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.

Arrowhead IPO Date, Review, Price, Allotment Details

By Jagat Joshi
November 28, 2023

Arrowhead IPO Details: Arrowhead IPO date is fixed, The IPO will open on November 16 and will close on November 20. Arrowhead is a BSE SME IPO to raise ₹13.00 crores via IPO. The Arrowhead IPO price band is fixed at ₹233 with a market lot of 600 shares.

Arrowhead Seperation Engineering Limited is engaged in the design and manufacture of various chemical process Equipment with a specialization in continuous drying and cooling system equipment. The company has the vision to develop Equipment and provide a solution that matches the global standard.

Arrowhead Seperation Engineering’s primary products of the company are dryers such as Vacuum Double Drum Dryer, Rotary Dryers, Single Drum Dryer, Double Drum Dryer, Paddle Dryer, Flaker Systems, Totally Enclosed Single Drum Dryer, Continuous Particulate Dryer, etc.

The company has its registered office with a manufacturing facility in Nashik, Maharashtra. The factory workshop area is 24000 sq. ft. with an attached office of 3000 sq. ft. They have 54 employees and also employ industry professionals for project-specific work on a professional basis from time to time.

Objects of the Issue:

Repayment of Loan from NBFC’s;
Funding Working capital requirements;
General Corporate Purpose;

Arrowhead IPO Review

May Apply

Arrowhead IPO Date & Price Band Details

IPO Open:	November 16, 2023
IPO Close:	November 20, 2023
IPO Size:	Approx ₹13.00 Crores, 558,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹233 Per Equity Share
IPO Listing on:	BSE SME
Retail Quota:	50% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Arrowhead IPO Market Lot

The Arrowhead IPO minimum market lot is 600 shares with a ₹139,800 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	600	₹139,800
Retail Maximum	1	600	₹139,800
S-HNI Minimum	2	1200	₹279,600

Arrowhead IPO Dates

The Arrowhead IPO date is November 16 and the IPO close date is November 20. The IPO allotment date is November 23 and the IPO might list on November 28.

IPO Open Date:	November 16, 2023
IPO Close Date:	November 20, 2023
Basis of Allotment:	November 23, 2023
Refunds:	November 24, 2023
Credit to Demat Account:	November 28, 2023
IPO Listing Date:	November 28, 2023

You can check IPO subscription status and IPO allotment status on their respective pages.

Arrowhead IPO Form

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

Arrowhead Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹9.17	₹10.40	₹1.79
2022	₹10.92	₹10.79	₹0.09
2023	₹21.72	₹19.88	₹1.69
2024 3M	₹8.82	₹7.96	₹0.64

Arrowhead IPO Valuation – FY2023

Check Arrowhead 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):	₹12.88 per Equity Share
Price/Earning P/E Ratio:	NA
Return on Net Worth (RoNW):	68.75%
Net Asset Value (NAV):	₹18.74 per Equity Share

Peer Group

Company Promoters

Ajit Mundle
Jyoti Mundle

Arrowhead IPO Registrar

Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: priya@cameoindia.com
Website: https://ipo.cameoindia.com/

Arrowhead IPO Allotment Status

Check Arrowhead IPO allotment status on CameoIndia website URL. Click Here

Arrowhead IPO Lead Managers aka Merchant Bankers

Aryaman Financial Services Limited

Company Address

Arrowhead Seperation Engineering Limited
Survey No 39,
Village Mundhegaon, Tal
Igatpuri, Nashik 422403
Phone: + 91 84228 2906
Email: info@arrowhead-dryers.co.in
Website: https://www.arrowhead-dryers.com/

Arrowhead IPO FAQs

What is Arrowhead IPO?

Arrowhead IPO is a BSE SME IPO. They are going to raise ₹13.00 Crores via IPO. The issue is priced at ₹233 per equity share. The IPO is to be listed on BSE.

When Arrowhead IPO will open?

The IPO is to open on November 16, 2023 for QIB, NII, and Retail Investors.

What is Arrowhead IPO Investors Portion?

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

How to Apply the Arrowhead IPO?

You can apply Arrowhead 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 Arrowhead 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 “Arrowhead”. 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 Arrowhead IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Arrowhead”. 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 Arrowhead IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Arrowhead”. 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 Arrowhead IPO Size?

Arrowhead IPO size is ₹13.00 crores.

What is Arrowhead IPO Price Band?

Arrowhead IPO Price Band is ₹233 per equity share.

What is Arrowhead IPO Minimum and Maximum Lot Size?

The IPO bid is 600 shares with ₹139,800.

What is Arrowhead IPO Allotment Date?

Arrowhead IPO allotment date is November 23, 2023.

What is Arrowhead IPO Listing Date?

Arrowhead IPO listing date is November 28, 2023. The IPO to list on BSE SME.

Note: The Arrowhead IPO details are announced officially. The IPO grey market premium (Arrowhead IPO Premium) is updated on the respective 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.