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.

Gandhar Oil IPO Date, Review, Price, Allotment Details

By Jagat Joshi
November 30, 2023

Gandhar Oil IPO Details: Gandhar Oil IPO date is fixed, the IPO is to hit the market on November 22 and will close on November 24. Gandhar Oil IPO to raise around ₹501 crores via IPO that comprises fresh issue of ₹302 and offer for sale up to 1,17,56,910 equity shares of ₹2 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.

Gandhar Oil Limited is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end-industries. As of June 30, 2022, their product suite comprised over 350 products primarily across the personal care, healthcare, and performance oils (“PHPO”), lubricants, and process and insulating oils (“PIO”) divisions under the “Divyol” brand.

Gandhar Oil products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power, and tyre, and rubber sectors. As of June 30, 2022, their products were sold in over 100 countries across the globe. They catered to over 3,500 customers in the Financial Year 2022, including leading Indian and global companies such as Procter & Gamble (“P&G”), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare, supported by our global supplier base and manufacturing operations in India and UAE.

Objects of the Issue

Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda;
Capital expenditure through purchase of equipment and civil work required for (i) expansion in capacity of automotive oil at the company’s Silvassa Plant; (ii) expansion in the capacity of petroleum jelly and accompanying cosmetic product division at the company’s Taloja Plant; and (iii) expansion in capacity of white oils by installing blending tanks at the company’s Taloja Plant;
Funding working capital requirements of the Company; and
General corporate purposes.

Gandhar Oil IPO Review (Apply or Not)

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Brokerage Firm IPO Review

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Gandhar Oil IPO Date & Price Band Details

IPO Open:	November 22, 2023
IPO Close:	November 24, 2023
IPO Size:	Approx ₹501 Crores
Fresh Issue:	Approx ₹302 Crores
Offer for Sale:	Approx 1,17,56,910 Equity Shares
Face Value:	₹2 Per Equity Share
IPO Price Band:	₹160 to ₹169 Per Share
IPO Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Gandhar Oil IPO Market Lot

The Gandhar Oil IPO minimum market lot is 88 shares with ₹14,872 application amount. The retail investors can apply up-to 13 lots with 1144 shares or ₹193,336 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	88	₹14,872
Retail Maximum	13	1144	₹193,336
S-HNI Minimum	14	1232	₹208,208
B-HNI Minimum	68	5984	₹10,11,296

Gandhar Oil IPO Allotment & Listing Dates

The Gandhar Oil IPO date is November 22 and the close date is November 24. The Gandhar Oil IPO allotment will be finalized on November 29 and the IPO listing on November 30.

Anchor Investors Allotment:	November 21, 2023
IPO Open Date:	November 22, 2023
IPO Close Date:	November 24, 2023
Basis of Allotment:	November 29, 2023
Refunds:	November 29, 2023
Credit to Demat Account:	November 29, 2023
IPO Listing Date:	November 30, 2023

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

Gandhar Oil IPO Form

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

Gandhar Oil Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2020	₹2517	₹2503	₹14.08
2021	₹2242	₹2129	₹98.49
2022	₹3569	₹3344	₹160.07
2023 3M	₹886	₹803	₹58.10

Gandhar Oil IPO Valuation – FY2022

Check Gandhar Oil 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):	₹20.99 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	32.53%
Net Asset Value (NAV):	₹70.03 per Equity Share

Peer Group

Savita Oil Technologies Ltd
Apar Industries Ltd
Panama Petrochem Ltd
Galaxy Surfactants Ltd
Privi Speciality Chemicals Ltd
Rossari Biotech Ltd
Fairchem Organics Ltd

Company Promoters

Mr Ramesh Babulal Parekh
Mr Samir Ramesh Parekh
Mr Aslesh Ramesh Parekh

Gandhar Oil IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: gandharoil.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Gandhar Oil IPO Allotment Status Check

Check Gandhar Oil IPO allotment status on Linkintime website allotment URL. Click Here

Gandhar Oil IPO Lead Managers aka Merchant Bankers

ICICI Securities Limited
Edelweiss Financial Services Ltd

Company Address

Gandhar Oil Refinery India Limited
18th floor, DLH Park,
S.V. Road
Goregaon (W), Mumbai 400 062
Phone: +91 22 4063 5600
Email: investor@gandharoil.com
Website: https://gandharoil.com/

Gandhar Oil IPO FAQs

What is Gandhar Oil IPO?

Gandhar Oil IPO is a main-board IPO. They are going to raise ₹501 Crores via IPO. The issue is priced at ₹160 to ₹169 pr equity share. The IPO is to be listed on BSE & NSE.

When Gandhar Oil IPO will open?

The IPO is to open on November 22, 2023 for QIB, NII, and Retail Investors.

What is Gandhar Oil IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

How to Apply the Gandhar Oil IPO?

You can apply for Gandhar Oil 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 Gandhar Oil 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 “Gandhar Oil”. 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 Gandhar Oil IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil”. 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 Gandhar Oil IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil”. 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 Gandhar Oil IPO Size?

Gandhar Oil IPO size is ₹501 crores.

What is Gandhar Oil IPO Price Band?

Gandhar Oil IPO Price Band is ₹160 to ₹169.

What is the Gandhar Oil IPO Allotment Date?

Gandhar Oil IPO allotment date is November 29, 2023.

What is the Gandhar Oil IPO Listing Date?

Gandhar Oil IPO listing date is November 30, 2023. The IPO is to list on BSE and NSE.

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

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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.