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 Review – Should You Apply?

By Jagat Joshi
February 10, 2026

Fractal Analytics IPO is one of the most-awaited IPOs of 2026 and is finally launching. Fractal Analytics is India’s first artificial intelligence (“AI”) company that uses data-driven insights and AI to help big businesses make better decisions.

The IPO will be open for subscription on February 9, 2026, and close on February 11, 2026. The Fractal Analytics IPO price band is set between ₹857 to ₹900 per share, with a face value of ₹1 each. As per the RHP, the company plans to raise around ₹2,833.9 crores through an Initial public offering (IPO).

Review IPO Details GMP Messages Subscription Allotment Listing

As an investor, it can be very challenging to decide whether the Fractal Analytics IPO is a good or bad investment. Not anymore, as in this blog, we will provide you with all the necessary details related to the Fractal Analytics IPO to help you decide whether you should Apply or Not. Read on to know the IPO risks, strengths, valuation, financial details, and expert opinion to make your investment decision better.

Strengths:

Fractal Analytics is the first AI unicorn start-up company to be listed that solely focuses on offering end-to-end Artificial Intelligence (AI) and analytics solutions.

The strong and growing relationships with global clients help generate strong revenue.
A strong employee base of 5,722 is supported by trust, transparency, and consistent training to help the business grow.

For the past 3 years, the revenue has increased by a CAGR of 18%.

Weaknesses:

Incidents like security breaches, cyber-attacks, computer viruses, and hacking activities can expose them to risks like data loss, financial losses, and damage to reputation.

The firm derives a 64% of its revenue from the United States of America.

About 54% of revenue is derived from its top 10 customers. Losing any of these customers can majorly impact the business.

In FY25, the company generated a negative cash flow of -224 crore.

Fractal IPO retail quota is at 10%, meaning the retailers will gonna have less chance of getting allotment.

Fractal Analytics IPO Review by

Reviewer	Recommendation
IPO Watch	May Apply
ICICI Bank	Not Rated
SBICAP Securities	Neutral
Kunvarji Finstock Pvt Ltd	Apply
Lakshmishree Investment & Securities Ltd	Apply
Kantilal Chhaganlal Securities Pvt Ltd	Apply
Bajaj Financial Securities Limited	Not Rated
BP Equities (BP Wealth)	Apply
Capital Market	Neutral
GEPL Capital Ltd	Apply
HDFC Securities Limited	Not Rated
SMC Global	Not Rated
SMIFS Limited	Apply
Sushil Finance Ltd	Apply
Swastika Investmart Ltd	Apply
Ventura Securities Limited	Apply

Promoters & Track Records, if any

Srikanth Velamakanni, born on February 16, 1974, aged 51 years, is a Wholetime Director and group chief executive and executive vice-chairman of the Company. He holds 7,395,590 Equity shares, representing 4.61% of the company’s pre-offer Equity capital.
Pranay Agrawal, born on February 12, 1975, aged 50 years, is a Non- executive Director of the Company and chief executive officer of Fractal. He holds 8,121,360 Equity shares, representing 5.06% of the company’s paid-up Equity capital.
Chetana Kumar, born on July 16, 1979, aged 46 years, is the chief sustainability officer of the Company. She holds 6,377,155 Equity shares, representing 3.97% of the company’s paid-up Equity capital.
Narendra Kumar Agrawal, born on July 8, 1949, is aged 76 years. He holds 5,962,180 Equity shares, representing 3.71% of the company’s paid-up Equity capital.
Rupa Krishnan Agrawal, born on March 10, 1974, is aged 51 years. She holds 828,910 Equity shares, representing 0.52% of the company’s paid-up Equity capital.

Expansion

Proceeds raised from the fresh issue will be used towards the investment in one of their subsidiaries, Fractal USA.
A portion of the funds will be used towards repayment and prepayment of the existing borrowings.
Some funds will be used towards the purchase of Laptops.
A portion of it for setting up new office premises in India.
Some proceeds will be utilized for investment in R&D, sales, and marketing under Fractal Alpha.
Lastly, the remaining funds will be used for inorganic growth through unidentified acquisitions and general corporate purposes.

Our View – Should You Apply?

Fractal Analytics, a leading global AI analytics company, is going public on February 9. A solid global client base and operating in a high-growth AI sector have grabbed investor interest. As of Feb 5, the Fractal Analytics IPO GMP is 90, reflecting a listing gain of around 9% to 11%.

Overall, Fractal Analytics seems to be a promising IPO to invest in. Although AI has been seen as a high-growth segment, it is still an evolving area. We have to wait to see how well investors understand the business model and valuations, which will influence the IPO performance.

Financially, in FY24, the company incurred a loss of ₹54.70 crore, but in FY25, the company made a comeback, generating a Profit of ₹220 crore. When it comes to valuation, the P/E ratio of the Fractal is 109.12x. When compared to existing AI-focused companies, the P/E ratio of Fractal’s IPO seems to be overvalued.

Short-term investors may consider applying for the listing gains due to its strong presence in the AI and analytics space, and if the GMP remains supportive. Cautious investors must carefully analyse the risks, like the high offer-for-sale portion, high valuation, and sector-related volatility, before subscribing.

Apply: Subscribe for the IPO
Neutral: Risky to apply the IPO
Avoid: Do not apply for the IPO
Unrated: No View on the IPO
Subscribe for long term: Only long-term investment

Please Note

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.