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.

Heranba Industries IPO Date, Review, Price Band, Form & Market Lot Details

By Jagat Joshi
February 10, 2021

Heranba Industries IPO to hit the market on 23 February 2021. Heranba Industries Limited incorporated in 1996 based in Gujarat. The company a manufacturer of crop protection chemical. They are leading producer of synthetic pyrethroids like cypermethrin, deltamethrin, lambda-cyhalothrin, etc. The company manufactures different types of pesticides including insecticides, fungicides, herbicides, and other pest control products. They have their manufacturing unit in Vapi, Gujarat with capacity of 14,024 MTPA. They have their own in-house R&D Unit as well. Check out Heranba Industries IPO date, price band and market lot details.

Anchor Investors:

Heranba Industries raises Rs 187.5 crore from anchor investors. The marquee anchor investors included Government Pension Fund Global, Jupiter India, Cohesion MK Best Ideas Sub-Trust, Dovetail India Fund, Societe Generale and Morgan Stanley. The domestic front, HDFC Trustee Company, Max Life Insurance Company, IIFL Special Opportunities Fund and Emkay Emerging Stars Fund received shares in the anchor book.

Equity Shares outstanding prior to the Issue = 3,90,56,530 Shares
Fresh Issue of 9,56,937 Shares @627/- = Rs.60.00Crores
Offer for Sale of 90,15,000 Shares @627/- = Rs.565.240Crores
Equity Shares outstanding after the Issue = 4,00,13,467 Shares

Category-wise Break up:
Anchor: 29,91,581 Shares = 187.57Crores
QIB: 19,94,387 Shares = 125.05Crores
NII: 14,95,791 Shares = 93.79Crores
RII: 34,90,178 Shares = 218.83Crores (Lot size: 23 = 1,51,747 Forms)
Total Issue: 99,71,937Shares = 625.24Crores.

Subscription required for 1X
RII: 1,51,747 Forms
NII: 93.79Crores

Listing Pear Group Companies:
Rallis India

Sumitomo Chemical India

Bharat Rasayan

Punjab Chemicals

Crop Protection

Heranba Industries IPO Review

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Heranba Industries IPO Date & Price Band

IPO Open:	23 February 2021
IPO Close:	25 February 2021
IPO Size:	Approx ₹625 Crore
Face Value:	₹10 Per Equity Share
Price Band:	₹626 to ₹627 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	9,015,000 Shares

Heranba Industries IPO Market Lot

Minimum Lot Size:	Minimum 23 Shares
Minimum Amount:	₹14421
Maximum Lot Size:	Maximum 299 Shares
Maximum Amount:	₹187473

Heranba Industries IPO Allotment & Listing

Basis of Allotment:	2 March 2021
Refunds:	3 March 2021
Credit to Demat Account:	4 March 2021
Listing Date:	5 March 2021

Heranba Industries IPO Form

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

Heranba Industries Company Financial Report

₹ in Crore
	Revenue	Expense	Net Income
2017	–	–	–
2018	750	674	47.0
2019	1012	890	75.6
2020	968	839	97.4
2021 – H1	–	–	–

Company Promoters

Sadashiv K. Shetty
Raghuram K. Shetty

About Heranba Industries

When technocrats, Mr. Sadashiv K Shetty & Mr. Raghuram K Shetty formed a company, with an objective of providing innovative products to farmers to maximise their farm output, this is achieved by its research and product development divisions, where “Chemistry is at its best”.

HERANBA’s mission is to improve Crop Productivity and Public Health. It is committed to the wellness of world citizens.

Heranba is manufacturers of Synthetic Pyrethroids and its intermediates in India. It has a wide network of business in India as well as in world market with a phenomenal growth rate year after year.

We produce advance agro-chemical solutions based on specially developed technology. Our Public Health products are supplied in both Government Tenders and to Pest control companies.

We have fully equipped in house laboratory with all the laboratory equipment’s such as HPLC’s, GC’s, Polarimeters, Particle size Analysers, Spectrophotometers and other conventional lab equipment’s.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Heranba Industries IPO Registrar

Bigshare Services Pvt Ltd
1st Floor, Bharat Tin Works Building,
Opp. Vasant Oasis,Makwana Road,
Marol, Andheri(E), Mumbai – 400 059
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com
Note: Check Heranba Industries IPO allotment status on Bigshare website allotment URL. Click Here

Heranba Industries IPO Lead Managers

Batlivala & Karani Securities India Private Limited
Emkay Global Financial Services Ltd

Company Address

Heranba Industries Limited
Plot No. 1504 / 1505 / 1506/1 GIDC
Phase-III, Vapi,
Valsad – 396195
Phone: 91 260 240 1646
Email: compliance@heranba.com
Website: https://www.heranba.co.in/

Heranba Industries IPO FAQs

When Heranba Industries IPO will open for QIB, NII, and Retail?

The IPO is to open on 23 February 2021 for QIB, NII, and Retail Investors.

What is Heranba Industries IPO Investors Portion?

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

How to Apply the Heranba Industries IPO?

You can apply Heranba Industries IPO via ASBA online via your bank account. You can apply 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 Burger King IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Heranba Industries”. 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.

What is Heranba Industries IPO Size?

Heranba Industries IPO size is ₹625 crore.

What is Heranba Industries IPO Price Band?

Heranba Industries IPO Price Band is ₹626 – ₹627.

What is Heranba Industries IPO Minimum and Maximum Lot Size?

The minimum bid is 23 Shares with ₹14421 amount while maximum bid is 299 shares with ₹187473.

What is Heranba Industries IPO Allotment Date?

Heranba Industries IPO allotment date is 2 March 2021.

What is Heranba Industries IPO Listing Date?

Heranba Industries IPO listing date is 5 March 2021. The IPO to list on BSE and NSE.

Note: The Heranba Industries IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Heranba Industries IPO GMP) will be added on the grey market page as it will start)

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.