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.
Dilip Davda

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.

Q-Line Biotech IPO

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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
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? āŒ„
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? āŒ„
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Harsha Engineers IPO Date, Review, Price, Allotment & Analysis

Harsha Engineers IPO

Harsha Engineers IPO date is fixed, the IPO is to open on September 14, 2022 and will close on September 16, 2022. Harsha Engineers IPO to raise around ₹755 crores via IPO that comprises fresh issue of ₹455 crores and offer for sale up to ₹300 crores of ₹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.

Harsha Engineers International Limited aka Harsha is one of the largest manufacturers of precision bearing cages in the organized sector in India. The company was incorporated in 2010. The company is a part of the Harsha Group. The company is amongst the leading manufacturers of precision bearing cages in the world with a market share of approximately 5% to 6% in the organized segment of the global brass, steel, and polyamide bearing cages in terms of revenue. The product range includes Brass Cages, Steel Cages, Polyamide Cages, and Stamped Components. They supply their products in over 25 countries covering five continents.

They have their manufacturing facilities at Changodar and Moraiya, near Ahmedabad in Gujarat in India. They also have a production facility through a subsidiary in Changshu, China, and a step-down subsidiary in Ghimbav Brasov in Romania. They have two segments of businesses – The engineering business and the Solar EPC business. They supply their products in the industries such as automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, and renewables sectors. The company has good relationships with its leading clients. They are the experts in tooling, design development, and automation. You can check Harsha Engineers IPO subscription status and Harsha Engineers IPO allotment status on their respective pages.

Objects of the Issue:

  • Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company.
  • Funding capital expenditure requirements towards purchase of machinery.
  • Infrastructure repairs and renovation of our existing production facilities including office premises in India.
  • General corporate purposes.

Harsha Engineers IPO Review (Apply or Not)

  • Apply for Short Term and Long Term Gain


Brokerage Firm IPO Review

  • Angel One: Apply
  • Angel One: Apply
  • Arihant Capital Markets: May Apply
  • Canara Bank: Apply
  • Capital Market: May Apply
  • Hem Securities: Apply
  • LKP Securities: Apply
  • Motilal Oswal: Apply
  • Nirmal Bang: Apply
  • Ventura Securities: Apply

Harsha Engineers IPO Date & Price Band

 Harsha Engineers IPO Open:  September 14, 2022
 Harsha Engineers IPO Close:  September 16, 2022
 Harsha Engineers IPO Size:  Approx ₹755 Crores
 Fresh Issue:  Approx ā‚¹455 Crores
 Offer for Sale:  Approx ā‚¹300 Crores
 Face Value:  ā‚¹10 Per Equity Share
 Harsha Engineers IPO Price Band:  ā‚¹314 to ₹330 Per Share
 Harsha Engineers IPO Listing on:  BSE & NSE
 Retail Quota:  35%
 QIB Quota:  50%
 NII Quota:  15%
 Discount:  N/A
 DRHP Draft Prospectus:  Click Here
 RHP Draft Prospectus:  Click Here
 Anchor Investors List:  Click Here

Harsha Engineers IPO Market Lot

The Harsha Engineers IPO minimum market lot is 45 shares with ₹14,850 application amount. The retail investors can apply up-to 13 lots with 585 shares or ₹193,050 amount.

 Minimum Lot Size:  Minimum 45 Shares for 1 lot
 Minimum Amount:  ā‚¹14,850 for 1 lot
 Maximum Lot Size:  Maximum 585 Shares for 13 lot
 Maximum Amount:  ā‚¹193,050 for 13 lot

Harsha Engineers IPO Allotment & Listing Dates

The Harsha Engineers IPO date is September 14 and the close date is September 16. The Harsha Engineers IPO allotment will be finalized on September 21 and the IPO listing on September 26.

 Price Band Announcement:  September 9, 2022
 Anchor Investors Allotment:  September 13, 2022
 Harsha Engineers IPO Open Date:  September 14, 2022
 Harsha Engineers IPO Close Date:  September 16, 2022
 Basis of Allotment:  September 21, 2022
 Refunds:  September 22, 2022
 Credit to Demat Account:  September 23, 2022
 Harsha Engineers IPO Listing Date:  September 26, 2022

Harsha Engineers IPO Form

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


Harsha Engineers Company Financial Report

  ₹ in Crores

Revenue Expense PAT
2019 ₹118 ₹157 ₹27.41
2020 ₹900 ₹868 ₹21.91
2021 ₹877 ₹816 ₹45.44
2022 6M
₹638 ₹578 ₹43.71

Harsha Engineers IPO Valuation – FY2021

Check Harsha Engineers 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):  ā‚¹9.09 per Equity Share
 Price/Earning P/E Ratio:  N/A
 Return on Net Worth (RoNW):  10.49%
 Net Asset Value (NAV):  ā‚¹86.64 per Equity Share

Peer Group

  • Timken India Limited
  • SKF India Limited
  • Rolex Rings Limited
  • Sundaram Fasteners Limited

Company Promoters

  • Rajendra Shah
  • Harish Rangwala
  • Vishal Rangwala
  • Pilak Shah

Harsha Engineers IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: harshaengineers.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Harsha Engineers IPO Allotment Status Check

Check Harsha Engineers IPO allotment status on Linkintime website allotment URL. Click Here

Harsha Engineers IPO Lead Managers

  • Axis Capital Limited
  • Equirus Capital Private Limited
  • JM Financial Consultants Private Limited

Company Address

Harsha Engineers International Limited
NH-8A, Sarkhej- Bavla Highway,
Changodar, Ahmedabad 382213
Phone: +91 2717-618200
Email: sec@harshaengineers.com
Website: http://www.harshaengineers.com/

Harsha Engineers IPO FAQs


What is Harsha Engineers IPO?

Harsha Engineers IPO is a main-board IPO. They are going to raise ₹755 Crores via IPO. The issue is priced at ₹314 to ₹330 per equity share. The IPO is to be listed on BSE & NSE.

When Harsha Engineers IPO will open?

The IPO is to open on September 14, 2022, for QIB, NII, and Retail Investors.

What is Harsha Engineers IPO Investors Portion?

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

How to Apply the Harsha Engineers IPO?

You can apply for Harsha Engineers 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 Harsha Engineers 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 “Harsha Engineers”. 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 Harsha Engineers IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Harsha Engineers”. 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 Harsha Engineers IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Harsha Engineers”. 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 Harsha Engineers IPO Size?

Harsha Engineers IPO size is ₹755 crores.

What is Harsha Engineers IPO Price Band?

Harsha Engineers IPO Price Band is ā‚¹314 to ₹330.

What is Harsha Engineers IPO Minimum and Maximum Lot Size?

The minimum bid is 45 Shares with ₹14,850 amount while the maximum bid is 585 shares with ₹193,050.

What is the Harsha Engineers IPO Allotment Date?

Harsha Engineers IPO allotment date is September 21, 2022.

What is the Harsha Engineers IPO Listing Date?

Harsha Engineers IPO listing date is September 26, 2022. The IPO is to list on BSE and NSE.

Note: The Harsha Engineers IPO price band and date are officially announced. The IPO grey market premium (Harsha Engineers IPO Premium) will be added to the IPO grey market page as it will start).

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Table of Contents

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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.
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Jagat Joshi

9 Responses

  1. For Harsha Engineering, in retail category, I had applied from 9 different accounts which are belongs to family members & friends and done UPI payment for all the applications using my UPI id.
    I have not received allotment in any account. Is this because I used same UPI id for payment? Is there any rule on payment?

  2. ą¤®ą„‡ą¤°ą„‡ पास ą¤øą¤æą¤°ą„ą¤« 10.5 लाख का ą¤Ŗą„ą¤°ą¤¬ą¤‚ą¤§ ą¤¹ą„ˆ और ą¤øą¤æą¤°ą„ą¤« ą¤¦ą„‹ ą¤¹ą„€ ą¤”ą¤æą¤®ą„ˆą¤Ÿ ą¤–ą¤¾ą¤¤ą„‡ ą¤¹ą„ˆ ą¤ą¤• ą¤®ą„‡ą¤°ą¤¾ और ą¤ą¤• ą¤Ŗą¤¤ą„ą¤Øą„€ ą¤•ą¤¾ą„¤ ą¤®ą„ą¤ą„‡ ą¤¦ą„‹ą¤Øą„‹ ą¤®ą„‡ą¤‚ SHNI ą¤•ą„‡ ą¤…ą¤‚ą¤¤ą¤°ą„ą¤—ą¤¤ ą¤†ą¤µą„‡ą¤¦ą¤Ø करना ą¤šą¤¾ą¤¹ą¤æą¤ या ą¤ą¤• ą¤®ą„‡ BHNI और ą¤¦ą„‚ą¤øą¤°ą„‡ ą¤®ą„‡ą¤‚ RETAIL ą¤‡ą¤Øą„ą¤µą„‡ą¤øą„ą¤Ÿą¤° ą¤•ą„‡ ą¤…ą¤‚ą¤¤ą¤°ą„ą¤—ą¤¤? ą¤•ą„ƒą¤Ŗą¤Æą¤¾ सलाह ą¤¦ą„‡ ą¤œą¤æą¤øą¤®ą„‡ ą¤…ą¤²ą¤¾ą¤Ÿą¤®ą„‡ą¤‚ą¤Ÿ ą¤•ą„€ ą¤œą„ą¤Æą¤¾ą¤¦ą¤¾ संभावना ą¤¹ą„‹ą„¤

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    1. ą¤¹ą„‡ą¤²ą„‹ अविनाश, जब ą¤øą¤¬ą„ą¤øą¤•ą„ą¤°ą¤æą¤Ŗą„ą¤¶ą¤Ø ą¤œą„ą¤Æą¤¾ą¤¦ą¤¾ ą¤¹ą„‹ą¤¤ą¤¾ ą¤¹ą„ˆą¤‚ ą¤¤ą„‹ ą¤‰ą¤øą¤®ą„‡ ą¤²ą¤¾ą¤Ÿą¤°ą„€ ą¤•ą„‡ हिसाब ą¤øą„‡ ą¤…ą¤²ą„‰ą¤Ÿą¤®ą„‡ą¤‚ą¤Ÿ ą¤¹ą„‹ą¤¤ą¤¾ ą¤¹ą„ˆą¤‚. ą¤‰ą¤øą¤®ą„‡ ą¤œą„ą¤Æą¤¾ą¤¦ą¤¾ ą¤ą¤Ŗą„ą¤²ą„€ą¤•ą„‡ą¤¶ą¤Ø ą¤•ą¤°ą¤Øą„‡ ą¤µą¤¾ą¤²ą„‡ ą¤•ą„‹ą¤­ą„€ ą¤Øą¤¹ą„€ą¤‚ मिल पाता. ą¤•ą¤æą¤øą„€ ą¤«ą¤æą¤•ą„ą¤ø ą¤µą„ą¤Æą¤•ą„ą¤¤ą¤æ ą¤•ą„‹ ą¤†ą¤ˆą¤Ŗą„€ą¤“ लगता ą¤¹ą„ˆą¤‚ ऐसा ą¤•ą„‹ą¤ˆ ą¤…ą¤²ą„ą¤—ą„‹ą¤°ą¤æą¤„ą¤® ą¤Øą¤¹ą„€ą¤‚ ą¤¹ą„‹ą¤¤ą¤¾ ą¤¹ą„ˆą¤‚. ą¤øą¤æą¤øą„ą¤Ÿą¤® ą¤‘ą¤Ÿą„‹ą¤®ą„‡ą¤Ÿą¤æą¤•ą¤²ą„€ यह ą¤…ą¤²ą„‰ą¤Ÿą¤®ą„‡ą¤‚ą¤Ÿ करता ą¤¹ą„ˆą¤‚.

  4. I SANJAY CHHAWCHHARIA INVESTING IN IPO SINCE 30 YEARS. PLEASE LET ME KNOW ANY GOOD IISUES