IPO 2026
SME IPO
IPO GMP
Subscription
Allotment
Listing

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.
Dilip Davda

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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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.

Q-Line Biotech IPO

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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
Q-Line Biotech IPO is SME IPO. The company is going to raise ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription? āŒ„
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? āŒ„
The investorsā€™ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

EPACK Durable IPO Date, Review, Price, Allotment Details

Join
Follow Us
Add Source
Follow
EPACK Durable IPO Details: EPACK Durable IPO date is fixed, the IPO is to hit the market on January 19 and will close on January 24. EPACK Durable IPO to raise around ā‚¹640 crores via IPO that comprises fresh issue of ā‚¹400 crores and offer for sale up to 10,437,047 equity shares of ā‚¹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.
Apply for an IPO
EPACK Durable IPO

EPACK Durable is the fastest growing room air conditioner original design manufacturer (ā€œODMā€) based on volume growth manufactured between Fiscals 2020 and 2023 in India (Source: F&S Report). Further, they are the second largest ODM manufacturer in the Indian room air conditioner manufacturing market, with a market share of 29% in terms of volume manufactured in Fiscal 2023 (this does not include the units that are imported as kits and gas filling is done in India). (Source: F&S Report).


They are a customer-centric business driven by a focus on continuing innovation and operational efficiency. Since 2003, they have been on a journey of evolution, where they initially started as an OEM for RAC brands. Driven by their focus on product development and innovation, they evolved into an ODM partner for RACs for their customers.

EPACK Durable also identified the opportunity to increase their value addition in their offerings to customers, and accordingly, started manufacturing various components such as sheet metal, injection molded, cross flow fans, and PCBA components which are actively used in the manufacturing of RACs. In parallel, they capitalized on their existing manufacturing infrastructure to strategically expand their operations in the small domestic appliances (ā€œSDAā€) market, particularly considering the seasonality of the demand for RACs, and currently design and manufacture induction cooktops, mixer-grinders, and water dispensers. This evidences their continued focus on the backward integration of their operations and diversification of their revenue streams.


Objects of the Issue

  • Funding capital expenditure for the expansion/setting up of manufacturing facilities.
  • Repayment and/or prepayment, in part or in full, of certain outstanding loans of the company.
  • General corporate purposes.

EPACK Durable IPO Review (Apply or Not)

  • May Apply

Brokerage Firm IPO Review

  • Arihant Capital Markets: Apply
  • BP Equities (BP Wealth): Apply
  • Choice Equity Broking: Apply
  • InCred Equities: Avoid
  • Swastika Investmart: May apply

EPACK Durable IPO Date & Price Band Details

IPO Open:January 19, 2024
IPO Close:January 24, 2024
IPO Size:Approx ā‚¹640 Crores
Fresh Issue:Approx ā‚¹400 Crores
Offer for Sale:Approx 10,437,047 Equity Share
Face Value:ā‚¹10 Per Equity Share
IPO Price Band:ā‚¹218 to ā‚¹230 Per Share
IPO 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
Apply IPO

EPACK Durable IPO Market Lot

The EPACK Durable IPO minimum market lot is 65 shares with ā‚¹14,950 application amount. The retail investors can apply up-to 13 lots with 845 shares or ā‚¹194,350 amount.

ApplicationLot SizeSharesAmount
Retail Minimum165ā‚¹14,950
Retail Maximum13845ā‚¹194,350
S-HNI Minimum14910ā‚¹209,300
B-HNI Minimum674,355ā‚¹1,001,650

EPACK Durable IPO Allotment & Listing Dates

The EPACK Durable IPO date is January 19 and the close date is January 24. The EPACK Durable IPO allotment will be finalized on January 25 and the IPO listing on January 30.

Anchor Investors Allotment:January 18, 2024
IPO Open Date:January 19, 2024
IPO Close Date:January 24, 2024
Basis of Allotment:January 25, 2024
Refunds:January 29, 2024
Credit to Demat Account:January 29, 2024
IPO Listing Date:January 30, 2024

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

EPACK Durable IPO Form

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


EPACK Durable Company Financial Report

  ā‚¹ in Crores
YearRevenueExpensePAT
2020ā‚¹739.65ā‚¹728.78ā‚¹7.80
2021ā‚¹927.34ā‚¹901.03ā‚¹17.43
2022ā‚¹1540.25ā‚¹1493.84ā‚¹31.97

EPACK Durable IPO Valuation – FY2023

Check EPACK Durable 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):ā‚¹4.71 per Equity Share
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):14.68%
Net Asset Value (NAV):ā‚¹46.21 per Equity Share

Peer Group

  • Amber Enterprises India Ltd
  • PG Electroplast Limited
  • Dixon Technologies (India) Ltd
  • Elin Electronics Ltd

Company Promoters

  • Bajrang Bothra
  • Laxmi Pat Bothra
  • Sanjay Singhania
  • Ajay DD Singhania

EPACK Durable IPO Registrar

Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: epack.ipo@kfintech.com
Website: https://kosmic.kfintech.com/

EPACK Durable IPO Allotment Status Check

Check EPACK Durable IPO allotment status on Kfin Technologies website allotment URL. Click Here

EPACK Durable IPO Lead Managers aka Merchant Bankers

  • Axis Capital Limited
  • Dam Capital Advisors Ltd
  • ICICI Securities Limited

Company Address

EPACK Durable Limited
61-B, Udyog Vihar, Surajpur,
asna Road, Greater Noida,
Gautam Buddha Nagar – 201 306
Phone: +91 120 2569078
Email: investors_ed@epack.in
Website: https://epackdurable.com/

EPACK Durable IPO FAQs

What is EPACK Durable IPO?

EPACK Durable IPO is a main-board IPO. They are going to raise ā‚¹640 Crores via IPO. The issue is priced at ā‚¹218 to ā‚¹230 pr equity share. The IPO is to be listed on BSE & NSE.

When EPACK Durable IPO will open?

The IPO is to open on January 19, 2024 for QIB, NII, and Retail Investors.

What is EPACK Durable IPO Investors Portion?

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

How to Apply the EPACK Durable IPO?

You can apply for EPACK Durable 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 EPACK Durable 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 “EPACK Durable”. 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 EPACK Durable IPO through Upstox?

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

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

EPACK Durable IPO size is ā‚¹640 crores.

What is EPACK Durable IPO Price Band?

EPACK Durable IPO Price Band is ā‚¹218 to ā‚¹230.

What is the EPACK Durable IPO Allotment Date?

EPACK Durable IPO allotment date is January 25, 2024.

What is the EPACK Durable IPO Listing Date?

EPACK Durable IPO listing date is January 30, 2024. The IPO is to list on BSE and NSE.

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

Table of Contents

Picture of Jagat Joshi

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.
Picture of Jagat Joshi

Jagat Joshi

Add IPOWatch to your Google News feed.   google news button

2 Responses

Current Mainboard IPO

Current SME IPO

Latest IPO News

IMP LINKS

Related Posts

Apply IPO