Punjab opened the account in the 92nd minute when striker Manveer scored a stunning goal. Lalbiakhlua scored the equaliser for Mizoram in the 104th minute.
While the Punjab trio of Rajbir, Sarbjit and Manvir sneaked into the rival's territory on number of occasions, Mizoram custodian Lalawmpuia was equal to the task.
Mizoram too missed out on a couple of scoring opportunities.
The hosts will meet Services in the final.
After the full time ended without a goal being scored, both the teams were locked 1-1 at the end of extra time.
