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.

Groww IPO Review & Investor Guide

By Jagat Joshi
November 11, 2025

Groww IPO opens on November 4, 2025, and closes on November 7, 2025. The Groww IPO price band is set between ₹95 to ₹100 per share, with a face value of ₹2 each. As per the RHP, the company plans to raise around ₹6,632.30 crores through an IPO.

For investors, it can be quite challenging to decide if the Groww 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 Groww IPO. This will help you analyze the strengths, risks, and financial details of the Groww IPO, making your investment decision better.

About Company

Groww is India’s largest and fastest-growing direct-to-customer digital investment platform that is involved in offering a wide range of financial services and products. With the help of Groww, people can easily invest and trade in stocks, including IPOs, F&O, ETFs, digital gold, derivatives, bonds, mutual funds (including Groww Mutual Fund), and other products. Aside from that, through using the Groww app and websites, people can literally access various tools, check market insights, and information to build their investment strategies. They offer a user-friendly design and an in-house technology platform that makes the investment and trading experience easy and wonderful.

Groww serves customers across 98.36% of India’s pin codes, reaching almost every part of the country as of June 30, 2025. The company’s goal is to meet the customer’s changing needs by offering them a smooth investing experience by building long-term relationships with them. Groww includes a total of 1415 employees as of June 30, 2025.

Strengths

Groww is known for being one of the most reliable and preferred brands for investing in India.

They offer a user-friendly design and interface to their customers, making the investing experience easier and seamless than ever before.

The company uses in-house technology to provide a unique experience at a low cost.

They incorporate a strong execution strategy that promotes both growth and profitability.

Weaknesses

Their business depends on smooth access to the platform. Any interference that happens or the system fails can adversely affect the business, cash flow, and financials.

The company’s success mostly depends on attracting new clients and keeping old clients engaged on the platform. If one fails to do so can badly impact the overall business, financial condition, and cash flow.

Groww’s business is mostly dependent on market activity, and any slowdown or volatility in the financial markets could negatively impact its revenue and growth.

The company depends on accurate and complete KYC information from the customers. If the information is wrong or incomplete can harm the business, revenue, and future growth.

Groww IPO Review

Reviewer	Recommendation
IPO Watch	May Apply
Capital Market	May Apply
DRChoksey FinServ
Emkay Global
Hem Securities
IDBI Capital
Marwadi Shares
Nirmal Bang
SBICAP Securities
Sharekhan
SMC Global
Sushil Finance
Swastika Investmart
Ventura Securities
Geojit
Reliance Securities
Capital Market
BP Wealth
ICICIdirect
Choice Broking

Groww IPO Details

IPO Open Date:	November 4, 2025
IPO Close Date:	November 7, 2025
Face Value:	₹2 Per Equity Share
IPO Price Band:	₹95 to ₹100 Per Share
Issue Size:	₹6,632.30 Crores
Fresh Issue	₹1,060 Crores
Offer-for-Sale	Up to 55,72,30,051 equity shares
Registrar	MUFG Intime India Pvt.Ltd.
IPO Lead Managers	Kotak Mahindra Capital Co.Ltd. JP Morgan India Pvt.Ltd. Citigroup Global Markets India Pvt.Ltd. Axis Capital Ltd. Motilal Oswal Investment Advisors Ltd.
Basis of Allotment	November 10, 2025
IPO Listing Date:	November 12, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars (in ₹ Cr)	FY23	FY24	FY25	Q1FY26
Total Income	1,260.9	2,796.0	4,061.6	948.5
EBITDA	398.8	-780.9	2,371.0	418.8
PAT	457.7	-805.5	1,824.4	378.4
Net Worth	3,316.8	2,542.6	4,855.4	5,995.5
RoNW	–	-31.7%	37.6%	–
PAT Margin	–	-28.8%	44.9%	–

Key Performance Indicator

KPI	Values
RoNW	37.57%
PAT Margin	44.92%
EBITDA Margin	59.11%
Price to Book Value	11.76
Market Capitalization	61735.97

Peer Comparison with the Company

Name of the Company	Face Value per Equity Share (₹)	P/E	EPS (Basic) (₹)	EPS (Diluted)(₹)	RoNW (%)	NAV(₹)
Groww	₹2	[●]	₹3.34	₹3.19	37.57%	₹8.89
Domestic Peers
Angel One Limited	₹10	19.80x	₹130.05	₹126.82	20.85%	₹623.72
Motilal Oswal Financial Services Limited	₹1	24.88x	₹41.83	₹41.00	22.64%	₹185.24
360 One WAM Limited	₹1	45.20x	₹27.14	₹26.08	14.37%	₹188.89
Nuvama Wealth Management Limited	₹10	26.85x	₹276.66	₹268.54	28.22%	₹979.11
Prudent Corporate Advisory Services Limited	₹5	58.92x	₹47.25	₹47.25	29.30%	₹161.25
Global Peers
Robinhood Markets, Inc.	₹0.01	86.11x	₹132.80	₹129.48	17.70%	₹750.95
Interactive Brokers Group, Inc	₹0.83	38.77x	₹580.17	₹575.19	17.64%	₹3,258.99
Nordnet AB (publ)	[●]	25.64x	₹92.31	₹92.23	35.45%	₹268.47

Promoters & Track Records, if any

Lalit Keshre, born on June 26, 1981, aged 44 years, is a Promoter, a Whole-time Director on the Board, and Chief Executive Officer of the Company. He holds 559,064,671 shares, representing 9.12% of pre-Issue paid-up capital in the company.

Harsh Jain, born on September 26, 1982, aged 43 years, is a Promoter, a Whole-time Director on the Board, and Chief Operating Officer of the Company. He holds 411,579,773 shares, representing 6.72% of pre-issue paid-up capital in the company.

Ishan Bansal, born on April 10, 1988, aged 37 years, is a Promoter, a Whole-time Director on the Board, and Chief Financial Officer of the Company. He holds 277,715,210 shares, representing 4.53% of pre-issue paid-up capital in the company.

Neeraj Singh, born on March 6, 1983, aged 42 years, is a Promoter, a Whole-time Director on the Board, and Chief Technology Officer of the Company. He holds 383,199,310 shares, representing 6.25% of pre-issue paid-up capital in the company.

Information on Industry’s P/E Ratio

The company Groww did not show the P/E ratio in the RHP. However, let’s check out the financial services industry’s P/E ratio to understand it more.

The industry peer group has a highest P/E ratio of 86.11, a lowest of 19.80, and an industry composite P/E ratio of 40.77 times.

Expansion

The proceeds raised from the fresh issue will be utilized towards cloud infrastructure.

A portion of funds will be used towards brand building and performance marketing activities.

Some funds will be utilized for the Investment in one of the Material Subsidiaries, GCS, an NBFC, to augment its capital base.

A portion of funds towards an Investment in one of the Material Subsidiaries, GIT, for funding its MTF business.

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

Groww IPO – Should You Apply or Not?

Groww features a strong digital investment platform, rapid revenue growth, strong brand recognition, and a profitable and scalable model, giving investors a great chance to be part of one of India’s largest and fastest-growing investment platforms. But rising competition, dependency on market activity, regulatory risks, and high valuation are some of the key risks one must keep in mind.

Short-term investors can apply for the IPO for listing gain, given the strong brand value. Long-term or Caveat investors evaluate GMP, higher valuation, and market sentiment before subscribing. As of October 31, the GMP of the Groww IPO is 15, indicating a listing gain of around 14% to 16%.

Please note:

Investors are advised to make their own decisions and apply entirely at risk. This article uses 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.