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.

Falcon Technoprojects India IPO Date, Review, Price, Allotment Details

By IPOWatch Team
June 20, 2024

Falcon Technoprojects India IPO Details: Falcon Technoprojects India IPO date is fixed, The IPO will open on June 19 and will close on June 21. Falcon Technoprojects India is a NSE SME IPO to raise ₹13.69 crores via IPO. The Falcon Technoprojects India IPO price band is fixed at ₹92 with a market lot of 1200 shares.

Falcon Technoprojects India Limited is an ISO 9001:2015 certified company engaged in the business of providing Mechanical, Electrical, and Plumbing (“MEP”) services to their PAN India customers which are operating in various sectors including Petroleum Refineries, Residential Townships, Atomic Energy, Civil Construction, etc.

Mechanical, Electrical, and Plumbing (“MEP”) services refer to installation services that provide comfortable spaces for building occupants. These services specifically deal with the design, selection, and installation of integrated Mechanical, Electrical, and Plumbing systems. It includes installing air-conditioning systems, power and lighting systems, water supply and drainage, fire prevention and fighting systems, and telephones. By integrating these separate systems into one, the operation can be made more energy-effective. The design of MEPs is important for planning, decision-making, accurate documentation, performance and cost estimation, construction, and ultimately the facility’s operation and maintenance. MEP services specifically cover the in-depth design and selection of these systems, rather than simply installing the equipment.

Their focus is to leverage strong project management and execution capabilities to complete projects promptly while maintaining quality of work and profitability. As most of their revenue is from MEP projects, carried out across various industries, we ensure that each project is executed in conformity with the work description agreed in the contracts thereby adhering to the quality and standards as desired.

Objects of the Issue:

Working Capital Requirements of the company
General Corporate Purposes

Falcon Technoprojects India IPO Review

Avoid

Falcon Technoprojects India IPO Date & Price Band Details

IPO Open:	June 19, 2024
IPO Close:	June 21, 2024
IPO Size:	Approx ₹13.69 Crores, 1,488,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹92 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	50% of the net offer
QIB Quota:	[.]% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Falcon Technoprojects India IPO Market Lot

The Falcon Technoprojects India IPO minimum market lot is 1200 shares with a ₹110,400 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1200	₹110,400
Retail Maximum	1	1200	₹110,400
S-HNI Minimum	2	2400	₹220,800

Falcon Technoprojects India IPO Dates

The Falcon Technoprojects India IPO date is June 19 and the IPO close date is June 21. The IPO allotment date is June 24 and the IPO might list on June 26.

IPO Open Date:	June 19, 2024
IPO Close Date:	June 21, 2024
Basis of Allotment:	June 24, 2024
Refunds:	June 25, 2024
Credit to Demat Account:	June 25, 2024
IPO Listing Date:	June 26, 2024

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

Falcon Technoprojects India IPO Form

How to apply Falcon Technoprojects India IPO? You can apply Falcon Technoprojects 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 Falcon Technoprojects India IPO in the Invest section. The other option you can apply Falcon Technoprojects India IPO via IPO forms download via the BSE website. Check out the Falcon Technoprojects India forms – click BSE IPO Forms download, fill and submit in your bank or with your broker.

Falcon Technoprojects India Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹9.46	₹9.05	₹0.30
2022	₹22.90	₹21.51	₹1.03
2023	₹16.57	₹15.17	₹1.04
10M 2024	₹10.37	₹9.11	₹0.87

Falcon Technoprojects India IPO Valuation – FY2023

Check Falcon Technoprojects 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):	₹3.10 per Equity Share
Price/Earning P/E Ratio:	29.66
Return on Net Worth (RoNW):	23.16%
Net Asset Value (NAV):	₹66.89 per Equity Share

Peer Group

Company Promoters

Bharat Shreekishan Parihar
Sheetal Bharat Parihar

Falcon Technoprojects India IPO Registrar

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

Falcon Technoprojects India IPO Allotment Status

Check Falcon Technoprojects India IPO allotment status on Kfintech website URL. Click Here

Falcon Technoprojects India IPO Lead Managers aka Merchant Bankers

Kunvarji Finstock Pvt Ltd

Company Address

Falcon Technoprojects India Limited
Unit No. 17/18, 1st Floor, Keshav Building,
Vasudev Sky High Complex, Beverly Park,
Mira Road East – 401107
Phone: +91 22 3512 9249
Email: cs@falcontechnoprojects.com
Website: http://www.falcongroupindia.com/

Falcon Technoprojects India IPO FAQs

What is Falcon Technoprojects India IPO?

Falcon Technoprojects India IPO is an NSE SME IPO. They are going to raise ₹13.69 Crores via IPO. The issue is priced at ₹92 per equity share. The IPO is to be listed on NSE.

When Falcon Technoprojects India IPO will open?

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

What is Falcon Technoprojects India IPO Investors Portion?

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

How to Apply the Falcon Technoprojects India IPO?

You can apply Falcon Technoprojects 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 Falcon Technoprojects 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 “Falcon Technoprojects 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 Falcon Technoprojects India IPO through Upstox?

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

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

Falcon Technoprojects India IPO size is ₹13.69 crores.

What is Falcon Technoprojects India IPO Price Band?

Falcon Technoprojects India IPO Price Band is ₹92 per equity share.

What is Falcon Technoprojects India IPO Minimum and Maximum Lot Size?

The IPO bid is 1200 shares with ₹110,400.

What is Falcon Technoprojects India IPO Allotment Date?

Falcon Technoprojects India IPO allotment date is June 24, 2024.

What is Falcon Technoprojects India IPO Listing Date?

Falcon Technoprojects India IPO listing date is June 26, 2024. The IPO to list on NSE SME.

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