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.

GR Infraprojects IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
June 28, 2021

GR Infraprojects IPO to hit the market on 07 July 2021 and closes on 09 July 2021. The company to raise ₹963 crores via initial public offer (Offer for sale only).

GR Infraprojects IPO may hit the market on 07 July 2021. The company plans to raise ₹963 crore through the initial public offerings. The face value of equity shares is ₹5. The company filed DRHP on 13 April 2021, got SEBI’s go ahead to float the IPO. The offer for sale comprises of 11,42,400 Eq. shares Lokesh Builders Pvt. Ltd, 127,000 equity. Shares Jasamrit Premises, 80,000 Eq Shares Jasamrit Fashions Pvt Ltd, 56,000 Eq. Shares Jasamrit Creations Pvt. Ltd, 44,000 Eq. Shares Jasamrit Construction Pvt. Ltd. The company was incorporated in 1995. They are integrated road EPC company with experience in design and construction of various road/highway projects across 15 States in India. They are also diversified their business in railway sector as well. They provide EPC services; (ii) development of roads, highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities, under which we process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers. Check out GR Infraprojects IPO details.

Important Details:

CRISIL upgraded long term rating to AA/Stable from AA-/Positive. They reaffirmed short term rating as A+ as on 20 October 2020. Till April 2021 company completed 100+ road construction projects. They have 3 manufacturing facilities in Udaipur, Guwahati and Sandila (UP). They also have fabricating and galvanization unit at Ahmedabad, Gujarat. Peer group listed companies are PNC Infra, H.G Infra, KNR Construction, Dilip Buildcon, Ashoka Buildcon. The company offered ₹42 discount for employees quota.

GR Infraprojects IPO Review

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GR Infraprojects IPO Date & Price Band

IPO Open:	07 July 2021
IPO Close:	09 July 2021
IPO Size:	Approx ₹963 Crores
Fresh Issue:	Approx ₹- Crores
Offer for Sale:	Approx ₹963 Crores
Face Value:	₹5 Per Equity Share
Price Band:	₹828 to ₹837 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	1,15,08,704 Shares
Discount:	For Employees ₹42 Per Share

GR Infraprojects IPO Market Lot

The GR Infraprojects IPO minimum market lot is 17 shares with ₹14,229 application amount. The retail investors can apply up-to 14 lots with 238 shares or ₹1,99,206 amount.

Minimum Lot Size:	Minimum 17 Shares
Minimum Amount:	₹14,229
Maximum Lot Size:	Maximum 238 Shares
Maximum Amount:	₹1,99,206

GR Infraprojects IPO Allotment & Listing

The GR Infraprojects IPO date is 07 July 2021 and the close date is 09 July 2021. The allotment date is 14 July 2021 and the IPO to list on 19 July 2021.

Basis of Allotment:	14 July 2021
Refunds:	15 July 2021
Credit to Demat Account:	16 July 2021
Listing Date:	19 July 2021

GR Infraprojects IPO Form

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

GR Infraprojects Company Financial Report

₹ in Crores
	Revenue	Expenses	PAT
2018	₹3336	₹2825	₹417.70
2019	₹5323	₹4318	₹715.10
2020	₹6421	₹5270	₹797.50
2021	₹7907	₹6582	₹953.60

Company Promoters

Vinod Kumar Agarwal
Ajendra Kumar Agarwal
Purshottam Agarwal
Lokesh Builders Private Limited

About GR Infraprojects

GR Infraprojects is an integrated road EPC company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector. Our principal business operations are broadly divided into three categories: (i) civil construction activities, under which we provide EPC services; (ii) development of roads, highways on a BOT basis, including under annuity and HAM; and (iii) manufacturing activities, under which we process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.

Our Company was incorporated in December 1995 and we have gradually increased our execution capabilities in terms of the size of projects that we have bid for and executed. For example, one of the first road projects that we executed was for the Public Works Department, Rajasthan in 1997 with a Bid Project Cost of ₹ 26.50 million, whereas the project recently awarded by NHAI, i.e. Vadodara Mumbai Expressway project in the state of Maharashtra on HAM basis, to us in 2020 involves a Bid Project Cost of ₹ 27,470.00 million. Our individual Promoters have more than 25 years of experience in the construction industry. Prior to the incorporation of our Company, our individual Promoters were associated with M/s. Gumani Ram Agarwal, a partnership firm engaged in the construction business, which was acquired by our Company in 1996.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

GR Infraprojects IPO Registrar

KFin Technologies Private Limited
Selenium Tower-B, Plot 31 and 32,
Gachibowli, Financial District,
Nanakramguda, Serilingampally,
Hyderabad – 500 032
Telangana, India
Telephone: +91 40 6716 2222
E-mail: gril.ipo@kfintech.com
Website: www.kfintech.com
Investor grievance e-mail: einward.ris@kfintech.com
Contact person: M Murali Krishna
SEBI registration number: INR000000221

Note: Check GR Infraprojects IPO allotment status on KFintech website allotment URL. Click Here

GR Infraprojects IPO Lead Managers

HDFC Bank Ltd
ICICI Securities Ltd
Kotak Mahindra Capital Company Ltd
Motilal Oswal Investment Advisors Ltd
SBI Capital Markets Ltd
Equirus Capital Pvt. Ltd

Company Address

GR Infraprojects Limited
Registered Office:
Revenue Block No. 223,
Old Survey No. 384 / 1, 384 / 2,
Paiki and 384 / 3,
Khata No. 464, Kochariya, Ahmedabad,
Gujarat – 382 220, India
Corporate Office:
Novus Tower, Second Floor,
Plot No. 18, Sector 18, Gurugram
Haryana –122015, India
Contact Person: Sudhir Mutha
Company Secretary and Compliance Officer
Telephone: + 91294 248 7370
E-mail:cs@grinfra.com
Website:www.grinfra.com
Corporate Identity Number:U45201GJ1995PLC098652

GR Infraprojects IPO FAQs

What is GR Infraprojects IPO?

GR Infraprojects IPO is a main-board IPO. They are going to raise ₹963 Crores via IPO. The issue is priced at ₹ to ₹ per equity share. The IPO to list on BSE & NSE.

When GR Infraprojects IPO will open?

The IPO is to open on 07 July 2021 for QIB, NII, and Retail Investors.

What is GR Infraprojects IPO Investors Portion?

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

How to Apply the GR Infraprojects IPO?

You can apply GR Infraprojects IPO via ASBA online via your bank account. You can also apply 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 GR Infraprojects 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 “GR Infraprojects”. 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 GR Infraprojects IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “GR Infraprojects”. 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.

What is GR Infraprojects IPO Size?

GR Infraprojects IPO size is ₹963 crores.

What is GR Infraprojects IPO Price Band?

GR Infraprojects IPO Price Band is ₹828 to ₹837.

What is GR Infraprojects IPO Minimum and Maximum Lot Size?

The minimum bid is 17 Shares with ₹14,229 amount while maximum bid is 238 shares with ₹1,99,206.

What is GR Infraprojects IPO Allotment Date?

GR Infraprojects IPO allotment date is 14 July 2021.

What is GR Infraprojects IPO Listing Date?

GR Infraprojects IPO listing date is 19 July 2021. The IPO to list on BSE and NSE.

Note: The GR Infraprojects IPO details added as it is officially announced. The IPO grey market premium (GR Infraprojects IPO Premium) started. You can check our IPO grey market page for daily 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.