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.

IPO 2025 Outlook – Primary Market Boom with Mainboard and SMEs

By Jagat Joshi
January 2, 2026

Investors, do you know? Every year brings new opportunities for earning money. So today we are going to deep dive into IPO 2025 analysis, where the private companies, opening the door for people to invest in the various sectors IPO, such as FMCG, Technology, solar energy, Electric Vehicles & Automotive, Healthcare & Biotech, Consumer & Retail, Financial Services & Fintech, and many more.

This 2025 IPO report explains everything you need to know about IPOs, covering both Mainboard and SME listings, from the ground up.

IPO 2025- Trends and Market Overview

To begin with, the primary market in 2025 has performed overall well, with approximately 103 Mainboard IPOs and 270 SME IPOs, with listing gains and losses across these offerings.

According to IPO data, 103 companies launched mainboard IPOs in 2025, raising ₹1,75,901 crore, which was 10% more than the previous record in 2024. This is the first time India has seen record IPO fundraising for two years in a row.

In addition, the mainboard & SME IPO have performed extremely well, providing an unexpected premium to the investors. Not only listing gain, but also after the listings, mostly companies reached on it’s peak and hit the market. Further, various companies have also offered long-term profit and built trust among people.

Let’s talk about the Mainboard IPOs 2025, including Tata Capital, HDB Financial Services, JSW Cement, Ather Energy, Sudeep Pharma, Vidya Wires, Wakefit Innovations, Belrise Industries, and Aequs Ltd. The entire IPO 2025 calendar is given below.

Top 10 Mainboard IPO with the Premium Listing

IPOs Name	Opening Date	Closing Date	Issue Size	Price Band	Listing Gain
Stallion India	16 Jan, 2025	20 Jan, 2025	₹199.45 Cr	₹85 to ₹90	Approx 33%
GNG Electronics	23 July, 2025	25 July, 2025	₹460.43 Cr	₹225 to ₹237	Approx 50%
Aditya Infotech	29 July, 2025	31 July, 2025	₹1,300.00 Cr	₹640 to ₹675	Approx 50%
Highway Infrastructure	5 Aug, 2025	7 Aug, 2025	₹130.00 Cr	₹65 to ₹70	Approx 64%
Urban Company	10 Sep, 2025	12 Sep, 2025	₹1,900.24 Cr	₹98 to ₹103	Approx 56%
LG Electronics	7, Oct, 2025	9 Oct, 2025	₹11,607.01 Cr	₹1080 to ₹1140	Approx 50%
Physicswallah	11 Nov, 2025	13 Nov, 2025	₹3,480.00 Cr	₹103 to ₹109	Approx 33%
Sudeep Pharma	21 Nov, 2025	25 Nov, 2025	₹895 Cr	₹563 to ₹593	Approx 25%
Meesho	3 Dec,2025	5 Dec, 2025	₹5,421.20 Cr	₹105 to ₹111	Approx 45%
Corona Remedies	8 Dec, 2025	10 Dec, 2025	₹655.37 Cr	₹1008 to ₹1062	Approx 38%

One of the leading “NSDL IPO” also had satisfactory subscription, especially QIBs, resulting in it being listed with a approx 10% premium, and that constant jump in the profit was unexpected.

HDB Financial Services IPO was also listed with around a 12 to 13% premium.

Early 2025 IPO “ Standard Glass Lining Technology Ltd” & Quadrant Future Tek both have offered approx 26 to 28% premium.
Belrise Industries Ltd. and Prostram Infotech were both listed in BSE and NSE with a premium of approx 10 to 14 %.

TOP 10 High-profit SME IPOs with good listings

IPOs Name	Opening Date	Closing Date	Issue Size	Price Band	Listing Gain
Fabtech Technologies	3 Jan, 2025	7 Jan, 2025	₹27.74 Cr	₹80 to ₹85	Approx 90%
Tankup Engineers	23 Apr, 2025	25 Apr, 2025	₹19.53 Cr	₹133 to ₹140	Appro 25%
Sacheerome	9 Jun, 2025	11 Jun, 2025	₹61.62 Cr	₹96 to ₹102	Approx 50%
Monolithisch India	12 Jun, 2025	16 Jun, 2025	₹82.02 Cr	135 to 143	Approx 60%
Cryogenic OGS	3 July, 2025	7 July, 2025	₹17.77 Cr	₹44 to ₹47	Approx 90%
Anondita Medicare	22 Aug, 2025	26 Aug, 2025	₹69.50 Cr	₹137 to ₹145	Approx 90%
TechD Cybersecurity	15 Sep, 2025	17 Sep, 2025	₹38.99 Cr	₹183 to ₹193	Approx 90%
Zelio E‑Mobility	30 Sep, 2025	3 Oct, 2025	₹78.34 Cr	₹129 to ₹136	Approx 50%
Shyam Dhani	22 Dec, 2025	24 Dec, 2025	₹38.49 Cr	₹65 to ₹70	Approx 90%

IPO Market 2025 Overview:- Bullish Market and Bearish Market 2025

The primary market in 2025 faces varied ups and downs due to certain reasons, wherein some IPOs have given poor performance.

Bullish Market 2025

In the bullish era of 2025, in mostly IPOs, Institutional investors stayed active, with qualified buyers, including anchor investors, making up 62% of all IPO subscriptions. For the first time, mutual funds became bigger anchor investors than foreign portfolio investors (FPIs).

According to Money Control, even though FPIs sold a net ₹ 2.30 lakh crore in the stock market, they invested about ₹73,000 crore in new IPOs in 2025. Mutual funds made up 22% of all IPO subscriptions.

The SME IPO market was busy in 2025, with 267 issues raising Rs 11,430 crore—30% more than in 2024.

Bearish Market 2025

Trump’s tariff announcements and the India-Pakistan tensions caused market uncertainty. As a result, many Mainboard & SME IPOs that listed during this period debuted at discounts.

From all the IPOs of 2025, varied IPOs were listed with a discount due to poor demand, market uncertainty, and lower GMP.

The IPO market received ₹3.06 lakh crore from IPO and other offeings comparison of ₹3.74 lakh crore in 2024.

As per Moneycontrol, IPO listings did worse in 2025, which hurt investor confidence. The average gain on listing dropped to 10% from 30% in 2024.

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.