Yes, the goal should be disallowed. It also makes no difference as to whether the ball has hit the ground (ie. for a dropkick rather than a punt).
The restart of play is an indirect free kick for playing in a dangerous manner, awarded to the goalkeeper's team.
The relevant information from the 2015/16 FIFA Laws of the Game, pages 122 - 123:
A goalkeeper is considered to be in control of the ball:
- while the ball is between his hands or between his hand and any surface
(e.g. ground, own body)
- while holding the ball in his outstretched open hand
- while in the act of bouncing it on the ground or tossing it into the air
When a goalkeeper has gained possession of the ball with his hands, he cannot be challenged by an opponent.
A player must be penalised for playing in a dangerous manner if he kicks or
attempts to kick the ball when the goalkeeper is in the process of releasing
and on page 38:
An indirect free kick is also awarded to the opposing team if, in the opinion of the referee, a player:
- plays in a dangerous manner