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.

Ather Energy IPO Review, Analysis, Good or Bad

By Jagat Joshi
April 24, 2025

The opening date of the Ather Energy IPO is April 28, 2025, while the closing date is April 30, 2025. The Ather Energy IPO price band is set between ₹304 to ₹321 per share. At the same time, the face value of the IPO is ₹1 each.

The company filed a DRHP to raise funds of around ₹2,980 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not the Ather Energy IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Ather Energy IPO review which will help you to make the decision.

Ather Energy IPO Shareholders Quota:

Initially, when Ather Energy filed DRHP, there was a shareholder quota which would benefit shareholders and its parent company, Hero MotorCorp, to apply under the reserved category in the IPO.

However, in the final Red Herring Prospectus (RHP), the company removed the shareholder quota, meaning its parent company Hero MotoCorp shareholders will no longer have special treatment to apply for the IPO and will only be able to apply under RII, QIB, and NII categories.

Strengths and Weaknesses of Ather Energy IPO

Strengths:

The company’s E2Ws vehicles are priced higher than other similar products as they offer high-quality and superior features, explaining the higher price.
They incorporate powerful technology that helps the company to grow and expand its business, allowing for the faster launch of new products.
The company consists of a smart and knowledgeable management team and investors who are dedicated to running the company for the long term.
Their goal is to become a top player by launching electric two-wheelers (E2Ws) that engage a wider market.

Weaknesses:

Apart from the batteries, all of the other key EV parts they used to build Electric two-wheelers are mostly dependent on their supplier. Failing to retain those suppliers or losing those suppliers could lead to a loss of business.
Since the company was founded, it has been operating at a great loss, reporting a loss before tax of ₹5,779 million for the nine months ending Dec 31, 2024, and a loss of ₹10,597 million for the FY24, meaning there is no guarantee that the company will be profitable in the future.
They have received many complaints in the past regarding their products. There is no commitment that they will not receive such complaints again in the future, or that they will be able to solve the issue quickly or on time.

Ather Energy IPO Details

IPO Size	₹2,980 crores
Offer-for-sale	1,10,51,746 equity shares
Fresh issue	₹2,626 crores
Price band	₹304 to ₹321
Subscription	April 28 to April 30, 2025
Purpose of IPO	Fresh Issue and Offer-for-sale

1. Ather Energy IPO Open and closing date?

Ather Energy IPO will be open for subscription on April 28, 2025, and will be closed for subscription on April 30, 2025.

2. What is the size of the Ather Energy IPO?

The company planned to raise funds of around ₹2,980 crores via IPO. This IPO comprises a combination of a fresh issue of ₹2,626 crores and an Offer-for-sale of up to 1,10,51,746 equity shares with a face value of Rs.1 each.

3. What are the subscription details of the Ather Energy IPO?

The Ather Energy IPO price range is set at ₹304 to ₹321 per share. In this IPO, a total of 46 shares were available in 1 lot size for the minimum Retail category, for the maximum retail category, 598 shares in 13 lot sizes were available, for the S-HNI Minimum category, 644 shares were available in 14 lot sizes. While for the B-HNI Minimum category, 3,128 shares were available in 68 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,766 and maximum investment of ₹1,91,958.
Small HNI (S-HNI): Minimum investment of ₹2,06,724.
Big HSI (S-HNI): A minimum investment of ₹10,04,088 is required.

4. What is the Ather Energy IPO listing Date?

Ather Energy is a Mainboard IPO shares will be listed on May 5, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

5. What are the objectives of the Ather Energy IPO Issue?

The objective behind raising funds via IPO is to utilize the funds for the development of the E2W factory in Maharashtra, India. The proceeds raised from the fresh issue will be used for the repayment, pre-payment of the existing borrowings taken by the company. The funds will be used for the investment in research and development, funds will be utilized towards marketing initiatives, and lastly, the remaining funds will be used for the company’s general corporate purposes.

6. About Ather Energy

Founded on 21 December 2013, Ather Energy is one of the leading companies when it comes to the electric two-wheeler E2W industry in India. The company is engaged in offering electric two-wheelers with a complete product ecosystem that consists of its own software, charging stations, and smart accessories. Battery packs, motor controllers, transmissions, control units, dashboards, converters, wiring, and chassis, most of these key parts of the two-wheelers are made by the company. In nine months ending December 31, 2024, they have sold 107,983 electric two-wheelers, while as of FY24, they have sold 109,577 E2Ws, making them the third-largest company to sell E2Ws.

7. Ather Energy IPO Financials

The company reported revenue of ₹1,789.1 crores in 2024 against ₹1,801.8 crores in 2023. The company reported a loss of ₹1,059.7 crores in 2024 against a loss of ₹864.5 crores in 2023.

8. Ather Energy IPO Promoters

Tarun Sanjay Mehta, Swapnil Babanlal Jain, and Hero Motocorp Limited are the promoters of the company.

9. Who are the Ather Energy IPO lead managers and registrar?

Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the lead managers of Ather Energy, while MUFG Intime India Private Limited is the registrar of the company.

10. Should you apply or not for the Ather Energy IPO?

Deciding whether to apply or not for the Ather Energy IPO indeed depends on your investment goals. Smart investment can only be done with a proper financial background check on the company, risk tolerance, and a clear understanding of the market potential and competition in the electric market. Ather Energy is a major company that sells electric two-wheelers E2Ws that target quality and user experience. In June 2018, the company launched its first product, called Ather 450, which came with smart features such as a 3G SIM card, a touch screen dashboard, an aluminium chassis, and cloud connectivity. With the years passing, the company introduced two of its product lines, the Ather 450, which was perfect for people who want high-performance rides, and Ather Rizta, for families who are seeking comfortable and conventional rides.

Ather energy is focused on running its business by implementing sustainable practices that are good for the environment and follows strong ethical and management practices. As of the Nine Months ended December 31, 2024, the company generated revenue of 15,789 from operations. The company consists of 731 R&D employees working across 3 facilities in Bengaluru, India, as of December 31, 2024. If you are wondering whether you should apply or not for the Ather Energy IPO, then it depends on your financial goals. We recommend first checking the company’s financial performance, its strengths, the company’s weaknesses, and market volatility, and applying for the IPO at your own risk. If you are stuck with any query, please feel free to reach out to IPOWatch. We will be happy to help you with solving any doubts or queries.

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.