Punjab Carbonic IPO: Date, SEBI Approval, Issue Size and Review
Carbon capture and industrial gas company that recovers CO2 from distilleries and sells liquid CO2 and dry ice; also makes fuel-grade ethanol.
Quick verdict: Punjab Carbonic IPO has SEBI’s observation letter (29 Oct 2026) but no dates. Issue size: 95 lakh shares (60 lakh fresh + 35 lakh OFS). FY25 net profit: ₹26.2 cr. Price band: not announced. No Scouter Reading before a price band.
A niche CO2 supplier whose revenue jumped after it added ethanol. Profit in the first half of FY26 already matched all of FY25, so the RHP’s segment split will matter most.
Based on the DRHP and public reports as of 9 November 2026. Not investment advice. Issues without a price band are not given a Scouter Reading.
Where the IPO stands
No IPO date, price band or lot size has been announced as of 9 November 2026.
Data as of 9 November 2026, 01:00 IST. Confirmed = DRHP or SEBI records. Reported = media summaries of the DRHP. Calculated = our arithmetic.
The Punjab Carbonic IPO has SEBI approval but no date. SEBI issued its observations on 29 October 2026 (Confirmed, SEBI update reported by Groww and IPO Guru) on the draft papers filed on 31 March. The issue is 95 lakh shares: 60 lakh new shares and an offer for sale of 35 lakh shares. Because the draft counts shares, not rupees, the issue size in crore will be known only when the price band is set in the red herring prospectus (RHP).
Punjab Carbonic IPO details
| Total issue | Up to 95,00,000 shares |
| Fresh issue | Up to 60,00,000 shares |
| Offer for sale | Up to 35,00,000 shares |
| Face value | ₹10 per share |
| Shares before / after the issue | 2,29,60,740 / 2,89,60,740 |
| Quota (net offer) | QIB 50%, retail 35%, non-institutional 15% |
| Lead manager | Beeline Capital Advisors |
| Registrar | KFin Technologies |
| Price band, lot size, dates | Not announced as of 9 November 2026 |
The new shares will make up about 20.7% of the post-issue share count (Calculated). The retail quota is 35%, the standard for a mainboard book-built issue.
Where the fresh money goes
The reports list the objects but not the rupee amounts, which the RHP will fix (Reported, Kotak Neo and Groww):
- Two new CO2 recovery units in Andhra Pradesh: Nellore (120 tonnes a day) and Peddapuram (90 tonnes a day).
- More CO2 transport tankers.
- Investment in its subsidiary Pancarbo Greenfuels to expand the ethanol distillery at Lehri, Punjab, by 35 kilolitres a day.
- Repayment or prepayment of some borrowings.
- General corporate purposes.
What Punjab Carbonic does
Distilleries and breweries release carbon dioxide during fermentation. Punjab Carbonic, set up in 1992, installs CO2 recovery units (CRUs) at such plants, captures the gas, and purifies it into liquid CO2 and dry ice. It runs 17 CRUs, nine of them owned and operated by the company and eight on an asset-light basis, along with 55 tankers of its own. Installed capacity was 2,59,200 tonnes a year as of 31 March 2025 (Reported, Groww). Through Pancarbo Greenfuels it has also entered fuel-grade ethanol, which oil marketing companies blend into petrol.
Punjab Carbonic financials
| ₹ crore | FY24 | FY25 | H1 FY26 (Apr–Sep 2025) |
|---|---|---|---|
| Revenue from operations | 136.53 | 488.17 | 279.40 |
| EBITDA | 17.36 | 48.23 | 37.25 |
| EBITDA margin | 12.7% | 9.9% | 13.3% |
| Net profit | 6.35 | 26.21 | 26.19 |
| Net margin | 4.7% | 5.4% | 9.4% |
Revenue rose about 3.6 times in FY25. A jump that size in a gas business almost certainly reflects the ethanol unit coming on stream. Ethanol is a higher-volume, lower-margin product, which would explain why the EBITDA margin dipped that year (our reading). In the first half of FY26, profit matched the whole of FY25 and margins improved.
Two checks matter when the RHP arrives. First, how revenue and profit split between CO2 and ethanol. Second, how the ethanol business depends on government purchase prices and blending targets, which can change.
Punjab Carbonic cash flow and debt
Profits at Punjab Carbonic are now turning into cash. Operating cash flow was ₹31.94 crore in FY25 and ₹35.71 crore in the six months to September 2025, after an outflow of ₹5.67 crore in FY23 (Reported, from the DRHP).
| ₹ crore | FY24 | FY25 | H1 FY26 |
|---|---|---|---|
| Cash from operations | n/a | 31.94 | 35.71 |
| Operating cash flow / EBITDA | 0.87x | 0.66x | 0.96x |
| Total borrowings (period end) | 161.06 | 168.98 | 156.59 |
| Ethanol and DGS share of revenue | 11.89% | 69.72% | 74.31% |
However, debt is large next to profit. Borrowings of about ₹157 crore at September 2025 are roughly six times FY25 net profit (Calculated). That is why part of the fresh issue goes to repaying loans.
The revenue mix has also changed sharply. Ethanol and distillers’ grains (DGS) made up about three-quarters of sales in H1 FY26, up from about 12% in FY24. As a result, the company now depends more on ethanol supply contracts with oil marketing companies than on its original carbon dioxide business.
Punjab Carbonic IPO valuation and GMP
No price band or GMP exists yet. Listed industrial gas companies such as Linde India are much larger and price at high multiples, so a fair comparison will need care. Ethanol peers trade far cheaper. A grey-market quote before a price band is not tied to a real offer; see what IPO GMP means.
Punjab Carbonic IPO review: strengths and risks
Strengths
- Over three decades in CO2 recovery, with an asset-light option for new units.
- Own tanker fleet, which helps on delivery in a bulky, logistics-heavy product.
- Profit grew faster than revenue in H1 FY26.
Risks
- Ethanol policy: pricing and offtake depend on government blending programmes.
- Feedstock dependence: CO2 supply relies on partner distilleries running at full capacity.
- Short record at scale: FY25 was the first year at the current revenue size.
- Disclosure gap: rupee amounts for each object of the issue are not yet public.
What happens next
- The RHP, with the price band, lot size, dates and rupee amounts for each object. We will update this page then.
- Meanwhile, see IPOs with confirmed dates and our IPO pipeline.
Punjab Carbonic IPO: frequently asked questions
When is the Punjab Carbonic IPO date?
Not announced as of 9 November 2026. SEBI cleared the issue on 29 October 2026; dates will follow in the red herring prospectus.
What is the Punjab Carbonic IPO size?
95 lakh shares: 60 lakh new shares and 35 lakh offered for sale. The size in rupees depends on the price band, which is not yet set.
Is Punjab Carbonic IPO mainboard or SME?
Mainboard. The shares are proposed to list on both BSE and NSE.
What does Punjab Carbonic make?
Liquid carbon dioxide and dry ice recovered from distillery fermentation, plus fuel-grade ethanol through its subsidiary Pancarbo Greenfuels.
How much debt does Punjab Carbonic have?
Total borrowings were about ₹156.59 crore at 30 September 2025, down from ₹168.98 crore at 31 March 2025 (Reported, from the DRHP).
How much of Punjab Carbonic’s revenue comes from ethanol?
Ethanol and distillers’ grains made up 74.31% of revenue in the six months to September 2025, up from 11.89% in FY24 (Reported, from the DRHP).
Who are the lead manager and registrar for the Punjab Carbonic IPO?
Beeline Capital Advisors is the book-running lead manager and KFin Technologies is the registrar, according to the DRHP.
What is the retail quota in the Punjab Carbonic IPO?
The DRHP reserves not less than 35% of the offer for retail investors, not less than 15% for non-institutional investors and not more than 50% for qualified institutional buyers.
Sources: SEBI public issue filings (Punjab Carbonic DRHP) · Groww · Kotak Neo · IPO Guru · HDFC Sky
Disclaimer: This article is for information and education only and is not investment advice. Draft terms can change in the red herring prospectus.
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