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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.
Dilip Davda

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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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.

Q-Line Biotech IPO

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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
Q-Line Biotech IPO is SME IPO. The company is going to raise ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription? āŒ„
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? āŒ„
The investorsā€™ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Bharat Coking Coal IPO Date, Price Band, Lot Details

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Bharat Coking Coal (BCCL) IPO open date is January 9, 2026 and the IPO will close on January 13, 2026. Bharat Coking Coal IPO is a Book Build Issue. The company to raise around ā‚¹1,071 crores via IPO that comprises fresh issue of ā‚¹[.] crores and offer for sale up to 46,57,00,000 equity shares with face value of ā‚¹10 each.

Bharat Coking Coal IPO price band is ā‚¹21 to ā‚¹23 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Bharat Coking Coal IPO to list on BSE, NSE on January 16, 2026. The allotment of Bharat Coking Coal IPO date is January 14, 2026.

The company reported revenue of ā‚¹14,401.63 crores in 2025 against ā‚¹14,652.53 crores in 2024. The company reported profit of ā‚¹1,240.19 crores in 2025 against profit of ā‚¹1,564.46 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

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Bharat Coking Coal IPO

Bharat Coking Coal IPO Details

IPO Open DateJanuary 9, 2026
IPO Close DateJanuary 13, 2026
Face Valueā‚¹10 Per Equity Share
IPO Price Bandā‚¹21 to ā‚¹23 Per Share
Issue SizeApprox ā‚¹1,071 Crores
Offer for Sale:Approx 46,57,00,000 Equity Shares
Issue TypeBook Build Issue
IPO ListingBSE, NSE
DRHP Draft ProspectusPDF
RHP Draft ProspectusPDF

BCCL IPO Review & Key Points

Bharat Coking Coal IPO Market Lot

The Bharat Coking Coal IPO minimum market lot is 600 shares with ā‚¹13,800 application amount. The retail investors can apply up to 13 lots with 8,400 shares of ā‚¹1,93,200.

ApplicationLot SizeSharesAmount
Retail Minimum1600ā‚¹13,800
Retail Maximum148,400ā‚¹1,93,200
S-HNI Minimum159,000ā‚¹2,07,000
S-HNI Maximum7243,200ā‚¹9,93,600
B-HNI Minimum7343,800ā‚¹10,07,400

About Bharat Coking Coal

Bharat Coking Coal Limited (BCCL), established in 1972, is one of the leading companies that mine and supply coking coal, non-coking coal, and washed coal. In 2014, the company received Mini Ratna status in the supply of coking coal serving the steel and power industries. The company runs its business with mines located at Jharia, Jharkhand, and Raniganj, West Bengal coalfields. Moreover, the company runs 32 mines, including 25 opencast, 3 underground, and 4 mixed mines as of March 31, 2025. 

In FY25, the companyā€™s coal production increased to 40.50 million tonnes. Furthermore, in FY25, the company has produced nearly 58.5% of Indiaā€™s domestic coking coal. They operate their business with open and underground mines, coal washeries, reopening discontinued underground mines, and coal washeries that are stopped or lying unused for some time.

Strengths šŸ‘

  • Bharat Coking Coal Limited is the largest producer of coking coal in India. As of April 1, 2024, the company has 791 million tonnes of coal resources, making it the primary source of coking coal production in India.
  • The demand for coking coal in India is expected to rise significantly, increasing from 67 million metric tonnes in FY25 to 138 million metric tonnes by FY35.
  • The strong parentage of Coal India Limited gives it a strategic technological and financial strength for sustainable growth.
  • The company is almost debt-free.

WeaknessšŸ‘Ž

  • The company has contingent liabilities of ā‚¹4,930 crore, representing potential future obligations that may arise in the future and can affect the business, cash flow, and financial condition.
  • BCCL generates 87% of its revenue from its top 10 customers, and losing any of its key customers can adversely affect the business, financial condition, and cash flow. 
  • The IPO is entirely an Offer for Sale (OFS) with no fresh issue component, which means the proceeds will go to exiting shareholders and will not be used for the companyā€™s growth.
  • Other income of ā‚¹598 crore comes from non-core activities.
  • Debtor days have increased from 39.1 to 48.2 days.

IPO Reservation

Investor CategoryShare Offered-% Shares
Anchor Investor11,87,53,500 Shares25.50%
QIB (Ex. Anchor)7,91,69,000 Shares17.00%
NII Shares Offered5,93,76,750 Shares12.75%
Retail Shares Offered13,85,45,750 Shares29.75%
Shareholder Quota Offers4,65,70,000 Shares10.00%
Employee Shares Offered2,32,85,000 Shares5.00%

Bharat Coking Coal IPO Anchor Investors

Anchor Bidding DateJanuary 8, 2026
Anchor Investors ListPDF
Shares Offered11,87,53,500 Shares
Anchor Size273.13 Cr.
lock-in period end date 50% shares (30 Days) February 13, 2026
lock-in period end date 50% shares (90 Days) April 14, 2026

Bharat Coking Coal IPO Dates

The Bharat Coking Coal IPO date is January 9, and the close date is January 13. The Bharat Coking Coal IPO allotment will be finalized on January 14, and the IPO listing will be on January 16.

IPO Open Date:January 9, 2026
IPO Close Date:January 13, 2026
Basis of Allotment:January 14, 2026
Refunds:January 15, 2026
Credit to Demat Account:January 15, 2026
IPO Listing Date:January 16, 2026
IPO Bidding Cut-off Time:January 13, 2026 – 5 PM

Promoters and Holding Pattern

The promoters of the company are the President of India, Acting Through The Ministry of Coal, Government of India And Coal India Limited. Details Of The Offer to the Public.

ParticularShares% Share
Promoter Holding Pre Issue4,65,70,00,000100%
Promoter Holding Post Issue4,65,70,00,00090%

Objects of the Issue & Utilisation of Proceeds

  • NA

Bharat Coking Coal IPO Company Financial Report

Amount ā‚¹ in Crores

Period EndedRevenueExpensePATAssets
2023ā‚¹13,018.57ā‚¹12,488.38ā‚¹664.78ā‚¹13,312.86
2024ā‚¹14,652.53ā‚¹12,560.86ā‚¹1,564.46ā‚¹14,727.73
2025ā‚¹14,401.63ā‚¹12,698.74ā‚¹1,240.19ā‚¹17,283.48
Sep 2025ā‚¹6,311.51ā‚¹6,112.17ā‚¹123.88ā‚¹18,711.13
Bharat Coking Coal IPO Financial Results

Bharat Coking Coal IPO Valuation – FY2025

Check Bharat Coking Coal IPO valuations detail like Earnings Per Share (EPS), Price/Earnings P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPIValues
ROE:20.83%
ROCE:30.13%
EBITDA Margin:16.36%
PAT Margin:8.61%
Debt to equity ratio: –
Earning Per Share (EPS):ā‚¹2.66 (Basic)
Price/Earnings P/E Ratio:N/A
Return on Net Worth (RoNW):20.83%
Net Asset Value (NAV):ā‚¹14.07

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Alpha Metallurgical Resources, Inc1,233.7814.8711.48%11,182.1025,320.27 Cr.
Warrior Met Coal, Inc.410.1219.4412.82%3,423.7113,058.93 Cr.

IPO Lead Managers aka Merchant Bankers

  • IDBI Capital Markets Services Ltd.
  • ICICI Securities Ltd.

Company Address

Bharat Coking Coal Limited.
Koyla Bhawan, Koyla Nagar,
Dhanbad Jharkhand,
India ā€“ 826005
Phone: 0326-2230190
Email: cos.bccl@coalindia.in
Website: https://bcclweb.in/

IPO Registrar

Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: bccl.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

BCCL IPO FAQs

What is Bharat Coking Coal (BCCL) IPO?

Bharat Coking Coal (BCCL) IPO is Mainboard IPO. The company is going to raise ā‚¹1,071 Crores via IPO. The issue is priced at ā‚¹21 to ā‚¹23 per equity share. The IPO is to be listed on BSE & NSE.

When Bharat Coking Coal IPO will open for subscription?

The IPO is to open on January 9, 2026 for QIB, NII, and Retail Investors. The IPO will close on January 13, 2026.

What is Bharat Coking Coal IPO Investors Portion?

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

How to Apply the Bharat Coking Coal IPO?

You can apply for Bharat Coking Coal 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 Bharat Coking Coal IPO Issue Size?

Bharat Coking Coal IPO issue size is ā‚¹1,071 crores.

What is Bharat Coking Coal IPO Price Band?

Bharat Coking Coal IPO Price Band is ā‚¹21 to ā‚¹23.

What is Bharat Coking Coal IPO Lot Size?

The minimum bid is 600 Shares with ā‚¹13,800 amount.

What is the Bharat Coking Coal IPO Allotment Date?

Bharat Coking Coal IPO allotment date is January 14, 2026.

What is the Bharat Coking Coal IPO Listing Date?

Bharat Coking Coal IPO listing date is January 16, 2026. The IPO is to list on BSE & NSE.

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

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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.
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Jagat Joshi

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14 Responses

  4. You can apply in both quato as a share holder and hni or shareholder and retail.but doesn’t apply as a retail and hni quato if you are a share holder

  5. Can we apply in shareholder quota+SHNI category or only shareholder+retail category (less than 2 lakh ) is allowed

  7. Bharat coal price range issue price range 21-23 can i apply for 21/- and how the price range pick in IPO case?

    1. Hi Aruna,

      You can apply the IPO at Rs. 21. The allotment will be according to the bid range in case of under subscription. If the IPO subscribed heavily, the bid of higher price will be selected and your application will be rejected.

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