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.

GNG Electronics IPO Review, Analysis, Good or Bad

By Jagat Joshi
July 26, 2025

GNG Electronics IPO opening date is July 23, 2025, and the closing date is July 25, 2025. The price range of GNG Electronics IPO is set between ₹225 to ₹237 per share with a face value of ₹2 each. The company filed a DRHP to raise around ₹460.43 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not in the GNG Electronics IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed GNG Electronics IPO review and analysis which will help you to make the decision.

Strengths and Weaknesses of GNG Electronics

Strengths:

GNG Electronics India is the largest refurbisher of laptops and desktops, and one of the biggest refurbishers of ICT devices both in India and worldwide.

They have a strong global supply chain, a reliable network of suppliers, and a large and diverse customer base.

The company consists of a highly experienced and hardworking senior management team, which is managed by a knowledgeable board of directors.
As of FY24, FY23, and FY22, the company has shown a steady record of strong financial performance, showing our operational efficiency.

Weaknesses:

As of FY24, FY23, and FY22, the company mostly generated its revenue from the sale of laptops, meaning the company mostly runs its business by selling laptops. If the demand for the laptop falls, it can negatively impact its business, cash flow, and financial condition.

Its business mostly relies on its sales network to distribute its products. If this network faces any problem, then it may negatively impact its business, performance, cash flow, and overall financial health.

They depend on a few suppliers. If there is any delay or shortage if their supplier doesn’t deliver on time or does not meet the quality and requirements, then it can badly impact the company’s financial condition, cash flow and revenue.

The GNG Electronics business mainly relies on people’s trust and its reputation. Any damage to our brand, bad publicity, or failure to maintain the product’s quality may negatively affect the company’s reputation, cash flow, and financial performance.

GNG Electronics Details

IPO Size	₹460.43 crores
Offer-for-sale	25,50,000 Equity Shares
Fresh issue	₹400 crores
Price band	₹225 to ₹237
Subscription	Opens for subscription on July 23, 2025, and the closing date is July 25, 2025
Purpose of IPO	Fresh Issue and Offer-for-Sale

GNG Electronics IPO Open and closing date?

GNG Electronics will be open for subscription on July 23, 2025, and the IPO will close on July 25, 2025.

What is the size of the GNG Electronics IPO?

GNG Electronics planned to raise funds of around ₹460.43 crores via IPO. This IPO comprises a fresh issue of up to ₹400 crores and an offer for sale up to 25,50,000 Equity Shares with a face value of ₹2 each.

What are the subscription details of the GNG Electronics IPO?

The price range of GNG Electronics is set as ₹225 to ₹237 per share. In this IPO, a total of 63 shares were available in one lot size for the minimum Retail category. For the maximum Retail category, 819 shares were available in 13 lot sizes. Additionally, 882 shares were available in 14 lot sizes for the S-HNI Minimum category. While for the B-HNI Minimum category, 4,221 shares were available in 67 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,931 and maximum investment of ₹1,94,103.
Small HNI (S-HNI): Minimum investment of ₹2,09,034.
Big HSI (S-HNI): A minimum investment of ₹10,00,377 is required.

What is the GNG Electronics IPO listing Date?

GNG Electronics is a Mainboard IPO shares that will be listed on July 30, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the GNG Electronics Issue?

The main objective behind raising funds through this IPO is prepayment and/or repayment of borrowings taken by our Company and our Material Subsidiary, namely, Electronics Bazaar FZC. Some funds will be utilized for the working capital requirements of our Company. Lastly, the remaining funds will be utilized for the company’s general corporate purposes.

About GNG Electronics

GNG Electronics Limited is one of the leading companies in the field of Refurbishing laptops, desktop, and other devices, and providing to the national and international markets also. The company has built a strong presence across India, the USA, Europe, Africa, and the UAE. As of March 31, 2025, their refurbished ICT devices have been sold across a robust sales network spanning 38 countries worldwide. GNG Electronics also offers customized buyback solutions for laptops and desktops, helping large-format retail chains like Vijay Sales and OEM brand stores such as HP India and Lenovo India implement smooth, customer-centric buyback programs that promote the sale of new devices. Operating under the brand name “Electronics Bazaar,” GNG Electronics offers end-to-end solutions encompassing sourcing, refurbishment, sales, after-sales service, and warranty support.

GNG Electronics IPO Financials

The company reported revenue of ₹1,420.37 crores in 2025 against ₹1,143.80 crores in 2024. The company reported a profit of ₹69.03 crores in 2025 against a profit of ₹52.31 crores in 2024.

GNG Electronics IPO Promoters

The promoters of the company are Sharad Khandelwal, Vidhi Sharad Khandelwal, Amiable Electronics Private Limited, and Kay Kay Overseas Corporation.

Who are the GNG Electronics lead managers and registrar?

Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and JM Financial Limited are the lead managers of GNG Electronics, while Bigshare Services Pvt Ltd is the registrar of the company.

Should you apply or not for the GNG Electronics IPO?

GNG Electronics is one of India’s largest refurbishers of laptops and desktops, and a global leader in ICT device refurbishment, is planning to launch a ₹460.4 cr IPO from July 23–25, 2025. Whether to apply or not for the GNG Electronics IPO depends on your investment goal and risk management. The proceeds of ₹320 cr raised from the fresh issue will be utilized to reduce debt, and lastly, the remaining funds will be used for the general corporate purposes. If we talk about the company’s financial growth, In FY25, the company generated a revenue of ₹1,420 cr, with net profit rising ₹69 cr, with solid metrics like ROE surged by 30% and PAT margin rose by 4.9%. India, the USA, Europe, Africa, and the UAE are some of the regions where the company sells its products. Now, the question is if you should apply or not for the GNG Electronics IPO, then its strong financial condition, sustainability edge, and are comfortable with a medium-term horizon, then this IPO looks promising. However, we recommend always doing a proper financial check, its strength, weaknesses, and overall condition before investing your money in it. For more query please contact IPOWatch team, we are eager to help you with all the necessary updates.

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.