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.

Adani Wilmar IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
February 2, 2022

Adani Wilmar IPO to hit the market on January 27 and will close on January 31, 2022. Adani Wilmar IPO will be the 7th Adani Group company to list in India. The company to raise ₹3600 crores via OFS. The retail quota is 35%, QIB 50% and NII is 15%. The Employees Reservation is around ₹107 Crores & Shareholders Reservation (Adani Enterprise) is around ₹360 Crores.

Adani Wilmar is an FMCG food company a group company of Adani Enterprise, offering essential kitchen commodities for Indian consumers. The company to raise ₹3600 crores via IPO. Adani Wilmar is the 50-50 joint venture of the Adani Enterprises and Wilmar Group. They are the owner of the Fortune brand of edible oils. The company joint ventured in 1999 based in Ahmedabad, Gujarat. Adani Wilmar is one of the largest FMCG food companies in India. They offer essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses, and sugar. Our products are offered under a diverse range of brands across a broad price spectrum and cater to different customer groups. The company launched their value-added functional edible oil products like rice bran health oil, fortified foods, ready-to-cook soya chunks, and khichdi and FMCG products such as soaps, handwash, and sanitizers. The company has over 20 plants located in 10 states in India. They have 10 crushing units and 18 refineries. They have one of the largest single-location refineries in Mundra. As of March 31, 2021, Adani Wilmar had 5,566 distributors located in 28 states and eight union territories throughout India, catering to over 1.6 million retail outlets (Source: Technopak Report).Check out Adani Wilmar IPO details.

Share Holders Quota Eligibility:

Those who are holding 1 or more shares of Adani Enterprises as of the RHP Filing Date will be considered Eligible Shareholders to apply in Share Holders Quota.

Important Details:

The company reported 58% YOY growth in PAT in 2021. The PAT stood at ₹727.65 crores in 2021 against ₹460.87 crores in 2020. The revenues also increased by 25% YOY.
7th Adani Group company to list in India.
One of the largest FMCG Companies in India.
Flagship brand Fortune Oil – No. 1 edible oil brand in India.
Fortune oil has 20% of the market share in India.
They have more than 40 units with a refining capacity of over 16000 tonnes per day.
One of the fastest-growing packaged food companies in India.
India’s largest importer of crude edible oil.
Largest lauric fat manufacturer in India.
The largest manufacturer of castor oil in India and one of the largest basic oleochemical manufacturers in India
The largest exporter of castor oil and its derivatives and one of the largest exporters of oleochemicals in India.
Adani Wilmar Valuation: Market Cap around 29000 Crores, EPS (FY21) Rs 6.37, PE Ratio 36.10x & Industry PE 66.31x

Adani Wilmar Allotment Status

Adani Wilmar IPO Review

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Adani Wilmar IPO Date & Price Band

IPO Open:	27 January 2022
IPO Close:	31 January 2022
IPO Size:	Approx ₹3600 Crores
Fresh Issue:	Approx ₹- Crores
Offer for Sale:	Approx ₹3600 Crores
Face Value:	₹1 Per Equity Share
Price Band:	₹218 to ₹230 Per Share
Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	₹21 Discount for Employees
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Adani Wilmar IPO Market Lot

The Adani Wilmar IPO minimum market lot is 65 shares with ₹14,950 application amount. The retail investors can apply up-to 13 lots, 845 shares with ₹194,350 application amount.

Minimum Lot Size:	Minimum 65 Shares
Minimum Amount:	₹14,950
Maximum Lot Size:	Maximum 845 Shares
Maximum Amount:	₹194,350

Adani Wilmar IPO Date, Time Table, Allotment & Listing

The Adani Wilmar IPO date is 27 January 2022 and the IPO close date is 31 January 2022. The allotment date is 03 February 2022 and the IPO may list on 08 February 2022.

Price Band Announcement:	21 January 2022
Anchor Investors Allotment:	25 January 2022
IPO Open Date:	27 January 2022
IPO Close Date:	31 January 2022
Basis of Allotment:	03 February 2022
Refunds:	04 February 2022
Credit to Demat Account:	07 February 2022
IPO Listing Date:	08 February 2022

Adani Wilmar IPO Form

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

Adani Wilmar Financial Report

₹ in Crores
	Income	Expense	PAT
2019	₹28920	₹28352	₹375.52
2020	₹29767	₹29158	₹460.87
2021	₹37196	₹36439	₹727.65
2022 6M	₹24957	₹24503	₹357.13

Adani Wilmar IPO Valuation

Check Adani Wilmar 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):	₹6.37 per Equity Share
Price/Earning P/E Ratio:	36.10
Return on Net Worth (RoNW):	22.06
Net Asset Value (NAV):	₹28.86 per Equity Share

Company Promoters

Adani Enterprise Limited
Adani Commodities LLP
Lence PTE. LTD.

About Adani Wilmar

We are one of the few large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar. Our products are offered under a diverse range of brands across a broad price spectrum and cater to different customer groups.

We are a joint venture incorporated in January 1999 between the Adani Group, which is a multinational diversified business group with significant interests across transport and logistics, and energy and utility sectors, and the Wilmar Group, one of Asia’s leading agribusiness groups which was ranked among the largest listed companies by market capitalization on the Singapore Exchange as of February 2021. As a joint venture between the Adani Group and the Wilmar Group, we benefit from our strong parentage. We benefit from the Adani Group’s in-depth understanding of local markets, extensive experience in domestic trading and advanced logistics network in India, and leverage on the Wilmar Group’s global sourcing capabilities and technical know-how.

Adani Wilmar IPO Registrar

Link Intime India Private Limited
C 101, 247 Park, L.B.S Marg,
Vikhroli (West), Mumbai 400 083
Tel: +91 22 4918 6200
E-mail: adaniwilmar.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor Grievance ID: adaniwilmar.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration Number: INR000004

Note: Check Adani Wilmar IPO allotment status on Linkintime website allotment URL. Click Here

Adani Wilmar IPO Lead Managers

Kotak Mahindra Capital Company Limited
J.P. Morgan India Private Limited
BofA Securities India Limited
Credit Suisse Securities (India) Private Limited
ICICI Securities Limited
HDFC Bank Limited
BNP Paribas

Company Address

Adani Wilmar Limited
Fortune House,
Near Navrangpura Railway Crossing,
Ahmedabad 380009, Gujarat
Contact Person: Darshil Lakhia
Company Secretary and Compliance Officer
Tel: +91-79-26455848
E-mail: investor.relations@adaniwilmar.in
Website: www.adaniwilmar.com
Corporate Identity Number: U15146GJ1999PLC035320

Adani Wilmar IPO FAQs

What is Adani Wilmar IPO?

Adani Wilmar IPO is a main-board IPO. They are going to raise ₹3600 Crores via IPO. The issue is priced at ₹218 to ₹230 per equity share. The IPO is to be listed on BSE & NSE.

When Adani Wilmar IPO will open?

The IPO is to open on 27 January 2022 for QIB, NII, and Retail Investors.

What is Adani Wilmar IPO Investors Portion?

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

How to Apply the Adani Wilmar IPO?

You can apply Adani Wilmar 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 Adani Wilmar 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 “Adani Wilmar 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 Adani Wilmar IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Adani Wilmar 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 Adani Wilmar IPO Size?

Adani Wilmar IPO size is ₹3600 crores. The IPO comprises ₹- crores fresh issue and offers for sale of ₹3600 crores.

What is Adani Wilmar IPO Price Band?

Adani Wilmar IPO Price Band is ₹218 to ₹230 per equity share.

What is Adani Wilmar IPO Minimum and Maximum Lot Size?

The minimum bid is 65 Shares with ₹14,950 amount while the maximum bid is 845 shares with ₹194,350.

What is Adani Wilmar IPO Allotment Date?

Adani Wilmar IPO allotment date is 03 February 2022.

What is Adani Wilmar IPO Listing Date?

Adani Wilmar IPO listing date is 08 February 2022. The IPO to list on BSE and NSE.

Note: The Adani Wilmar IPO final details are announced updated on the page. The IPO grey market premium (Adani Wilmar IPO Premium) is updated on their particular page. 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.