Punjab Carbonic IPO

About Punjab Carbonic IPO

The Punjab Carbonic IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 60,00,000 shares aggregating up to ₹[TBA] crores. The offer for sale portion includes 35,00,000 shares of ₹10 aggregating up to ₹[TBA] crores. The total number of shares is 95,00,000 and the aggregate amount is yet to be finalised.

Punjab Carbonic IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Punjab Carbonic 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, including the design and execution of CO₂ recovery and refining infrastructure. With over three decades of operating history, their business model is anchored in converting unavoidable fermentation‑based CO₂ emissions into high‑purity, commercially valuable products, thereby supporting a circular carbon economy.

Objectives of Punjab Carbonic IPO

• 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).

• Funding capital expenditure requirements of the company towards purchase of CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical.

• Investment in their material subsidiary, Pancarbo Greenfuels Private Limited, 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).

• Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the company.

• General corporate purposes.

Industry Outlook

India is the world’s third-largest emitter of CO₂, after China and the United States. The Government of India has committed to reducing CO₂ emissions intensity significantly by mid-century and achieving net zero by 2070. One of the key success stories in India’s clean energy transition has been the rapid growth of renewable power capacity. However, the power sector accounts for only about one-third of total CO₂ emissions, a share that is expected to decline further as renewable energy increasingly displaces fossil fuel-based power generation. At the same time, India’s expanding industrial economy contributes nearly another one-third of total emissions and represents a major hard-to-abate segment. Emissions from industries such as cement, steel, chemicals and refining are expected to continue rising unless new technologies and carbon abatement mechanisms are deployed. While India intends to gradually reduce coal dependence over the long term, fossil fuels—particularly coal—will remain an important part of the energy mix for supporting industrial growth and ensuring affordable, reliable baseload power. As a result, India’s decarbonisation pathway must include solutions that address emissions from hard-to-abate industrial sectors and residual fossil-based power generation.

About Punjab Carbonic

Punjab Carbonic 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, including the design and execution of CO₂ recovery and refining infrastructure. With over three decades of operating history, their business model is anchored in converting unavoidable fermentation‑based CO₂ emissions into high‑purity, commercially valuable products, thereby supporting a circular carbon economy. They, along with their wholly-owned Subsidiary Punjab Fusion Private Limited (PFPL), are engaged in the production, supply and distribution of CO2 and dry ice, along with the supply and setting up of CO2 recovery units (CRU ) within distilleries. They produce high purity liquid CO2, meeting the International Society for Beverage Technologists (ISBT) standards.

They cater to a wide range of industries, including food and beverages, automobiles, chemicals and fertilizers, healthcare & pharma and aviation, with established presence across North, South, West and Central India.

Strengths of Punjab Carbonic

• Long standing customer relations with established domestic clientele.

• Extensive and diverse customer base across multiple industries.

• Strong geographical presence and extensive logistic infrastructure.

• Integrated operating model covering the complete CO₂ chain.

• Proven engineering and technical capabilities enabling execution of complex projects.

• Strong financial performance and healthy balance sheet.

• Experienced promoters and management team, having domain knowledge.

Risks of Punjab Carbonic

• They are significantly dependent on their top 10 customers.

• Reliance on third-party distilleries and industrial units for sourcing CO₂, which is their primary raw material.

• They operate certain CO₂ recovery units under asset-light or operational arrangements where they do not own the underlying assets.

• Some of their arrangements with distilleries include minimum guaranteed offtake obligations and are subject to long-term operational arrangements that may be terminated or not renewed.

• They are subject to risks associated with their products, manufacturing processes and distribution network, owing to the hazardous nature of industrial CO2.

• Their operations rely on logistics infrastructure for the transportation of CO₂ and ethanol.

• There is a concentration of their sales in North India.

• A significant portion of their revenue from operations is derived from the ethanol manufacturing operations of one of their subsidiaries, Pancarbo Greenfuels Private Limited, in which they do not hold 100% shareholding.

Anchor Investor Bidding Date: TBA

Registrar: KFin Technologies Limited

Book Running Lead Managers: Beeline Capital Advisors Private Limited

Punjab Carbonic Business Model

The company earns its revenue as 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, including the design and execution of CO₂ recovery and refining infrastructure.

Punjab Carbonic Growth Trajectory

Punjab Carbonic ’s Total Income for FY25 was ₹490.301 crores, whereas in FY24 and FY23 it was ₹137.910 crores and ₹111.437 crores, respectively.

The Profit After Tax for FY25 was ₹26.214 crores, whereas in FY24 and FY23 it was ₹6.346 crores and ₹7.284 crores, respectively.

Their EBITDA for FY25 was ₹48.234 crores, whereas in FY24 and FY23 it was ₹17.357 crores and ₹12.968 crores, respectively.

Punjab Carbonic Market Position

With an annual installed capacity of 259,200 metric tonne as of March 31, 2025, they cater to a wide range of industries, including food and beverages (F&B), automobiles, chemicals and fertilizers, healthcare & pharma and aviation, with established presence across North, South, West and Central India.

They have an established presence across more than 23 states and union territories in India and have also provided their products and services in four countries, namely Sri Lanka, Nepal, Zambia and Morocco, during the six-month period that ended September 30, 2025 and the last three Fiscals.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹490.301 crores, ₹26.214 crores, and ₹48.234 crores, respectively.

How to apply for Punjab Carbonic IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.

• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.

• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.

• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.