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.
Dilip Davda

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.

Q-Line Biotech IPO

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.

AGS Transact Technologies IPO Date, Review, Price, Form & Market Lot Details

IPO Watch
AGS Transact Technologies IPO to hit the market on January 19 and will close on January 21. AGS Transact Technologies to raise around ₹680 crores via IPO that comprises an offer for sale up to ₹680 crores of ₹10 each. The retail quota is 35% while QIB is 50% and HNI is 15%.
 
AGS Transact Technologies is a provider of end-to-end Cash & Digital Payment solutions. The company started in 2004. They were one of the largest integrated omnichannel payment solutions providers in India in terms of providing digital and cash-based solutions to banks and corporate clients, as of March 31, 2021 as per Ken Payments Report. The company provides customized products and services comprising ATM and Cash Recycler Machines (CRM) outsourcing, cash management, and digital payment solutions including merchant solutions, transaction processing services, and mobile wallets.  They have 446,000 machines or customer touchpoints as of August 31, 2021 in 2200 cities and towns in India. Some of their corporate clients are Hindustan Petroleum, Indian Oil Corporation, Dr. Lal Pathlabs, Patanjali Ayurved, RJ Corp Ltd, VRIPL Retail Pvt Ltd, and Organic India. Check out AGS Transact Technologies IPO details.
 
Important Details:
  • One of the largest deployers of POS terminals at petroleum outlets in India.
  • The company has had stable revenues for the last 3 years and PAT looks stable too.
  • The services include Banking Automation, Payment Solutions, Cash Management, Retail Automation, Fuel Retail Automation, Transit & Toll, POS machine services, Transaction switching, and Colour Automation.
  • The company has 3 subsidiaries name India Transact, Novus Technologies, and Securevalue India.
  • Fastlane Brand is a cashless, contactless, and paperless payment technology that utilizes advanced RFID technology.
  • Ongo brands’ ecosystem allows consumers to use one single payment system, Ongo, to make payments at POS terminals through various modes of payment.
  • From 2009 the company started ATM oursourcing and managed services with Diabold-Nixdorf.
  • From 2011 the company offer transaction switching and cash management services.
  • In 2014 the company started digital payment solutions.
  • Serving outside India like Sri Lanka, Cambodia, Singapore, Indonesia, and the Philippines.
AGS Transact Technologies

    AGS Transact Technologies IPO Review

    • May Apply

    Brokerage Firm IPO Reviews

    • ICICI Securities: Not Rated
    • Axis Capital: Not Rated
    • Emkay Global: Apply
    • JM Financial: Not Rated
    • Yes Securities: Avoid
    • Choice Broking: Subscribe for Long Term
    • Marwadi Financial Services: Apply with Caution
    • Prabhudas Lilladher: Not Rated 

    AGS Transact Technologies IPO Date & Price Band

     IPO Open:  19 January 2022
     IPO Close:  21 January 2022
     IPO Size:  Approx ₹680 Crores
     Fresh Issue:  N/A
     Offer for Sale:  Approx ₹680 Crores
     Face Value:  ₹10 Per Equity Share
     Price Band:  ₹166 to ₹175 Per Share
     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

    AGS Transact Technologies IPO Market Lot

    The AGS Transact Technologies IPO minimum market lot is 85 shares with ₹14,875 application amount. The retail investors can apply up-to 13 lots, 1105 shares with ₹193,375 application amount.
     Minimum Lot Size:  Minimum 85 Shares for 1 lot
     Minimum Amount:  ₹14,875 for 1 lot
     Maximum Lot Size:  Maximum 1105 Shares for 13 lot
     Maximum Amount:  ₹193,375 for 13 lot

    AGS Transact Technologies IPO Date, Time Table, Allotment & Listing

    The AGS Transact Technologies IPO date is 19 January 2022 and the IPO close date is 21 January 2022. The allotment date is 27 January 2022 and the IPO may list on 31 January 2022.
     Price Band Announcement:  13 January 2022
     Anchor Investors Allotment:  18 January 2022
     IPO Open Date:  19 January 2022
     IPO Close Date:  21 January 2022
     Basis of Allotment:  27 January 2022
     Refunds:  28 January 2022
     Credit to Demat Account:  28 January 2022
     IPO Listing Date:  31 January 2022

    AGS Transact Technologies IPO Form

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

    AGS Transact Technologies Company Financial Report

      ₹ in Crores
    Income Expense PAT
    2019 ₹1827 ₹1381 66.19
    2020 ₹1834 ₹1338 83.01
    2021
    ₹1797 ₹1320 54.79

    Company Promoters

    • Mr. Ravi B. Goyal
    • Vineha Enterprises Private Limited

    AGS Transact Technologies IPO Registrar

    Link Intime India Private Limited
    C-101, 1st Floor, 247 Park
    L.B.S. Marg, Vikhroli West
    Mumbai 400 083, Maharashtra
    Tel: +91 22 4918 6200
    Email: ags.ipo@linkintime.co.in
    Website: www.linkintime.co.in
    Investor grievance e-mail: ags.ipo@linkintime.co.in
    Contact person: Ms. Shanti Gopalkrishnan
    SEBI Registration No.: INR000004058
    Note: Check AGS Transact Technologies IPO allotment status on Linkintime website allotment URL. Click Here

    AGS Transact Technologies IPO Lead Managers

    • ICICI Securities Limited
    • HDFC Bank Limited
    • JM Financial Limited

    Company Address

    AGS Transact Technologies Limited
    601-602 Trade World,
    B Wing, Kamala Mill Compound,
    Senapati Bapat Marg, Lower Parel,
    Mumbai 400 013, Maharashtra
    Tel: +91 22 6781 2000
    Contact Person: Ms. Sneha Kadam
    Company Secretary and Compliance Officer
    Email: ipocompliance@agsindia.com
    Website: www.agsindia.com
    Corporate Identity Number: U72200MH2002PLC138213

    AGS Transact Technologies IPO FAQs

    What is AGS Transact Technologies IPO?

    AGS Transact Technologies IPO is a main-board IPO. They are going to raise ₹680 Crores via IPO. The issue is priced at ₹166 to ₹175 per equity share. The IPO is to be listed on BSE & NSE.

    When AGS Transact Technologies IPO will open?

    The IPO is to open on 19 January 2022 for QIB, NII, and Retail Investors.

    What is AGS Transact Technologies IPO Investors Portion?

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

    How to Apply the AGS Transact Technologies IPO?

    You can apply AGS Transact Technologies 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 AGS Transact Technologies 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 “AGS Transact Technologies 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 AGS Transact Technologies IPO through Upstox?

    Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “AGS Transact Technologies 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 AGS Transact Technologies IPO Size?

    AGS Transact Technologies IPO size is ₹680 crores. The IPO comprises ₹- crores fresh issue and offers for sale of ₹680 crores.

    What is AGS Transact Technologies IPO Price Band?

    AGS Transact Technologies IPO Price Band is ₹166 to ₹175 per equity share.

    What is AGS Transact Technologies IPO Minimum and Maximum Lot Size?

    The minimum bid is 85 Shares with ₹14,875 amount while the maximum bid is 1105 shares with ₹193,375.

    What is AGS Transact Technologies IPO Allotment Date?

    AGS Transact Technologies IPO allotment date is 27 January 2022.

    What is AGS Transact Technologies IPO Listing Date?

    AGS Transact Technologies IPO listing date is 31 January 2022. The IPO to list on BSE and NSE.

    Note: The AGS Transact Technologies IPO details are officially announced. The IPO grey market premium (AGS Transact Technologies IPO Premium) is updated on their particular page. You can check our IPO grey market page for daily updates.)

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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.
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    Jagat Joshi