Punjab Carbonic IPO

Punjab Carbonic Ltd. filed its Draft Red Herring Prospectus (DRHP) with SEBI on March 31, 2026, to raise funds through an Initial Public Offering (IPO). 

The IPO is a book-built issue of up to 0.95 crore equity shares. It includes a fresh issue of up to 0.60 crore shares and an Offer for Sale (OFS) of up to 0.35 crore shares. 

The company plans to list its shares on the NSE and BSE. Beeline Capital Advisors Pvt. Ltd. is the book running lead manager, while Kfin Technologies Ltd. is the registrar. 

Punjab Carbonic IPO Important Dates

Yet to be announced

About Punjab Carbonic

Punjab Carbonic is an integrated carbon capture and utilisation (CCU) and industrial gas solutions company with over 30 years of experience. The company captures carbon dioxide (CO₂) released during the fermentation process at distilleries and converts it into high-purity liquid CO₂ and dry ice. Its liquid CO₂ meets International Society of Beverage Technologists (ISBT) standards and is supplied to industries including food and beverages, automotive, chemicals, pharmaceuticals and aviation across India. 

As of March 31, 2025, the company had an annual installed capacity of 259,200 metric tonnes. It operates 17 CO₂ Recovery Units (CRUs) across India, including 9 under the Build-Own-Operate (BOO) model and 8 under an asset-light model. The company directly operates 14 units, while the remaining 3 are managed through its subsidiary, Punjab Fusion Private Limited (PFPL). 

Punjab Carbonic has completed 26 turnkey CO₂ recovery projects globally, including projects in Sri Lanka and Zambia, with 7 more installations in the pipeline. Its logistics network includes a self-owned fleet of 55 CO₂ transportation tankers as of September 30, 2025, managed jointly with PFPL. This fleet supports the transportation and delivery of CO₂ to customers across different regions. 

The company has also expanded into the ethanol business through its subsidiary, Pancarbo Greenfuels Private Limited (PGPL), which manufactures and sells fuel-grade ethanol. This gives Punjab Carbonic an additional business segment alongside its core CO₂ recovery and industrial gas operations.

Punjab Carbonic IPO Objectives

• The company plans to set up 2 new CO₂ Recovery Units (CRUs) in Nellore and Peddapuram, Andhra Pradesh, with capacities of 120 MTPD and 90 MTPD, respectively.
• It plans to purchase specialised CO₂ transportation tankers to strengthen its logistics and distribution network across India.
• The company will invest in its subsidiary, Pancarbo Greenfuels Private Limited (PGPL), to expand its ethanol distillery at Lehri, Punjab, by an additional 35 KLPD.
• Part of the proceeds will be used for the repayment or prepayment of outstanding borrowings, with the aim of reducing the company’s debt.
• The remaining proceeds will be used for general corporate purposes, including operational requirements and strategic growth initiatives.

Industry Outlook

The company operates in the Industrial Gases & Carbon Capture Solutions industry. 

1. The Indian CO₂ market was around 2,000 thousand tonnes in FY2022 and is expected to reach about 3,500 thousand tonnes by FY2035, growing at a CAGR of 4.51%.
2. The food and beverages industry was the largest consumer of liquid CO₂ in India, accounting for more than 35% of the market in FY2022, supported by demand for carbonated beverages, food freezing and packaged foods.
3. North India accounted for the largest regional share at 35% in FY2022, followed by South and West India, driven by the presence of food processing facilities and beverage bottling units.
4. The industry is increasingly adopting carbon capture and utilisation (CCU), where CO₂ released as a by-product by ethanol distilleries and fertiliser plants is captured, purified and converted into commercial-grade CO₂ and dry ice.
5. Industrial gas demand is also expanding into specialised applications such as medical and pharmaceutical uses, oil extraction and cold-chain logistics, in addition to traditional applications such as welding and chemical manufacturing.

Financial Performance of Punjab Carbonic

Punjab Carbonic Peer Comparison

Strengths and Opportunities for Punjab Carbonic IPO

1. The company has over 30 years of experience in the CO₂ industry and has established long-term relationships with domestic customers, supported by the critical role of CO₂ in various industrial processes and the operational challenges involved in switching suppliers.
2. It has a diversified customer base across food and beverages, automobiles, chemicals and fertilisers, healthcare and pharmaceuticals, and aviation, with CO₂ used in applications such as beverage carbonation, welding, food processing, fertiliser production and airline catering.
3. The company has a strong pan-India presence across North, West, South and Central India, with operations spanning more than 23 states and Union Territories. It also supplied products and services to 4 countries—Sri Lanka, Nepal, Zambia and Morocco.
4. Its integrated CO₂ business model covers recovery, purification, liquefaction, transportation, equipment design, fabrication, installation and commissioning, allowing it to provide end-to-end solutions across the CO₂ value chain.
5. The company has demonstrated strong project execution capabilities, with revenue from its project engineering segment increasing from ₹17.62 crore in FY2023 to ₹31.65 crore in FY2025, a growth of 79.67%. Its order book included 6 CRUs worth ₹35.45 crore as of the DRHP date.
6. Its CO₂ operational capacity increased from 196,200 MTPA in FY2023 to 259,520 MTPA in FY2025, while the number of operational CRUs rose from 12 to 15.
7. The company recorded strong financial growth, with revenue increasing from ₹110.38 crore in FY2023 to ₹488.17 crore in FY2025, while PAT rose from ₹7.28 crore to ₹26.21 crore and EBITDA increased from ₹12.97 crore to ₹48.23 crore.
8. Its promoters, Davinder Singh Kohli and Amrit Paul Singh Kohli, have a combined over 63 years of experience in the CO₂ sector, supported by a management team with relevant technical and industry expertise.

Risks and Threats for Punjab Carbonic IPO

1. The company generated 78.31% of revenue from its top 10 customers in H1 FY2026, compared with 71.20% in FY2025, 44.00% in FY2024 and 42.86% in FY2023. The loss of major customers or a reduction in their purchases could materially affect revenue and profitability.
2. The company relies on third-party distilleries and industrial units for sourcing CO₂, its primary raw material. Any disruption, supply shortage or change in these arrangements could affect production and financial performance.
3. The company does not own dedicated CO₂ manufacturing facilities and operates CRUs installed on leased premises of third parties, exposing it to risks related to lease arrangements, availability of premises and continuity of operations.
4. The proposed CRUs to be funded through the IPO proceeds are supported by non-binding LOIs with third-party distilleries. There is no assurance that definitive agreements will be executed or that the projects will be implemented within the planned timelines, potentially delaying the company's expansion plans.
5. Changes in the proposed utilisation of IPO proceeds may require shareholders' approval and regulatory compliance, while economic conditions, competition or changing business requirements could delay deployment of the funds.
6. The planned use of IPO proceeds may not necessarily result in the expected business growth, profitability or increase in business value, particularly if market conditions, competition or other external factors adversely affect the company's operations.

Punjab Carbonic IPO Reservation

Punjab Carbonic IPO Promoter Holding

The promoters of the company are Amrit Paul Singh Kohli, Davinder Singh Kohli, Inder Pal Kohli, and Jatinder Kohli. 

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Punjab Carbonic IPO Registrar and Lead Managers

Punjab Carbonic IPO Lead Managers

Beeline Capital Advisors Pvt.Ltd.

Registrar for Punjab Carbonic IPO 

Name: Kfin Technologies Ltd. 

Phone: 040-79615565

Email ID: punjabcarbonic.ipo@kfintech.com

How To Check the Allotment Status of the Punjab Carbonic IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Punjab Carbonic IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Punjab Carbonic IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Punjab Carbonic IPO 

Address: Khasra No. 112//4/2/1, Village Lehri, Talwandi Sabo, Bathinda, Punjab, 151302

Phone: 9878290354

Email ID: cs@punjabcarbonic.com