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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
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 ₹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? 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 investors’ 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 ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 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.

Corona Remedies IPO Date, Review, Price, Allotment Details

Corona Remedies IPO open date is December 8, 2025 and the IPO will close on December 10, 2025. Corona Remedies IPO is a Book Built Issue. The company to raise around ₹655.37 crores via IPO that comprises fresh issue of ₹[.] crores and offer for sale up to 61,71,101 equity shares with face value of ₹10 each.

Corona Remedies IPO price band is ₹1008 to ₹1062 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Corona Remedies IPO to list on BSE, NSE on December 15, 2025. The allotment of Corona Remedies IPO date is December 11, 2025.

The company reported revenue of ₹1,202.35 crores in 2025 against ₹1,020.93 crores in 2024. The company reported profit of ₹149.43 crores in 2025 against profit of ₹90.50 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Corona Remedies IPO

Corona Remedies IPO Details

IPO Open DateDecember 8, 2025
IPO Close DateDecember 10, 2025
Face Value₹10 Per Equity Share
IPO Price Band₹1008 to ₹1062 Per Share
Issue SizeApprox ₹655.37 Crores
Offer for Sale:Approx 61,71,101 Equity Shares
Issue TypeBook Built Issue
IPO ListingBSE, NSE
DRHP Draft ProspectusPDF
RHP Draft ProspectusPDF

Corona Remedies IPO Review & Key Points

  • Review: May Apply
  • Rating: 4 Star RatingStar RatingStar RatingStar Rating

Corona Remedies IPO Market Lot

The Corona Remedies IPO minimum market lot is 14 shares with ₹14,868 application amount. The retail investors can apply up-to 13 lots with 182 shares of ₹1,93,284 amount.

ApplicationLot SizeSharesAmount
Retail Minimum114₹14,868
Retail Maximum13182₹1,93,284
S-HNI Minimum14196₹2,08,152
S-HNI Maximum67938₹9,96,156
B-HNI Minimum68952₹10,11,024

IPO Reservation

Investor CategoryShare Offered-% Shares
Anchor Investor18,34,804 Shares29.73%
QIB (Ex. Anchor)12,21,729 Shares19.80%
NII Shares Offered9,16,960 Shares14.86%
Retail Shares Offered21,39,573 Shares34.67%

Corona Remedies IPO Anchor Investors

Anchor Bidding DateDecember 5, 2025
Anchor Investors ListPDF
Shares Offered18,34,804 Shares
Anchor Size194.86 Cr.
lock-in period end date 50% shares (30 Days) January 10, 2026
lock-in period end date 50% shares (90 Days) March 11, 2026

Corona Remedies IPO Dates

The Corona Remedies IPO date is December 8 and the close date is December 10. The Corona Remedies IPO allotment will be finalized on December 11Ā and the IPO listing on December 15.

IPO Open Date:December 8, 2025
IPO Close Date:December 10, 2025
Basis of Allotment:December 11, 2025
Refunds:December 12, 2025
Credit to Demat Account:December 12, 2025
IPO Listing Date:December 15, 2025
IPO Bidding Cut-off Time:December 10, 2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Dr. Kirtikumar Laxmidas Mehta, Niravkumar Kirtikumar Mehta and Ankur Kirtikumar Mehta.

ParticularShares% Share
Promoter Holding Pre Issue6,11,60,08872.50%
Promoter Holding Post Issue6,11,60,088-%

Objects of the Issue & Utilisation of proceeds

  • NA

About Corona Remedies IPO

Founded in August 2004, Corona Remedies Limited is one of the leading pharmaceutical companies that is involved in manufacturing and selling products for women’s health, heart care, pain relief, urology, and other treatments. As per the report, among 30 others, Corona Remedies is the 2nd largest company in the Indian Pharmaceutical Market (ā€œIPMā€). Moreover, the company comprises a total of 88 R&D employees as of December 31, 2024.

The company offers 67 brands across various therapeutic areas, including women’s healthcare, cardio-diabeto, pain management, urology, and multispecialty pharmaceuticals (including vitamins/minerals/nutrition, gastrointestinal, and respiratory) as of December 2024. The company offers a pan-India presence with 2,598 medical representatives in 22 states. It comprises 2 manufacturing facilities located in the state of Gujarat.

Corona Remedies IPO Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpensePATAssets
2023₹891.10₹756.07₹84.93₹595.02
2024₹1,020.93₹859.74₹90.50₹830.58
2025₹1,202.35₹956.44₹149.43₹929.86
June 2025₹348.56₹276.76₹46.20₹1,012.38

Corona Remedies IPO Valuation – FY2025

Check Corona Remedies IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPIValues
ROE:27.50%
ROCE:41.32%
EBITDA Margin:20.55%
PAT Margin:12.49%
Debt to equity ratio:
Earning Per Share (EPS):₹24.43 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):24.65%
Net Asset Value (NAV):₹99.14

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Abbott India Limited665.6254.2833.41%1,992.146,409.15 Cr.
Alkem Laboratories Limited181.1132.9618.07%1,002.3712,964.52 Cr.
Eris Lifesciences Limited25.8547.9912.21%209.732,893.64 Cr.
GlaxoSmithKline Pharmaceuticals Limited54.7683.5347.54%115.193,749.21 Cr.
J.B. Chemicals & Pharmaceuticals Limited42.4547.2119.21%220.883,917.99 Cr.
Mankind Pharma Limited49.2854.1713.89%352.5112,207.44 Cr.
Pfizer Limited167.7934.5618.20%921.882,281.35 Cr.
Sanofi India Limited179.4623.7648.05%373.682,013.20 Cr.
Torrent Pharmaceuticals Limited56.4766.5125.18%224.2811,516.09 Cr.

IPO Lead Managers aka Merchant Bankers

  • JM Financial Ltd.
  • IIFL Capital Services Ltd.
  • Kotak Mahindra Capital Co. Ltd.

Company Address

Corona Remedies Ltd.
CORONA House, C – Mondeal Business Park
Near Gurudwara S. G. Highway
Thaltej
Ahmedabad, Gujarat, 380059
Phone: +91 79 4023 3000
Email: complianceofficer@coronaremedies.com
Website: https://www.coronaremedies.com/

IPO Registrar

Bigshare Services Pvt. Ltd.
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html

Corona Remedies IPO FAQs

What is Corona Remedies IPO?

Corona Remedies IPO is Mainboard IPO. The company is going to raise ₹655.37 Crores via IPO. The issue is priced at ₹1008 to ₹1062 per equity share. The IPO is to be listed on BSE & NSE.

When Corona Remedies IPO will open for subscription?

The IPO is to open on December 8, 2025 for QIB, NII, and Retail Investors. The IPO will close on December 10, 2025.

What is Corona Remedies IPO Investors Portion?

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

How to Apply the Corona Remedies IPO?

You can apply for Corona Remedies 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 Corona Remedies IPO Issue Size?

Corona Remedies IPO issue size is ₹655.37 crores.

What is Corona Remedies IPO Price Band?

Corona Remedies IPO Price Band is ā‚¹1008 to ₹1062.

What is Corona Remedies IPO Lot Size?

The minimum bid is 14 Shares with ₹14,868 amount.

What is the Corona Remedies IPO Allotment Date?

Corona Remedies IPO allotment date is December 11, 2025.

What is the Corona Remedies IPO Listing Date?

Corona Remedies IPO listing date is December 15, 2025. The IPO is to list on BSE & NSE.

Note: The Corona Remedies IPO price band and date are officially announced. The (Corona Remedies 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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