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.

Electro Force India IPO Date, Review, Price, Allotment Details

By Jagat Joshi
December 19, 2023

Electro Force India IPO Details: Electro Force India IPO date is fixed, The IPO will open on December 19 and will close on December 21. Electro Force India is an NSE SME IPO to raise ₹80.68 crores via IPO. The Electro Force India IPO price band is fixed at ₹93 with a market lot of 1200 shares.

Electro Force India is an ISO 9001:2015-certified company that designs and manufactures electrical components, and metal / plastic contact parts, and supplies these products to the industry players via a business-to-business (B2B) model. The company started in the year 2010 as Electro Force (India) Pvt Ltd. Since its inception, the Company has been a supplier of high-grade precision metal electrical contact parts and components, connectors, and assemblies for applications in electronics, lighting, switchgear, and allied industries in India.

Their manufacturing unit is located at Vasai in Maharashtra. They offer end-to-end product solutions to their customers under the B2B model wherein they provide services ranging from designing, manufacturing, quality testing, and packaging to logistics. They also offer products in the intermediate stages to many of their customers. Their main focus has been on offering integrated services, mostly to Indian manufacturers of electrical components. They can perform precision metal stamping, assembly, and molding. They believe that a team of committed qualified and trained experts has led to the success of their Company and while their products conform to high quality standards, what has distinguished them more from their competitors has been their ability to respond quickly, reliably, and accurately to customer’s needs.

Over the past 13 years, Electro Force India believes that they have accumulated invaluable experience in helping their customers create new designs, incorporating cutting-edge technologies, and effectively utilizing their manufacturing facilities, equipment, and materials. As a result, they are constantly improving their product offerings to better serve their customer’s needs.

Objects of the Issue:

Funding additional working capital requirements of the company.
Pursuing Inorganic Growth.
General corporate purposes.

Electro Force India IPO Review

Avoid

Electro Force India IPO Date & Price Band Details

IPO Open:	December 19, 2023
IPO Close:	December 21, 2023
IPO Size:	Approx ₹80.68 Crores, 8,674,800 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹93 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	50% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Electro Force India IPO Market Lot

The Electro Force India IPO minimum market lot is 1200 shares with a ₹111,600 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1200	₹111,600
Retail Maximum	1	1200	₹111,600
S-HNI Minimum	2	2400	₹223,200

Electro Force India IPO Dates

The Electro Force India IPO date is December 19 and the IPO close date is December 21. The IPO allotment date is December 22 and the IPO might list on December 27.

IPO Open Date:	December 19, 2023
IPO Close Date:	December 21, 2023
Basis of Allotment:	December 22, 2023
Refunds:	December 26, 2023
Credit to Demat Account:	December 26, 2023
IPO Listing Date:	December 27, 2023

You can check IPO subscription status and IPO allotment status on their respective pages.

Electro Force India IPO Form

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

Electro Force India Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹15.87	₹18.14	₹2.24
2022	₹34.44	₹23.84	₹8.64
2023	₹30.29	₹19.60	₹7.00
2023 6M	₹23.14	₹13.64	₹7.11

Electro Force India IPO Valuation – FY2023

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

Earning Per Share (EPS):	₹4.60 per Equity Share
Price/Earning P/E Ratio:	20.22%
Return on Net Worth (RoNW):	43.57%
Net Asset Value (NAV):	₹10.55 per Equity Share

Peer Group

Centum Electronics Limited
RIR Power Electronics Limited

Company Promoters

Ayesspea Holdings and Investments Private Limited
Garuda Television Private Limited
Pravin Kumar Brijendra Kumar Agarwal

Electro Force India IPO Registrar

Skyline Financial Services Private Ltd
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/

Electro Force India IPO Allotment Status

Check Electro Force India IPO allotment status on Skyline Financial website URL. C lick Here

Electro Force India IPO Lead Managers aka Merchant Bankers

First Overseas Capital Limited

Company Address

Electro Force (India) Limited
39/5, Village – Waliv,
Taluka – Vasai East,
Palghar – 401 208
Phone: +91 22 35722456
Email: compliance@electroforceindia.com
Website: https://electroforceindia.com/

Electro Force India IPO FAQs

What is Electro Force India IPO?

Electro Force India IPO is an NSE SME IPO. They are going to raise ₹80.68 Crores via IPO. The issue is priced at ₹93 per equity share. The IPO is to be listed on NSE.

When Electro Force India IPO will open?

The IPO is to open on December 19, 2023 for NII, and Retail Investors.

What is Electro Force India IPO Investors Portion?

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

How to Apply the Electro Force India IPO?

You can apply Electro Force India 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.

How to Apply the Electro Force India 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 “Electro Force India”. 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 Electro Force India IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Electro Force India”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Electro Force India IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Electro Force India”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Electro Force India IPO Size?

Electro Force India IPO size is ₹80.68 crores.

What is Electro Force India IPO Price Band?

Electro Force India IPO Price Band is ₹93 per equity share.

What is Electro Force India IPO Minimum and Maximum Lot Size?

The IPO bid is 1200 shares with ₹111,600.

What is Electro Force India IPO Allotment Date?

Electro Force India IPO allotment date is December 22, 2023.

What is Electro Force India IPO Listing Date?

Electro Force India IPO listing date is December 27, 2023. The IPO to list on NSE SME.

Note: The Electro Force India IPO details are announced officially. The IPO grey market premium (Electro Force India IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.)

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.

Jagat Joshi

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2 Responses

DEBASISH GHOSH says:

December 20, 2023 at 12:13 PM

Is it worthy to apply for electro-force-india-ipo (SME) for listing gain?

Please give me your view?
1. IPOWatch Team says:
  
  December 20, 2023 at 12:42 PM
  
  Apply with long term view only/