Q-Line Biotech NSE SME IPO review

The company is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables.
It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments.
As the company has no listed peers, it is trying to extract fancy price for its IPO.
Based on its overall financial data, the issue appears fully priced.
Well-informed investors may park moderate funds for long term.

About Company

Q-Line Biotech Ltd. (QBL) is engaged in the business of developing, manufacturing and marketing of diverse range of reagents (including kits and POC devices) & consumables and manufacturing, importing, distribution/supply of diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and IVD products for different diagnostic healthcare needs since 2013 directly or through its distributor/s majorly to diagnostic service providers, hospitals and medical colleges.

The company has established its brands over a period of 12 years through its experience, R & D, manufacturing capabilities and quality assurance. The core segments of operations of the Company in IVD Industry include Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids).

QBL’s key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipment’s & devices. Further during the Covid-19 pandemic, the company diversified its focus and with the technical collaboration of third-party institutes and through its own R&D team developed a range of Covid testing kits viz. RT-PCR Kits, RNA Extraction Kits, VTM Kits etc.

It is research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products. Further, for its certain Class of Reagent & equipment’s and devices manufacturing business, the company has entered into technical collaboration with certain international companies. Under the agreement terms, it undertakes the manufacturing of these Reagent and equipment’s and devices as per the technical collaboration and specifications provided by the partners or companies.

With the help of these collaborations the equipment and devices adhere to strict quality control, international standards and certifications. As of March 31, 2026, the company employed 19 personnel at R&D laboratories, which constituted 5.25% of its total permanent employee strength. As of March 31, 2026, it had 362 employees on its payroll and additional 223 contract employees in various departments.

Issue Details / Capital History

The company is coming out with its maiden book building route IPO of 6253200 equity shares of Rs. 10 each to mobilize Rs. 214.48 cr. at the upper cap. The company has announced a price band of Rs. 326 - Rs. 343 per share. The minimum application to be made is for 800 shares and in multiples of 400 shares thereon, thereafter. The IPO opens for subscription on May 21, 2026, and will close on May 25, 2026. The IPO constitute 26.81% of the post-IPO paid-up capital of the company. The shares will be listed on NSE SME Emerge. From the net proceeds of the IPO, it will utilize Rs. 93.50 cr. for working capital, Rs. 90.00 cr. for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.

The company raised Rs. 27.44 cr. in a pre-IPO placement of 800000 shares in May 2026, at Rs. 343 per share.

The IPO is jointly lead managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd., Purva Sharegistry (India) Pvt. Ltd., is the registrar to the issue. HEM group’s Hem Finlease Pvt. Ltd., is the market maker as well as a syndicate member.

The company has issued initial equity capital at par value. It raised further equity shares in the price range of Rs. 125 – Rs. 417 between March 2019 and May 2026. It has also issued bonus shares in the ratio of 2 for 1 in March 2016, and 9 for 1 in August 2025. The average cost of acquisition of shares by the promoters is Rs. 0.00, Rs. 0.04, and Rs. 18.34 per share.

Post-IPO, company’s current paid-up equity capital of Rs. 17.07 cr. will stand enhanced to Rs. 23.33 cr. Based on the upper band of the IPO pricing, the company is looking for a market cap of Rs. 800.16 cr.

IPO Lead Managers & Registrar

Financial Performance

On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income/ net profit, of Rs. 184.81 cr. / Rs. 32.10 cr. (FY23), Rs. 206.45 cr. / Rs. 34.44 cr. (FY24), Rs. 322.58 cr. / Rs. 28.13 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 38.69 cr. on a total income of Rs. 236.50 cr. Though it posted growth in its top lines for the reported periods, its bottom line posted inconsistency. For FY25, it posted lower net profit of Rs. 28.13 cr., and for 9M-FY26, though the top line is Rs, 236.50 cr. it posted bumper profit of Rs. 38.69 cr. in a pre-IPO period, that not only raise eyebrows, but also concern over its sustainability going forward. Despite higher other income for FY25, it marked lower net following extra-ordinary item of Rs. 16.97 cr. Its contingent liability stood at Rs. 61.64 cr. as of December 31, 2025, that raises alarm. Its overall borrowings of Rs. 242.57 cr. as of December 31, 2025, raise concern.

For the last two fiscals, the company has reported an average EPS of Rs. 25.00, and an average RoNW of 23.17%. The issue is priced at a P/BV of 2.44 based on its NAV of Rs. 140.81 per share as of December 31, 2025, but its post-IPO NAV data is missing from the offer documents.

If we attribute FY26 super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 15.51, and based on FY25 earnings, the P/E stands at 28.44. The issue appears fully priced, based on its bumper earnings for 9M-FY26, which may not be sustained.

For the reported periods, the company has posted PAT margins of 17.56% (FY23), 16.92% (FY24), 8.97% (FY25), 16.65% (9M-FY26), and RoCE margins of 22.14%, 19.25%, 17.66%, 13.32%, respectively, for referred periods.

All amounts in Indian Rupees crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹184.81	₹154.97	₹32.10	₹251.58
2024	₹206.45	₹175.85	₹34.44	₹339.25
2025	₹322.58	₹261.43	₹28.13	₹455.49
Dec 2025	₹236.50	₹186.96	₹38.69	₹561.34

Dividend Policy

The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.

Comparison with Listed Peers - for Fiscal 2025

As per the offer document, the company has no listed peers to compare with.

Name of the Company	Face Value (₹)	EPS basic (₹)	EPS Diluted (₹)	RONW (%)	P/E Ratio	NAV (₹)
Powerica Limited	5	15.26	15.26	15.37 %	24.45	99.76
Listed Peers
Cummins India Limited	2	72.15	72.15	26.45%	64.13	272.78
Kirloskar Oil Engines Limited	2	33.71	33.60	15.85%	43.24	212.60
NTPC Green Energy Limited	10	0.67	0.67	2.58%	129.40	21.88
Acme Solar Holdings Limited	2	4.55	4.53	5.59%	50.74	74.54
Adani Green Energy Limited	10	8.37	8.37	11.90%	101.53	76.62

Disclaimer: Above table shows earnings and P/E ratio as of 2025-26

Merchant Banker's Track Record

The two merchant bankers associated with this issue have handled 79 issues in the past three years, out of which 8 issues closed below the issue price on listing date.

Conclusion - Apply for medium to long term

QBL is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables. It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments. As the company has no listed peers, it is trying to extract fancy price for its IPO. Based on its overall financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.

Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.

He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.

Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.

FAQ Accordion

Q-Line Biotech IPO FAQs

1. What is Q-Line Biotech IPO? ⌄

Q-Line Biotech IPO is SME IPO. The company is going to raise ₹214 Crores via IPO. The issue is priced at ₹326 to ₹343 per equity share. The IPO is to be listed on NSE SME.

2. When Q-Line Biotech IPO will open for subscription? ⌄

The IPO is to open on May 21, 2026 for QIB, NII, and Retail Investors. The IPO will close on May 25,2026.

3. What is Q-Line Biotech IPO Investors Portion? ⌄

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

4. How to Apply the Q-Line Biotech IPO? ⌄

You can apply for Q-Line Biotech IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

5. What is Q-Line Biotech IPO Issue Size? ⌄

Q-Line Biotech IPO issue size is ₹214 crores.

6. What is Q-Line Biotech IPO Price Band? ⌄

Q-Line Biotech IPO Price Band is ₹326 to ₹343.

7. What is Q-Line Biotech IPO Lot Size? ⌄

The minimum bid is 800 Shares with ₹2,74,400 amount.

8. What is the Q-Line Biotech IPO Allotment Date? ⌄

Q-Line Biotech IPO allotment date is May 26,2026.

9. What is the Q-Line Biotech IPO Listing Date? ⌄

Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

IPO Update: 13 Companies Get SEBI Approval for IPOs this week

By Jagat Joshi
January 24, 2026

Once again, confidence in the Indian capital market is rising, as SEBI has given the green light to 13 companies to launch their Initial Public Offerings (IPOs).

After the approval of SEBI, we can expect the following companies to launch their IPO within this year. From technology, manufacturing, to engineering, various sectors are looking to hit the capital market this year. The following is the list of the 13 companies that received the nod from SEBI as follows:

Sify Infinit

Sify Infinit, one of the leading data centre colocation services providers, gained the approval from SEBI to launch its ₹3700 crore IPO. The company filed its DRHP on Oct 16, 2025, and received SEBI approval on January 23, 2026. This IPO comprises a fresh issue of ₹2500 crore and an OFS of ₹1200 crore.

Sify Infinit, a subsidiary of the ICT giant Sify Technologies, runs 14 operational colocation data centers across 6 cities in India. No other data provider company has listed on the Indian Stock exchanges; this would be the first. Financially, as of June 2025, the company has reported a revenue of ₹398.59 crore and a profit of ₹13.63 crore, respectively.

Hella Infra Market (Infra.Market)

Hella Infra Market, widely known as Infra.Market, also received the green signal from SEBI on January 23, 2025, to launch its IPO. Infra Market is a prominent construction solution company that offers a range of building materials and products in India. Infra.Market started its business in 2016 by entering the ready-mix concrete, aggregates, and construction chemicals.

The company filed its DRHP via a pre-filing route on 14 October 2025, leaving the exact size of the IPO in suspense. As per IPOcentral, we can expect the size of the IPO to be around ₹3,000 crore to ₹4,000 crore.

Jay Jagdamba

Jay Jagdamba, a manufacturer and exporter of stainless steel and engineering products, acquired SEBI’s nod as well. They produce a wide range of stainless steel products, such as billets, ingots, black round bars, rolled bars, and bright bars in various shapes.

The company had submitted its Draft papers via the confidential route on 30 June 2025 and got approval on Jan 23, 2026, to launch its Initial Public Offering (IPO). Major details like IPO Size, date, and price have not been announced yet. As per the IPOCentral report, through this issue, the company will be planning to exit the existing shareholders and will use the funds to expand its manufacturing facilities in Maharashtra.

Transline Technologies

Another one of the most awaited IPO in the list is Transline Technologies, which filed its DRHP on 7 August 2025, and received a nod on Jan 22, 2026, to launch its IPO. Founded in 2001, Transline Technologies specializes in security and surveillance systems, biometric solutions, and AI-driven software products.

As per the DRHP, this issue comprises solely an Offer for Sale component of 1.62 crore shares, meaning the shareholders will exit the company, and funds will not go to the company’s growth. The exact IPO date, price, and size have yet to be announced by the company.

UKB Electronics

One of the leading integrated electronic manufacturing services (“EMS”) providers, UKB Electronics, will soon be hitting the IPO market with its ₹800 crore IPO. They serve top OEMs like LG, Panasonic, Carrier, Midea, and Haier. UKB Electronics submitted its draft papers on Sep 1, 2025, and got approval from SEBI on January 23, 2026, to launch its IPO (Initial Public Offering). According to the DRHP, this IPO includes both a fresh issue of ₹400 crores and an OFS of ₹400 crores as well. Financially, in FY25, the company reported a total income of ₹790.41 crore and PAT of ₹46.02 crore, respectively.

CMR Green

In the 6th’s IPO approvals list, we have CMR Green, which is a india’s largest producer of Zinc and Aluminium. Founded in 2008, the company filed its draft papers on 29 August 2025 and obtained the SEBI nod on January 22, 2026. As per the DRHP, this issue consists only of an Offer-for-Sale component of ₹4.29 crore shares, meaning the promoter will sell their stake.

Its product portfolio includes Aluminum Alloy (Liquid), Aluminum Alloy (Ingot), Aluminium Billets, Zinc Alloy, and Stainless Steel recycling. They use advanced technology to recycle aluminium, without losing its quality, making it a preferable choice for sustainable industrial use.

Purple Style Labs

One of the leading companies, “Purple Style Labs,” received approval for an IPO. The IPO will be a ₹660 crore fresh issue. It filed DRHP on September 22, 2025, and got the approval on January 23, 2026. Moreover, Axis Capital is the lead manager.

The company is a well-known name in India’s luxury fashion space and has a strong presence in designer wear.

Oswal Cables

Oswal Cables, a major player in the power transmission and distribution sector, has also received IPO approval. Furthermore, the issue includes a ₹300 crore fresh issue and an offer for sale of 2.22 crore shares. Oswal Cables filed its DRHP on September 30, 2025, and got approval on January 19, 2026.

Pantomath Capital Advisors is the coordinating lead manager.

BVG India

BVG India, which is part of the Bharat Vikas Group, has received approval for its IPO comprising a ₹300 crore fresh issue and an offer for sale of 2.85 crore shares.

BVG is one of India’s largest facility management companies, offering services such as housekeeping, facility operations, and emergency services like the 108 ambulance service.

Pride Hotels

Pride Hotels is in IPO list with SEBI approval. The issue includes a ₹260 crore fresh issue and an offer for sale of 3.92 crore shares, with the total issue size estimated at around ₹1,000 crore.

The fresh funds will be used to renovate existing hotels and develop new properties in popular tourist locations. Pride Hotels filed its DRHP on September 30, 2025, and received approval on January 16, 2026. Motilal Oswal Investment Advisors is the lead manager.

Sai Parenteral

Sai Parenteral received approval for its IPO, which includes a ₹285 crore fresh issue and an offer for sale of 0.35 crore shares.

The company manufactures injectables for global pharma companies and also sells its own generic products. Sai Parenteral filed its DRHP on September 30, 2025, and got approval on January 21, 2026. Arihant Capital is the coordinating lead manager.

Commtel Networks

Commtel Networks, a specialized technology company, has also received IPO approval. The issue includes a ₹150 crore fresh issue and an offer for sale worth ₹750 crore. The company provides telecom and surveillance solutions for critical sectors such as oil & gas, power, and railways.

The IPO proceeds will be used to boost R&D and expand internationally, especially in the Middle East and North America. Commtel filed its DRHP on September 29, 2025, and received approval on January 22, 2026. Equirus Capital is managing the issue.

Medicap Healthcare

Medicap Healthcare is involved in the pharmaceutical packaging sector, focusing on pharmaceutical closures, Euro Head caps, and bottle preforms has also gained SEBI’s approval. The company filed its DRHP on 22 September, 2025 and gained the SEBI approval on January 23, 2026.

As per the draft papers, the issue comprises only a fresh issue of ₹240 crore with no OFS component. Means the funds raised from the issue will be used towards the company’s expansion and growth.

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.