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.

Hariom Atta & Spices (HOAC Food) IPO Date, Review, Price, Allotment Details

By Jagat Joshi
May 16, 2024

Hariom Atta & Spices IPO Details: Hariom Atta & Spices IPO date is fixed, The IPO will open on May 16 and will close on May 21. Hariom Atta & Spices is a NSE SME IPO to raise ₹5.54 crores via IPO. The HOAC Food IPO price band is fixed at ₹48 with a market lot of 3000 shares.

HOAC Foods India Limited (Hariom Atta & Spices) is engaged in the manufacturing of flour (chakki atta), herbs & spices, unpolished pulses, grains, and yellow mustard oil in their product range and markets & sell it in and around Delhi-NCR under the brand name “HARIOM” through their Exclusive Brand Outlets. They handpick their raw materials from various parts of the country and process their products with utmost care without using artificial preservatives or chemicals, thereby creating a product portfolio of organic spices and flour, which carry the freshness and goodness of each ingredient. Their model has helped them penetrate the niche segment of their market and establish a customer base in and around Delhi-NCR. Since its inception, its objective has been to produce high-quality natural spices and food products without artificial preservatives or synthetic substances. To achieve this, they have developed a business model in which they manufacture and package their products in quantities that can sustain a customer until the shelf life of the product, reducing waste and providing a diverse range of products with freshness and goodness.

Presently most of their sales are derived from the Delhi-NCR region. Their extensive franchisee network comprised of 4 company-owned outlets and 6 franchisee-owned outlets, tallying 10 Exclusive Brand Outlets Outlets which sell and market only their brand’s products, complemented by their sales and marketing team comprising 12 employees, as of December 31, 2023. They also rely on the D2C platform through their in-house built Mobile Application both on Google Play Store and Apple’s App Store and Company website which is available for sale of their products. They have implemented a franchisee management system that helps them coordinate with their franchise owners, and store managers and provides visibility on their inventory levels and franchisee and store sales, enabling them to optimize their distribution network and reduce the time between the food product manufactured in their facility to consumer’s kitchen which is around within same day to maximum 1 day. This strong approach towards good supply-chain management across different business processes enables them to preserve the freshness, taste, and nutritional value of their products.

Objects of the Issue:

Funding the working capital requirements of the company
General Corporate Purposes

Hariom Atta & Spices IPO Review

May Apply

Hariom Atta & Spices IPO (HOAC Foods India) Date & Price Band Details

IPO Open:	May 16, 2024
IPO Close:	May 21, 2024
IPO Size:	Approx ₹5.54 Crores, 1,155,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹48 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	50% of the net offer
QIB Quota:	[.]% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Hariom Atta & Spices IPO Market Lot

The Hariom Atta & Spices IPO minimum market lot is 3000 shares with a ₹144,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	3000	₹144,000
Retail Maximum	1	3000	₹144,000
S-HNI Minimum	2	6000	₹288,000

Hariom Atta & Spices IPO (HOAC Foods India) Dates

The Hariom Atta & Spices IPO date is May 16 and the IPO close date is May 21. The IPO allotment date is May 22 and the IPO might list on May 24.

IPO Open Date:	May 16, 2024
IPO Close Date:	May 21, 2024
Basis of Allotment:	May 22, 2024
Refunds:	May 23, 2024
Credit to Demat Account:	May 23, 2024
IPO Listing Date:	May 24, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Hariom Atta & Spices IPO Form

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

Hariom Atta & Spices Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹7.46	₹7.29	₹0.13
2022	₹10.94	₹10.56	₹0.27
2023	₹12.19	₹11.38	₹0.59
Dec 2023	₹11.55	₹10.52	₹0.74

Hariom Atta & Spices IPO Valuation – FY2023

Check Hariom Atta & Spices IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	₹3.19 per Equity Share
Price/Earning P/E Ratio:	15.05
Return on Net Worth (RoNW):	37.48%
Net Asset Value (NAV):	₹72.29 per Equity Share

Peer Group

Contil India Limited
Jetmall Spices and Masala

Company Promoters

Mr. Rambabu Thakur
Mrs. Gaytri Thakur
Yashwant Thakur

Hariom Atta & Spices IPO Registrar

Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

Hariom Atta & Spices IPO Allotment Status

Check Hariom Atta & Spices IPO allotment status on Kfin Technologies website URL. Click Here

Hariom Atta & Spices IPO Lead Managers aka Merchant Bankers

GYR Capital Advisors Private Limited

Company Address

HOAC Foods India Limited
D-498, 1st Floor Palam Extension
Sector-7 Dwarka, Raj Nagar – II,South West Delhi
New Delhi- 110077
Phone : +91 85272 73940
Email : info@attahariom.com
Website : https://hoacfoodsindia.com/

Hariom Atta & Spices IPO FAQs

What is Hariom Atta & Spices IPO?

Hariom Atta & Spices IPO is an NSE SME IPO. They are going to raise ₹5.54 Crores via IPO. The issue is priced at ₹48 per equity share. The IPO is to be listed on NSE.

When Hariom Atta & Spices IPO will open?

The IPO is to open on May 16, 2024 for QIB, NII, and Retail Investors.

What is Hariom Atta & Spices IPO Investors Portion?

The investors’ portion for NII is 50%, and Retail is 50%.

How to Apply the Hariom Atta & Spices IPO?

You can apply Hariom Atta & Spices 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.

How to Apply the Hariom Atta & Spices 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 “Hariom Atta & Spices”. 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 Hariom Atta & Spices IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Hariom Atta & Spices”. 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.

How to Apply the Hariom Atta & Spices IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Hariom Atta & Spices”. 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 Paytm Money.

What is Hariom Atta & Spices IPO Size?

Hariom Atta & Spices IPO size is ₹5.54 crores.

What is Hariom Atta & Spices IPO Price Band?

Hariom Atta & Spices IPO Price Band is ₹48 per equity share.

What is Hariom Atta & Spices IPO Minimum and Maximum Lot Size?

The IPO bid is 3000 shares with ₹144,000.

What is Hariom Atta & Spices IPO Allotment Date?

Hariom Atta & Spices IPO allotment date is May 22, 2024.

What is Hariom Atta & Spices IPO Listing Date?

Hariom Atta & Spices IPO listing date is May 24, 2024. The IPO to list on NSE SME.

Note: The Hariom Atta & Spices IPO details are announced officially. The IPO grey market premium (Hariom Atta & Spices IPO Premium) is updated on the respective page. 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.