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.

Belrise Industries IPO Review, Analysis, Good or Bad

By Jagat Joshi
May 19, 2025

The opening date of the Belrise Industries IPO is May 21, 2025, while the closing date is May 23, 2025. The Belrise Industries IPO price band is set between ₹85 to ₹90 per share. At the same time, the face value of the IPO is ₹5 each. The company filed a DRHP to raise funds of around ₹2,150 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 Belrise Industries IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Belrise Industries IPO review which will help you to make the decision.

Strengths and Weaknesses of Belrise Industries IPO

Strengths:

Belrise Limited is one of the top 3 companies that produce components for two-wheeler vehicles, holding a 24% share of the entire market.
Over the years, the company has established its presence across India by collaborating with them and building longstanding relationships with customers by providing incredible products and services.
Belrise Industries is run by skilled founders and a professional management team who have strong experience in the automotive industry.
The company is involved in the sale of both electric and non-electric vehicles, and they are planning to continue growing in the market with the high demand for electric vehicles.

Weaknesses:

Out of 15 manufacturing facilities, 7 manufacturing facilities are situated in the state of Maharashtra, which leads to problems like the risk of regional issues negatively impacting the business and its financial performance.
If not properly utilized, our manufacturing facilities, which are working at the current levels, result in a downward trend in profit margins, or any shutdown or slowdown in the manufacturing facilities can negatively affect the financial performance of the company.
The company’s revenue and income are mainly generated through the sale of automotive components for two-wheeler vehicles. Any reduction in the demand for two-wheelers can harm the business performance, finances, and cash flow.
Any changes in the prices of raw materials or supply problems can negatively affect the business performance, operations, and cash flow.

Belrise Industries IPO Details

IPO Size:	₹2,150 crores
Offer-for-sale:	No offer-for-sale
Fresh issue:	₹2,150 crores
Price band:	₹85 to ₹90
Subscription:	Opens on May 21, 2025, and the closing date is May 23, 2025
Purpose of IPO:	Fresh Issue

Belrise Industries IPO Open and closing date?

The Belrise Industries IPO will open for subscription on May 21, 2025, and close on May 23, 2025.

What is the size of the Belrise Industries IPO?

The company planned to raise funds of around ₹2,150 crores via an IPO. This IPO comprises only a fresh issue of ₹2,150 crores with no Offer-for-sale component, with a face value of ₹10 each.

What are the subscription details of the Belrise Industries IPO?

The Belrise Industries IPO price range is set at ₹85 to ₹90 per share. In this IPO, a total of 166 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 2158 shares in 13 lot sizes were available, for the S-HNI Minimum category, 2,324 shares were available in 14 lot sizes. While for the B-HNI Minimum category, 11,122 shares were available in 67 lot sizes.

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

Retail Investors: Minimum investment of ₹14,940 and maximum investment of ₹1,94,220.
Small HNI (S-HNI): Minimum investment of ₹2,09,160.
Big HSI (S-HNI): A minimum investment of 10,00,980 is required.

What is the Belrise Industries IPO listing Date?

Belrise Industries is a Mainboard IPO shares will be listed on May 28, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Belrise Industries IPO Issue?

The objective behind raising funds via a fresh issue is to utilize the proceeds for the repayment/pre-payment of the existing borrowings taken by the company. The remaining funds will be used to support the general corporate purposes of the company.

About Belrise Industries

Belrise Industries, founded in 1996, is one of the leading automotive parts companies involved in the manufacturing of a wide range of safety-critical and engineering solutions for Two-Wheeler, Three-Wheeler, and Four-Wheeler passenger and commercial vehicles. Belrise Industries also provides a wide range of services like metal and polymer processing, Surface Treatment, Mirror Systems, Suspension Systems, Foundry, Home Appliances, Security Hardware, E-mobility, and Floriculture. Bajaj Auto, Tata Motors, Mahindra, Royal Enfield, and Jaguar Land Rover are the major clients of the company. The company comprises 15 manufacturing facilities across 9 cities as of June 2024.

Belrise Industries IPO Financials

The company reported revenue of ₹7,555.67 crores in 2024 against ₹6,620.78 crores in 2023. The company reported a profit of ₹310.88 crores in 2024 against a profit of ₹313.66 crores in 2023.

Belrise Industries IPO Promoters

Shrikant Shankar Badve, Supriya Shrikant Badve, and Sumedh Shrikant Badve are the promoters of the company.

Who are the Belrise Industries IPO lead managers and registrar?

Axis Capital Limited, HSBC Securities & Capital Markets Pvt Ltd, Jefferies India Private Limited, and SBI Capital Markets Limited are the lead managers of Belrise Industries, while MUFG Intime India Private Limited is the registrar to the issue.

Should you Apply or not for the Belrise Industries IPO?

Belrise Industries is one of the renowned manufacturers of automotive components for two, three, and four wheelers, along with commercial and agricultural vehicles.

With over 30 years of experience, Belrise Limited decided to broaden its brand by adding precision sheet metal pressing and fabrication. Polymer parts, designing and producing suspension systems, as well as offering coating and painting services. The company produces chassis systems, exhaust systems, body-in white parts, polymer components, battery containers, suspensions, steering columns, and more than 1000 different items.

In FY24, the company has generated a revenue of ₹74,842.41 million from operations. If we compare it to last year, we can see the jump in the revenue increased by approximately 13.70%. By establishing a deep understanding with its customers and global OEMs, it allowed them to design complex products easily, with purity and safety.

From our perspective, investing in the Belrise Industries IPO could lead to significant gains. As we all know, in India, Electric vehicles are in high demand right now, showcasing potential growth in the automotive component and manufacturing sector. This implies that Belrise Industries Limited may offer high returns and can provide excellent short-term gains.

However, at the end, we always recommend doing a good financial background check on the company to avoid the potential risks and losses. Please invest cautiously and at your own risk.

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.