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.

Hero Motors IPO filed DRHP with SEBI for IPO worth ₹900 crores

By Jagat Joshi
August 24, 2024

Hero Motors IPO date is not announced yet. Hero Motors is a book built issue and have plan to raise around ₹900 crores via IPO that comprises fresh issue of ₹500 crores and offer for sale up to [.] equity shares with face value of ₹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15% as per DRHP. The IPO to list on NSE and BSE.

India’s leading two-wheeler manufacturer, Hero Motors is planning for ₹900 crore IPO and has submitted draft papers with market regulator SEBI (Securities and Exchange Board of India). According to the DRHP, the IPO is a mixture of a fresh issue as well as an offer-for-sale. In a fresh issue, it contains shares up to ₹500 crore, and in OFS it contains shares up to ₹400. The face value per share is ₹10.

In OFS promoter O P Munjal Holdings is selling shares worth ₹250 crores while Promoter group Hero Cycles Limited and Bhagyoday Investments Private Limited are selling shares worth ₹75 crores each. JM Financial Limited, DAM Capital Advisors Limited, and ICICI Securities Limited are the book-running lead managers(BRLM) of this offering and KFin Technologies Limited is the Registrar for it.

Before filing RHP, the company is planning for a pre-IPO placement of ₹100 crores if such a placement is completed the amount will be decreased from the general corporate purpose portion of the fresh issue. The fund raised from the fresh issue will be utilized for the working capital demand of the company, for general corporate uses, for the purchase of equipment needed to expand the capacity of the company’s Gautam Buddha Nagar, Uttar Pradesh facility and for repayment or prepayment of specific remaining loans of the company.

The company’s revenue for the year was ₹1,064.4 crore or 0.9% more than that for the previous year at ₹1,054.6 crore. In contrast, EBITDA (earnings before interest, tax depreciation, and amortization) dropped 23.7% to reach only ₹63.8 crore while its margins decreased by 190 basis points to 6% despite lower raw material prices.

The company provides services to its global customers like Ducati, BMW, Hummingbird EV, Formula Motorsport, HWA, Enviolo, and leading e-bike manufacturers.

The company experienced a net profit of ₹17 crore during the financial year ending March 2024, which was down by 58% from that reported last year of ₹40.5 crore. The reasons behind this are poor operational performance, reduced growth revenue, and a rise in workers’ expenses.

In 2023-24, the company’s total income increased to ₹2,652.89 crore from ₹2,575.52 crore in FY23 and ₹2,120.89 crore in FY22, indicating continued growth. The loss for the year was ₹255.87 crore, down from ₹428.13 crore in the previous year, but still higher than the ₹91.39 crore loss in FY22.

Hero Motors is India’s leading automotive technology company that designs, develops, manufactures, and supplies highly engineered powertrain solutions for OEMs in the US, Europe, India, and the ASEAN region. It provides all-inclusive services for both electrical and non-electrical powertrains meeting the needs of different classes like two-wheeled vehicles, e-bikes, racing cars, electrically or hybridized automobiles; off-road machines apart from heavy-duty ones.

Hero Motors IPO Prospectus:

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

Hero Motors Company Financial Report

Amount ₹ in Crores

Period Ended	Revenue	Expense	Profit After Tax
2022	₹921.15	₹849.25	₹99.02
2023	₹1070.99	₹1016.24	₹40.51
2024	₹1083.42	₹1059.11	₹17.04

Hero Motors IPO Valuation – FY2024

Hero Motors 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):	₹0.36 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	4.42%
Net Asset Value (NAV):	₹10.29

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
CIE Automotive India Limited	29.66	17.92	18.79%	157.84	9,280.35 Cr.
Endurance Technologies Limited	48.38	51.81	13.67%	353.86	102,40.80 Cr.
Sona BLW Precision Forgings Ltd	8.83	77.76	18.49%	47.75	31,84.77 Cr.
UNO Minda Limited	15.36	75.28	17.56%	91.71	140,30.89 Cr.
Varroc Engineering Limited	34.43	15.44	34.86%	99.89	75,51.94 Cr.

Objects of the Issue

Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company
Capital expenditure of our Company through purchase of equipment required for expansion in capacity of our Gautam Buddha Nagar, Uttar Pradesh facility
Funding working capital requirements of our Company
General corporate purposes

IPO Lead Managers aka Merchant Bankers

ICICI Securities Limited
DAM Capital Advisors Limited
JM Financial Limited

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.

Jagat Joshi

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2 Responses

OM PRAKASH MALAV says:

August 28, 2024 at 1:12 PM

Is share holder quota there in this forthcoming Hero Motor ipo.
1. IPOWatch Team says:
  
  August 28, 2024 at 5:00 PM
  
  Hi Om,
  
  After RHP you will get the final idea about the share holders quota.