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.

Ajax Engineering IPO Date, Review, Price, Allotment Details

By Jagat Joshi
February 13, 2025

Ajax Engineering IPO open date is February 10, 2025 and the IPO will close on February 12, 2025. Ajax Engineering IPO is a Book Built Issue. The company to raise around ₹1,269.35 crores via IPO that comprises fresh issue of ₹[.] crores and offer for sale up to 2,01,80,446 equity shares with face value of ₹1 each.

Ajax Engineering IPO price band is ₹599 to ₹629 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Ajax Engineering IPO to list on BSE, NSE on February 17, 2025. The allotment of Ajax Engineering IPO date is February 13, 2025.

The company reported revenue of ₹1,780.07 crores in 2024 against ₹1,172.57 crore in 2023. The company reported profit of ₹225.28 crores in 2024 against profit of ₹135.53 crores in 2023. As per the financials the IPO investors should apply the IPO for a long term.

Ajax Engineering IPO Details

IPO Open Date:	February 10, 2025
IPO Close Date:	February 12, 2025
Face Value:	₹1 Per Equity Share
IPO Price Band:	₹599 to ₹629 Per Share
Issue Size:	Approx ₹1,269.35 Crores
Offer for Sale:	Approx 2,01,80,446 Equity Shares
Issue Type:	Book Built Issue
IPO Listing:	BSE & NSE
Retail Quota:	Not more than 35%
QIB Quota:	Not more than 50%
NII Quota:	Not more than 15%
Employee Discount:	59.00
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Ajax Engineering IPO Market Lot

The Ajax Engineering IPO minimum market lot is 23 shares with ₹14,467 application amount. The retail investors can apply up-to 13 lots with 299 shares of ₹1,88,071 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	23	₹14,467
Retail Maximum	13	299	₹1,88,071
S-HNI Minimum	14	322	₹2,02,538
B-HNI Minimum	70	1,610	₹10,12,690

Category	Maximum Bidding Limits	Bidding at Cut-off Price
Only RII	Up to Rs 2 Lakhs	Yes
Only sNII	Rs 2 Lakhs to Rs 10 Lakhs	No
Only bNII	Rs 10 Lakhs to NII Reservation Portion	No
Only employee	Up to Rs 5 Lakhs	Yes
Employee + RII/NII	Employee limit: Up to Rs 5 Lakhs (In certain cases, employees are given discount if bidding amount is upto Rs. 2 lakhs)If applying as RII: Upto Rs. 2 lakhsIf applying as NII: sNII > Rs. 2 lakhs and upto Rs. 10 lakhs and bNII > Rs. 10 lakhs	Yes for shareholder/RII

Ajax Engineering IPO Dates

The Ajax Engineering IPO date is February 10 and the close date is February 12. The Ajax Engineering IPO allotment will be finalized on February 13 and the IPO listing on February 17.

IPO Open Date:	February 10, 2025
IPO Close Date:	February 12, 2025
Basis of Allotment:	February 13, 2025
Refunds:	February 14, 2025
Credit to Demat Account:	February 14, 2025
IPO Listing Date:	February 17, 2025

Ajax Engineering IPO Promoter Holding

The promoters of the company are Krishnaswamy Vijay, Jacob Jiten John, Kalyani Vijay, Madhuri Vijay, Prashanth Vijay, Rachel Rekha Hansen, Savitha Christeena Alexander, Sean Alexander, Green Haven Trust, Ohana Trust, Jacob Hansen Family Trust, and The Johns Loaves Trust.

Share Holding Pre Issue	93.50%
Share Holding Post Issue	–

About Ajax Engineering

Ajax Engineering Bengaluru-based was founded as ‘Ajax Fiori Engineering (India) Private Limited’ on July 3, 1992.
It had tied up with the concrete equipment manufacturer and has sold over 27,800 pieces of concrete equipment in India. Ajax has a reliable network of dealers across the entire country, including Nepal and Bhutan. The company is constructing a manufacturing plant in Adinarayanahosahalli, which is set to be finished in 2025.

Ajax Engineering had 1,741 crores in revenue in FY 2024 and a total income is 17,800.74. Additionally, the company has total non-current assets amounting to 2,670.94 million and total current assets of 9,690.48 million. Moreover, Total equity and liabilities are 12,361.42 in FY 2024.

Ajax Engineering IPO Company Financial Report

The company reported revenue of ₹1,780.07 crores in 2024 against ₹1,172.57 crore in 2023. The company reported profit of ₹225.28 crores in 2024 against profit of ₹135.53 crores in 2023.

Amount ₹ in Crores

Period Ended	Revenue	Expense	Profit After Tax	Assets
2022	₹771.85	₹681.43	₹66.38	₹735.31
2023	₹1,172.57	₹989.62	₹135.53	₹966.73
2024	₹1,780.07	₹1,478.16	₹225.28	₹1,236.14
September 2024	₹794.16	₹657.03	₹101.24	₹1,348.76

Ajax Engineering IPO Valuation – FY2024

Check Ajax Engineering IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPI	Values
ROE:	24.53%
ROCE:	32.82%
EBITDA Margin:	15.82%
PAT Margin:	12.65%
Debt to equity ratio:	0.01
Earning Per Share (EPS):	₹19.68 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	19.39%
Net Asset Value (NAV):	₹80.24

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Action Construction Equipment Limited	27.56	45.38	26.65%	103.42	2990.90 Cr.
BEML Limited	67.66	58.07	10.56%	640.55	4096.56 Cr.
Escorts Kubota Limited	96.80	39.49	11.44%	780.83	9248.21 Cr.

Objects of the Issue

The Company will not receive any proceeds of the Offer. Each of the Selling Shareholders will be entitled to the respective proportion of proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon.

Ajax Engineering IPO Review

IPO Watch – May Apply
Canara Bank –
DRChoksey FinServ –
Emkay Global –
Hem Securities –
IDBI Capital –
Marwadi Shares –
Nirmal Bang –
SBICAP Securities –
Sharekhan –
SMC Global –
Sushil Finance –
Swastika Investmart –
Ventura Securities –
Geojit –
Reliance Securities –
Capital Market – May Apply
BP Wealth –
ICICIdirect –
Choice Broking –

Ajax Engineering IPO Registrar

Link Intime India Private Limited
Phone: +91 81 0811 4949
E-mail: ajaxengineering.ipo@linkintime.co.in
Website: https://www.linkintime.co.in/Initial_Offer/public-issues.html

IPO Lead Managers aka Merchant Bankers

ICICI Securities Limited
Citigroup Global Markets India Private Limited
JM Financial Limited
Nuvama Wealth Management Limited
SBI Capital Markets Limited

Company Address

Ajax Engineering Limited
253/1, 11th Main Road, 3rd Phase, Peenya
Industrial Area, Bengaluru 560 058, Karnataka, India
Phone: +91 82 9633 6111
Email: complianceofficer@ajax-engg.com
Website: www.ajax-engg.com

Ajax Engineering IPO FAQs

What is Ajax Engineering IPO?

Ajax Engineering IPO is a Mainboard IPO. The company is going to raise ₹1,269.35 Crores via IPO. The issue is priced at ₹599 to ₹629 per equity share. The IPO is to be listed on BSE & NSE.

When Ajax Engineering IPO will open for subscription?

The IPO is to open on February 10, 2025 for QIB, NII, and Retail Investors. The IPO will close on February 12, 2025.

What is Ajax Engineering IPO Investors Portion?

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

How to Apply the Ajax Engineering IPO?

You can apply for Ajax Engineering 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.

What is Ajax Engineering IPO Issue Size?

Ajax Engineering IPO issue size is ₹1,269.35 crores.

What is Ajax Engineering IPO Price Band?

Ajax Engineering IPO Price Band is ₹599 to ₹629.

What is Ajax Engineering IPO Lot Size?

The minimum bid is 23 Shares with ₹14,467 amount.

What is the Ajax Engineering IPO Allotment Date?

Ajax Engineering IPO allotment date is February 13, 2025.

What is the Ajax Engineering IPO Listing Date?

Ajax Engineering IPO listing date is February 17, 2025. The IPO is to list on BSE & NSE.

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

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.