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.

Aegis Vopak Terminals IPO Review, Analysis, Good or Bad

By Jagat Joshi
May 24, 2025

Aegis Vopak Terminals IPO is scheduled to open on May 26, 2025, and close on May 28, 2025. The price range for Aegis Vopak Terminals IPO is ₹223 to ₹235 per share with a face value of ₹10 per share. The company plans to raise about ₹2,800 crores through an initial public offering.

As an investor, deciding whether to apply for or not for an IPO can often be challenging. If you are confused and worried about whether to Apply or Not the Aegis Vopak Terminals IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Aegis Vopak Terminals IPO review which will help you to make the decision.

Strengths and Weaknesses of Aegis Vopak Terminals IPO

Strengths:

Aegis Vopak terminals are India’s largest third-party owner and Operator of Tank Storage Terminals for LPG and Liquid Products
The company has maintained a track record of always expanding capacity and upgrading infrastructure, which will help the need to meet the storage needs for liquid and gas.
The company successfully runs its business smoothly, all due to the hard work of its strong management team and well-established promoters.
The company’s goal is to successfully run its business by following the ESG principles that will not only effectively balance the strong financial performance but also choose a sustainable track to care for the environment and support local communities.

Weaknesses:

The company runs its business smoothly, all thanks to its promoters. If any issue occurs in the relationship with our promoters, it can badly impact the company’s financial performance, cash flow, and overall condition.
The company works as a joint venture between Aegis Logistics Limited and Vopak India BV. If any issue occurs between the promoters could negatively affect the performance, finances, and cash flow.
Aegis Vopak Terminals runs its business on the activity and spending in the oil and gas sector. Any issue that arises in the development of oil and gas can affect the company’s financial performance, cash flow, and overall condition.
If any damage, repairs, or upgrades occur to their terminal can negatively affect the overall business.

Details of Aegis Vopak Terminals IPO

IPO Size	₹2,800 crores
Offer-for-sale	No Offer-for-sale component
Fresh issue	₹2,800 crores
Price band	₹223 to ₹235
Subscription	Opens on May 26, 2025, and the closing date is May 28, 2025
Purpose of IPO	Fresh Issue

Aegis Vopak Terminals IPO Open and closing date?

The opening date of Aegis Vopak Terminals IPO is May 26, 2025, and the closing date is May 28, 2025.

What is the size of the Aegis Vopak Terminals IPO?

Aegis Vopak Terminals decided to raise around ₹2,800 crores through an IPO. This IPO is entirely a fresh issue of ₹2,800 crores with no Offer-for-sale component, with a face value of 10 each.

What are the subscription details of the Aegis Vopak Terminals IPO?

Aegis Vopak Terminal’s IPO price band is set at ₹223 to ₹235 per share. In this IPO, a total of 63 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 819 shares in 13 lot sizes were available. For the S-HNI Minimum category, 882 shares were available in 14 lot sizes. While for the B-HNI Minimum category 4,284 shares were available in 68 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,805 and maximum investment of ₹1,92,465.
Small HNI (S-HNI): Minimum investment of ₹2,07,270.
Big HSI (S-HNI): A minimum investment of ₹10,06,740 is required.

What is the Aegis Vopak Terminals IPO listing Date?

Aegis Vopak Terminals is a Mainboard IPO whose shares will be listed on June 2, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Aegis Vopak Terminals IPO Issue?

The main reason behind raising funds via a fresh issue is to handle the Repayment or prepayment of all or a portion of certain outstanding borrowings taken by the Company. Some of the funds will be used towards the contracted acquisition of the cryogenic LPG terminal at Mangalore. Lastly, the remaining funds will be utilized for the company’s general corporate purposes.

About Aegis Vopak Terminals

Incorporated in 2013, Aegis Vopak terminal is one of the largest companies involved in managing tank storage terminals for liquid petroleum gas LPG and liquid products across six major Indian ports, including Haldia, Kandla, Pipavav, the upcoming JNPT, Mangalore, and Kochi. As of June 30, 2024, the company runs a network of storage tank terminals with a total capacity of about 1.50 million cubic meters for liquid products and 70,800 metric tons for LPG. Aegis Vopak offers secure storage facilities and supporting infrastructure for various liquids such as petroleum, vegetable oils, lubricants, chemicals, and LPG gases. Since the establishment of the company, Aegis Vopak terminal goal is to provide reliable and productive storage and logistics services.

Aegis Vopak Terminals Financials

The company reported revenue of ₹570.12 crores in 2024 against ₹355.99 crores in 2023. The company reported a profit of ₹86.54 crores in 2024 against a loss of ₹0.08 crores in 2023.

Aegis Vopak Terminals IPO Promoters

Aegis Logistics Limited, Huron Holdings Limited, Trans Asia Petroleum Inc., Asia Infrastructure Investment Limited, Vopak India B.V., and Koninklijke Vopak N.V. are the promoters of the company.

Who are the Aegis Vopak Terminals IPO lead managers and registrar?

ICICI Securities Limited, BNP Paribas, Iifl Securities Ltd, Jefferies India Private Limited, Hdfc Bank Limited are the lead managers of Aegis Vopak Terminals, while MUFG Intime India Private Ltd is the registrar of the company.

Should you Apply or not for the Aegis Vopak Terminals IPO?

Being the largest third-party operator of a tank storage terminal for LPG and liquid products, holding about 26.64% of India’s third-party liquid storage capacity as of June 30, 2024. The company provides secure storage facilities and supporting infrastructure for liquids and gases like petroleum oil, Lubricants, and LPG. Aegis Vopak Terminals can be a good company to invest in as it is exposed to India’s expanding infrastructure for the storage of chemicals and energy. In FY24, the company generated a revenue of ₹5,617.61 from operations, with Profit After Tax surging to ₹865.44. Aegis Vopak Terminals is backed by well-known promoters and a strong business model.

Their financial growth and revenue are also amazing, making them a trustworthy company. However, investors should apply for this IPO after checking the company’s financial background, risks, and deciding whether to apply for the IPO or not.

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.