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.

eMudhra IPO Date, Review, Price, Allotment & Analysis

By Jagat Joshi
May 28, 2022

eMudhra IPO date is fixed, the IPO is to open on May 20 and will close on May 24, 2022. eMudhra & Tubes IPO to raise around ₹412 crores via IPO that comprises fresh issue of ₹161 crores and offer for sale up to 9,835,394 equity shares of ₹5 each. The retail quota is 35% while QIB is 50% and HNI is 15%.

Incorporated in 2008, eMudhra Limited is a Certifying Authority (CA) authorized by the Controller of Certifying Authority (CCA) for the issuance of Digital Signature Certificates in India. They are India’s largest licensed Certifying Authority. They are doing two types of business that includes Digital Trust Services and Enterprise Solutions. The company issued 50mn+ Certificates Issued as per ET 500 rankings for 2020. The company’s Enterprise Solutions are used by the top 10 banks, 6 top automotive companies, and 19 top companies amongst the top 500 ranked companies in India (Economic Times in Financial Year 2020).

They provide services in 3 segments that are Trust Services, Data Analytics, and Cyber Security. The services include individual certificates, organizational certificates, digital signature certificates, SSL certificates, TLS certificates, device certificates, digital security, paperless transformation solutions, mobile application security, website security, and IT policy assessment. eMudhra helps enterprises large and small build seamless digital and paperless experiences with their clients for data and document movement through a combination of our document processing automation, AI, and data security platforms while leveraging our global trust services infrastructure. The client’s list includes Infosys, LTI, Tata, THALES, BTC, Aditya Birla, DB SCHENKER, Mashreq, Choma MS General Insurance, JSW, Bharti AXA, etc. You can check eMudhra IPO subscription status and eMudhra IPO allotment status on their respective pages.

eMudhra IPO Important Details:

India’s Largest licensed Certifying Authority in India.
eMudhra is the largest Certifying Authority in India as per Frost and Sullivan’s report.
eMudhra remains the largest CA in India with 37.9% market share in the Digital Signature Certificates market space in FY 2021
company has grown at 19.6% in FY 2021 (based on eMudhra’s financial reporting) as against a market average of 15.1% at the OEM level.
The high growth has enabled eMudhra to improve on its earlier market share of 36.5% in FY 2020.
eMudhra works with Governments and Banks across the world on their paperless transformation journey.
It issued over 50mn digital identities and has enterprise customers in over 21 countries that use its identity, authentication, and paperless platforms.

eMudhra IPO Review (Good or Bad)

May Apply

Brokerage Firm IPO Review

Capital Market: Neutral
Choice Equity Broking: Apply with Caution
Hem Securities: Apply
Jainam Broking: Apply
SBICAP Securities: Apply

eMudhra IPO Date & Price Band

eMudhra IPO Open:	May 20, 2022
eMudhra IPO Close:	May 24, 2022
eMudhra IPO Size:	Approx ₹412 Crores
Fresh Issue:	Approx ₹161 Crores
Offer for Sale:	Approx 9,835,394 Equity Shares
Face Value:	₹5 Per Equity Share
eMudhra Price Band:	₹243 to ₹256 Per Share
eMudhra Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

eMudhra IPO Lot Size

The eMudhra IPO minimum market lot is 58 shares with ₹14,848 application amount. The retail investors can apply up to 13 lots with 754 shares or ₹193,024 amount.

Minimum Lot Size:	Minimum 58 Shares for 1 lot
Minimum Amount:	₹14,848 for 1 lot
Maximum Lot Size:	Maximum 754 Shares for 13 lot
Maximum Amount:	₹193,024 for 13 lot

eMudhra IPO Allotment & Listing Dates

The eMudhra IPO date is May 20 and the close date is May 24. The eMudhra IPO allotment will be finalized on May 27 and the IPO listing on June 01.

Price Band Announcement:	May 12, 2022
Anchor Investors Allotment:	May 19, 2022
eMudhra IPO Open Date:	May 20, 2022
eMudhra IPO Close Date:	May 24, 2022
Basis of Allotment:	May 27, 2022
Refunds:	May 30, 2022
Credit to Demat Account:	May 31, 2022
eMudhra IPO Listing Date:	June 01, 2022

eMudhra IPO Form

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

eMudhra Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2019	₹102	₹78	₹17.44
2020	₹117	₹94	₹18.42
2021	₹132	₹101	₹25.36
2022 9M	₹138	₹102	₹30.34

eMudhra IPO Valuation – FY2021

Check eMudhra 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):	₹2.49 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	16.26%
Net Asset Value (NAV):	₹15.30 per Equity Share

Peer Group

There are no listed companies in India that are comparable in all aspects of business and services that they provide. Accordingly, it is not possible to provide an industry comparison in relation to the Company.

Company Promoters

Venkatraman Srinivasan
Taarav Pte. Limited

eMudhra IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: emudhra.ipo@linkintime.co.in
Website: https://linkintime.co.in/

eMudhra IPO Allotment Status Check

Check eMudhra IPO allotment status on Linkintime website allotment URL. Click Here

eMudhra IPO Lead Managers

IIFL Securities Ltd
Yes Securities (India) Limited
Indorient Financial Services Ltd

Company Address

eMudhra Limited
Sai Arcade, 3rd Floor,
No. 56 Outer Ring Road, Devarabeesanahalli,
Bengaluru 560103,
Phone: 080-4227 5300
Email: companysecretary@emudhra.com
Website: https://www.emudhra.com/index.jsp

eMudhra IPO FAQs

What is eMudhra IPO?

eMudhra IPO is a main-board IPO. They are going to raise ₹412 Crores via IPO. The issue is priced at ₹243 to ₹256 per equity share. The IPO is to be listed on BSE & NSE.

When eMudhra IPO will open?

The IPO is to open on May 20, 2022 for QIB, NII, and Retail Investors.

What is eMudhra IPO Investors Portion?

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

How to Apply the eMudhra IPO?

You can apply eMudhra 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 eMudhra 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 “eMudhra”. 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 eMudhra IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “eMudhra”. 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 eMudhra IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “eMudhra”. 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 eMudhra IPO Size?

eMudhra IPO size is ₹412 crores.

What is eMudhra IPO Price Band?

eMudhra IPO Price Band is ₹243 to ₹256.

What is eMudhra IPO Minimum and Maximum Lot Size?

The minimum bid is 58 Shares with ₹14,848 amount while the maximum bid is 754 shares with ₹193,024.

What is the eMudhra IPO Allotment Date?

eMudhra IPO allotment date is May 27, 022.

What is the eMudhra IPO Listing Date?

eMudhra IPO listing date is June 01, 022. The IPO is to list on BSE and NSE.

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

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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.