CO₂ Transportation – The business uses specialised transportation infrastructure and proposes purchasing additional tankers through the IPO.
- Ethanol Manufacturing – Pancarbo Greenfuels manufactures fuel-grade ethanol for Oil Marketing Companies.
- Industrial Customers – The company serves customers from food and beverages, automobiles, chemicals, fertilisers, healthcare, pharmaceuticals and aviation.
- Regional Presence – The company has established a presence across North, South, West and Central India.
Industry Overview
India’s industrial gas market is supported by demand from food and beverage companies, chemical manufacturers, fertiliser producers, pharmaceutical companies, healthcare institutions, automobile manufacturers and other industrial users. Carbon dioxide is also used in beverage carbonation, food processing, refrigeration and several industrial applications.
The carbon capture and utilisation opportunity can benefit from the increasing focus on efficient utilisation of industrial by-products. Distilleries provide an important source of recoverable CO₂ because fermentation generates carbon dioxide that can be captured, purified and commercially supplied.
The ethanol industry also provides a growth opportunity. India’s fuel ethanol blending programme has encouraged expansion in domestic ethanol production. However, ethanol economics remain dependent on government policies, procurement arrangements, feedstock availability, administered pricing and blending requirements.
Business Strategy
Punjab Carbonic Limited intends to expand its CO₂ recovery infrastructure and strengthen its logistics network. The company proposes to establish two new CO₂ recovery units at Nellore and Peddapuram in Andhra Pradesh with installed capacities of 120 MTPD and 90 MTPD respectively.
The company also plans to purchase CO₂ transportation tankers to strengthen its logistics infrastructure. A further portion of the Fresh Issue is proposed to be invested in Pancarbo Greenfuels for expansion of its existing ethanol distillery by increasing manufacturing capacity by 35 KLPD.
The company also intends to repay or prepay certain outstanding borrowings and use part of the proceeds for general corporate purposes.
Punjab Carbonic IPO Financial Information
A company’s financial performance helps investors understand revenue growth, profitability, operating efficiency and financial stability. For Punjab Carbonic, investors should also evaluate the contribution from the ethanol subsidiary because the expansion of this business has materially influenced consolidated financial performance.
Punjab Carbonic Financial Summary
| Particulars | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹136.53 Crore | ₹488.17 Crore | ₹279.40 Crore |
| Total Income | ₹137.91 Crore | ₹490.30 Crore | ₹281.62 Crore |
| EBITDA | ₹17.36 Crore | ₹48.23 Crore | ₹37.25 Crore |
| Profit Before Tax | To be updated | To be updated | To be updated |
| Profit After Tax | ₹6.35 Crore | ₹26.21 Crore | ₹26.19 Crore |
| Total Borrowings | ₹161.06 Crore | ₹168.98 Crore | ₹156.59 Crore |
The company recorded substantial growth in revenue between FY2024 and FY2025, primarily reflecting the commencement and scaling of ethanol manufacturing operations. Revenue from operations increased from ₹136.53 crore in FY2024 to ₹488.17 crore in FY2025. Profit after tax increased from ₹6.35 crore to ₹26.21 crore during the same period.
For the six months ended September 30, 2025, revenue from operations stood at ₹279.40 crore and profit after tax was ₹26.19 crore. Investors should consider the consolidated results together with the company’s debt levels, minority interest and customer concentration.
Punjab Carbonic IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess operating activity, profitability and business concentration.
| KPI | FY2025 / H1 FY2026 |
|---|---|
| EBITDA Margin FY2025 | 9.88% |
| EBITDA Margin H1 FY2026 | 13.33% |
| CO₂ Capacity Used FY2025 | 158,746 Tonnes |
| CO₂ Recovery Units FY2025 | 15 |
| CO₂ Recovery Units H1 FY2026 | 17 |
| Ethanol Produced FY2025 | 43,500 Kilolitres |
| Ethanol Produced H1 FY2026 | 26,555 Kilolitres |
| Ethanol Capacity FY2025 | 54,000 Kilolitres |
| Registered Employees | 273 |
The company’s operating metrics show an increase in CO₂ recovery units and significant ethanol production following the commencement of the ethanol business. Investors should monitor capacity utilisation, ethanol production, CO₂ volumes and margins as future indicators of business performance.
Objects of the Punjab Carbonic IPO
The company intends to utilise the net proceeds from the Fresh Issue for the following purposes:
- Setting up CO₂ Recovery Units – ₹19.66 crore for two proposed CRUs at Nellore and Peddapuram, Andhra Pradesh.
- Purchase of CO₂ Tankers – ₹11.15 crore for strengthening transportation and logistics infrastructure.
- Investment in PGPL – ₹40.61 crore for expansion of the existing ethanol distillery by increasing capacity by 35 KLPD.
- Repayment or Prepayment of Borrowings – ₹8.50 crore towards selected outstanding borrowings.
- General Corporate Purposes – The remaining proceeds for general corporate requirements.
The Offer for Sale component consists of shares offered by Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli. Proceeds from the OFS will be received by the respective selling shareholders and will not form part of the company’s funds.
Punjab Carbonic IPO Listing Performance
The proposed listing performance will depend on the final Offer Price, market demand, prevailing market conditions and investor sentiment.
| Particular | Value |
|---|---|
| Listing Exchange | NSE & BSE |
| Listing Date | To be announced |
| Issue Price | To be announced |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The DRHP proposes listing of the equity shares on both NSE and BSE. No final Offer Price or listing date has been disclosed at the DRHP stage.
Punjab Carbonic IPO Subscription Status
The subscription figures indicate investor participation during the IPO bidding period. Strong subscription may indicate market interest, but investors should consider subscription data together with valuation, financial performance, industry outlook and business risks.
Punjab Carbonic IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
Subscription figures will become available only after the IPO opens for bidding.
Punjab Carbonic IPO Review
Punjab Carbonic Limited operates in a specialised industrial gas and carbon utilisation segment and has developed capabilities in CO₂ recovery, purification, liquefaction, distribution and dry ice manufacturing. Its business serves several industrial sectors, creating diversified end-use applications.
The company’s financial performance has improved significantly, particularly after the commencement of ethanol manufacturing through Pancarbo Greenfuels. Revenue increased sharply in FY2025 and profit also improved. The proposed IPO would provide funds for additional CO₂ recovery units, transportation tankers and expansion of the ethanol business.
However, investors should carefully assess the increasing dependence on the ethanol segment, customer concentration and debt. The largest customer accounted for 31.46% of FY2025 revenue, while the top ten customers accounted for 71.20%. For the six months ended September 2025, these figures increased to 39.97% and 78.31% respectively.
The proposed expansion offers growth potential, but execution, government ethanol policies, feedstock availability, pricing and demand conditions can influence future performance. Overall, the company combines industrial gas operations with a growing ethanol business, making detailed valuation analysis important before investment.
Punjab Carbonic IPO Strengths
- Integrated Business Model – Presence across CO₂ recovery, industrial gases, dry ice and ethanol.
- Established Operating Experience – The company has operated in the industrial gas business for more than three decades.
- Growing Ethanol Business – Ethanol manufacturing has become a significant contributor to consolidated operations.
- Multiple End-Use Industries – Customers operate across food, beverages, chemicals, pharmaceuticals, healthcare, automobiles and aviation.
- Expansion Opportunities – Proposed CRUs and ethanol capacity expansion can support future growth.
- CO₂ Recovery Expertise – The company has experience in recovering and processing CO₂ from distilleries.
- Improving Profitability – Consolidated profit increased substantially between FY2024 and FY2025.
Punjab Carbonic IPO Risk Factors
- Customer Concentration – A significant portion of revenue comes from a limited number of customers.
- Ethanol Policy Dependence – Changes in government blending policies, procurement prices or ethanol regulations may affect the business.
- Debt Exposure – The company has outstanding borrowings and intends to use part of the IPO proceeds for repayment or prepayment.
- Project Execution Risk – Proposed CRUs and ethanol expansion require timely execution and capital deployment.
- Raw Material Risk – Feedstock availability and prices can influence ethanol manufacturing economics.
- Industrial Demand Risk – Weak demand from customer industries could reduce CO₂ and dry ice sales.
- Logistics Risk – CO₂ transportation depends on specialised tanker infrastructure.
- Customer Dependency – Concentration among large customers may affect revenue stability.
- Regulatory Risk – Industrial gas, environmental and ethanol operations are subject to regulatory requirements.
Punjab Carbonic IPO Promoters
Punjab Carbonic Limited is promoted by Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli. These promoters are also the selling shareholders participating in the proposed Offer for Sale.
Punjab Carbonic IPO Promoters Details
| Promoter | Role |
|---|---|
| Davinder Singh Kohli | Promoter and Selling Shareholder |
| Amrit Paul Singh Kohli | Promoter and Selling Shareholder |
| Jatinder Kaur Kohli | Promoter and Selling Shareholder |
| Inder Pal Kaur Kohli | Promoter and Selling Shareholder |
Punjab Carbonic IPO Management Team
The company is managed by professionals with experience across industrial gas operations, ethanol manufacturing, finance, administration and corporate governance.
| Name | Designation |
|---|---|
| Davinder Singh Kohli | Chairman |
| Ashish Gurnani | Managing Director |
| Lakhbir Singh | Company Secretary and Compliance Officer |
| Deepak Kumar | Chief Financial Officer |
The management team is responsible for operational expansion, financial management, regulatory compliance and execution of the company’s growth strategy.
Punjab Carbonic IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | To be updated |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 / 18003094001 |
The DRHP identifies KFin Technologies Limited as the Registrar to the Offer.
Punjab Carbonic IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Beeline Capital Advisors Private Limited |
| Contact Person | Nikhil Shah |
| [email protected] | |
| Telephone | 079 4918 5784 |
Punjab Carbonic Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Punjab Carbonic Limited |
| Registered Office | Village Lehri, Talwandi Sabo, Bathinda, Punjab |
| Corporate Office | Arya Samaj Chowk, Bathinda, Punjab |
| Website | https://www.punjabcarbonic.com |
| Email ID | [email protected] |
| Contact Number | +91 9878290354 |
The company’s official investor portal provides access to financial reports, corporate governance information and IPO disclosures.
How to Check Punjab Carbonic IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s official website or the relevant stock exchange portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Punjab Carbonic IPO from the IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Punjab Carbonic IPO from the available IPO list.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Punjab Carbonic IPO Conclusion
Punjab Carbonic IPO provides investors with an opportunity to participate in an industrial gas and carbon utilisation company that has expanded into ethanol manufacturing. The company has established operations in liquid CO₂, dry ice and CO₂ recovery and has developed an additional revenue stream through its ethanol subsidiary.
The proposed Fresh Issue is intended to finance new CO₂ recovery units, strengthen transportation infrastructure, expand ethanol manufacturing capacity and reduce selected borrowings. These investments could support future growth if the company executes the projects effectively.
At the same time, investors should carefully consider customer concentration, debt levels, ethanol policy dependence, raw material availability, project execution and competitive conditions. A detailed assessment of the final RHP or Prospectus, valuation, price band, updated financial information and IPO demand can help investors determine whether the Punjab Carbonic IPO is suitable for their investment objectives.
Punjab Carbonic IPO FAQs
What is Punjab Carbonic IPO?
Punjab Carbonic IPO is the proposed Mainboard public issue of Punjab Carbonic Limited. The proposed Offer comprises a fresh issue of up to 60,00,000 equity shares and an Offer for Sale of up to 35,00,000 equity shares.
What is the price band of Punjab Carbonic IPO?
The price band has not been announced in the available DRHP. The final price band will be disclosed in the subsequent offer documents.
What is the issue size of Punjab Carbonic IPO?
The proposed Offer comprises up to 95,00,000 equity shares of face value ₹10 each, consisting of up to 60,00,000 shares through the Fresh Issue and up to 35,00,000 shares through the Offer for Sale.
When will the Punjab Carbonic IPO open?
The IPO opening date has not been announced. Investors should refer to the final RHP, Prospectus and official stock exchange announcements.
When will the Punjab Carbonic IPO close?
The IPO closing date has not been announced as of the available DRHP. The final schedule will be disclosed before the issue opens.
On which stock exchanges will Punjab Carbonic shares be listed?
Punjab Carbonic equity shares are proposed to be listed on NSE and BSE, subject to applicable approvals and completion of the IPO process.
Who is the registrar for the Punjab Carbonic IPO?
KFin Technologies Limited is the Registrar to the proposed Offer.
What is the face value of Punjab Carbonic IPO shares?
The face value of each Punjab Carbonic equity share is ₹10.
What does Punjab Carbonic Limited do?
Punjab Carbonic Limited is an integrated carbon capture and utilisation and industrial gas solutions company engaged in liquid CO₂, dry ice, CO₂ recovery infrastructure and fuel-grade ethanol manufacturing through its subsidiary.
What are the objects of the Punjab Carbonic IPO?
The company proposes to use the Fresh Issue proceeds for setting up two CO₂ recovery units, purchasing CO₂ transportation tankers, investing in Pancarbo Greenfuels for ethanol capacity expansion, repaying or prepaying selected borrowings and general corporate purposes.
