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.

Diwali Stock Picks 2019 to Invest in Muhurat Trading (Samvat 2076)

By Jagat Joshi
October 22, 2019

It was a mixed year for investors since Diwali 2018. In 2019 it was not started well for the primary and secondary markets. After half a year the market came back with a bang as the Finance Minister cut the corporate tax and it gave a new way for the market in 2019. We already witnessed a new high in the stock market for NSE and BSE. Few stocks already reached 52-week highs and going to hit new highs in 2020 as well. Let’s check out the Diwali 2019 Stock Picks from the brokerage firms that will lead the market with high returns in short and long terms. Investors should choose these stocks wisely and invest in this Diwali 2019 – Samvat 2076.

https://4.bp.blogspot.com/-kcnQ5_QpVNY/WA3WDOLcD7I/AAAAAAAACgw/M6TQyFNMhiEzKl6mn0x6iYiV7wRQlqbpgCPcB/s1600/diwali-muhurat-trading.png

We are here to give the best of the Diwali picks for 2019 Season (Samvat 2076). The brokerage Firms have given their buy calls on the stocks which can give a good return in the coming years.

List of brokerage firms who gave Buy Call for the companies from BSE & NSE for this Diwali Muhurat Trading 2019. Find the list of brokerage houses that gave their buy calls for Diwali 2019. Check out the Diwali picks 2019 by ICICI Direct, JM Finacial, Edelweiss, HDFC Securities, Anand Rathi, Motilal Oswal, Reliance Securities, Aditya Birla Capital, IndiaNivesh, IIFL Securities, Sharekhan, Axis Securities and Nirmal Bang. Happy Investing.

Diwali Stock Picks 2019

Script	Call	Target	Brokerage
Axis Bank	Buy	865	ICICI Direct
Axis Bank	Buy	850	JM Financial
Berger Paints	Buy	700	Edelweiss
Deepak Nitrite	Buy	348	HDFC Sec.
Fairchem Specialty	Buy	569	HDFC Sec.
HDFC Bank	Buy	1410	Anand Rathi
HDFC Bank	Buy	1425	JM Financial
ICICI Bank	Buy	530	Motilal Oswal
ICICI Bank	Buy	500	Reliance Sec.
Pidilite Industries	Buy	1625	ICICI Direct
Larson & Toubro	Buy	1740	ICICI Direct
Larson & Toubro	Buy	1900	Motilal Oswal
Dr. Lalpath Lab	Buy	20%	Aditya Birla C
HDFC Bank	Buy	20%	Aditya Birla C
HDFC Life	Buy	20%	Aditya Birla C
Hero Motocorp	Buy	27%	IndiaNivesh
JK Paper	Buy	50%	IndiaNivesh
Escorts	Buy	35%	IndiaNivesh
Gujarat Consumer	Buy	26%	IndiaNivesh
LIC Housing	Buy	84%	IndiaNivesh
Axis Bank	Buy	26%	Way2Wealth
ITC	Buy	46%	Way2Wealth
Affle India	Buy	1348	HDFC Sec.
Amber Enterprise	Buy	1140	HDFC Sec.
BEML	Buy	1048	HDFC Sec.
Garden Reach	Buy	202	HDFC Sec.
Sudarshan Chem	Buy	460	HDFC Sec.
State Bank of India	Buy	–	Motilal Oswal
HDFC	Buy	–	Motilal Oswal
Bharti Airtel	Buy	–	Motilal Oswal
Hindustan Unilever	Buy	–	Motilal Oswal
Titan	Buy	–	Motilal Oswal
Indian Hotels	Buy	–	Motilal Oswal
M&M Financial	Buy	–	Motilal Oswal
Ashok Leyland	Buy	–	Motilal Oswal
AB Fashion	Buy	–	Motilal Oswal
JK Cement	Buy	–	Motilal Oswal
Colgate	Buy	–	Motilal Oswal
Petronet LNG	Buy	–	Motilal Oswal
PI Industries	Buy	–	Motilal Oswal
Coal India	Buy	–	Motilal Oswal
Motherson Sumi	Buy	–	Motilal Oswal
Page Industries	Buy	–	Motilal Oswal
LIC Housing	Buy	–	Motilal Oswal
Birla Corp	Buy	–	Motilal Oswal
Kotak Mahindra Bank	Buy	–	IIFL Securities
ICICI Bank	Buy	–	IIFL Securities
Reliance	Buy	–	IIFL Securities
L&T	Buy	–	IIFL Securities
ABB	Buy	–	IIFL Securities
Gujarat Gas	Buy	–	IIFL Securities
Deepak Nitrite	Buy	–	IIFL Securities
Atul Auto	Buy	–	IIFL Securities
Apollo Tubes	Buy	–	Nirmal Bang
Welspun Corp	Buy	–	Nirmal Bang
Anup Engineering	Buy	–	Nirmal Bang
Polycab India	Buy	–	Nirmal Bang
Jubilant Lifesciences	Buy	–	Nirmal Bang
India Metal Ferro Alloys	Buy	–	Nirmal Bang
DCB Bank	Buy	–	Nirmal Bang
Atul	Buy	–	Sharekhan
Bata India	Buy	–	Sharekhan
Colgate Palmolive	Buy	–	Sharekhan
HCL Technologies	Buy	–	Sharekhan
ICICI Bank	Buy	–	Sharekhan
Kotak Bank	Buy	–	Sharekhan
L&T	Buy	–	Sharekhan
Mahanagar Gas,	Buy	–	Sharekhan
Polycab India	Buy	–	Sharekhan
RIL	Buy	–	Sharekhan
Spandana Spoorthy	Buy	–	Sharekhan
UltraTech Cement	Buy	–	Sharekhan
Bharti Airtel	Buy	–	AB Capital
Dalmia Bharat	Buy	–	AB Capital
Dr. Lal Path Labs	Buy	–	AB Capital
HDFC Bank	Buy	–	AB Capital
HDFC	Buy	–	AB Capital
ICICI Lombard	Buy	–	AB Capital
L&T	Buy	–	AB Capital
Marico	Buy	–	AB Capital
Phoenix Mills	Buy	–	AB Capital
Titan Company	Buy	–	AB Capital
Hindustan Unilever	Buy	–	Axis Securities
Kotak Mahindra Bank	Buy	–	Axis Securities
ICICI Bank	Buy	–	Axis Securities
Asian Paints	Buy	–	Axis Securities
HCL Tech	Buy	–	Axis Securities
SBI Life Insurance	Buy	–	Axis Securities
Dr Reddy’s Labs	Buy	–	Axis Securities
Aarti Industries	Buy	–	Axis Securities
Mindtree	Buy	–	Axis Securities
RITES	Buy	–	Axis Securities
Dixon Tech	Buy	–	Axis Securities
Lumax Industries	Buy	–	Axis Securities
Reliance Nippon Life	Buy	–	Anand Rathi
Reliance Industries	Buy	–	Anand Rathi
ICICI Prudential Life	Buy	–	Anand Rathi
Bharat Electronics	Buy	–	Anand Rathi
HUL	Buy	–	Anand Rathi
Indraprastha Gas	Buy	–	Anand Rathi
Apollo Hospitals	Buy	–	HDFC Sec.
Muthoot Finance	Buy	–	HDFC Sec.
UltraTech Cement	Buy	–	HDFC Sec.

Note: We are giving just information about buy or sell stocks which are given by brokerage firms or online sources. Profit and Loss are on investors head. We can not guarantee the same.

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.