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).

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.

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 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.

Exxaro Tiles IPO Date, Review, Price, Form & Market Lot Details

IPO Watch
Exxaro Tiles IPO to hit the market on 04 August 2021 and closes on 06 August 2021. The company to raise ₹161 crores via initial public offer with a face value of ₹10 per equity share.
 
Exxaro Tiles IPO date is announced, the IPO to hit the market on 04 August 2021. The company to raise ₹161 crores via IPO that comprises fresh issue of 11,186,000 equity shares and offer for sale up to 2,238,000 equity shares of existing share holders. The company incorporated in 2008 based in Gujarat. They are manufacturer of vitrified tiles used majorly for flooring solutions. They have two product types Double Charge Vitrified Tiles and Glazed Vitrified Tiles. They have more than 1000 different styles of tiles manufacturing with 6 different sizes. They supply their products to residential and commercial infra projects. They also provide their products to projects like educational, hotels, hospitals, government, builders or developers, religious institutions, etc. They exports their products in Poland, Bosnia, USA, and others. They have their own 2 manufacturing plants in Padra and Talod. Check out Exxaro Tiles IPO details.

Important Details:

  • They have more than 2000 registered dealers.
  • Strong presence in India with covering 27 states of India.
  • Strong presence in International market exporting to more than 13 countries.
  • Display centers in 6 cities with marketing offices in Morbi and Delhi.
  • Largest plant of glazed vitrified tiles in India.
Exxaro Tiles

    Exxaro Tiles IPO Review

    • Apply with Risk

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    Exxaro Tiles IPO Date & Price Band

     IPO Open:  04 August 2021
     IPO Close:  06 August 2021
     IPO Size:  Approx ₹161.09 Crores
     Fresh Issue:  Approx ₹143.23 Crores
     Offer for Sale:  Approx ₹26.86 Crores
     Face Value:  ₹10 Per Equity Share
     Price Band:  ₹118 to ₹120 Per Share
     Listing on:  BSE & NSE
     Retail Portion:  40%
     Discount:  ₹12 for Employees

    Exxaro Tiles IPO Market Lot

    The Exxaro Tiles IPO minimum market lot is 125 shares with ₹15,000 application amount. The retail investors can apply up-to 13 lots, 1625 shares with ₹195,000 application amount.
     Minimum Lot Size:  Minimum 125 Shares
     Minimum Amount:  ₹15,000
     Maximum Lot Size:  Maximum 1625 Shares
     Maximum Amount:  ₹195,000

    Exxaro Tiles IPO Date, Time Table, Allotment & Listing

    The Exxaro Tiles IPO date is 04 August 2021 and the IPO close date is 06 August 2021. The allotment date is 11 August 2021 and the IPO may list on 17 August 2021.
     Price Band Announcement:  30 July 2021
     Anchor Investors Allotment:  03 August 2021
     IPO Open Date:  04 August 2021
     IPO Close Date:  06 August 2021
     Basis of Allotment:  11 August 2021
     Refunds:  12 August 2021
     Credit to Demat Account:  13 August 2021
     IPO Listing Date:  17 August 2021

    Exxaro Tiles IPO Form

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

    Exxaro Tiles Company Financial Report

      ₹ in Crores
    Assets Revenue PAT
    2018 ₹369 ₹221 ₹9.14
    2019 ₹357 ₹244 ₹8.92
    2020 ₹385 ₹244 ₹11.26
    2021
    ₹369 ₹260 ₹15.22

    Company Promoters

    • Mr. Mukeshkumar Patel
    • Mr. Kirankumar Patel
    • Mr. Dineshbhai Patel
    • Mr. Rameshbhai Patel

    About Exxaro Tiles

    We are engaged in manufacturing and marketing of vitrified tiles used majorly for flooring solutions. We commenced business as a partnership firm in 2007-08 as a manufacturer of frit, which is one of the raw materials used in manufacturing of tiles and have over the years, diversified, expanded and evolved into a manufacturer for vitrified tiles. Our business operations are broadly divided into two product categories:

    Double Charge Vitrified Tiles:
    Double charge vitrified tiles are tiles that are fed through a press which prints the pattern with a double layer of pigment, 3 to 4 mm thicker than other types of tiles. This process does not permit complex patterns but results in a long-wearing tile surface, suitable for heavy traffic commercial projects.

    Glazed Vitrified Tiles:
    Glazed vitrified tiles are flat slabs manufactured from ceramic materials such as clay, feldspar and quartz and other additives and fired at high temperatures to ensure high strength and low water absorption. These tiles are coated with glaze materials prior to the firing process.

    As on date, we supply products mainly in 6 sizes. We have 1000+ designs in our product basket, which are marketed under our brand “Exxaro”. We believe that our well-known brand series include Topaz Series, Galaxy Series, High Gloss Series, etc. We focus our research and development efforts on developing products which we believe are innovative and in line with the trends. We believe that some of our key product development highlights include: 1) 3D Effect in Double Charge Vitrified Tiles 2) Replica of Natural Stones in Double Charge Vitrified Tiles 3) High transparent glaze in weight method for glazed vitrified tiles. Further we also supply wall tiles to certain of our dealers wherein we get the products manufactured on outsourced basis. Our integrated model has allowed us to develop insights across the entire value chain right from product design, process development, manufacturing to marketing.

    We are distinguished by our large dealer network with whom we have developed long term relationships over the years. As on date of this DRHP, we have more than 2,000 registered dealers.. We also supply products for large infrastructure related projects. Over our operating history of more than a decade, we have supplied our products for various projects including residential, commercial, educational institutions, hotels, hospitals, government, religious institutions, builders/developers, etc. We believe that our ability to meet stringent quality and technical specifications, introduce designs to meet evolving customer preferences and state-of-the-art manufacturing facilities, upgrade in-house processes to increase efficiencies have enabled us to establish our brand in ceramic industry.

    Domestically, we have PAN India presence (27 states based on sales made during Fiscal 2020) and internationally we supply products in over 13 countries including Poland, UAE, Bosnia etc.

    We have two state-of-the-art manufacturing facilities which are located at Padra and Talod respectively in Gujarat. We have a combined installed production capacity of 1,32,00,000 sq. mt. p.a. Our Unit II is one of the single largest plants for manufacturing glazed vitrified tiles under one roof in India. Over the years, we have made continuous investments in our manufacturing infrastructure to support our product portfolio requirements and reach. Our capabilities as a Company include internal R&D expertise, state-of-the-art manufacturing capabilities, a strict quality assurance system, modern production designing experience and established marketing and distribution relationships. We also have 6 display centres in 6 cities and 2 marketing offices at Delhi and Morbi to complement our growth strategies.

    Our Company is promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel. Our Promoters manage and control the major affairs of our business operations with their considerable experience in our Industry. We believe our success is the result of sustained efforts over the years in key aspects of our business, such as product portfolio, process improvements, relationship with our dealers and increased scale of operations.

    Quick Links

    DRHP Draft Prospectus
    RHP Draft Prospectus
    Exxaro Tiles IPO Allotment Status

    Exxaro Tiles IPO Registrar

    Link Intime India Private Ltd
    C 101, 247 Park, L.B.S.Marg,
    Vikhroli (West), Mumbai – 400083
    Phone: +91-22-4918 6270
    Email: exxaro.ipo@linkintimeindia.co.in
    Website: http://www.linkintime.co.in

    Note: Check Exxaro Tiles IPO allotment status on Linkintime website allotment URL. Click Here

    Exxaro Tiles IPO Lead Managers

    • Pantomath Capital Advisors Pvt Ltd

    Company Address

    Exxaro Tiles Limited
    Survey No. 169 & 170, Vavdi Harsol Road, At & Po.
    Mahelav, Taluka: Talod, District, Sabarkantha – 3
    Phone: +02772-350555
    Email: cs@exxarotiles.com
    Website: http://www.exxarotiles.com/

    Exxaro Tiles IPO FAQs

    What is Exxaro Tiles IPO?

    Exxaro Tiles IPO is a main-board IPO. They are going to raise ₹165 Crores via IPO. The issue is priced at ₹118 to ₹120 per equity share. The IPO to be listed on BSE & NSE.

    When Exxaro Tiles IPO will open?

    The IPO is to open on 04 August 2021 for QIB, NII, and Retail Investors.

    What is Exxaro Tiles IPO Investors Portion?

    The investors’ portion for QIB 25%, NII 35%, and Retail 40%.

    How to Apply the Exxaro Tiles IPO?

    You can apply Exxaro Tiles 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 Exxaro Tiles 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 “Exxaro Tiles”. 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 Exxaro Tiles IPO through Upstox?

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

    What is Exxaro Tiles IPO Size?

    Exxaro Tiles IPO size is ₹161 crores. The IPO comprises ₹134 crore of fresh issue and ₹27 crore of offer for sale.

    What is Exxaro Tiles IPO Price Band?

    Exxaro Tiles IPO Price Band is ₹118 to ₹120 per equity share.

    What is Exxaro Tiles IPO Minimum and Maximum Lot Size?

    The minimum bid is 125 Shares with ₹15,000 amount while maximum bid is 1625 shares with ₹195,000.

    What is Exxaro Tiles IPO Allotment Date?

    Exxaro Tiles IPO allotment date is 11 August 2021.

    What is Exxaro Tiles IPO Listing Date?

    Exxaro Tiles IPO listing date is 17 August 2021. The IPO to list on BSE and NSE.

    Note: The Exxaro Tiles IPO final details updated as it is officially announced. The IPO grey market premium (Exxaro Tiles IPO Premium) is updated to respective pages. You can check our IPO grey market page for daily updates.)

    Table of Contents

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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.
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    Jagat Joshi