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.

Dodla Dairy IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
June 5, 2021

Dodla Dairy IPO to hit the market on 16 June 2021 and closes on 18 June 2021. Dodla Dairy to raise around ₹520 crore via initial public offer.

Dodla Dairy IPO launch date is 16 June 2021. Dodla Dairy coming with fresh issue of ₹50 crore and offer for sale of up to 10,085,444 equity shares ₹470 Crores. The company hired Axis Capital Limited and ICICI Securities investment bankers for the process. Dodla Dairy is based in Hyderabad and incorporated in 1995. They are engaged in procurement, processing, distribution, and marketing of milk and other dairy products. They process and sell the milk. They also produce milk products like curd, butter, ghee, ice cream, flavoured milk, etc. Their Indian brands are “Dodla”, “Dodla Dairy”, and “KC+” while they operates in overseas with “Dodla Dairy”, “Dairy Top”, and “Dodla+” brands. They have 13 processing plants, 40 sales offices, 3300+ distribution agents, 850+ milk distributors and around 450 product distributors in 11 Indian states. Check out for Dodla Dairy IPO details.

Important Details:
Earnings Per Share (EPS): ₹8.96 Price/Earnings
(PE ratio): Adding Soon
Return on Net Worth (RONW): 11.5%
Net Asset Value (NAV): ₹77.87 per share

Dodla Dairy IPO Review

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Dodla Dairy IPO Date & Price Band

IPO Open:	16 June 2021
IPO Close:	18 June 2021
IPO Size:	Approx ₹520 Crores
Fresh Issue:	Approx ₹50 Crores
Offer for Sale:	Approx 10,085,444 equity shares – ₹470 Crores
Face Value:	₹10 Per Equity Share
Price Band:	₹421 to ₹428 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	10,085,444 Shares

Dodla Dairy IPO Market Lot

The Dodla Dairy IPO minimum market lot is 35 shares with ₹14980 application amount. The retail investors can apply up-to 13 lots with 455 shares or ₹194740 amount.

Minimum Lot Size:	Minimum 35 Shares
Minimum Amount:	₹14,980
Maximum Lot Size:	Maximum 455 Shares
Maximum Amount:	₹1,94,740

Dodla Dairy IPO Allotment & Listing

The Dodla Dairy IPO date is 16 June and the close date is 18 June 2021. The allotment will be finalized on 23 June 2021 and the IPO may list on 28 June 2021.

Basis of Allotment:	23 June 2021
Refunds:	24 June 2021
Credit to Demat Account:	25 June 2021
Listing Date:	28 June 2021

Dodla Dairy IPO Form

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

Dodla Dairy Company Financial Report

As per the revenues the company looks good as the revenues increased YOY from 2018 to 2020. The revenues increased 6% in 2019 compared to 2018 while revenues jumped 26% in 2020 compared to 2019. The PAT was stood at 10% increased in 2019 compared to 2018. It was down in 2020 but in 2021 it shows significant jump with around 50% in just 6 months.

₹ in Crores
	Revenue	Expense	PAT
2018	₹1597	₹1517	₹56.85
2019	₹1699	₹1606	₹62.76
2020	₹2146	₹2064	₹49.87
2021 6M	₹918	₹813	₹74.77

Company Promoters

Dodla Sunil Reddy
Dodla Sesha Reddy
Dodla Family Trust

About Dodla Dairy

Dodla Dairy Limited is a public limited company having its registered and corporate office at Hyderabad City of Telangana State in India. The company was incorporated in the year 1995 and production commenced in 1997. Currently, Our procurement is centered in 5 states and our products are available for purchase in 11 states. We have 90 milk chilling centers. Some of our plants are ISO 22000:2005 Certified while two are ISO 50001:2011 (EnMS) Certified.

Our distribution and marketing operations consist of distribution of our products through 40 sales offices, 3,336 distribution agents, 863 milk distributors and 449 milk product distributors across nine states in India. Additionally, as of December 31st, 2020, our products are also available through 371 “Dodla Retail Parlors” which commenced operations in 2016 and are spread across the states of Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. Our product portfolio consists of Milk, Butter Milk, Ghee, Paneer, Curd, Flavoured Milk, Doodh Peda, Ice Cream and Milk Based Sweats. These products are conveniently packed to suit various needs of its consumers.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

INITIAL PUBLIC OFFERING OF UP TO [●] EQUITY SHARES OF FACE VALUE OF RS.10 EACH (“EQUITY SHARES”) OF DODLA DAIRY LIMITED (“COMPANY”) FOR CASH AT A PRICE OF Rs. [●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS [●] PER EQUITY SHARE) (THE “OFFER PRICE”) AGGREGATING UP TO RS [●] MILLION (“OFFER”). THE OFFER COMPRISES A FRESH ISSUE OF [●] EQUITY SHARES AGGREGATING UP TO RS 500 MILLION AND AN OFFER FOR SALE OF UP TO 10,085,444 EQUITY SHARES CONSISTING OF UP TO 8,300,000 EQUITY SHARES BY TPG DODLA DAIRY HOLDINGS PTE. LTD. ( “INVESTOR SELLING SHAREHOLDER ”) AND UP TO 416,604 EQUITY SHARES BY DODLA SUNIL REDDY AND UP TO 1,041,509 EQUITY SHARES BY DODLA FAMILY TRUST ( “ PROMOTER SELLING SHAREHOLDER S ”), AND UP TO 327,331 EQUITY SHARES BY DODLA DEEPA REDDY (“ PROMOTER GROUP SELLING SHAREHOLDER” AND TOGETHER WITH THE INVESTOR SELLING S HAREHOLDER AND THE PROMOTER SELLING SHAREHOLDERS , THE “SELLING SHAREHOLDERS” ), AGGREGATING UP TO ` [●] MILLION (“OFFER FOR SALE”). THE OFFER WILL CONSTITUTE [●]% OF THE FULLY DILUTED POST OFFER PAID – UP EQUITY SHARE CAPITAL OF OUR COMPANY

Dodla Dairy IPO Registrar

KFin Technologies Private Limited
Selenium , Tower B , Plot No – 31 and 32,
Financial District , Nanakramguda ,
Serilingampally Hyderabad ,
Rangareedi 500 032 Telangana, India
Tel : +91 40 6716 2222 / 180034 54001
E – mail : dodladairy.ipo@kfintech.com
Investor grievance E – mail : einward.ris@kfintech.com
Website : www.kfintech.com
Contact Person: M Murali Krishna
SEBI Registration No .: INR00000022
Note: Check Dodla Dairy IPO allotment status on – website allotment URL. Click Here

Dodla Dairy IPO Lead Managers

Axis Capital Limited
ICICI Securities Limited

Company Address

Dodla Dairy Limited
8-2-293/82/A/270-Q, Road No. 10-C,
Jubilee Hills,
Hyderabad, 500 033
Tel: +91 40 4546 7777
Fax: +91 40 4546 7788
Contact Person: Ruchita Malpani
Company Secretary and Compliance Officer
E-mail: mail@dodladairy.com
Website: www.dodladairy.com

Dodla Dairy IPO FAQs

What is Dodla Dairy IPO?

Dodla Dairy IPO is a main-board IPO. They are going to raise ₹520 Crores via IPO. The issue is priced at ₹421 to ₹428 per equity share. The IPO to be listed on BSE & NSE.

When Dodla Dairy IPO will open?

The IPO is to open on 16 June 2021 for QIB, NII, and Retail Investors.

What is Dodla Dairy IPO Investors Portion?

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

How to Apply the Dodla Dairy IPO?

You can apply Dodla Dairy 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 Dodla Dairy IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Dodla Dairy”. 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.

What is Dodla Dairy IPO Size?

Dodla Dairy IPO size is ₹520 crores.

What is Dodla Dairy IPO Price Band?

Dodla Dairy IPO Price Band is ₹421 to ₹428.

What is Dodla Dairy IPO Minimum and Maximum Lot Size?

The minimum bid is 35 Shares with ₹14,980 amount while maximum bid is 455 shares with ₹1,94,740.

What is Dodla Dairy IPO Allotment Date?

Dodla Dairy IPO allotment date is 23 June 2021.

What is Dodla Dairy IPO Listing Date?

Dodla Dairy IPO listing date is 28 June 2021. The IPO to list on BSE and NSE.

Note: The Dodla Dairy IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Dodla Dairy IPO Premium) will be added on the IPO grey market page as it will start)

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.