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.

Indong Tea IPO GMP, Date, Price, Review, Allotment

By Jagat Joshi
February 21, 2023

Indong Tea IPO date is fixed, The IPO will open on February 9 and will close on February 13, 2023. Indong Tea Company is a BSE SME IPO to raise ₹13.01 crores via IPO. The Indong Tea Company IPO price band is fixed at ₹26 with a market lot of 4000 shares.

Indong Tea Company Limited owns and operates Tea Garden (under Government lease) in Western Dooars perched in the foothills of a Himalayan Range. They are a Tea manufacturer having one Tea Garden i.e. Indong Tea Estate which is producing high quality CTC tea in Door’s region situated in Jalpaiguri District of West Bengal. The product range includes CTC (Crush/Cut, Tear, Curl) Tea.

Sri Hariram Garg & his Associates Company are the current promoter and under his leadership and effors the company is doing the business of Tea manufacturing. They also started a well-planned “Dairy Farm” having comfortable accommodation facility for around 75-80 bovines. Their current tea estate is spread in total Gross Area Grant was 740.38 Hq.

Objects of the Issue:

Funding Capital Expenditure towards Extension, Uprooting, and Infilling of Tea Plantation at Indong Tea Estate, Jalpaiguri, West Bengal.
Funding Capital Expenditure towards the installation of additional plant and machinery for Tea Processing Unit at Indong Tea Estate, Jalpaiguri, West Bengal.
Prepayment, in full of certain borrowings availed by our company.
To meet the working capital requirements.
To meet the Issue Expenses.
General Corporate Purposes.

Indong Tea Company IPO Review

Avoid / Risky

Indong Tea Company IPO GMP Live Rates day by day with Kotak rates.

Date	GMP	Kostak	Subject to
21 February	₹3	₹-	₹-

Indong Tea Company IPO Date & Price Band Details

Indong Tea Company IPO Open:	February 9, 2023
Indong Tea Company IPO Close:	February 13, 2023
Indong Tea Company IPO Size:	Approx ₹13.01 Crores, 5,004,000 Equity Shares
Face Value:	₹10 Per Equity Share
Indong Tea Company IPO Price Band:	₹26 Per Equity Share
Indong Tea Company IPO Listing on:	BSE SME
Retail Quota:	50% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Indong Tea Company IPO Market Lot

The Indong Tea Company IPO minimum market lot is 4000 shares with a ₹104,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	4000	₹104,000
Retail Maximum	1	4000	₹104,000
S-HNI Minimum	2	8000	₹208,000

Indong Tea Company IPO Dates

The Indong Tea Company IPO date is February 9 and the IPO close date is February 13. The IPO allotment date is February 16 and the IPO might list on February 21.

IPO Open Date:	February 9, 2023
IPO Close Date:	February 13, 2023
Basis of Allotment:	February 16, 2023
Refunds:	February 17, 2023
Credit to Demat Account:	February 20, 2023
IPO Listing Date:	February 21, 2023

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

Indong Tea Company IPO Form

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

Indong Tea Company Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2020	₹16.73	₹15.05	-₹1.21
2021	₹23.13	₹18.87	₹1.28
2022	₹19.93	₹16.16	₹1.32

Indong Tea Company IPO Valuation – FY2022

Check Indong Tea Company 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):	₹2.12 per Equity Share
Price/Earning P/E Ratio:	12.26
Return on Net Worth (RoNW):	15.24%
Net Asset Value (NAV):	₹13.94 per Equity Share

Peer Group

Tata Consumer Products Ltd
Goodricke Group Ltd
Dhunseri Tea & Industries Ltd
Neelamalai Agro Industries Ltd

Company Promoters

Mr. Hariram Garg
Mr. Madanlal Garg
M/s. Asian Tea & Exports Limited

Indong Tea Company IPO Registrar

Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: investor@cameoindia.com
Website: https://ipo.cameoindia.com/

Indong Tea Company IPO Allotment Status

Check Indong Tea Company IPO allotment status on Cameo Corporate website URL. Click Here

Indong Tea Company IPO Lead Managers

Finshore Management Services Limited

Company Address

Indong Tea Company Limited
Sikkim Commerce House,
4/1, Middleton Street,
Kolkata – 700071
Phone: +91 33 4006 3601
Email: cs@indongteaco.com
Website: http://www.indongteaco.com/

Indong Tea Company IPO FAQs

What is Indong Tea Company IPO?

Indong Tea Company IPO is an BSE SME IPO. They are going to raise ₹13.01 Crores via IPO. The issue is priced at ₹26 per equity share. The IPO is to be listed on BSE.

When Indong Tea Company IPO will open?

The IPO is to open on September 27, 2022 for NII, and Retail Investors.

What is Indong Tea Company IPO Investors Portion?

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

How to Apply the Indong Tea Company IPO?

You can apply Indong Tea Company 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 Indong Tea Company 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 “Indong Tea Company”. 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 Indong Tea Company IPO through Upstox?

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

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

Indong Tea Company IPO size is ₹13.01 crores.

What is Indong Tea Company IPO Price Band?

Indong Tea Company IPO Price Band is ₹26 per equity share.

What is Indong Tea Company IPO Minimum and Maximum Lot Size?

The IPO bid is 4000 shares with ₹104,000.

What is Indong Tea Company IPO Allotment Date?

Indong Tea Company IPO allotment date is February 16, 2023.

What is Indong Tea Company IPO Listing Date?

Indong Tea Company IPO listing date is February 21, 2023. The IPO to list on BSE SME.

Note: The Indong Tea Company IPO details are announced officially. The IPO grey market premium (Indong Tea Company 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.