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.

Aditya Infotech IPO Review, Analysis, Good or Bad

By Jagat Joshi
July 28, 2025

The opening date of the Aditya Infotech IPO is July 29, 2025, while the closing date is July 31, 2025. The Aditya Infotech IPO price band is set between ₹640 to ₹675 per share. At the same time, the face value of the IPO is ₹1 each. The company filed a DRHP to raise funds of around ₹1,300 crores through an Initial public offering (IPO).

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

Strengths and Weaknesses of Aditya Infotech IPO

Strengths:

The company has built a reputation for being a strong and trusted brand and achieved a label of being the largest Indian player in the growing security and video surveillance market, catering to both the commercial and consumer markets.

They have a wide sales, distribution, and service network across India, allowing them to reach and cater wide range of customer base from various regions and sectors.
Aditya Infotech is run by strong manufacturing and R&D capabilities, with a clear focus on maintaining high-quality products.

Over the years, the company has worked with many technology partners to design and develop products and offer solutions that fulfill the requirements of each customer.

Weaknesses:

The company generates 78.92% of its operating revenue from the sale of CCTV cameras, NVRs, DVRs, and PTZ cameras. Any changes in the demand for the cameras or preference for these products could badly impact its business, cash flow, and financial condition.

The company depends on a limited number of suppliers for parts, materials, and products. If there is any disturbance or delay in their availability can badly impact the business, cash flow, and overall condition.

Aditya Infotech imports some of its parts and materials, meaning any changes in the global commodity prices or import restrictions can negatively impact the business and its financial condition.

They must follow the strict quality standard; their product sales mainly depend on maintaining this control, and if unable to maintain those standards can badly impact the overall business, cash flow, and financial condition.

Aditya Infotech IPO Details

IPO Size:	₹1,300 crores
Offer-for-sale:	up to 1,18,51,851 equity shares
Fresh issue:	₹500 crores
Price band:	₹640 to ₹675
Subscription:	Opens on July 29, 2025, and the closing date is July 31, 2025
Purpose of IPO:	Fresh Issue and Offer-for-Sale

Aditya Infotech IPO Open and closing dates?

The Aditya Infotech IPO will open for subscription on July 29, 2025, and close on July 31, 2025.

What is the size of the Aditya Infotech IPO?

The company planned to raise around ₹1,300 crores in funds via an IPO. This IPO comprises only a fresh issue of ₹500 crores and an Offer-for-sale up to 1,18,51,851 equity shares, with a face value of ₹1 each.

What are the subscription details of the Aditya Infotech IPO?

The Aditya Infotech IPO price range is set at ₹640 to ₹675 per share. In this IPO, a total of 22 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 286 shares in 13 lot sizes were available, for the S-HNI Minimum category, 308 shares were available in 14 lot sizes. While for the B-HNI Minimum category,1,496 shares were available in 68 lot sizes.

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

Retail Investors: Minimum investment of ₹14,850 and maximum investment of ₹1,93,050.
Small HNI (S-HNI): Minimum investment of ₹2,07,900.
Big HSI (S-HNI): A minimum investment of ₹10,09,800 is required.

What is the Aditya Infotech IPO listing Date?

Aditya Infotech is a Mainboard IPO shares will be listed on August 5, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Aditya Infotech IPO Issue?

The objective behind raising funds via a fresh issue is to utilize the proceeds for the repayment/pre-payment of the existing borrowings taken by the company. The remaining funds will be used to support the general corporate purposes of the company.

About Aditya Infotech

One of the leading companies, Aditya Infotech Limited (AIL), is engaged in the manufacturing and offering video security and surveillance products, solutions, and services. smart IoT cameras for homes, HD analog and advanced network cameras, thermal and body-worn cameras, and long-range infrared (IR) cameras are some of the major products that are company offers. As well as, the company is also involved in offering AI-driven solutions, including automatic number plate recognition, people counting, and heat mapping. AIL operates 41 branch offices and 13 RMA centers across India. Its products are sold through a strong network of over 1,000 distributors in tier I, II, and III cities. For residential users, the company offers smart Wi-Fi cameras, 4G-enabled cameras, dash cams, and more.

Aditya Infotech IPO Financials

The company reported revenue of ₹3122.93 crores in 2025 against ₹2795.96 crores in 2024. The company reported a profit of ₹351.37 crores in 2025 against a profit of ₹115.17 crores in 2024.

Aditya Infotech IPO Promoters

Hari Shanker Khemka, Aditya Khemka, Ananmay Khemka, and Hari Khemka Business Family Trust are the promoters of the company.

Who are the Aditya Infotech IPO lead managers and registrar?

ICICI Securities Limited and IIFL Capital Services Limited are the lead managers of Aditya Infotech, while MUFG Intime India Private Limited (Link Intime) is the registrar to the issue.

Should you apply or not for the Aditya Infotech IPO?

Aditya Infotech Limited is launching a ₹1,300 crore IPO, which will be a combination of ₹500 crore fresh issue and an offer-for-sale of up to ₹800 crore, with a price band set at ₹640–₹675 per share. Aditya Infotech is one of the leading players in India’s security and surveillance market, known to offer a comprehensive range of products and solutions. The company incorporates advanced manufacturing and research development capabilities that focus on offering quality products. The company is also operating with an experienced senior management team and incredible industry experience.

The company is planning to utilize the raised funds to repay debt and support general business purposes, which will help strengthen its financial condition. However, investors must not neglect some risk factors like high dependence on a few suppliers and tough competition in the sector. Now, if you ask whether you should apply or not for the Aditya Infotech IPO, then if you believe in the long-term growth of India’s surveillance market, then the IPO could be worth considering to invest in.

This implies that Aditya Infotech Limited may offer high returns and can provide excellent short-term gains. However, in the end, we always recommend doing a good financial background check on the company to avoid potential risks and losses. Please invest cautiously and at your own risk.

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.