Can I limit one product to certain pincodes?

The reliable way today is store-wide: the Delivery Restrictions plugin. On its Settings tab turn on Enable pincode restriction, and on the Pincodes tab list the pincodes you deliver to; any other pincode is blocked at checkout. It also adds a pincode checker that tells shoppers whether you deliver to them.

The product form also has a Delivery Area section with Include pincodes and Exclude pincodes, but those per-product lists are not yet applied at checkout, so don't rely on them for now.