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Punjab Carbonic Limited is an integrated CCU and industrial gas solutions company that recovers, manufactures, supplies and distributes liquid CO₂ and dry ice, while also providing project engineering services for CO₂ recovery systems and running ethanol manufacturing through its subsidiaries.
Seventeen CRUs operate across India; customers are spread across more than 23 states and union territories, and a self-owned tanker fleet handles transportation. Total income increased from ₹111.44 crore in FY2023 to ₹490.30 crore in FY2025. During this period, the company also expanded its operations through its ethanol manufacturing business. EBITDA and PAT have also moved higher.
The business carries risks tied to industrial demand levels, operational continuity at recovery units, capital expenditure obligations, borrowings, regulatory compliance and competition. Investors are advised to read the DRHP and other publicly available information before making any investment decision on the proposed issue.
Carbon dioxide is used across industries such as food and beverages, healthcare, pharmaceuticals, chemicals, and manufacturing. Companies operating in the carbon capture and industrial gases segment manufacture, recover, and supply carbon dioxide for these end-use applications.
Punjab Carbonic Limited filed its DRHP with SEBI on March 31, 2026, proposing to raise funds through an IPO. Incorporated in Bathinda, Punjab, the company works in carbon capture and utilisation (CCU) and industrial gas solutions, manufacturing liquid CO₂ and dry ice, running CO₂ recovery units at distilleries and other facilities, and providing project engineering services for CO₂ plants. Key disclosures from the DRHP are outlined below.
Particulars | Details |
IPO Type | Book Built Issue |
IPO Open Date | To be announced |
IPO Close Date | To be announced |
Face Value | ₹10 per equity share |
Price Band | To be announced |
Lot Size | To be announced |
Fresh Issue | Up to 60,00,000 equity shares |
Offer for Sale | Up to 35,00,000 equity shares |
Total Issue Size | Up to 95,00,000 equity shares |
Listing Exchange | NSE and BSE |
The IPO has two parts — a Fresh Issue and an Offer for Sale. Proceeds from the Fresh Issue go to the company. The Offer for Sale shares are being sold by the promoter shareholders — Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli — and the proceeds from that portion will be received by them directly. Price band, lot size, total issue size in rupee terms and offer dates are yet to be announced.
Punjab Carbonic Limited started in December 1992 as Punjab Carbonic Private Limited. A board and shareholder resolution in January 2026 converted it into a public limited company ahead of the proposed IPO. Its registered office is at Village Lehri, Talwandi Sabo, Bathinda, Punjab. The promoters are Davinder Singh Kohli, Amrit Paul Singh Kohli, Jatinder Kaur Kohli and Inder Pal Kaur Kohli.
Over the years, the company has moved beyond basic CO₂ manufacturing into recovery and purification of emissions, dry ice production, project engineering and, through subsidiaries, ethanol manufacturing.
Punjab Carbonic is an integrated CCU and industrial gas solutions company. Its activities span:
Manufacturing liquid carbon dioxide
Manufacturing dry ice
Recovery and purification of carbon dioxide emissions
Design, installation and operation of carbon dioxide recovery units (CRUs)
Turnkey project engineering solutions for carbon dioxide plants
Ethanol manufacturing through its subsidiary
Installed CO₂ production capacity stood at 259,200 metric tonnes per annum as of 31 March 2025. As of the same date, the company operated 17 CRUs across India under build-own-operate and asset-light models.
According to the DRHP, these CRUs are installed at distilleries where carbon dioxide generated during fermentation is recovered and purified to produce liquid CO₂ meeting ISBT standards. The company also owns a fleet of CO₂ transportation tankers.
Revenue comes from several segments:
Sale of liquid carbon dioxide
Sale of dry ice
Ethanol and DDGS manufacturing and related products
Project engineering and installation of carbon dioxide recovery plants
Transportation and tanker rental services
Per the DRHP, the company operates across CO₂ supply, ethanol and DDGS manufacturing, project engineering and other related services.
Punjab Carbonic operates in the industrial gases and carbon capture industry. According to the DRHP, the company manufactures liquid CO₂ and dry ice, operates CO₂ recovery units, provides project engineering services, and owns a fleet of CO₂ transportation tankers. As of 31 March 2025, it operated 17 CRUs and served customers across more than 23 states and union territories.
CO₂ finds buyers across food processing, beverage carbonation, healthcare, pharmaceuticals, chemical manufacturing and cold-chain logistics — a customer base that cuts across both everyday consumption and industrial activity.
Factors cited as supporting sector growth include:
Increasing demand from food and beverage manufacturers
Growth in industrial gas consumption across industries
Rising focus on carbon capture and utilisation technologies
Expansion of ethanol and distillery capacity
Greater emphasis on emission recovery and sustainability initiatives
Growth in cold-chain and dry ice applications
Increasing industrialisation and manufacturing activity
The CCU segment has gathered commercial interest as the proposition of converting industrial emissions into sellable products has become more viable — both technically and economically.
Key financial figures from the DRHP, on a restated consolidated basis:
Particulars (₹ Crore) | FY2025 | FY2024 | FY2023 |
Total Income | 490.30 | 137.91 | 111.44 |
EBITDA | 48.23 | 17.36 | 12.97 |
PAT | 26.21 | 6.35 | 7.28 |
Total Assets | 312.75 | 287.44 | 145.15 |
Total Borrowings | 168.98 | 161.06 | 77.41 |
The company operates across CO₂ recovery, liquid CO₂ manufacturing, dry ice production, logistics, and project engineering services.
As of 31 March 2025, the company operated 17 carbon dioxide recovery units across India.
According to the DRHP, the company serves customers across more than 23 states and union territories through its recovery units, transportation fleet, and distribution network.
The company's products are supplied to customers operating in the food and beverage, chemicals, fertilisers, healthcare, pharmaceuticals, automobiles, and aviation sectors.
The company provides design, installation, and commissioning services for carbon dioxide recovery plants. According to the DRHP, it has executed projects in India as well as selected international markets.
According to the DRHP, demand for the company's products is linked to industries such as food and beverages, chemicals, and manufacturing.
According to the DRHP, the company's CRUs are located at distilleries owned or operated by third parties.
According to the DRHP, the business requires capital expenditure for manufacturing facilities, CRUs, transportation assets, and ethanol operations.
The company's manufacturing and recovery operations are subject to environmental, industrial, and safety regulations.
According to the DRHP, the company derives revenue from certain key customers and industry segments.
Total borrowings stood at ₹168.98 crore as of March 31, 2025. The company remains exposed to repayment obligations and financing-related risks.
Regional and national industrial gas and CO₂ market participants compete on pricing, service quality and operational efficiency.
The integrated CCU and industrial gas business model and how multiple revenue streams are structured
Installed CO₂ production capacity of 259,200 MTPA and the network of 17 operational CRUs
Revenue and profitability trends, including developments in the ethanol manufacturing segment
Expansion plans funded from IPO proceeds, including two new CRUs in Andhra Pradesh and an ethanol capacity addition at the Punjab distillery
Breadth of end-user industries served across more than 23 states and union territories
Capital expenditure requirements for planned expansion
Total borrowings of ₹168.98 crore and proposed partial repayment from IPO proceeds
Growth prospects for CCU and industrial gas demand in India
Regulatory and environmental compliance across manufacturing and recovery operations
Competitive intensity within the industrial gas sector
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