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.

Ami Organics IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
August 14, 2021

Ami Organics IPO date are finalized and the IPO to hit the market on 01 September 2021. The IPO comprises ₹200 crores of fresh issue and offer for sale up to 6,059,600 equity shares of existing share holders. The company re-filed DRHP on June 08, 2021 that revised version of 2018. The face value of the IPO is ₹10. The purpose of the IPO is to repayment of financial facilities up to ₹140 crores. They will also use approx ₹90 crores for funding working capital.

The company was converted into Ami Organics Limited in 2007 based in Gujarat. Ami Organics is a leading manufacturer of specialty chemicals. They are dedicated effectively meet the expectations of comprehensive portfolio of varied products, custom synthesis, or contract manufacturing in their prospective projects. They grown in the industry to offer New Chemical Entity (NCE), along with large scale supply of pharma intermediates. The also provide pharmaceutical products in accordance with GMP standards.

They cater to domestic and overseas to multi-national pharmaceutical companies. They cater to Europe, China, Japan, Israel, Latin America, USA and UK. They supply their products to around 24 countries worldwide. They have 3 manufacturing facilities at Surat, Ankleshwar and Jhagadia – all in Gujarat. They are an ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, SA:8000:2014, USFDA approved (EIR issued) and GMP certified company. Check out Ami Organics IPO details.

Peer Group Companies:
The industry PE of the peer group companies stands around 44.82x.

Aarti Industries
Hikal Ltd
Valiant Organics
Vinati Organics
Neuland Organics
Atul Ltd.

Financial Information (Basis of Valuation)

EPS for FY18-19 – ₹07.40 (Page #90 of DRHP)
EPS for FY19-20 – ₹08.72 (Page #90 of DRHP)
EPS for FY20-21 – ₹17.14 (Page #90 of DRHP)

RoNW for FY18-19 – 28.33% (Page #91 of DRHP)
RoNW for FY19-20 – 24.57% (Page #91 of DRHP)
RoNW for FY20-21 – 32.35% (Page #91 of DRHP)

NAV as on March 31, 2021 was ₹52.99 (Page #91 of DRHP)

Ami Organics IPO Review

Apply

Brokerage Firm IPO Reviews

Axis Bank: Neutral
Angel Broking: Neutral
Anand Rathi: Apply
Capital Market: May Apply
Kotak Securities: Neutral
Marwadi Shares and Finance: Apply

Ami Organics IPO Date & Price Band

IPO Open:	01 September 2021
IPO Close:	03 September 2021
IPO Size:	Approx ₹569.64 Crores
Fresh Issue:	Approx ₹200 Crores
Offer for Sale:	Approx ₹369.64 Crores (6,059,600 equity shares)
Face Value:	₹10 Per Equity Share
Price Band:	₹603 to ₹610 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
QIB Portion:	50%
NII Portion:	15%
Discount:	N/A

Ami Organics IPO Market Lot

The Ami Organics IPO minimum market lot is 24 shares with ₹14,640 application amount. The retail investors can apply up-to 13 lots, 312 shares with ₹190,320 application amount.

Minimum Lot Size:	24 Shares for 1 lot
Minimum Amount:	₹14,640 for 1 lot
Maximum Lot Size:	312 Shares for 13 lot
Maximum Amount:	₹190,320 for 13 lot

Ami Organics IPO Date, Time Table, Allotment & Listing

The Ami Organics IPO date is 01 September 2021 and the IPO close date is 03 September 2021. The allotment date is 08 September 2021 and the IPO may list on 14 September 2021.

Price Band Announcement:	26 August 2021
Anchor Investors Allotment:	31 August 2021
IPO Open Date:	01 September 2021
IPO Close Date:	03 September 2021
Basis of Allotment:	08 September 2021
Refunds:	09 September 2021
Credit to Demat Account:	13 September 2021
IPO Listing Date:	14 September 2021

Ami Organics IPO Form

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

Ami Organics Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2019	₹239	₹204	₹23.30
2020	₹242	₹208	₹27.47
2021	₹342	₹279	₹53.99

Company Promoters

Nareshbhai Ramjibhai Patel
Chetankumar Chhaganlal Vaghasia
Shital Nareshbhai Patel
Parul Chetankumar Vaghasia

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Ami Organics IPO Registrar

Link Intime India Private Limited
C101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli (West)
Mumbai 400 083,
Maharashtra, India
Tel: +91 22 4918 6200
Email: amiorganics.ipo@linkintime.co.in
Investor Grievance E-mail: amiorganics.ipo @linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Note: Check Ami Organics IPO allotment status on Linkintime website allotment URL. Click Here

Ami Organics IPO Lead Managers

Intensive Fiscal Services Private Limited
Ambit Private Limited
Axis Capital Limited

Company Address

Ami Organics Limited
Plot No. 440/4, 5 & 6,
Road No. 82/A, GIDC Sachin,
Surat – 394 230 Gujarat
Tel: +91 261 239 7193; +91 72279 77744 and +91 75730 15366
Contact Person: Ekta Kumari Srivastava
Company Secretary and Compliance Officer
Tel: +91 261 239 7193
E-mail: cs@amiorganics.com
Website: www.amiorganics.com
Corporate Identity Number: U24100GJ2007PLC051093

Ami Organics IPO FAQs

What is Ami Organics IPO?

Ami Organics IPO is a main-board IPO. They are going to raise ₹569.64 Crores via IPO. The issue is priced at ₹603 to ₹610 per equity share. The IPO to be listed on BSE & NSE.

When Ami Organics IPO will open?

The IPO is to open on 01 September 2021 for QIB, NII, and Retail Investors.

What is Ami Organics IPO Investors Portion?

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

How to Apply the Ami Organics IPO?

You can apply Ami Organics 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 Ami Organics 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 “Ami Organics 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 Ami Organics IPO through Upstox?

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

Ami Organics IPO size is ₹569.64 crores. The IPO comprises ₹200 crores fresh issue and offer for sale of 6,059,600 equity shares.

What is Ami Organics IPO Price Band?

Ami Organics IPO Price Band is ₹603 to ₹610 per equity share.

What is Ami Organics IPO Minimum and Maximum Lot Size?

The minimum bid is 24 shares with ₹14,640 amount while maximum bid is 312 shares with ₹190,320.

What is Ami Organics IPO Allotment Date?

Ami Organics IPO allotment date is 08 September 2021.

What is Ami Organics IPO Listing Date?

Ami Organics IPO listing date is 14 September 2021. The IPO to list on BSE and NSE.

Note: The Ami Organics IPO details is officially announced and updated respectively. The IPO grey market premium (Ami Organics IPO Premium) started and updated on the respective 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.