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.

Top SME IPOs to Watch in 2026: High-Risk, High-Reward Picks

By Jagat Joshi
February 20, 2026

The year 2025 was the greatest for SME IPOs, and 2026 continues the trend, with many SME companies lining up with their IPOs to hit the capital market. In FY24-25, the SME companies have generated thousands of crores, showcasing strong investor interest in the smaller companies. In the coming year as well, SME companies are looking to raise capital while giving retail investors opportunities to participate early in growth.

If you are someone who is also planning to invest in the SME IPO and looking for the best upcoming SME IPO in 2026, then you are at the right place. In this blog, we will break down the top SME IPO to watch in 2026 that could deliver high-risk, high-reward returns. Note that all the IPOs below have not announced a date, details, or issue size yet.

What is an SME IPO?

SME IPOs are small to medium-sized companies that go public to raise funds via an Initial Public Offering (IPO). The SME IPOs get listed at the BSE SME or NSE Emerge platforms. Usually, SMEs carry a higher risk because they are small- and medium-sized companies still seeking liquidity to grow and strengthen their financial stability.

Unlike mainboard IPOs, to invest in SME IPOs, investors must have a higher amount of funding due to larger lot sizes and lower liquidity. That’s why SME IPOs are more suitable for high-risk, high-reward investors. So if that sounds like you, then the following is the list of the upcoming SME IPO in 2026 you can invest in.

Top SME IPO list to watch in 2026

Company	IPO Date	Sector	Listing Platform
GenxAI Analytics Limited	2026	Information Technology (IT) sector	NSE SME
MTE Structures Ltd.	2026	Solar Panels sector	BSE SME
Axiom Gas Engineering Limited	2026	energy and oil & gas sector	NSE SME
Fourfront Ltd.	2026	Automotive & EV component manufacturing	BSE SME
SJP Ultrasonics Ltd.	2026	Industrial automation & welding tech	BSE SME
Mother Agri Food Ltd.	2026	agriculture & food products sector	BSE SME
Peshwa Wheat Limited	2026	agro-food processing and manufacturing sector	BSE SME
Vahh Chemicals Limited	2026	Chemicals/Manufacturing	BSE SME
Milworks Technologies Limited	2026	Manufacturing Sector	BSE SME
LIQVD DIGITAL INDIA LIMITED	2026	digital marketing and advertising sector	BSE SME

GenxAI Analytics Limited:

GenxAI Analytics is a leading IT service firm that provides enterprise software and analytics tools. The company already filed its DRHP with SEBI on December 1, 2025, to raise funds via Initial Public Offering (IPO). We can expect the company to launch its IPO in the year of 2026. According to the papers, the IPO consists solely of a fresh issue of 50,04,000 Equity Shares with a face value of ₹10.

MTE Structures Limited:

Another upcoming IPOto keep in mind is MTE Structures, which has already filed its Draft papers on October 31, 2025, and plans to hit the stock market by next year. The equity shares are proposed to be listed on the BSE SME. As per the report, the company will be raising 37,06,000 shares via fresh issue and up to 6,54,000 equity shares via OFS. Since its incorporation in 2020, the company has been involved in the manufacturing of specialised solar panel mounting structures.

Axiom Gas Engineering Limited:

The company received approval from SEBI on May 8, 2025, to launch its IPO. Axiom Gas Engineering, founded in 2007, is engaged in offering green energy engineering solutions. As per the document, this ipo comprises a fresh issue of 93,00,000 Equity Shares and an Offer for Sale of 10,00,000 Equity Shares. The equity shares are proposed to be listed on NSE SME.

FourFont Limited:

Founded in 2007, FourFont Ltd is one of the leading companies involved in designing and manufacturing electromechanical and power electronics products. SEBI has already approved the draft papers of the company in August 2025, and we can expect them to launch their IPO in 2026. According to the document, this IPO will be entirely a fresh issue of 6500000 Equity Shares of face value of ₹10 each. Details like IPO date, price band, and size are yet to be announced.

SJP Ultrasonics Limited:

On September 29, 2025, SJP Ultrasonics filed a Draft Red Herring Prospectus to raise 35,00,000 Equity Shares via a Fresh issue. Incorporated on January 27, 2012, SJP Ultrasonics is a leading end-to-end plastic joining and automation solution provider. The Equity shares are proposed to be listed on the BSE (Bombay Stock Exchange). Financially, in FY25, the company reported revenues of ₹21.15 crore and a profit after tax (PAT) of ₹4.17 crore.

Mother Agri Food Limited:

Founded in 2023, Mother Agri Food supplies processed agricultural products to B2B clients. In December 2025, SEBI has already approved the draft papers. The company is planning to raise 63,27,000 Equity Shares via a fresh issue. The equity shares are proposed to be listed on the BSE SME. In FY25, the company reported a revenue of ₹39.07 crore and PAT of ₹1.49 crore, respectively.

Peshwa Wheat Limited:

The company has already filed its draft papers and is waiting for SEBI’s approval. Peshwa Wheat processes wheat and flour products, including atta, besan, and maize flour. As per the report, this IPO consists solely of a fresh issue of 55,00,000 Equity Shares. The equity shares are proposed to be listed on the BSE SME.

Vahh Chemicals Limited:

Vahh Chemicals is another awaited upcoming ipo in 2026 already submitted its draft papers to SEBI. Founded in 2019, Vahh Chemicals is a certified company that manufactures and supplies textile auxiliary chemicals. This IPO will be a solely fresh issue of 22,42,000 Equity Shares, meaning the company will be using funds towards the growth of the company.

Millworks Technologies:

Millworks Technologies filed the DRHP on Feb 16, 2026. As per the DRHP, the firm is planning to raise funds of 0.50 crore equity shares via a fresh issue with no OFS component. Millworks Technologies is one of the leading precision engineering companies involved in the manufacturing of high-accuracy machined components. We can expect the IPO to be launched by 2026.

Liqvd digital India:

SEBI has already accepted the draft papers on February 4, 2026, which means we can accept the IPO to be launched by the end of 2026. Founded in 2013, Liqvd Digital works in the digital marketing space, known for offering complete marketing and communication services. As per the DRHP, the firm is planning to raise a fund of ₹37.00 crores via fresh issue and upto 0.11 crores via Offer-for-Sale.

FAQs

1. What is an SME IPO?

An SME IPO is a small and medium-sized enterprise planning to launch its IPO by listing on the stock exchanges’ SME platform (like BSE SME or NSE Emerge).

2. How is an SME IPO different from a Mainboard IPO?

SME IPO are generally smaller in size, have higher lot sizes, and are listed on a dedicated SME platform. SME IPO companies are small and medium-sized companies. However, SME IPOs are riskier and harder to sell than mainboard IPOs.

3. Why are SME IPOs riskier?

SME IPO are small, riskier, and trade less frequently.

4. Who can invest in an SME IPO?

Anyone (retail, HNI, or institutional) can invest in the SME IPO. But they suit investors who have a higher risk appetite and believe in the company’s growth.

5. How do I apply for an SME IPO?

Investors can apply for an SME IPO via any brokerage platform or ASBA facility during the IPO subscription period.

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.