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.

Rolex Rings IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
July 21, 2021

Rolex Rings IPO to hit the market on 28 July 2021 and closes on 30 July 2021. The company to raise ₹731 crores via initial public offer with a face value of ₹10 per equity share.

Rolex Rings IPO to hit the market on 28 July 2021 and closes on 30 July 2021. The company plans to raise ₹731 crore through the initial public offerings. The IPO comprises fresh issue of ₹56 crores and offer for sale up to 7,500,000 equity shares of existing share holders. Rolex Rings incorporated in 2003 based in Rajkot, Gujarat. They are one of the top 5 forging companies in India. They are manufacturer of hot rolled forged & machine bearing rings and automotive components. Their products mainly used in passenger vehicles, 2-wheelers, commercial vehicles, electric vehicles, off-highway vehicles, industrial machinery, wind turbines, railways, etc. They are selling their products in India and in International market France, Italy, Germany, Thailand, Czech Republic, USA, and others. Their client base includes big names like SRF India, Schaeffler India, Timken India, etc. Currently they have their own 3 manufacturing plants in Rajkot. Check out Rolex Rings IPO details.

Equity Shares outstanding prior to the Issue = 2,39,81,090 Shares
Fresh Issue of 6,22,222 Shares @900/- = Rs.56 Crores
Offer for Sale of 75,00,000 Shares @900/- = Rs.675 Crores
Equity Shares outstanding after the Issue = 2,46,03,312 Shares

Category-wise Break up:
Anchor – 24,36,667 Shares = 219.30 Crores
QIB – 16,24,444 Shares = 146.20 Crores
NII – 12,18,333 Shares = 109.65 Crores
RII – 28,42,778 Shares = 255.85 Crores (Lot size: 16 = 1,77,674 Forms)
Total Issue 0 81,22,222 Shares = 731.00 Crores

Subscription required for 1X
RII = 1,77,674 Forms
NII = 109.65 Crores

Financial Information (Basis of Valuation)
EPS for FY17-18 – Rs.30.39 (Page #86 of DRHP)
EPS for FY18-19 – Rs.24.62 (Page #87 of RHP)
EPS for FY19-20 – Rs.22.08 (Page #87 of RHP)
EPS for H120-21 – Rs.10.56 (Page #86 of DRHP)
EPS for FY20-21 – Rs.35.96 (Page #87 of RHP)

RoNW for FY17-18 – 46.62% (Page #87 of DRHP)
RoNW for FY18-19 – 27.42% (Page #88 of RHP)
RoNW for FY19-20 – 19.75% (Page #88 of RHP)
RoNW for H120-21 – 08.62% (Page #87 of DRHP)
RoNW for FY20-21 – 27.42% (Page #88 of RHP)

NAV as on March 31, 2021 was Rs.148.76 (Page #89 of RHP)
NAV as on September 30, 2020 122.52 (Page #87 of DRHP)
NAV as on March 31, 2020 111.80 (Page #87 of DRHP)

Listed Industry Peer Group:

Bharat Forge
RamKrishna Forg
MM Forge

Rolex Rings IPO Review

Apply for Listing Gain

Brokerage Firm IPO Reviews

Axis Capital: Neutral
Capital Market: May Apply
ICICI Direct: Apply
Reliance Securities: Apply
Venture Securities: Apply

Rolex Rings IPO Date & Price Band

IPO Open:	28 July 2021
IPO Close:	30 July 2021
IPO Size:	Approx ₹731 Crores
Fresh Issue:	Approx ₹56 Crores
Offer for Sale:	Approx ₹675 Crores, 75,00,000 Shares
Face Value:	₹10 Per Equity Share
Price Band:	₹880 to ₹900 Per Share (Final)
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	– Shares

Rolex Rings IPO Market Lot

The Rolex Rings IPO minimum market lot is 16 shares with ₹14400 application amount. The retail investors can apply up-to 13 lots, 208 shares with ₹187,200 application amount.

Minimum Lot Size:	Minimum 16 Shares
Minimum Amount:	₹14,400
Maximum Lot Size:	Maximum 208 Shares
Maximum Amount:	₹187,200

Rolex Rings IPO Date, Time Table, Allotment & Listing

The Rolex Rings IPO date is 27 July 2021 and the IPO close date is 29 July 2021. The allotment date is 03 August 2021 and the IPO may list on 06 August 2021.

Price Band Announcement:	23 July 2021
Anchor Investors Allotment:	27 July 2021
IPO Open Date:	28 July 2021
IPO Close Date:	30 July 2021
Basis of Allotment:	04 August 2021
Refunds:	05 August 2021
Credit to Demat Account:	06 August 2021
IPO Listing Date:	09 August 2021

Rolex Rings IPO Form

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

Rolex Rings Company Financial Report

₹ in Crores
	Assets	Revenue	PAT
2018	₹803	₹792	₹72.88
2019	₹782	₹911	₹59.04
2020	₹686	₹675	₹52.94
2021 6M	₹671	₹225	₹25.31

Company Promoters

Rupesh Dayashankar Madeka
Jiten Dayashankar Madeka
Manesh Dayashankar Madeka
Pinakin Dayashankar Madeka
Bhautik Dayashankar Madeka

About Rolex Rings

Where innovation, precision and revolution drives motion engineering towards excellence, every rising day! That’s how the world of automotive focus on Rolex Rings.

Based at Rajkot(Gujarat) India, Rolex Rings is among the leading manufacturers of forged and machined components in India. It is an ace development partner manufacturing high-quality, world-class, customized automotive components as well as bearing rings for a huge base of clientele spread across the globe. Having expertise in precision engineering of various Forging and machining over a period of 4 decades. Rolex has garnered a wealth of expertise in manufacturing transmission components, engine components, chassis components, exhaust system components and bearing rings.

With an unabated commitment to Quality, focused on Technology Advancements, thrust on Customized Solutions and power of Superior Engineering Capabilities. Rolex has sustained a great success saga as a leading national player. And, it envisages evolving as a leading global player in the years to come.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Rolex Rings IPO Registrar

Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai – 400083
Phone: +91-22-4918 6270
Email: rolex.ipo@linkintime.co.in
Website: http://www.linkintime.co.in

Note: Check Rolex Rings IPO allotment status on Linkintime website allotment URL. Click Here

Rolex Rings IPO Lead Managers

Equirus Capital Private Limited
IDBI Capital Market Services Limited
JM Financial Consultants Private Limited

Company Address

Rolex Rings Limited
B/h. Glowtech Steel Private Limited
Gondal Road, Kotharia, Rajkot, 360 004
Phone: 0281 6699677/577
Email: compliance@rolexrings.com
Website: http://www.rolexrings.com/

Rolex Rings IPO FAQs

What is Rolex Rings IPO?

Rolex Rings IPO is a main-board IPO. They are going to raise ₹731 Crores via IPO. The issue is priced at ₹880 to ₹900 per equity share. The IPO to be listed on BSE & NSE.

When Rolex Rings IPO will open?

The IPO is to open on 28 July 2021 for QIB, NII, and Retail Investors.

What is Rolex Rings IPO Investors Portion?

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

How to Apply the Rolex Rings IPO?

You can apply Rolex Rings IPO via ASBA online via your bank account. You can also apply 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 Rolex Rings 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 “Rolex Rings”. 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 Rolex Rings IPO through Upstox?

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

What is Rolex Rings IPO Size?

Rolex Rings IPO size is ₹713 crores. The IPO comprises ₹56 crore of fresh issue and 75,00,000 shares of offer for sale.

What is Rolex Rings IPO Price Band?

Rolex Rings IPO Price Band is ₹880 to ₹900 per equity share.

What is Rolex Rings IPO Minimum and Maximum Lot Size?

The minimum bid is 16 Shares with ₹14,400 amount while maximum bid is 208 shares with ₹187,200.

What is Rolex Rings IPO Allotment Date?

Rolex Rings IPO allotment date is 04 August 2021.

What is Rolex Rings IPO Listing Date?

Rolex Rings IPO listing date is 09 August 2021. The IPO to list on BSE and NSE.

Note: The Rolex Rings IPO final details updated as it is officially announced. The IPO grey market premium (Rolex Rings IPO Premium) is started and updated on our portal. You can check our IPO grey market page for daily updates.)

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.