Punjab Carbonic Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 95,00,000 equity shares (aggregating up to ₹[.] Cr)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Punjab Carbonic Limited

Incorporated in 1992, 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 converts fermentation-based CO₂ emissions into high-purity products meeting International Society for Beverage Technologists (ISBT) standards, supporting a circular carbon economy. With over three decades of operating history, the company operates 17 CRUs across India under both build-own-operate and asset-light models, supported by a pan-India infrastructure network and a self-owned fleet of 55 CO₂ transportation tankers. The company serves a wide range of industries including food & beverages, chemicals, fertilizers, automobiles, healthcare, and aviation, with presence across North, South, West, and Central India, covering over 23 states and union territories.

Punjab Carbonic Limited IPO Overview

Punjab Carbonic Limited’s initial public offering is a book-built issue comprising a fresh issue of up to 60,00,000 equity shares and an offer for sale of up to 35,00,000 equity shares, with a total issue size of 95,00,000 equity shares. The DRHP was filed with SEBI on March 31, 2026. The equity shares are proposed to be listed on BSE and NSE. Beeline Capital Advisors Private Limited is the book-running lead manager, and KFin Technologies Limited is the registrar of the issue. The net proceeds from the fresh issue will be utilized towards setting up two CO₂ recovery units at Nellore and Peddapuram in Andhra Pradesh (₹1,966.27 lakhs), funding capital expenditure for purchase of CO₂ transportation tankers (₹1,115.25 lakhs), investment in subsidiary Pancarbo Greenfuels for ethanol distillery expansion by 35 KLPD (₹4,061.37 lakhs), repayment of borrowings (₹850.00 lakhs), and general corporate purposes. The company’s shareholding pre-issue stands at 2,29,60,740 equity shares, which will increase to 2,89,60,740 equity shares post-issue.

Punjab Carbonic Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	95,00,000 shares (aggregating up to ₹[.] Cr)
Fresh Issue	60,00,000 shares (aggregating up to ₹[.] Cr)
Offer for Sale (OFS)	35,00,000 shares (aggregating up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	2,29,60,740 shares
Shareholding post-issue	2,89,60,740 shares

Punjab Carbonic Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Punjab Carbonic Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

Punjab Carbonic Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹8.08
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	37.76%
Net Asset Value (NAV)	₹21.40
Return on Equity (RoE)	32.74%
Return on Capital Employed (RoCE)	14.57
EBITDA Margin	13.33%
PAT Margin	9.37%
Debt to Equity Ratio	1.79

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ Lakhs)
Setting up of two CO₂ recovery units at Nellore, Andhra Pradesh and Peddapuram, Andhra Pradesh, having installed capacity of 120 MTPD and 90 MTPD respectively	1,966.27
Funding capital expenditure requirements towards purchase of CO₂ transportation tankers to strengthen existing logistic infrastructure for CO₂ vertical	1,115.25
Investment in material subsidiary, Pancarbo Greenfuels Private Limited, for financing capital expenditure towards expansion of ethanol distillery by 35 KLPD	4,061.37
Repayment and/or pre-payment, in full or part, of certain outstanding borrowings	850.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount to be utilized towards general corporate purposes shall not exceed 25% of the Gross Proceeds.

Punjab Carbonic Limited Financials (₹ in Million)

Particulars	September 30, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Total Assets	3,156.89	3,127.52	2,874.42	1,451.55
Revenue from Operations	2,793.95	4,881.74	1,365.29	1,103.78
Profit After Tax	261.85	262.14	63.46	72.84
Reserves and Surplus	637.84	454.14	350.83	289.33
Total Borrowings	1,565.89	1,689.77	1,610.62	774.11
Total Liabilities	2,281.83	2,512.43	2,429.45	1,107.67

Financial Status of Punjab Carbonic Limited

SWOT Analysis of Punjab Carbonic Limited

Strengths and Opportunities	Weaknesses and Threats
Over three decades of operating history in CO₂ recovery and industrial gases	Intense competition from established industrial gas players
Integrated carbon capture and utilisation model supporting circular carbon economy	Capital-intensive nature of CRU and infrastructure expansion
17 operational CRUs with installed capacity of 2,59,520 MTPA as of March 2025	Dependence on distilleries for raw CO₂ gas sourcing
Self-owned fleet of 55 CO₂ transportation tankers ensuring logistics reliability	Regulatory and environmental compliance costs
Diversified revenue streams across CO₂, ethanol, and project engineering services	Price volatility in raw materials and ethanol feedstock
Government’s ₹20,000 crore CCUS outlay over five years creating policy tailwinds	Execution risks associated with greenfield and brownfield expansions
Ethanol blending target of 20% by ESY 2025-26 driving ethanol demand	Geographic concentration with significant revenue from select regions
India CO₂ market projected to grow at 6.2% CAGR from 2025 to 2033	Supply chain disruptions affecting CO₂ distribution
Food & beverage segment accounting for 40% of CO₂ demand with steady growth	Currency and geopolitical risks in international operations
Expanding applications in green methanol and emerging CCU technologies	Technology obsolescence risks in carbon capture infrastructure

Punjab Carbonic Limited IPO Strengths

Pioneering Integrated Carbon Capture and Utilisation Model

Punjab Carbonic Limited has established itself as a pioneer in India’s carbon capture and utilisation space, operating an integrated business model that spans the complete CO₂ value chain. The company converts fermentation-based CO₂ emissions into high-purity products meeting ISBT standards, supporting a circular carbon economy. With 17 CRUs operating across India under both BOO and asset-light models, the company has created a scalable and environmentally responsible business that transforms unavoidable industrial emissions into commercially valuable products.

Strong Geographical Presence and Extensive Logistic Infrastructure

Punjab Carbonic Limited has established a pan-India presence across more than 23 states and union territories, with deep operational and distribution capabilities across North, West, South, and Central India. The company’s logistics network is supported by a self-owned fleet of 55 CO₂ transportation tankers, ensuring reliable and efficient supply chain operations. This extensive infrastructure creates significant entry barriers for new players and enables the company to serve customers across diverse industries with consistent service quality.

Proven Engineering and Technical Capabilities

The company possesses strong engineering and technical capabilities, evidenced by the successful design, installation, and commissioning of multiple CRUs with capacities ranging from 12 MT per day to 150 MT per day across various states and countries. The project engineering segment has grown significantly, with revenue increasing from ₹1,761.78 lakhs in Fiscal 2023 to ₹3,165.48 lakhs in Fiscal 2025. The company has also executed international turnkey projects, exporting CRUs to Sri Lanka and Zambia, demonstrating global technical competence.

Strong Financial Performance and Healthy Balance Sheet

Punjab Carbonic Limited has demonstrated exceptional financial growth, with revenue from operations growing at a CAGR of 110.32% from Fiscal 2023 to Fiscal 2025. Profit after tax increased from ₹728.43 lakhs to ₹2,621.44 lakhs during the same period. The company’s EBITDA margin improved to 9.88%, with Return on Net Worth reaching an impressive 76.87% in Fiscal 2025. This strong financial performance reflects the company’s ability to scale operations while maintaining profitability.

Experienced Promoters and Management Team with Domain Knowledge

The company operates under the leadership of Promoters Davinder Singh Kohli and Amrit Paul Singh Kohli, who together possess over 63 years of experience in the CO₂ sector. The management team includes qualified professionals with extensive expertise in finance, compliance, and operations. This combination of promoter vision and professional management positions the company well to capitalize on emerging opportunities in the carbon capture and ethanol sectors.

More About Punjab Carbonic Limited

Business Verticals

Punjab Carbonic Limited operates across three primary business verticals that collectively create an integrated service offering in the carbon capture and industrial gas space:

• CO₂ Segment: The company manufactures, recovers, supplies, and distributes liquid carbon dioxide and dry ice. This vertical includes production through CRUs operated under BOO and asset-light models, with installed capacity of 2,59,520 MTPA as of March 31, 2025. During H1 FY2026, this segment generated revenue of ₹5,550.25 lakhs, representing 19.87% of total revenue.
• Ethanol Segment: Through its subsidiary Pancarbo Greenfuels Private Limited, the company produces and supplies fuel-grade ethanol. The 150 KLPD grain-based distillery at Lehri, Punjab, commenced commercial operations in March 2024. During H1 FY2026, the ethanol segment generated revenue of ₹20,761.11 lakhs, representing 74.31% of total revenue, with long-term offtake agreements with OMCs under the Ethanol Blended Petrol programme.
• Project Engineering Services: The company provides end-to-end solutions for design, engineering, supply, installation, and commissioning of CRUs on a turnkey basis. The company has successfully delivered 9 CRUs on a turnkey basis to date, including international commissioned orders for exporting plants to Sri Lanka and Zambia, with 7 installations further in the pipeline including an order for Uganda.

Carbon Capture and Utilisation Operations

The company’s business model is anchored in converting fermentation-based CO₂ emissions into high-purity commercially valuable products. As of September 30, 2025, the company operates 17 CRUs across India, of which 9 units are operated under the BOO model and 8 units under an asset-light model. During H1 FY2026 and Fiscals 2025, 2024, and 2023, the company’s CRUs captured and purified 85,881 MT, 1,58,746 MT, 1,51,213 MT, and 1,50,421 MT of CO₂ respectively.

Ethanol Operations

PGPL’s ethanol distillery operates with a captive power plant utilizing biomass fuel such as paddy straw and husk, enabling energy-efficient production with zero-liquid-discharge processing. The facility has received interest subvention under the Government of India’s scheme for ethanol distillation capacity expansion. During the ongoing ESY 2025-26, PGPL has been allocated 52,175 KL of denatured anhydrous ethanol by OMCs, representing 96.62% of installed capacity.

Order Book and Growth Pipeline

As on the date of the DRHP, the company has an existing Order Book of 6 CRUs with an aggregate contract value of ₹3,544.96 lakhs (excluding GST), located across Kolhapur (Maharashtra), Bundi (Rajasthan), Guntur (Andhra Pradesh), Bareilly (Uttar Pradesh), Hoima (Uganda), and Gurdaspur (Punjab).

Industry Outlook

India Carbon Dioxide Market

The Indian commercial and industrial grade carbon dioxide market has demonstrated steady and resilient growth over the past five years, expanding from INR 29.9 billion in FY 2021 to INR 37.3 billion in FY 2025, demonstrating a CAGR of 5.7%. The India carbon dioxide market generated revenue of USD 326.2 million in 2024 and is expected to reach USD 565.9 million by 2033, growing at a CAGR of 6.2% from 2025 to 2033. Another forecast anticipates the market to reach USD 765 million by 2035, growing at a CAGR of 5.7% from 2025 to 2035.

Key Growth Drivers

• Food & Beverage Dominance: The Food & Beverage segment is the dominant end-user, accounting for approximately 40% of total CO₂ demand, driven by carbonation, packaging, chilling, and preservation processes where consistent purity and supply reliability are essential.
• Government CCUS Push: The Government of India has proposed an outlay of ₹20,000 crore over the next 5 years for Carbon Capture, Utilisation and Storage (CCUS), providing significant policy support for the industry.
• Fermentation-Based Recovery Advantage: Fermentation-based CO₂ recovery represents one of the most commercially practical and cost-effective CCU pathways, as fermentation processes naturally produce CO₂ at high concentrations, making capture and purification simpler and less energy-intensive.

Ethanol Market Outlook

India’s ethanol production capacity has expanded sharply from 777 crore litres in ESY 2020-21 to approximately 1,990 crore litres by November 2025, registering a robust CAGR of 25.0%. The number of distilleries increased from around 350 units in ESY 2020-21 to nearly 500 units by ESY 2024-25. India has achieved ethanol blending of 19.05% as of July 2025, with the target of 20% blending advanced from 2030 to ESY 2025-26. The EBP programme has resulted in significant forex savings and expeditious payments to farmers.

Industrial Gases Market

The India industrial gases market was valued at USD 3.81 billion in 2025 and is projected to reach USD 6.91 billion by 2034, growing at a CAGR of 6.83% from 2026-2034.

How Will Punjab Carbonic Limited Benefit

• The company’s integrated carbon capture and utilisation model directly aligns with the government’s ₹20,000 crore CCUS outlay, positioning it to benefit from policy support and industry tailwinds in the decarbonisation space.
• The projected growth of India’s CO₂ market at 6.2% CAGR through 2033, reaching USD 565.9 million, creates sustained demand for the company’s core CO₂ products and services.
• The Food & Beverage segment’s 40% share of CO₂ demand provides a stable and growing revenue base, supported by increasing consumption of carbonated beverages and processed foods.
• The ethanol blending target of 20% by ESY 2025-26 and production capacity expansion to 1,990 crore litres creates significant growth opportunities for the company’s ethanol subsidiary, which has already secured long-term offtake agreements with OMCs.
• The proposed expansion of ethanol distillery capacity by 35 KLPD will enable the company to capitalize on the growing ethanol demand and strengthen its position in the biofuel market.
• The planned addition of two new CRUs with 210 MTPD capacity will expand the company’s geographical footprint and secure additional CO₂ sources, reducing logistic lead times and enhancing execution capabilities.
• The company’s self-owned fleet of 55 CO₂ transportation tankers provides a competitive advantage in logistics and distribution, with the proposed addition of 20 more tankers further strengthening supply chain reliability.
• The company’s proven engineering capabilities and international project execution track record position it to benefit from both domestic and international CCU infrastructure opportunities.

Peer Group Comparison

Name of the Company	Revenue  (₹ in Lakhs)	Basic EPS (₹)	Diluted EPS (₹)	NAV (₹)	P/E Ratio (x)	RoNW (%)
Punjab Carbonic Limited	48,817.39	10.21	10.21	13.28	[●]^	76.87
Peer Group
Linde India Limited	2,48,537.60	53.33	53.33	447.91	124.57	11.91
Ellenbarrie Industrial Gases Limited	31,248.30	6.36	6.36	35.91	35.08	17.71
India Glycols Limited	9,03,895.08	37.29	37.29	364.30	23.17	10.24

Key Strategies for Punjab Carbonic Limited

Expand Geographical Network of CRUs and Target Additional End-Use Industries

Punjab Carbonic Limited intends to expand its footprint in the CO₂ manufacturing ecosystem by scaling plant operations and entering new regions and growth verticals. The company is in the process of setting up two additional CRUs on a BOO basis at Nellore and Peddapuram in Andhra Pradesh with aggregate installed capacity of 210 MTPD. The company also plans to leverage emerging opportunities created by increasing consumption of beverages and expansion by FMCG and soft drink brands, while actively engaging with players in the green methanol ecosystem.

Expand Fleet of Tankers to Streamline Business Operations

The company plans to increase its fleet of CO₂ transportation tankers by purchasing an additional 20 tankers through the Net Proceeds. Currently relying entirely on third-party fleet providers for ethanol transportation, the company intends to reduce dependence on external providers, lower transportation costs, and ensure greater control, reliability, and efficiency across its ethanol supply chain through these proposed purchases.

Capitalise on Favourable Industry Tailwinds Supporting Growth in Ethanol Blended Fuel Consumption

Punjab Carbonic Limited, through its subsidiary PGPL, proposes to undertake a brownfield expansion of its Ethanol Distillery by an additional 35 KLPD, increasing aggregate installed capacity from 150 KLPD to approximately 185 KLPD. The expansion is planned within existing plant premises, leveraging existing infrastructure, utilities, and captive power arrangements to optimise capital efficiency and execution timelines, with the expanded facility continuing to operate on 100% grain-based feedstock.

Capitalise on Favourable Industry Tailwinds Supporting Growth in Increased CO₂ Consumption

The company aims to capitalise on the rising interest in CCU as a decarbonisation solution across industries by securing additional sources of CO₂ through increased number of CRUs and expanded geographical footprint. Such investments are expected to augment aggregate CCU capacity by an additional 210 MTPD, secure CO₂ sources, reduce logistic lead times, and enhance the company’s ability to execute larger orders while capitalising on policy tailwinds associated with cleaner fuels and industrial decarbonisation.

FAQs

How can I apply for Punjab Carbonic Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Punjab Carbonic Limited IPO?

The IPO comprises 95,00,000 equity shares, including a fresh issue of 60,00,000 shares and an OFS of 35,00,000 shares.

When was the DRHP filed with SEBI for Punjab Carbonic Limited IPO?

The Draft Red Herring Prospectus was filed with SEBI on March 31, 2026.

On which exchanges will Punjab Carbonic Limited shares be listed?

The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Punjab Carbonic Limited equity shares?

The face value of each equity share is ₹10 per share.

Infographic Content

Punjab Carbonic Limited IPO Highlights

Punjab Carbonic Limited is an integrated carbon capture and utilisation and industrial gas solutions company with over 30 years of experience, operating 17 CRUs across India with 2,59,520 MTPA capacity and a self-owned fleet of 55 CO₂ transportation tankers.

• Offer Size:₹[.] Cr (Fresh Issue of 60,00,000 equity shares; OFS of 35,00,000 equity shares; Total 95,00,000 equity shares)
• Purpose:The net proceeds will be utilized for setting up two CRUs at Nellore and Peddapuram (₹1,966.27 lakhs), purchase of CO₂ transportation tankers (₹1,115.25 lakhs), investment in subsidiary for ethanol distillery expansion by 35 KLPD (₹4,061.37 lakhs), repayment of borrowings (₹850.00 lakhs), and general corporate purposes.
• Financials (Fiscal Year ended March 31, 2025):Revenue from Operations ₹48,817.39 lakhs; Profit After Tax ₹2,621.44 lakhs; ₹10.21
• Listing:Mainboard IPO on BSE & NSE