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.

Aether Industries IPO Date, Review, Price, Allotment & Analysis

By Jagat Joshi
May 28, 2022

Aether Industries IPO date is fixed, the IPO is to open on May 24 and will close on May 26, 2022. Aether Industries IPO to raise around ₹808 crores via IPO that comprises fresh issue of ₹627 crores and offer for sale up to 2,820,000 equity shares of ₹10 each. The retail quota is 35% while QIB is 50% and HNI is 15%.

Based in Surat, Aether Industries Limited was incorporated in 2013. Aether Industries is a manufacturer of specialty chemicals that focuses on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies. Their products are used in the industries such as pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.

The company is one of the fastest-growing specialty chemical companies in India, growing at a CAGR of nearly 60% between Fiscal 2018 and Fiscal 2021. They have a production capacity of more than 6000 MT and are available in our state-of-art and DCS automated manufacturing facilities. They are also a leading CRAMS (Contract Research and Manufacturing Services) provider and Contract / Exclusive Manufacturing services provider, built upon technology-intensive and state-of-art R&D and Pilot Plant facilities. Aether has a customer base on over 130 multinational, global, regional, and local companies. They sell their products to over 30 global customers in 17 countries and to over 100 domestic customers. You can check Aether Industries IPO subscription status and Aether Industries IPO allotment status on their respective pages.

Aether Industries IPO Important Details:

One of the fastest-growing specialty chemical companies in India.
They have a good presence in India and overseas.
They have over 30 global customers and 100 domestic customers.
Their product range supplies to industries like pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.
They achieved annual revenues of Rs. 450 crores in 2021.
In 2021, they launched commercial production of BFA, another signature product.
The company has over 700 employees as per 2021 data.

Aether Industries IPO Review (Good or Bad)

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Profitmart Securities: Apply with Medium to Long Term

Aether Industries IPO Date & Price Band

Aether Industries IPO Open:	May 24, 2022
Aether Industries IPO Close:	May 26, 2022
Aether Industries IPO Size:	Approx ₹808 Crores
Fresh Issue:	Approx ₹627 Crores
Offer for Sale:	Approx 2,820,000 Equity Shares
Face Value:	₹10 Per Equity Share
Aether Industries IPO Price Band:	₹610 to ₹642 Per Share
Aether Industries IPO Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Aether Industries IPO Market Lot

The Aether Industries IPO minimum market lot is 23 shares with ₹14,766 application amount. The retail investors can apply up-to 13 lots with 299 shares or ₹191,958 amount.

Minimum Lot Size:	Minimum 23 Shares for 1 lot
Minimum Amount:	₹14,766 for 1 lot
Maximum Lot Size:	Maximum 299 Shares for 13 lot
Maximum Amount:	₹191,958 for 13 lot

Aether Industries IPO Allotment & Listing Dates

The Aether Industries IPO date is May 24 and the close date is May 26. The Aether Industries IPO allotment will be finalized on May 31 and the IPO listing on June 3.

Price Band Announcement:	May 19, 2022
Anchor Investors Allotment:	May 23, 2022
Aether Industries IPO Open Date:	May 24, 2022
Aether Industries IPO Close Date:	May 26, 2022
Basis of Allotment:	May 31, 2022
Refunds:	June 01, 2022
Credit to Demat Account:	June 02, 2022
Aether Industries IPO Listing Date:	June 03, 2022

Aether Industries IPO Form

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

Aether Industries Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2019	₹203	₹171	₹23.34
2020	₹304	₹247	₹39.96
2021	₹454	₹356	₹71.12
2021 6M	₹296	₹216	₹57.51

Aether Industries IPO Valuation – FY2021

Check Aether Industries 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):	₹7.36 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	40.79%
Net Asset Value (NAV):	₹15.69 per Equity Share

Peer Group

Clean Science and Technology Limited
Navin Fluorine International Limited
Vinati Organics Limited
PI Industries Limited
Fine Organic Industries Limited

Company Promoters

Ashwin Jayantilal Desai
Purnima Ashwin Desai
Rohan Ashwin Desai
Dr. Aman Ashvin Desai
ADJ Family Trust
PAD Family Trust
RAD Family Trust
AAD Family Trust
AAD Business Trust

Aether Industries IPO Registrar

Linkintime India Private Limited
C 101, 1st Floor, 247 Park
L.B.S. Marg,
Vikhroli (West), Mumbai 400 083
Maharashtra, India
Telephone: +91 22 4918 6200
E-mail: aether.ipo@linkintime.co.in
Website: www.linkintime.co.in

Aether Industries IPO Allotment Status Check

Check Aether Industries IPO allotment status on Linkintime website allotment URL. Click Here

Aether Industries IPO Lead Managers

HDFC Bank Limited
Kotak Mahindra Capital Company Limited

Company Address

Aether Industries Limited
Plot No. 8203, GIDC, Sachin,
Surat – 394230, Gujarat
Tel: +91 261 660 3360
Contact Person: Chitrarth Rajan Parghi
Company Secretary and Compliance Officer
E-mail: compliance@aether.co.in
Website: www.aether.co.in

Aether Industries IPO FAQs

What is Aether Industries IPO?

Aether Industries IPO is a main-board IPO. They are going to raise ₹808 Crores via IPO. The issue is priced at ₹610 to ₹642 per equity share. The IPO is to be listed on BSE & NSE.

When Aether Industries IPO will open?

The IPO is to open on May 24, 2022 for QIB, NII, and Retail Investors.

What is Aether Industries IPO Investors Portion?

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

How to Apply the Aether Industries IPO?

You can apply Aether Industries 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.

How to Apply the Aether Industries 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 “Aether Industries”. 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 Aether Industries IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Aether Industries”. 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.

How to Apply the Aether Industries IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Aether Industries”. 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 Paytm Money.

What is Aether Industries IPO Size?

Aether Industries IPO size is ₹808 crores.

What is Aether Industries IPO Price Band?

Aether Industries IPO Price Band is ₹610 to ₹642.

What is Aether Industries IPO Minimum and Maximum Lot Size?

The minimum bid is 23 Shares with ₹14,766 amount while the maximum bid is 299 shares with ₹191,958.

What is the Aether Industries IPO Allotment Date?

Aether Industries IPO allotment date is May 31, 2022.

What is the Aether Industries IPO Listing Date?

Aether Industries IPO listing date is June 03, 2022. The IPO is to list on BSE and NSE.

Note: The Aether Industries IPO price band and date are officially announced. The IPO grey market premium (Aether Industries IPO Premium) will be added to the IPO grey market page as it will start).

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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.