Punjab Carbonic Limited, an integrated carbon capture & utilisation and industrial gas solutions company, has filed its Draft Red Herring Prospectus dated March 31, 2026, with the Securities and Exchange Board of India, BSE Limited, and National Stock Exchange of India Limited on March 31.
The proposed initial public offering will comprise up to 95,00,000 equity shares of face value of ₹10 each, consisting of a fresh issue of up to 60,00,000 equity shares and an offer for sale of up to 35,00,000 equity shares.
The company proposes to use the issue proceeds towards the setting up of two CO₂ recovery units at Nellore, Andhra Pradesh, and Peddapuram, Andhra Pradesh, with installed capacities of 120 MTPD and 90 MTPD, respectively; funding capital expenditure requirements for the purchase of CO₂ transportation tankers to strengthen its existing logistics infrastructure for the CO₂ vertical; and investment in its material subsidiary, Pancarbo Greenfuels Private Limited.
It also plans to use the funds for financing the capital expenditure requirement towards the expansion of its existing ethanol distillery located at Village Lehri, Punjab, by increasing its ethanol manufacturing capacity by 35 KLPD; repayment and/or pre-payment, in full or in part, of certain outstanding borrowings; and general corporate purposes.
Beeline Capital Advisors Private Limited has been appointed as the Book Running Lead Manager to the offer and KFin Technologies Limited as the Registrar to the offer.
About Punjab Carbonic
The company is 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, backed by over three decades of operating history.
Its business model is anchored in converting unavoidable fermentation-based CO₂ emissions into high-purity, commercially valuable products, thereby supporting a circular carbon economy.
It currently operates its CO₂ recovery units (CRUs) through a combination of the build-own-operate (BOO) and asset-light models, with its pan-India distribution network supported by a self-owned fleet of 55 CO₂ transportation tankers.
The company, along with its wholly owned subsidiary, Punjab Fusion Private Limited (PFPL), is engaged in the production, supply, and distribution of CO₂ and dry ice, along with the supply and setting up of CO₂ recovery units within distilleries, and is also engaged in the manufacture and sale of fuel-grade ethanol through its subsidiary, Pancarbo Greenfuels Private Limited (PGPL).
Looking at the financial metrics, the company reported a consolidated revenue from operations of ₹48,817.39 lakh, EBITDA of ₹4,823.38 lakh, and PAT of ₹2,621.44 lakh for FY25.
In H1FY26, the company reported revenue from operations of ₹27,939.52 lakh, EBITDA of ₹3,724.98 lakh, and PAT of ₹2,618.52 lakh.
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