Punjab Carbonic IPO Details
Punjab Carbonic Limited filed its draft red herring prospectus with SEBI on 1 Apr 2026 and Sebi Approval received on 29 Oct 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 1 Apr 2026
- SEBI Approval
- 29 Oct 2026
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Punjab Carbonic IPO status
Punjab Carbonic Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 1 Apr 2026 |
|---|---|
| Days since filing | 216 |
| SEBI observation | 29 Oct 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Punjab Carbonic Limited financials
Between 31 Mar 2024 and 31 Mar 2025, Income rose from ₹137.91 Cr to ₹490.3 Cr, and profit after tax rose from ₹6.35 Cr to ₹26.21 Cr. The PAT margin for 31 Mar 2025 was 5.35%.
| Period ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 315.69 | 312.75 | 287.44 | 145.15 |
| Total Income | 281.62 | 490.30 | 137.91 | 111.44 |
| Profit After Tax | 26.19 | 26.21 | 6.35 | 7.28 |
| Net Worth | 39.14 | 30.49 | 19.41 | 12.15 |
| Total Borrowings | 156.59 | 168.98 | 161.06 | 77.41 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| ROE % | 32.74 | 55.37 | 21.20 | 26.10 |
| RoNW % | 37.76 | 76.87 | 37.23 | 60.60 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Punjab Carbonic Ltd | 10 | — | 10.21 | 10.21 | 76.87% | 13.28 |
| Linde India Ltd | 10 | 124.57 | 53.33 | 53.33 | 11.91% | 447.91 |
| Ellenbarrie Industrial Gases Ltd | 2 | 35.08 | 6.36 | 6.36 | 17.71% | 35.91 |
| India Glycols Ltd | 2 | 23.17 | 37.29 | 37.29 | 10.24% | 364.30 |
Notes
P/E ratio for the peer are computed based on closing market price as on March 10, 2026 at NSE divided by diluted EPS (on consolidated basis) based on the audited financial results of the company for the year ended March 31, 2025. Further for the purpose of EPS calculations of the listed peers, corporate actions such as share split or bonus Equity Shares issued has been considered as if the event had occurred at the beginning of the earliest year presented.
Return on Net Worth (RoNW) %= Profit attributable to owners of parent for the period/year divided by net worth.
Net Worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation in accordance with Regulation 2(1)(hh) of the SEBI ICDR Regulations. We have calculated net worth by aggregate value of equity share capital, instruments entirely equity in nature and other equity.
Net assets value per Equity Share = Net Asset Value per Equity Share is calculated as net worth at the end of the period/year divided by number of Equity Shares outstanding at the end of the period/year end.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Setting up of two CO2 recovery units (“CRUs”) at Nellore, Andhra Pradesh and Peddapuram, Andhra Pradesh, having installed capacity of 120 MTPD and 90 MTPD, respectively (“Proposed CRUs”) | 19.66 |
| 2 | Funding capital expenditure requirements of our Company towards purchase of CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical | 11.15 |
| 3 | Investment in our Material subsidiary, Pancarbo Greenfuels Private Limited (“PGPL”), for financing the capital expenditure requirement towards expansion of its existing Ethanol Distillery located at Village Lehri, Punjab by increasing its ethanol manufacturing capacity by 35 KLPD (“Proposed Expansion”) | 40.61 |
| 4 | Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by our Company | 8.50 |
| 5 | General Corporate Purposes | — |
| Total | 79.92 |
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 recovery, manufacturing, supply, and distribution of liquid carbon dioxide (CO₂) and dry ice.
The company specialises in recovering carbon dioxide generated during fermentation processes and converting it into high-purity products that meet International Society for Beverage Technologists (ISBT) standards. Its operations support resource efficiency and contribute to the development of a circular carbon economy. In addition, the company designs, installs, and operates CO₂ recovery units (CRUs) at distilleries, alongside its subsidiary, Punjab Fusion Private Limited.
As of 31 March 2025, Punjab Carbonic Limited had an installed capacity of 259,200 metric tonnes per annum and operated 17 CO₂ recovery units across India under both build-own-operate and asset-light business models. Its operations are supported by a pan-India distribution network and a fleet of company-owned CO₂ transportation tankers.
The company caters to a diverse range of industries, including food and beverages, chemicals, fertilisers, automobiles, healthcare, and aviation. Its domestic presence spans more than 23 states and union territories across North, South, West, and Central India. It has also supplied products to international markets, including Sri Lanka, Nepal, Zambia, and Morocco.
Through its subsidiary, Pancarbo Greenfuels Private Limited, the company has expanded into ethanol manufacturing, producing and supplying fuel-grade ethanol and broadening its presence in the renewable fuels sector.
As of 30 September 2025, Punjab Carbonic Limited had a workforce of 273 employees supporting its manufacturing, recovery, transportation, and distribution operations.
Promoters
Davinder Singh Kohli
Amrit Paul Singh Kohli
Jatinder Kaur Kohli
Inder Pal Kaur Kohli
Contact details
Punjab Carbonic Ltd.
Khasra No. 112//4/2/1,
Village Lehri, Talwandi Sabo,
Bathinda Punjab, 151302
Tel: +91 9878290354
Email:cs@punjabcarbonic.com
Website:https://www.punjabcarbonic.com/
Punjab Carbonic IPO FAQs
- Has Punjab Carbonic IPO filed for an IPO?
- Punjab Carbonic Limited filed its draft red herring prospectus (DRHP) with SEBI on 1 Apr 2026.
- When will the Punjab Carbonic IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Punjab Carbonic IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.