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.

Ellenbarrie Industrial Gases IPO Review, Analysis, Good or Bad

By Jagat Joshi
June 23, 2025

Ellenbarrie Industrial Gases IPO opening date is June 24, 2025, and the closing date is June 26, 2025. The price range of Ellenbarrie Industrial Gases IPO is set between ₹380 to ₹400 per share with a face value of ₹2 each. The company filed a DRHP to raise around ₹852.53 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not in the Ellenbarrie Industrial Gases IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Ellenbarrie Industrial Gases IPO review and analysis which will help you to make the decision.

Strengths and Weaknesses of Ellenbarrie Industrial Gases

Strengths:

Ellenbarrie Industrial Gases is a top industrial gas manufacturer, well placed to benefit from the growing industry trend.
The company manufactures a comprehensive range of industrial gases serving a diverse range of industries.
The company consists of a highly experienced and hardworking senior management team, which is managed by a knowledgeable board of directors.
They are one of the largest industrial gas manufacturers in East and South India, as well as a top player in West Bengal, Andhra Pradesh, and Telangana.

Weaknesses:

The company mostly raises revenue from its major customers. Losing any of those customers, or if their financial situations worsen, or need fewer products from us, can negatively impact the business, its financial condition, and cash flow.
Its business mostly relies on our facilities. If any long-lasting disruption happens at these facilities may negatively impact its business, performance, cash flow, and overall financial health.
Three of our facilities run at our customers’ locations. Meaning that any relationship with these customers that worsens can badly affect its business, performance, cash flow, and financial health.
The company mostly runs its business in certain industries that use our products. If the demand for their end products decreases, it can negatively impact our business, performance, cash flow, and financial health.

Ellenbarrie Industrial Gases IPO Details

IPO Size	₹852.53 crores
Offer-for-sale	1,13,13,130 Equity Shares
Fresh issue	₹852.53 crores
Price band	₹380 to ₹400
Subscription	Opens for subscription on June 24, 2025, and the closing date is June 26, 2025
Purpose of IPO	Fresh Issue and Offer-for-Sale

Ellenbarrie Industrial Gases IPO Open and closing date?

Ellenbarrie Industrial Gases will be open for subscription on June 24, 2025, and the IPO will close on June 26, 2025.

What is the size of the Ellenbarrie Industrial Gases IPO?

Ellenbarrie Industrial Gases planned to raise funds of around ₹852.53 crores via IPO. This IPO comprises a fresh issue of up to ₹400 crores and an offer for sale up to 1,13,13,130 Equity Shares with a face value of ₹2 each.

What are the subscription details of Ellenbarrie Industrial Gases IPO?

The price range of Ellenbarrie Industrial Gases is set as ₹380 to ₹400 per share. In this IPO, a total of 37 shares were available in one lot size for the minimum Retail category. For the maximum Retail category, 481 shares were available in 13 lot sizes. Additionally, 518 shares were available in 14 lot sizes for the S-HNI Minimum category. While for the B-HNI Minimum category, 2,516 shares were available in 68 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,800 and maximum investment of ₹1,92,400.
Small HNI (S-HNI): Minimum investment of ₹2,07,200.
Big HSI (S-HNI): A minimum investment of ₹10,06,400 is required.

What is the Ellenbarrie Industrial Gases IPO listing Date?

Ellenbarrie Industrial Gases is a Mainboard IPO shares that will be listed on July 1, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Ellenbarrie Industrial Gases Issue?

The main objective behind raising funds through this IPO is to handle the repayment or prepayment of the existing borrowings taken by the company. Some funds will be used to build an air separation unit at the Uluberia-II plant with a capacity of 220 TPD. The remaining funds will be utilized for the company’s general corporate purposes.

About Ellenbarrie Industrial Gases

Incorporated in 1973, Ellenbarrie Industrial Gases Limited (EIGL) is a prominent company that focuses on the production and supply of Industrial, medical, and specialty gases. Ellenbarrie is one of the leading and oldest industrial gas suppliers in India, known to provide a wide range of essential gases such as Oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide. Moreover, they are also involved in providing dry ice, synthetic air, fire-fighting gases, medical oxygen, liquefied petroleum gas (LPG), welding mixtures, and specialty gases. They are also engaged in providing project engineering services using technical expertise to design, engineer, supply, install, and commission tonnage air separation units (“ASUs”) on a turnkey basis. Anaesthesia workstations, spirometers, ventilators, sterilizers, bedside monitors, and lung diffusion testing machines to healthcare facilities, the company supplies various medical equipment. As of March 31, 2024, the company consists of 250 permanent and 67 contractual employees.

Ellenbarrie Industrial Gases IPO Financials

The company reported revenue of ₹348.43 crores in 2025 against ₹290.2 crores in 2024. The company reported a profit of ₹83.29 crores in 2025 against a profit of ₹45.29 crores in 2024.

Ellenbarrie Industrial Gases IPO Promoters

The promoters of the company are Padam Kumar Agarwala and Varun Agarwal..

Who are the Ellenbarrie Industrial Gases lead managers and registrar?

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited are the lead managers of Ellenbarrie Industrial Gases, while KFin Technologies Limited is the registrar of the company.

What are the Strategies of Ellenbarrie Industrial Gases? Should you apply or not for this IPO?

Let’s first look at what some of the strategies the company is planning to apply shortly.

In the future, Ellenbarrie Industrial Gases will be working on ways to expand the business of Gases, particularly specialty gases, and plans to reach more industries that use our products.
Along with expanding its gases, the company is also planning to start plant manufacturing in order to support and strengthen the project engineering capabilities.
In the upcoming months, the company will be planning to expand its manufacturing capacity and planning to establish a pan-India presence.
The company will be planning to maintain a balanced mix of merchant sales and onsite business of steady growth and flexibility.

Ellenbarie Industrial Limited is one of the largest 100% Indian-owned industrial gases companies with installed manufacturing capacity, especially in East and South India. The company comprises 8 operational facilities with a client base of 1,836. In FY24, the company has shown strong growth by generating a revenue of ₹269.5 crore with a 61% jump in profit. If you are someone who is looking for short-term listing gain, you can apply for the Ellenbarie industrial IPO. However, we first recommend doing a complete background check on the company’s financial, cash flow, and overall condition before investing your money. For more updates or queries, please contact the IPOWatch 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.