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.

Gulf Oil Lubricants Buyback 2022 Record Date, Price, Eligibility, How to Apply & Acceptance Ratio

By Jagat Joshi
March 3, 2022

Gulf Oil Lubricants (NSE: GULFOILLUB, BSE: 538567) buyback was announced on 09 February 2022. Gulf Oil Lubricants buyback record date is 21 February 2022. The investor should buy the Gulf Oil Lubricants shares on or before 19 February to get the eligibility for the buyback.

Gulf Oil Lubricants India Ltd (GOLIL), part of the Hinduja Group, is an established player in the Indian Lubricants Industry. Gulf Oil International (GOI), the parent of GOLIL, owns the Gulf brand globally (except USA, Spain & Portugal). Previously a part of Gulf Oil Corporation Limited, today, GOLIL, as part of the parent company GOI, enjoys a presence in over 100 countries. With operations primarily in the Automotive and Industrial segments, and a leading presence in the open market through a stellar distributor network, we supply directly to OEMs and other B2B customers (Industries, Infrastructure, Mining & Fleet Customers, State Transport and Government Undertakings).

They are the Fastest Growing Lubricant Player by consistently outperforming the industry growth rate YOY. With 11% CAGR volume growth in the last 8 years, GOLIL has recorded 3x-4x times growth of the lube industry. Their Comprehensive Product Portfolio covers Automotive, Industrial, and Marine applications, with approvals from bodies like API, JASO, ACEA, and leading global OEMs. Gulf in India is the pioneer of the ‘long drain interval’ platform and has several industry firsts to its credit, helping us establish strong positions in the commercial vehicles sector (Diesel Engine Oil and 2-Wheeler Motor Oil segments). They collaborated with Top OEMs and B2B customers like Ashok Leyland, Mahindra, Swaraj Volvo Penta, MAN, Bharat Benz Whitmore, Schwing Stetter, and Bajaj. These significant partnerships have helped us adapt and pioneer many go-to-market models in the automotive industry like co-brand oils, genuine oils, and approved oils. The ‘Gulf Oil’ brand enjoys a position among the Top 3 lubricant brands with regards to brand awareness, purchase consideration, and other parameters. Their brand is known for its rich history and association with the world of sports, and we are proud to have the modern legend, Mahendra Singh Dhoni as their Brand Ambassador. Check out Gulf Oil Lubricants Buyback 2022 details below:

Gulf Oil Lubricants Buyback 2022 Time Table

Buyback Meeting Date:	09 February 2022
Buyback Announcement Date:	09 February 2022
Buyback Record Date:	21 February 2022
Buyback Open Date:	25 March 022
Buyback Close Date:	07 April 2022
Finalization of Buyback Acceptance:	19 April 2022

Gulf Oil Lubricants Buyback 2022 Offer Details

Offer Amount:	₹85 Crores
Number of Shares:	14,16,667 Shares
Face Value:	₹2 per equity share
Buyback Price:	₹600 per equity share
Listing:	BSE & NSE
Buyback Type:	Tender offer

Gulf Oil Lubricants buyback of 14,16,667 equity shares that are around 85% of all the existing number of equity shares at a price of ₹600 per equity share. The buyback offers not to exceed ₹85 crores of the total buyback offer size.

Gulf Oil Lubricants Buyback Acceptance Ratio

The investor should buy around 333 shares at a current market price of ₹494. The calculation will be Rs.2,00,000 / 600 buyback price = 333 shares.

Acceptance Ratio	Investment	Shares Buyback	Profit
33%	₹164,502	109	₹17,596
50%	₹164,502	166	₹17,596
75%	₹164,502	249	₹26,394
100%	₹164,502	333	₹35,298

Gulf Oil Lubricants Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2019	₹1,706	₹1,423	₹178
2020	₹1,644	₹1,357	₹203
2021	₹1,652	₹1,387	₹200

Gulf Oil Lubricants Buyback Eligible Share Holders

The investors are eligible for the buyback scheme who have Gulf Oil Lubricants shares in their Demat account as the record date is 21 February 2022. Investors can participate in the Gulf Oil Lubricants Buyback 2022 scheme as per the opening form by selling their shares. The payment will be given as per the accepted shares by the company under the Gulf Oil Lubricants buyback scheme.

Checkout Current Gulf Oil Lubricants Shares market price on NSE and BSE: Gulf Oil Lubricants Share Price Today

Gulf Oil Lubricants Buyback Registrar

KFintech Private Limited

KFintech, Tower-B, Plot No 31 & 32,

Financial District, Nanakramguda, Gachibowli,

Hyderabad, Telangana India – 500 032.

Phone: 04067162222, 04079611000

Email: gulfoil.buyback@kfintech.com

Website: https://karisma.kfintech.com/

Gulf Oil Lubricants Buyback Lead Managers

Motilal Oswal Investment Advisors Pvt Ltd

Gulf Oil Lubricants Company Address

Gulf Oil Lubricants India Ltd

IN Centre, 49/50, 12th Road,

M.I.D.C Andheri (East) Mumbai, 400093

Phone: (+91) 22 6648 7777

Email: secretarial@gulfoil.co.in

Website: http://www.gulfoilindia.com/

Gulf Oil Lubricants Buyback 2022 FAQs

When is Gulf Oil Lubricants Buyback Record Date?

Gulf Oil Lubricants buyback 2022 record date is 21 February 2022.

When is Gulf Oil Lubricants Buyback Announcement Date?

Gulf Oil Lubricants buyback 2022 announcement date is 09 February 2022.

What is Gulf Oil Lubricants Buyback Acceptance Ratio?

Gulf Oil Lubricants buyback Acceptance ratio will be around 27:374 for Small ShareHolders & 9:355 for General Category Eligible ShareHolders.

What is Gulf Oil Lubricants Buyback Price?

The company has fixed the price at ₹600 per share.

How to apply for Gulf Oil Lubricants Buyback 2022?

As per the record date you need to have Gulf Oil Lubricants shares in your Demat account. You can participate in buyback after having the stock in your account.

Note: If anything you want to know about the buyback offer you can refer to the Gulf Oil Lubricants buyback offer documents.

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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.