Punjab Carbonic IPO: Company Profile, Financials and Promoter Contact Brief
IPO Overview
Punjab Carbonic Limited received SEBI observations for its proposed IPO on 29 October 2026. The company can proceed with the offering, subject to applicable requirements and market conditions. The proposed offer comprises 95 lakh equity shares, including a fresh issue of up to 60 lakh shares and an offer for sale of up to 35 lakh shares.
Shares carry a face value of Rs. 10 each and are proposed for listing on BSE and NSE. Subscription dates, price band, lot size and listing date remain unannounced. The total issue value will depend on the final offer price.
The proposed reservation provides not more than 50% for QIBs, not less than 35% for retail investors and not less than 15% for non-institutional investors.
SEBI observations allow the offering process to proceed; they do not constitute an investment recommendation.
Business and Operating Presence
Incorporated in 1992, Punjab Carbonic operates an integrated carbon capture and utilisation and industrial gas solutions business, manufacturing, recovering, supplying and distributing liquid carbon dioxide and dry ice.
The company recovers fermentation-based CO₂ emissions and converts them into high-purity products meeting International Society for Beverage Technologists standards. Along with subsidiary Punjab Fusion Private Limited, it also designs, installs and operates CO₂ recovery units within distilleries.
As of 31 March 2025, the company operated 17 CO₂ recovery units, with installed capacity of 2,59,200 metric tonnes annually, through build-own-operate and asset-light models. A self-owned fleet of CO₂ transportation tankers supports distribution.
Its customer industries include food and beverages, chemicals, fertilisers, automobiles, healthcare and aviation. Operations cover more than 23 states and union territories, with international supplies extending to Sri Lanka, Nepal, Zambia and Morocco.
Through subsidiary Pancarbo Greenfuels Private Limited, the company has diversified into fuel-grade ethanol manufacturing. It employed 273 personnel as of 30 September 2025.
Feedstock availability at partner distilleries, product purity, plant reliability and transportation efficiency are important competitive factors. CO₂ recovery represents carbon utilisation; it should not automatically be equated with permanent carbon sequestration.
Promoter and Ownership
The promoters are Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli.
The promoter and promoter group hold 99.47% before the IPO, with public shareholders holding the remaining 0.53%.
| Selling shareholder | Shares offered through OFS |
|---|---|
| Davinder Singh Kohli | 16,50,000 |
| Amrit Paul Singh Kohli | 7,25,000 |
| Jatinder Kaur Kohli | 1,00,000 |
| Inder Pal Kaur Kohli | 10,25,000 |
| Total | 35,00,000 |
The fresh issue would increase outstanding shares from 2,29,60,740 to 2,89,60,740, assuming full issuance and no subsequent changes. Post-offer promoter ownership will reflect both fresh-share dilution and the promoters’ sale.
Fresh-issue proceeds will accrue to the company, while OFS proceeds will go to the selling shareholders.
For a management interview, promoter introduction or IPO-related publication discussion, the company secretary’s office is an appropriate initial contact route.
Financial Performance
Restated consolidated financial figures, Rs. crore
| Particulars | Six months ended September 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Income | 281.62 | 490.30 | 137.91 | 111.44 |
| EBITDA | 37.25 | 48.23 | 17.36 | 12.97 |
| Profit After Tax | 26.19 | 26.21 | 6.35 | 7.28 |
| Total Assets | 315.69 | 312.75 | 287.44 | 145.15 |
| Borrowings | 156.59 | 168.98 | 161.06 | 77.41 |
The September 2025 results cover six months and should not be treated as directly comparable annual growth figures. Assets and borrowings represent balances at the respective reporting dates.
FY2025 total income increased approximately 255.5%, while PAT rose 312.8%. EBITDA increased 177.8%. However, EBITDA as a proportion of total income declined from approximately 12.59% to 9.84%, indicating that income expanded faster than operating earnings.
PAT margin on the same basis improved from 4.60% to 5.35%.
For the six months ended September 2025, EBITDA and PAT represented approximately 13.23% and 9.30% of total income, respectively. Half-year PAT of Rs. 26.19 crore nearly matched the preceding full-year profit, but this should not be mechanically annualised.
These EBITDA-to-total-income calculations differ slightly from the stated EBITDA margin KPIs of 13.33% and 9.88%, which may use revenue from operations as the denominator.
Borrowings declined 7.3% from March to September 2025, reaching Rs. 156.59 crore. Nevertheless, debt remained substantial relative to reported earnings, making cash generation, financing costs and expansion funding important assessment points.
Fund Utilisation and Discussion Points
| Proposed use | Allocation |
|---|---|
| CO₂ recovery units at Nellore and Peddapuram, Andhra Pradesh | Rs. 19.66 crore |
| Purchase of CO₂ transportation tankers | Rs. 11.15 crore |
| Investment in Pancarbo Greenfuels for ethanol capacity expansion at Lehri, Punjab | Rs. 40.61 crore |
| Repayment or prepayment of certain borrowings | Rs. 8.50 crore |
| General corporate purposes | As specified in final offer documents |
The four stated allocations total Rs. 79.92 crore, against an indicated aggregate of Rs. 79.93 crore, a difference of Rs. 0.01 crore consistent with rounding.
The proposed Nellore and Peddapuram units would have capacities of 120 and 90 metric tonnes per day, respectively. The ethanol investment would increase the subsidiary’s manufacturing capacity by 35 kilolitres per day.
Chanakya’s discussion focus: Additional recovery capacity and tankers could strengthen the CO₂ business, while ethanol expansion would deepen diversification. The benefits will depend on commissioning schedules, feedstock arrangements, customer offtake and incremental returns.
A management meeting should examine the drivers of FY2025’s sharp income increase, the contribution of ethanol versus industrial gases, half-year profit sustainability, distillery dependence, capacity utilisation, logistics costs and operating cash conversion.
Based on FY2025 consolidated PAT and the stated share counts, indicative EPS works out to approximately Rs. 11.42 before the issue and Rs. 9.05 after full fresh issuance. These are simple calculations before any adjustment for profit attributable to non-controlling interests; they are not earnings forecasts. A valuation assessment must await the price band.
Company Address and Contact
Registered office: Khasra No. 112//4/2/1, Village Lehri, Talwandi Sabo, Bathinda, Punjab – 151302.
Promoter interaction route: Company Secretary’s Office
Telephone: +91 9878290354
Email: cs@punjabcarbonic.com
Website: www.punjabcarbonic.com
Bookrunning lead manager: Beeline Capital Advisors Private Limited.
Registrar: KFin Technologies Limited
Telephone: 040-79615565
IPO email: punjabcarbonic.ipo@kfintech.com
Website: KFin IPO Status
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AEO / GEO Answer Summary
Punjab Carbonic’s proposed IPO comprises 95 lakh shares, including 60 lakh fresh shares and an OFS of 35 lakh shares. The company produces liquid CO₂ and dry ice and operates an ethanol business through its subsidiary. Fresh proceeds will support CO₂ recovery units, transportation tankers, ethanol expansion and debt repayment. IPO dates, price band and lot size remain unannounced. Earnings sustainability, substantial borrowings and returns from diversification require attention.