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.

Hi-Green Carbon IPO Date, Review, Price, Allotment Details

By Jagat Joshi
September 25, 2023

Hi-Green Carbon IPO Details: Hi-Green Carbon IPO date is fixed, The IPO will open on September 21 and will close on September 25. Hi-Green Carbon is an NSE SME IPO to raise ₹52.80 crores via IPO. The Hi-Green Carbon IPO price band is fixed at ₹71 to ₹75 with a market lot of 1600 shares.

Hi-Green Carbon is engaged in the business of waste tyres recycling. Their manufacturing plant operates on a continuous pyrolysis process. It is an uninterrupted working method with a continuous feeding and discharging system controlled by the program logic controller system. The process is fully automatic and requires almost no human intervention. Following continuous pyrolysis, they process the end-of-life tyres (ELTs) pieces to produce energy components and raw materials. Their major products are Recovered Carbon Black (rCB) and Steel Wires under the Raw Material Category and fuel Oil and Synthesis Gas under the Energy components category. To utilize the energy efficiently, they utilize said synthesis gas, produced as a by-product of the pyrolysis process, for also manufacturing sodium silicate commonly known as raw glass.

Hi-Green Carbon follows the highest quality practice and is compliant with the Highest Environmental, Health, and Safety (EHS) in recycling industries. The company has modern, Supervisory Control and Data Acquisition (SCADA) operated in an integrated recycling plant at the manufacturing plant situated in Rajasthan. Their production facility in Rajasthan is installed with a capacity of recycling 100 MT waste tyres per day. The company has been certified with Environmental Management Measures with ISO 14001:2015, Occupational Health and safety Management Standards with ISO 45001:2018, Quality Management Standards with ISO 9001:2015, Good Manufacturing Practice (GMP), and RoHS. Their product is REACH compliant in terms of sustainability standards.

The company is proposing a new manufacturing plant in the Dhule district of Maharashtra, with a capacity to recycle 100 MT waste tires per day. Their company has already acquired land measuring 21,500 sq. meters for the said purpose. The said expansion will add to the company’s existing tyre processing capacity.

Objects of the Issue:

Setting up of new Manufacturing Unit at Maharashtra
To Meet Working Capital Requirements
General Corporate Purpose
To meet Public Issue Expenses

Hi-Green Carbon IPO Review

May Apply

Hi-Green Carbon IPO Date & Price Band Details

IPO Open:	September 21, 2023
IPO Close:	September 25, 2023
IPO Size:	Approx ₹52.80 Crores, 7,040,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹71 to ₹75 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	35% of the net offer
QIB Quota:	50% of the net offer
NII Quota:	15% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Hi-Green Carbon IPO Market Lot

The Hi-Green Carbon IPO minimum market lot is 1600 shares with a ₹120,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1600	₹120,000
Retail Maximum	1	1600	₹120,000
S-HNI Minimum	2	3200	₹240,000

Hi-Green Carbon IPO Dates

The Hi-Green Carbon IPO date is September 21 and the IPO close date is September 25. The IPO allotment date is September 26 and the IPO might list on September 28.

IPO Open Date:	September 21, 2023
IPO Close Date:	September 25, 2023
Basis of Allotment:	September 26, 2023
Refunds:	September 27, 2023
Credit to Demat Account:	September 28, 2023
IPO Listing Date:	September 28, 2023

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

Hi-Green Carbon IPO Form

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

Hi-Green Carbon Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹24.29	₹24.16	₹0.10
2022	₹51.14	₹46.47	₹3.68
2023	₹79.04	₹62.901	₹10.85

Hi-Green Carbon IPO Valuation – FY2023

Check Hi-Green Carbon 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):	₹5.71 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	48.02%
Net Asset Value (NAV):	₹11.89 per Equity Share

Peer Group

Company Promoters

M/S RNG Finlease Private Limited
Mr. Amitkumar Hasmukhrai Bhalodi
Dr. Shaileshkumar Vallabhdas Makadia
Mrs. Krupa Chetankumar Dethariya
Mrs. Radhika Amitkumar Bhalodi
Mrs. Shriyakumari Shaileshkumar Makadia
Mr. Koosh Chetankumar Dethariya

Hi-Green Carbon IPO Registrar

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

Hi-Green Carbon IPO Allotment Status

Check Hi-Green Carbon IPO allotment status on Link Intime website URL. Click Here

Hi-Green Carbon IPO Lead Managers aka Merchant Bankers

Beeline Broking Ltd

Company Address

Hi-Green Carbon Limited
G-557, Lodhika Industrial Estate,
Metoda G.I.D.C. Gate No. 3, Metoda,
Lodhika Rajkot – 360021
Phone: +91 92275 74010
Email: compliance@higreencarbon.com
Website: https://www.higreencarbon.com/index.php

Hi-Green Carbon IPO FAQs

What is Hi-Green Carbon IPO?

Hi-Green Carbon IPO is an NSE SME IPO. They are going to raise ₹52.80 Crores via IPO. The issue is priced at ₹71 to ₹75 per equity share. The IPO is to be listed on NSE.

When Hi-Green Carbon IPO will open?

The IPO is to open on September 21, 2023 for QIB, NII, and Retail Investors.

What is Hi-Green Carbon IPO Investors Portion?

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

How to Apply the Hi-Green Carbon IPO?

You can apply Hi-Green Carbon 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 Hi-Green Carbon 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 “Hi-Green Carbon”. 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 Hi-Green Carbon IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Hi-Green Carbon”. 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 Hi-Green Carbon IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Hi-Green Carbon”. 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 Hi-Green Carbon IPO Size?

Hi-Green Carbon IPO size is ₹52.80 crores.

What is Hi-Green Carbon IPO Price Band?

Hi-Green Carbon IPO Price Band is ₹71 to ₹75 per equity share.

What is Hi-Green Carbon IPO Minimum and Maximum Lot Size?

The IPO bid is 1600 shares with ₹120,000.

What is Hi-Green Carbon IPO Allotment Date?

Hi-Green Carbon IPO allotment date is September 26, 2023.

What is Hi-Green Carbon IPO Listing Date?

Hi-Green Carbon IPO listing date is September 28, 2023. The IPO to list on NSE SME.

Note: The Hi-Green Carbon IPO details are announced officially. The IPO grey market premium (Hi-Green Carbon IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.)

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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.

Jagat Joshi

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2 Responses

Raj says:

September 27, 2023 at 5:19 PM

Eps and pr cannot be same

Pe is 75 by 5 is 15
Jagdish says:

September 22, 2023 at 4:31 PM

Looking to EPS issue price is on higher side . Profit shown for 2023 is for how many months . I think it is only estimated.