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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.
Dilip Davda

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.

Q-Line Biotech IPO

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.

NSE files DRHP for a ₹30,000 crore IPO

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NSE IPO date is not announced yet. NSE is a book built issue and have plan to raise around ₹[.] crores via IPO that comprises fresh issue of ₹[.] crores and offer for sale of ₹[.] crores, up to 148,905,525 Equity Shares with face value of ₹1 each. The retail quota is 35%, QIB is 50%, and HNI is 15% as per DRHP. The IPO to list on BSE.
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NSE IPO

NSE (National Stock Exchange), India’s largest Stock Exchange, submitted its DRHP to the market regulator SEBI on June 17 to launch its Initial Public Offering (IPO).

As per the Draft papers, the issue will be entirely an Offer-for-Sale of up to 148.9 million shares. In which the shareholders will be selling around 6% of their ownership in the company. There will be no fresh issue, meaning the funds will not go to the company. 


In the OFS component, 

  • SBI (State Bank of India), the largest selling shareholder, will sell up to 24.75 million shares.
  • MS Strategic (Mauritius) Ltd will sell up to 16 million shares.
  • Canada Pension Plan Investment Board will upload up to 11.87 million shares.
  • Aranda Investments (Mauritius) Pte Ltd (Temasek-backed) will sell up to 11.24 million shares.
  • Bank of Baroda will offer around 11 million shares.
  • Stock Holding Corporation of India Limited will offload around 11 million shares.
  • General Insurance Corporation of India will sell around 11 million shares.
  • The New India Assurance Company Limited will offer around 11 million shares.
  • National Insurance Company Limited will sell around 6 million shares.
  • United India Insurance Company Limited will sell around 6 million shares.

While LIC, one of the largest shareholders with a 10.72% stake in the company, will not sell any shares. Premji Invest, which owns 2.35%, and Radhakishan Damani, who holds 1.58% of NSE, are also not selling any shares. 

Following the current market regulations, since an Indian stock exchange cannot list on its own platform, it naturally means the NSE shares will list on BSE Limited. Those who hold at least one share of NSE unlisted shares before June 15, 2025, are also eligible to apply for the IPO under the shareholder quota. 

National Stock Exchange (NSE) unlisted shares are currently trading in the Grey market at a price range of ₹1,950 to ₹2,055 per share. Based on this, the NSE IPO price can be expected to be around ₹29,780 crore (over $3 billion), targeting a valuation of nearly ₹5 lakh crore (₹5 trillion). Since the grey market is unregulated, the final IPO price will be wary. 

If the IPO launches at this valuation, this could be India’s largest IPO after Hyundai Motor India Limited’s ₹27,859 crore IPO and Life Insurance Corporation of India’s ₹20,557 crore IPO. 

NSE’s IPO is one of the long-awaited IPO. Initially, the firm decided to go public in 2016, but had to pause the IPO process due to some controversy over NSE giving some brokers faster access to trading servers. The legal proceedings then continued for many years, postponing the IPO. 

The news of NSE filing DRHP caused BSE shares to fall by 3.81% on NSE.

NSE Financials

  • In FY26, the revenue declined 3% YoY to ₹16,601 crore from ₹17,141 crore in FY25. 
  • Net profit fell 15% YoY to ₹10,302 crore. 
  • Income from transaction charges decreased 4% to ₹13,057 crore from ₹13,636 crore.
  • Clearing and settlement income dropped 22% to ₹251 crore from ₹321 crore.

Now the market regulator SEBI reviews the Draft paper and will provide approval and feedback, which usually takes 30 to 90 days. Once receiving approval, the NSE will then file the RHP, which will include the IPO price band and final issue details. 

The appointed Merchant Bankers for NSE’s IPO include:

  • Kotak Mahindra Capital
  • JM Financial
  • Axis Capital
  • IIFL Capital Services
  • Motilal Oswal Investment Advisors
  • ICICI Securities
  • SBI Capital Markets
  • Nuvama Wealth Management
  • HDFC Bank
  • Avendus Capital
  • Morgan Stanley India
  • Citigroup Global Markets India
  • JPMorgan India
  • HSBC Securities India
  • IDBI Capital
  • 360 ONE WAM
  • Anand Rathi Advisors
  • DAM Capital Advisors
  • Pantomath Capital Advisors
  • Equirus Capital

NSE IPO Prospectus:

DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:To be Updated Soon

NSE Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpenseProfit After Tax
2024₹16,352.06₹3,608.79₹8,305.74
2025₹19,176.83₹4,806.29₹12,187.69
2026₹18,713.37₹5,999.90₹10,302.06

NSE IPO Valuation – FY2026

NSE IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):₹41.62 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):33.21%
Net Asset Value (NAV):₹129.75

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
BSE Limited60.6166.6745.00163.604833.95 Cr.

Table of Contents

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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.
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Jagat Joshi

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