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.

Fujiyama Power Systems IPO Review & Investor Guide

By Jagat Joshi
November 14, 2025

Fujiyama Power Systems IPO opens on November 13, 2025, and closes on November 17, 2025. The Fujiyama Power Systems IPO price band is set between ₹216 to ₹228 per share, with a face value of ₹1 each. As per the RHP, the company plans to raise around ₹828 crores through an IPO.

For investors, it can be quite challenging to decide if the Fujiyama Power Systems IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Fujiyama Power Systems IPO. This will help you analyze the strengths, risks, and financial details of the Fujiyama Power Systems IPO, making your investment decision better.

About Company

Founded in 2017, Fujiyama Power Systems Limited is a prominent manufacturer of products and a solution provider in the rooftop solar industry, offering on-grid, off-grid, and hybrid solar systems. The company had expertise in making high-quality solar panels, solar inverters, and both lead-acid and lithium-ion batteries. Their brands, UTL Solar (which has been around for 29 years) and Fujiiyama Solar, have earned them a good name in the solar power industry.

Moreover, the company also exports its products to various countries, including the USA and several Asian countries, including Bangladesh and the UAE. Among many, Fujiyama Power is one of the few companies to develop single-card Online UPS, Combo UPS with automatic voltage regulation (AVR), high-frequency Online UPS, and single-card SMT inverters. It consists of over 602+ qualified service engineers, especially trained to provide customized solar systems as per the customer’s needs. The company has a large distribution network that includes over 725 distributors, 5,546 dealers, and 1,100 exclusive partners.

Strengths

One of the leading companies to offer a wide range of solar products and solutions, making it a strong leader in the rooftop solar industry.

The company offers a strong history of developing new technologies and innovative products.

Strong distribution network and good after-sales service have built the brand reputation.

The firm consists of a skilled senior management, a dedicated team of employees, and an experienced promoter with 50 years of experience in the solar industry.

Weaknesses

The company mainly imports its raw materials from China and brings most of its equipment and machines from other countries. Any issues that occur in import duties on these materials or equipment can adversely impact the business and cash flow.

A drop in the prices of the products can badly affect the business, cash flow, and earnings.

The firm earns a large part of its revenue from Uttar Pradesh, and is working on expanding its sales into new markets. Meaning any drop in demand in UP happened, or was not able to expand into new areas, can adversely affect the business and finances.

If clients are not satisfied with their products or any defects in the products can damage their reputation and lead to a drop in sales.

Fujiyama Power Systems IPO Review

Reviewer	Recommendation
IPO Watch	May Apply
Capital Market	May Apply
Canara Bank Securities Ltd	Apply
SMIFS Limited	Apply
Swastika Investmart Ltd	Neutral

Fujiyama Power Systems IPO Details

IPO Open Date:	November 13, 2025
IPO Close Date:	November 17, 2025
Face Value:	₹1 Per Equity Share
IPO Price Band:	₹216 to ₹228 Per Share
Issue Size:	₹828 Crores
Fresh Issue	₹600 Crores
Offer-for-Sale	Up to 1,00,00,000 equity shares
Registrar	MUFG Intime India Pvt. Ltd.
IPO Lead Managers	Motilal Oswal Investment Advisors Ltd. SBI Capital Markets Ltd.
Basis of Allotment	November 18, 2025
IPO Listing Date:	November 20, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	30 Jun 2025	31 Mar 2025	31 Mar 2024
Total Income	₹597.79 crores	₹1,550.09 crores	₹927.20 crores
EBITDA	₹105.89 crores	₹248.52 crores	₹98.64 crores
Profit after Tax (PAT)	₹67.59 crores	₹156.34 crores	₹45.30 crores
Net Worth	₹464.34 Crores	₹396.82 Crores	₹239.54 Crores
Reserve and Surplus	₹436.33 Crores	₹368.81 Crores	₹215.00 Crores
Total Borrowings	₹432.83 Crores	₹346.22 Crores	₹200.19 Crores

Peer Comparison with the Company

Name of the Company	Face Value (₹)	Basic EPS (₹)	Diluted EPS(₹)	RONW (%)	P/E Ratio	NAV(₹)
Fujiyama Power Systems	1	5.59	5.56	39.40	[●]	14.17
Listed Peers
Waaree Energies	10	68.24	67.96	20.09	49.04	334.00
Premier Energies	1	21.35	21.35	33.2	47.91	62.61
Exicom Tele Systems	10	(9.11)	(9.11)	(17.93)	NM	50.80
Insolation Energy	1	5.95	5.95	20.46	31.68	28.00

Key Performance Indicator

KPI	Values
ROE	39.40%
ROCE	41.01%
RoNW	39.40%
EBITDA Margin	16.13%
Price to Book Value	16.09
Market Capitalization	₹6,986.17 Cr.

Promoters & Track Records, if any

Pawan Kumar Garg, born on December 10, 1975, is the Chairman and Joint Managing Director of the Company. He holds 108,351,570 of Equity Shares, representing 38.68% of pre-Offer shareholding in the company.

Yogesh Dua, born on November 17, 1974, is the Chief Executive Officer and Joint Managing Director of the Company. He holds 108,351,575 of Equity Shares, representing 38.68% of pre-Offer shareholding in the company.

Sunil Kumar was born on October 7, 1978, and is the Non-Executive Director of the Company. He holds 13,750,000 of Equity Shares, representing 4.91% of pre-Offer shareholding in the company.

Industry Peer Group P/E ratio

The solar industry peer group has a P/E ratio that ranges from the Lowest 31.68 to the highest 49.04, with an average of 42.87.

Expansion

The proceeds raised from the fresh issue will be used towards the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India(the“Project”).

A portion of the funds will be utilized towards repayment/prepayment of certain borrowings taken by the company.

Lastly, the remaining funds will be used for the general corporate purposes.

Fujiyama Power Systems IPO – Should You Apply or Not?

Fujiyama Power Systems features a strong presence in the rooftop solar industry, a diversified product portfolio, constant focus on quality and innovation, an experienced management team, and a growing demand for solar energy, supporting its future growth potential. However, dependence on imports from China, geographic concentration, and price pressure are certain risks to keep in mind.

As of November 11th, the GMP of Fujiyama Power Systems is ₹0. Short-term investors may apply for the IPO for listing gains after evaluating Grey Market Premium (GMP) trends and strong brand recall. Whereas Long-term investors must analyze the risks, limited geographic concentration, and market sentiment before investing their money in it.

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.