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.

Corona Remedies IPO Review & Investor Guide

By Jagat Joshi
December 8, 2025

Corona Remedies IPO opens on December 8, 2025, and closes on December 10, 2025. The Corona Remedies IPO price band is set between ₹1008 to ₹1062 per share, with a face value of ₹10 each. As per the RHP, the company plans to raise around ₹655.37 crores through an IPO.

For investors, it can be quite challenging to decide if the Corona Remedies IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Corona Remedies IPO. This will help you analyze the strengths, risks, and financial details of the Corona Remedies IPO, improving your investment decision.

About Company

Corona Remedies is the India-focused branded pharmaceutical formulation company in India to offer fully integrated manufacturing for the aerospace sector. What sets them apart is that they provide fully integrated parts for aerospace, which gives them an advantage over other contract manufacturers who only offer a few services. Precision components are precisely machined parts made to exact requirements, primarily sold to original equipment manufacturers (OEMs) and system integrators. Other than the aerospace sector, the company also manufactures consumer products such as cookware and small home appliances, plastic products like outdoor toys, figurines, and toy vehicles.

Corona Remedies has the largest aerospace product portfolio in India, including components for engine systems, landing systems, cargo and interiors, structures, assemblies, and turning parts for aerospace clients. Even though the company’s main business is the aerospace sector, over the years it has also expanded into consumer electronics, plastics, and consumer durables. Furthermore, the company has produced over 4,500 aerospace products as of March 31, 2025.

Strengths

Among the top 30 pharmaceutical companies in India, Corona Remedies is the 2nd fastest-growing company in India in the Indian Pharmaceutical market.

The company has little to no debt remaining.

Over the last 5 years, the company has offered good profit growth of 20.4% CAGR.

Corona has maintained a healthy dividend payout of 25.0%.

The company uses high-quality manufacturing facilities that follow strict Good Manufacturing Practices (cGMP) and strong R&D capabilities to offer unique pharmaceutical products.

Weaknesses

In FY25, the company generated most of its revenue from India. If the demand for the products drops in India. Or not being able to grow its revenue in the International markets can badly affect the business, cash flow, and financial performance.

Any slowdown, shutdown, or breakdown in the manufacturing facility can impact the business, financial condition, and cash flow.

The company has to follow government pricing regulations, which can reduce the product prices and negatively impact the overall business performance.
Unable to improve or maintain the reputation of the brand can badly impact the business, financial performance, and overall growth.

Corona Remedies IPO Review

Reviewer	Recommendation
IPO Watch	May Apply
Lakshmishree Investment & Securities Ltd	Apply
Anand Rathi	Apply
Bajaj Financial Securities Limited	Not Rated
BP Equities (BP Wealth)	Apply
Canara Bank Securities Ltd	Apply
Capital Market	May Apply
GEPL Capital Ltd	Apply
Marwadi Shares and Finance Ltd	Apply
Nirmal Bang	Apply
SBICAP Securities Limited	Apply
Sushil Finance Ltd	Apply
Swastika Investmart Ltd	Apply
Ventura Securities Limited	Apply

Corona Remedies IPO Details

IPO Open Date:	December 8, 2025
IPO Close Date:	December 10, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹1008 to ₹1062 Per Share
Issue Size:	₹655.37 Crores
Offer-for-Sale	up to 61,71,101 equity shares
Registrar	Bigshare Services Pvt. Ltd.
IPO Lead Managers	JM Financial Ltd. IIFL Capital Services Ltd. Kotak Mahindra Capital Co. Ltd.
Basis of Allotment	December 11, 2025
IPO Listing Date:	December 15, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	30 June 2025	31 Mar 2025	31 March 2024
Total Income	₹348.56 Crores	₹1,202.35 Crores	₹1,020.93 Crores
EBITDA	₹71.80 Crores	₹245.91 Crores	₹161.19 Crores
EBITDA Margin	20.72%	20.55%	15.89%
Profit after Tax (PAT)	₹46.20 Crores	₹149.43 Crores	₹90.50 Crores
Net Worth	₹607.02 Crores	₹606.34 Crores	₹480.41 Crores
Reserves and Surplus	₹545.86 Crores	₹545.18 Crores	₹419.25 Crores
Total Borrowings	₹106.65 Crores	₹62.70 Crores	₹134.14 Crores

Key Indicators

KPI	Values
ROE	27.50%
ROCE	41.32%
Debt/Equity	0.10
RoNW	24.65%
PAT Margin	12.49%
EBITDA Margin	20.55%
Price to Book Value	10.71

Peer Comparison with the Company

Name of the Company	Face Value (₹)	Basic EPS (₹)	Diluted EPS(₹)	RONW (%)	P/E Ratio	NAV(₹)
Corona Remedies Limited	10	24.43	24.43	24.65	[●]	99.14
Listed Peers
Abbott India Limited	10	665.62	665.62	33.41%	45.17	1,992.14
Alkem Laboratories Limited	2	181.11	181.11	18.07%	31.39	1,002.37
Eris Lifesciences Limited	1	25.85	25.81	12.21%	61.81	209.73
GlaxoSmithKline Pharmaceuticals Limited	10	54.76	54.76	47.54%	46.87	115.19
J.B. Chemicals & Pharmaceuticals Limited	1	42.45	41.56	47.50%	42.60	220.88
Mankind Pharma Limited	1	41.37	41.33	4.40%	417.03	940.03
Pfizer Limited	10	167.79	167.79	18.20%	29.63	921.88
Sanofi India Limited	10	179.46	179.46	48.05%	24.47	373.68
Torrent Pharmaceuticals Limited	5	56.47	56.47	25.18%	65.91	224.28

Promoters & Track Records, if any

Dr. Kirtikumar Laxmidas Mehta, born on February 2, 1947, aged 78 years, is one of the Promoters and Chairman, and Non-Executive Director of the Company. He holds 13,452,500 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.

Niravkumar Kirtikumar Mehta, born on October 8, 1975, aged 50 years, is one of the Promoters and the Managing Director and Chief Executive Officer of the Company. He holds 13,458,000 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.

Ankur Kirtikumar Mehta, born on April 27, 1979, aged 46 years, is one of the Promoters and the Joint Managing Director of the Company. He holds 13,458,000 Equity shares, representing 22.00% of the pre-Offer paid-up Equity Share capital in the company.

Industry Peer Group P/E ratio

The Pharmaceutical industry P/E ratio has ranged from a low of 24.47 to a high of 65.91, with an average of 43.74.

Corona Remedies IPO – Should You Apply or Not?

Corona Remedies IPO offers a Strong business model, diversified product portfolio, strong manufacturing capability, and consistent financial growth that supports future expansion. However, dependence on key brands, regulatory risks, and premium valuations remain important concerns.

As of December 7th, the GMP of the Corona Remedies IPO is ₹365, indicating a listing gain of around 34% to 36%. The verdict is that Short-term investors can consider applying for the IPO for listing gains due to attractive GMP and good market sentiment. Whereas Long-term investors must analyze the risks, like high valuation and dependency on 3rd party suppliers, before subscribing.

Please note:

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.