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).

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.

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 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.

CarTrade IPO Date, Review, Price, Form & Market Lot Details

IPO Watch
CarTrade Tech aka CarTrade IPO to hit the market on 09 August 2021 and closes on 11 August 2021. The company to raise ₹2998 crores via initial public offer the comprises offer for sale up to 18,532,216 Shares, face value of ₹10 each.
 
CarTrade IPO date is fixed, the IPO to open on 09 August 2021 and to close on 11 August 2021. It will clash with Nuvoco Vistas IPO. The company to raise the IPO worth ₹2998 crores. The IPO comprises no fresh issue but offer for sale up to 18,532,216 equity shares of existing share holders. The company was incorporated in 2002  based in Maharashtra. They are multi-channel automobile platform provider in India with well-known brands like CarWale, BikeWale, CarTrade, Shriram Automall, CarTradeExchange, AutoBiz and Adroit Auto. The platform connects to the buyer and seller of used and new vehicles at one place. They are providing solutions like buying, selling, marketing, finance and other automotive transactions. The company has been working since long in the auto market and they are one of the leading company in online buy and sell of used and new vehicles. Check out CarTrade IPO details. 
CarTrade Tech Brands:

  • CarWale
  • BikeWale
  • CarTrade
  • Shriram Automall
  • Adroit Auto
  • CarTradeExchange
  • AutoBiz

Important Information:

  • Company is backed by Warburg Pincus, Singapore’s state investor Temasek, JPMorgan and March Capital Partners.
  •  The reported revenue of ₹281.53 crore in 2021 against the revenue of ₹318.44 crores in 2020.
  • The reported profit of ₹101.07 crores in 2021 against ₹21.29 crores in 2020.
  • Acquired their competitors CarWale in 2015.
  • Acquired Shriram Automall with 51% stake in 2018.
CarTrade

    CarTrade IPO Review

    • Apply for Short Term & Long Term Gain

    Brokerage Firm IPO Reviews

    • Axis Capital: Neutral
    • Capital Market: May apply
    • ICICI Direct: Apply
    • Investmentz Ltd: Apply
    • JM Financial: Neutral
    • Motilal Oswal: Apply
    • Nirmal Bang: Apply
    • Angel Broking: Apply
    • Anand Rathi: Apply
    • Antique Stock Broking: Apply
    • Arihant Capital: Subscribe for Long Term
    • Aashika Research: Apply
    • BP Wealth: Apply
    • Canara Bank Securities: Apply
    • Choice Broking: Apply
    • Elite Wealth: Apply
    • Hem Securities: Apply
    • Marwadi Financial Services: Apply
    • Nirmal Bang: Apply
    • Samco Securities: Apply

    CarTrade IPO Date & Price Band

     IPO Open:  09 August 2021
     IPO Close:  11 August 2021
     IPO Size:  Approx ₹2998.51 Crores
     Fresh Issue:  Approx ₹0 Crores
     Offer for Sale:  Approx ₹2998.51 Crores
     Face Value:  ₹10 Per Equity Share
     Price Band:  ₹1585 to ₹1618 Per Share (Final)
     Listing on:  BSE & NSE
     Retail Portion:  35%
     Equity:  18,532,216 Shares
     Discount:  Per Equity Shares

    CarTrade IPO Market Lot

    The CarTrade IPO minimum market lot is 9 shares with ₹14,562 application amount. The retail investors can apply up-to 13 lots, 117 shares with ₹189,306 application amount.
     Minimum Lot Size:  Minimum 9 Shares
     Minimum Amount:  ₹14,562
     Maximum Lot Size:  Maximum 117 Shares
     Maximum Amount:  ₹189,306

    CarTrade IPO Date, Time Table, Allotment & Listing

    The CarTrade IPO date is 09 August 2021 and the IPO close date is 11 August 2021. The allotment date is 17 August 2021 and the IPO may list on 23 August 2021.
     Price Band Announcement:  02 August 2021
     Anchor Investors Allotment:  06 August 2021
     IPO Open Date:  09 August 2021
     IPO Close Date:  11 August 2021
     Basis of Allotment:  17 August 2021
     Refunds:  18 August 2021
     Credit to Demat Account:  20 August 2021
     IPO Listing Date:  23 August 2021

    CarTrade IPO Form

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

    CarTrade Company Financial Report

      ₹ in Crores
    Assets Revenue Expense PAT
    2018 ₹1357 ₹150 ₹- -₹6.88
    2019 ₹1427 ₹267 ₹231 ₹25.92
    2020 ₹1470 ₹318 ₹280 ₹31.29
    2021
    ₹1930 ₹282 ₹235 ₹101.07

    Company Promoters

    • CarTrade Tech is a professionally managed company with no identifiable promoters.
     

    About CarTrade

    We are a multi-channel auto platform with coverage and presence across vehicle types and value-added services. Our platforms operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and AutoBiz. Through these platforms, we enable new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner. Our vision is to create an automotive digital ecosystem which connects automobile customers, OEMs, dealers, banks, insurance companies and other stakeholders.

    Quick Links

    DRHP Draft Prospectus
    RHP Draft Prospectus
    CarTrade IPO Allotment Status

    CarTrade IPO Registrar

    Link Intime India Private Ltd
    C 101, 247 Park, L.B.S.Marg,
    Vikhroli (West), Mumbai – 400083
    Phone: +91-22-4918 6270
    Email: cartrade.ipo@linkintime.co.in
    Website: https://www.linkintime.co.in

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

    CarTrade IPO Lead Managers

    • Axis Capital Limited
    • Citigroup Global Markets India Private Limited
    • Kotak Mahindra Capital Company Limited
    • Nomura Financial Advisory And Securities (India) Pvt Ltd

    Company Address

    CarTrade Tech Limited
    12th Floor, Vishwaroop IT Park, Sector 30A
    Vashi, Navi Mumbai 400 705, Maharashtra, India
    Phone: +91 22 6739 8888
    Email: investor@cartrade.com
    Website: http://www.cartradetech.com/

    CarTrade IPO FAQs

    What is CarTrade IPO?

    CarTrade IPO is a main-board IPO. They are going to raise ₹2998.51 Crores via IPO. The issue is priced at ₹1585 to ₹1618 per equity share. The IPO to be listed on BSE & NSE.

    When CarTrade IPO will open?

    The IPO is to open on 09 August 2021 for QIB, NII, and Retail Investors.

    What is CarTrade IPO Investors Portion?

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

    How to Apply the CarTrade IPO?

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

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

    CarTrade IPO size is ₹2998.51 crores. The IPO comprises no fresh issue but only offer for sale of 18,532,216 equity shares.

    What is CarTrade IPO Price Band?

    CarTrade IPO Price Band is ₹1585 to ₹1618 per equity share.

    What is CarTrade IPO Minimum and Maximum Lot Size?

    The minimum bid is 9 Shares with ₹14,562 amount while maximum bid is 117 shares with ₹189,306.

    What is CarTrade IPO Allotment Date?

    CarTrade IPO allotment date is 17 August 2021.

    What is CarTrade IPO Listing Date?

    CarTrade IPO listing date is 23 August 2021. The IPO to list on BSE and NSE.

    Note: The CarTrade IPO final details will be added as it is will be officially announced. The IPO grey market premium (CarTrade IPO Premium) will be updated soon. You can check our IPO grey market page for daily updates.)

    Table of Contents

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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