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.

Gujarat Kidney IPO Review & Investor Guide

By Jagat Joshi
December 22, 2025

Gujarat Kidney IPO will be open for Subscription on December 22, 2025, while the closing date is December 24, 2025. The Gujarat Kidney IPO price band is set between ₹108 to ₹114 per share, with a face value of ₹2 each. As per the RHP, the company plans to raise around ₹250.80 crores through an Initial public offering (IPO).

It can be challenging for investors to decide if the Gujarat Kidney IPO is a good investment. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. This article presents the top key factors and a detailed review of the Gujarat Kidney IPO. This will help you analyze the strengths, risks, and financial details of the company, improving your investment decision.

About Company

Incorporated in 2019, Gujarat Kidney and Super Speciality Limited (GKASSL) is a prominent company to offers multispeciality healthcare services. The company provides a wide range of medical care, such as Internal medicine, general surgery, minimally invasive procedures, orthopaedics and trauma treatment, joint replacement surgery, obstetrics and gynaecology, respiratory failure, non-interventional cardiology, diabetology, and anaesthesiology.

The business operates seven multispecialty hospitals and four pharmacies. Gujarat Kidney and Superspeciality Hospital (Vadodara), Gujarat Multispeciality Hospital (Godhra), Raj Palmland Hospital (Bharuch), Surya Hospital and ICU (Borsad), Gujarat Surgical Hospital (Vadodara), and Ashwini Medical Centre (Anand). The company has multiple hospitals situated across Gujarat, India. Its main services include Secondary Care Services and Tertiary Care Services.

Strengths

The company has a lower attrition rate, ranging between 2.40% and 2.99%.

The business operates 7 super specialty hospitals with a strong focus on kidney care.

The firm is planning to make good use of IPO money by expanding its hospital network, upgrading medical infrastructure, and reducing debt.

The company has shown a strong focus on inorganic growth.

Weaknesses

The business mostly depends on healthcare professionals, including doctors and nurses, not able to keep or attract new professionals can negatively affect the business, cash flow, and overall performance.

Gujarat Kidney IPO has a high geographical concentration, as most of its hospitals and revenue are currently concentrated in Gujarat.

Gujarat Kidney has a relatively low bed occupancy rate. If they fail to keep bed occupancy at healthy levels can affect the business and its revenue.

Gujarat Kidney IPO appears to have slightly high valuations.

Gujarat Kidney IPO Review

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

Gujarat Kidney IPO Details

IPO Open Date:	December 22, 2025
IPO Close Date:	December 24, 2025
Face Value:	₹2 Per Equity Share
IPO Price Band:	₹108 to ₹114 Per Share
Issue Size:	Approx ₹250.80 Crores
Fresh Issue	₹250.80 Crores
Registrar	MUFG Intime India Pvt.Ltd.
IPO Lead Managers	Nirbhay Capital Services Private Limited
Basis of Allotment	December 26, 2025
IPO Listing Date:	December 30, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	30 Sep 2025	31 Mar 2025	31 Sep 2024
Total income	₹15.27 Crores	₹40.40 Crores	₹5.48 Crores
EBITDA	₹8.63 Crores	₹16.55 Crores	₹1.95 Crores
Profit After Tax (PAT)	₹5.40 Crores	₹9.50 Crores	₹1.71 Crores
Net Worth	₹30.56 Crore	₹25.71 Crore	₹10.80 Crore
Reserves and Surplus	₹19.42 Crores	₹14.57 Crores	₹10.60 Crores
Total Borrowings	₹4.03 Crores	₹4.03 Crores	₹1.94 Crores

Key Indicators

KPI	Values
ROE	36.61%
ROCE	37.65%
Debt/Equity	0.15
Price to Book Value	22.62
RoNW	36.61%
EBITDA Margin	41.12%
PAT margin	23.61%

Promoters & Track Records, if any

Dr. Pragnesh Yashwantsinh Bharpoda, aged 42 years, is the Promoter, Chairman, and Managing Director of the Company. He holds 3,00,84,250 Equity shares, representing 52.92% of paid-up Equity capital in the company.

Dr. Bhartiben Pragnesh Bharpoda, aged 41 years, is the Promoter and Whole-time Director of the Company. She holds 87,49,475 Equity shares, representing 15.39% of the paid-up Equity capital in the company.

Dr. Yashwantsingh Motisinh Bharpoda, aged 67 years, is one of the Promoters of the Company. He holds 87,50,000 Equity shares, 15.39% of the paid-up equity capital in the company.

Anitaben Yashvantsinh Bharpoda, aged 58 years, is the Promoter and Non-Executive Director of the Company. She holds 87,50,000 Equity shares, 15.39% of the paid-up equity capital in the company.

Peer Comparison With the Company

Name of the Company	Face Value (₹)	Basic/Diluted EPS (₹)	RONW (%)	P/E Ratio	NAV(₹)
Gujarat Kidney & Super Speciality Limited	2	1.85	36.61%	[●]	5.04
Listed Peers
Yatharth Hospital & Trauma Care Services Limited	10	14.72	8.13%	55.84	166.62
GPT Healthcare Limited	10	6.08	20.14%	24.51	30.21
KMC Speciality Hospitals (India) Ltd	1	1.31	13.04%	52.60	10.08

Industry Peer Group P/E ratio

In the Healthcare / Hospitals industry, the P/E ratio ranges from 24.51 to 55.84, compared to the industry composite of 44.34.

Expansion

Proceeds raised from the fresh issue will be used to buy Parekhs Hospital in Ahmedabad as part of its expansion strategy.

A portion of the funds will be used for the purchase of Ashwini Medical Centre, which it has already acquired.

Some funds will be used towards setting up a new hospital in Vadodara.

A portion of the funds will be used towards the purchase of robotics equipment for the hospital, Gujarat Kidney & Super Speciality Hospital in Vadodara.

Some proceeds for the repayment and/or prepayment of certain outstanding secured borrowings taken by the Company.

Lastly, the remaining funds will be used for inorganic growth through unidentified acquisitions and General Corporate Purposes.

Gujarat Kidney IPO – Should You Apply or Not?

Gujarat Kidney IPO comes with a strong focus on the super-speciality healthcare model, low attrition rate, asset-light model, and expansion plans through new hospitals and acquisitions supporting long-term growth. However, high geographical concentration, average financials, and slightly premium valuations remain key concerns of the company.

As of December 19, the GMP of Gujarat Kidney is ₹10, showcasing a potential listing of around 7%-9%. Short-term investors may consider applying for the listing gains if the GMP remains supportive. Cautious investors must carefully analyze the relatively low bed occupancy rate, regulatory risks, and the company’s valuation concerns before subscribing.

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.