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.

India1 Payments IPO Date, Review, Price, Form & Market Lot Details

IPO Watch
India1 Payments IPO date is not fixed yet. India1 Payments Limited IPO to raise around ₹- crores via IPO that comprises fresh issue of ₹150 crores and offer for sale up to 10,305,180 equity shares of ₹5 each. The retail quota is 10% while QIB is 75% and HNI is 15%.
 
India1 Payments formerly known as BTI Payments received SEBI’s go-ahead to float an IPO. The company is a leading independent non-bank ATM operator. The company is setting up the ATMs with their brand “india1ATM”. As per the latest data the company installed 10000 white-label ATMs in India. The company is one of the largest players in their segment operating in semi-urban and rural areas across 14 states and union territories. It was incorporated in the year 2006 and subsequently invested by India Advantage Fund S3 I, a fund managed by ICICI Venture Funds Management Company Limited in 2013. India1 Payments developed strong local expertise in the POS industry before steadily expanding into ATM deployment and managed services and subsequently emerged as a leading White Label ATM operator. Check out India1 Payments IPO details.
 
Important Details:
  • india1ATM brand. India1 is the 2nd largest Semi-Urban and Rural (SURU) ATM brand
  • IPO Purpose: Repay debt, fund capital expenditure requirements of the company for setting up of ATMs in India and for general corporate purposes.
  • The company is promoted by Banktech Group.
  • The company reported a 3.34 crores profit in 2021 against a loss of 5.87 crores.
  • The revenues increase YOY look promising.
India1 Payments

    India1 Payments IPO Review

    • To be updated soon

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    • GEPL Capital Ltd: To be updated soon

    India1 Payments IPO Date & Price Band

     IPO Open:  2022
     IPO Close:  2022
     IPO Size:  Approx ₹- Crores
     Fresh Issue:  Approx ₹150 Crores
     Offer for Sale:  Approx 10,305,180 Equity Shares 
     Face Value:  ₹5 Per Equity Share
     Price Band:  ₹- to ₹- Per Share
     Listing on:  BSE & NSE
     Retail Quota:  10%
     QIB Quota:  75%
     NII Quota:  15%
     Discount:  ₹40 for Employees
     DRHP Draft Prospectus:  Click Here
     RHP Draft Prospectus:  Click Here

    India1 Payments IPO Market Lot

    The India1 Payments IPO minimum market lot is – shares with ₹- application amount. The retail investors can apply up-to 13 lots, – shares with ₹- application amount.
     Minimum Lot Size:  Minimum – Shares for 1 lot
     Minimum Amount:  ₹- for 1 lot
     Maximum Lot Size:  Maximum – Shares for 13 lot
     Maximum Amount:  ₹- for 13 lot

    India1 Payments IPO Date, Time Table, Allotment & Listing

    The India1 Payments IPO date is 2022 and the IPO close date is 2022. The allotment date is 2022 and the IPO may list on 2022.
     Price Band Announcement:  2022
     Anchor Investors Allotment:  2022
     IPO Open Date:  2022
     IPO Close Date:  2022
     Basis of Allotment:  2022
     Refunds:  2022
     Credit to Demat Account:  2022
     IPO Listing Date:  2022

    India1 Payments IPO Form

    How to apply the India1 Payments IPO? You can apply India1 Payments IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the India1 Payments IPO in the Invest section. The other option you can apply India1 Payments IPO via IPO forms download via NSE and BSE. Check out the India1 Payments forms – click NSE Forms & BSE Forms blank IPO forms download, fill, and submit in your bank or with your broker.

    India1 Payments Company Financial Report

      ₹ in Crores
    Income Expense PAT
    2019 ₹235 ₹264 -₹24.18
    2020 ₹266 ₹275 -₹5.87
    2021
    ₹327 ₹325 3.34

    Company Promoters

    • David Scott Glen
    • The Banktech Group Pty Ltd.
    • Bti Payments Singapore Pte. Ltd.

    India1 Payments IPO Registrar

    Link Intime India Private Limited
    C-101, 1st Floor, 247 Park
    L. B. S. Marg, Vikhroli West
    Mumbai – 400 083
    Maharashtra, India
    Tel: +91 22 4918 6200
    E-mail: india1.ipo@linkintime.co.in
    Investor grievance E-mail:india1.ipo@linkintime.co.in
    Website: www.linkintime.co.in
    Contact Person: Shanti Gopalkrishnan
    SEBI Registration No: INR000004058
    Note: Check India1 Payments IPO allotment status on Linkintime website allotment URL. Click Here

    India1 Payments IPO Lead Managers

    • JM Financial Limited
    • Edelweiss Financial Services Limited
    • IIFL Securities Limited

    Company Address

    India1 Payments Limited
    Units No. 801 to 810, 8th Floor,
    Tower “B”, Diamond District,
    # 150, Old Airport Road,
    Bengaluru, Karnataka, India 560 008
    Tel: 080 4357 4400
    Contact Person: Mohit Nagar
    Company Secretary and Compliance Officer
    Tel: 080 4357 4509
    E-mail:corporate.secretarial@india1.co.in
    Website: www.india1payments.in

    India1 Payments IPO FAQs

    What is India1 Payments IPO?

    India1 Payments IPO is a main-board IPO. They are going to raise ₹- Crores via IPO. The issue is priced at ₹- to ₹- per equity share. The IPO is to be listed on BSE & NSE.

    When India1 Payments IPO will open?

    The IPO is to open on 2022 for QIB, NII, and Retail Investors.

    What is India1 Payments IPO Investors Portion?

    The investors’ portion for QIB is 75%, NII 15%, and Retail 10%.

    How to Apply the India1 Payments IPO?

    You can apply India1 Payments 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.

    How to Apply the India1 Payments IPO through Zerodha?

    Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “India1 Payments Finance”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Zerodha.

    How to Apply the India1 Payments IPO through Upstox?

    Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “India1 Payments Finance”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve – mandate. Open Demat Account with Upstox.

    What is India1 Payments IPO Size?

    India1 Payments IPO size is ₹- crores. The IPO comprises ₹150 crores fresh issue and offers for sale of 10,305,180 equity shares.

    What is India1 Payments IPO Price Band?

    India1 Payments IPO Price Band is ₹- to ₹- per equity share.

    What is India1 Payments IPO Minimum and Maximum Lot Size?

    The minimum bid is – Shares with ₹- amount while the maximum bid is – shares with ₹-.

    What is India1 Payments IPO Allotment Date?

    India1 Payments IPO allotment date is 2022.

    What is India1 Payments IPO Listing Date?

    India1 Payments IPO listing date is 2022. The IPO to list on BSE and NSE.

    Note: The India1 Payments IPO details are not officially announced. The IPO grey market premium (India1 Payments IPO Premium) is updated on their particular page. You can check our IPO grey market page for daily updates.)

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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