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.

Fractal Analytics IPO Date, Review, Price, Allotment Details

By Jagat Joshi
February 17, 2026

Fractal Analytics IPO open date is February 9, 2026 and the IPO will close on February 11, 2026. Fractal Analytics IPO is a Book build Issue. The company to raise around ₹2,833.9 crores via IPO that comprises fresh issue of ₹1,023.5 crores and offer for sale up to 2,01,15,555 equity shares with face value of ₹1 each.

Fractal Analytics IPO price band is ₹857 to ₹900 per share. The retail quota is 10%, QIB is 75%, and HNI is 15%. Fractal Analytics IPO to list on BSE, NSE on February 16, 2026. The allotment of Fractal Analytics IPO date is February 12, 2026.

The company reported revenue of ₹2,816.20 crores in 2025 against ₹2,241.90 crores in 2024. The company reported profit of ₹220.60 crores in 2025 against loss of ₹54.70 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details GMP Messages Review Subscription Allotment Listing

Fractal Analytics IPO Details

IPO Open Date	February 9, 2026
IPO Close Date	February 11, 2026
Face Value	₹1 Per Equity Share
IPO Price Band	₹857 to ₹900 Per Share
Issue Size	Approx ₹2,833.9 Crores
Fresh Issue	Approx ₹1,023.5 Crores
Offer for Sale:	Approx 2,01,15,555 Equity Shares
Issue Type	Book Build Issue
IPO Listing	BSE, NSE
Employee Discount	₹85 Per Share
DRHP Draft Prospectus
RHP Draft Prospectus

Fractal Analytics IPO Review

Review: May Apply

Fractal Analytics IPO Market Lot

The Fractal Analytics IPO minimum market lot is 16 shares with a ₹14,000 application amount. The retail investors can apply up-to 13 lots with 208 shares of ₹1,87,200 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	16	₹14,000
Retail Maximum	13	208	₹1,87,200
S-HNI Minimum	14	224	₹2,01,600
S-HNI Maximum	69	1,104	₹9,93,600
B-HNI Minimum	70	1,120	₹10,08,000

IPO Reservation

Investor Category	Share Offered	-% Shares
Anchor Investor	13,869,499 Shares	-%
QIB (Ex. Anchor)	– Shares	75%
NII Shares Offered	– Shares	15%
Retail Shares Offered	– Shares	10%

Fractal Analytics IPO Anchor Investors

Anchor Bidding Date	February 6, 2026
Anchor Investors List
Shares Offered	13,869,499 Shares
Anchor Size	1,248.25 Cr.
lock-in period end date 50% shares (30 Days)	March 14, 2026
lock-in period end date 50% shares (90 Days)	May 13, 2026

Fractal Analytics IPO Dates

The Fractal Analytics IPO date is February 9 and the close date is February 11. The Fractal Analytics IPO allotment will be finalized on February 12 and the IPO listing on February 16.

IPO Open Date:	February 9, 2026
IPO Close Date:	February 11, 2026
Basis of Allotment:	February 12, 2026
Refunds:	February 13, 2026
Credit to Demat Account:	February 13, 2026
IPO Listing Date:	February 16, 2026
IPO Bidding Cut-off Time:	February 11, 2026 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Srikanth Velamakanni, Pranay Agrawal, Chetana Kumar, Narendra Kumar Agrawal and Rupa Krishnan Agrawal.

Particular	Shares	% Share
Promoter Holding Pre Issue	16,05,56,718	18.19%
Promoter Holding Post Issue	17,19,28,940	-%

Objects of the Issue & Utilisation of proceeds

Purpose	Crores
Investment in one of our Subsidiaries, Fractal USA, for pre-payment and/ or scheduled repayment, in full or in part, of its borrowings	264.90
Purchase of laptops	57.10
Setting-up new office premises in India	121.10
Investment in (a) research and development; and (b) sales and marketing under Fractal Alpha	355.10
Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes

About Fractal Analytics IPO

Founded in March 2000, Fractal Analytics is one of the leading global AI and analytics companies. It helps large businesses make smart decisions. For more than 20 years, it has been creating AI solutions by combining strong technical skills with in-depth knowledge of the business.

Fractal business has been divided into 2 main parts: Fractal.ai, which offers AI services and products through its platform Cogentiq, and Fractal Alpha, which includes independent AI businesses to drive innovation across various industries.

The company includes a total of 4500 employees across 17 offices worldwide as of early 2025. Strong leadership in the fast-growing AI market, long-term client partnerships, deep technical and domain expertise, a transparent work culture, and a solid record of innovation are some of the major strengths of the company.

Fractal Analytics IPO Company Financial Report

Amount ₹ in Crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹2,043.70	₹2,225.20	₹194.40	₹2,248.70
2024	₹2,241.90	₹2,250.60	₹54.70	₹2,392.00
2025	₹2,816.20	₹2,575.50	₹220.60	₹2,857.60
Sep 2025	₹1,594.30	₹1,446.20	₹70.90	₹2,965.40

Fractal Analytics IPO Valuation – FY2025

Check Fractal Analytics IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPI	Values
ROE:	-%
ROCE:	-%
EBITDA Margin:	14.4%
PAT Margin:	8.0%
Debt to equity ratio:	–
Earning Per Share (EPS):	₹14.49 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	12.6%
Net Asset Value (NAV):	₹104

Peer Group Comparison

There are no listed companies.

IPO Lead Managers aka Merchant Bankers

Kotak Mahindra Capital Co.Ltd.
Axial Capital Pvt.Ltd.

Company Address

Fractal Analytics Ltd.
Level 7, Commerz II,
International Business Park, Oberoi Garden City
Off W. E. Highway, Goregaon (E),
Mumbai, Maharashtra, 400063
Phone: +91 22 6850 5800
Email: investorrelations@fractal.ai
Website: https://fractal.ai/

IPO Registrar

MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: fractal.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Fractal Analytics IPO FAQs

What is Fractal Analytics IPO?

Fractal Analytics IPO is Mainboard IPO. The company is going to raise ₹2,833.9 Crores via IPO. The issue is priced at ₹857 to ₹900 per equity share. The IPO is to be listed on BSE & NSE.

When Fractal Analytics IPO will open for subscription?

The IPO is to open on February 9, 2026 for QIB, NII, and Retail Investors. The IPO will close on February 11, 2026.

What is Fractal Analytics IPO Investors Portion?

The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.

How to Apply the Fractal Analytics IPO?

You can apply for Fractal Analytics 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.

What is Fractal Analytics IPO Issue Size?

Fractal Analytics IPO issue size is ₹2,833.9 crores.

What is Fractal Analytics IPO Price Band?

Fractal Analytics IPO Price Band is ₹857 to ₹900.

What is Fractal Analytics IPO Lot Size?

The minimum bid is 16 Shares with ₹14,000 amount.

What is the Fractal Analytics IPO Allotment Date?

Fractal Analytics IPO allotment date is February 12, 2026.

What is the Fractal Analytics IPO Listing Date?

Fractal Analytics IPO listing date is February 16, 2026. The IPO is to list on BSE & NSE.

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

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.