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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 (₹)  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.

Upcoming IPO in August 2026 Calendar – Key Listing Details

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Good News for eagerly waiting investors! We are about to enter July 2026, and there are various Current ipo this month.

Being alert for the upcoming IPO in June will help investors plan their investments and stay informed about market trends.

This IPO month considered both SME and Mainboard with a satisfactory aim of IPO money utilisation. This is the perfect time to explore upcoming listings, plan your investments along with research, and take advantage of potential listing gains.
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Upcoming IPO 2026

Below is a list of upcoming IPOs, along with their tentative dates and other key details to help you stay informed. 

Company IPOOpen DateClose DateType of IPOIPO SizePrice Band
Dhaval PackagingJuly 30, 2026August 3, 2026SME₹36.36 Cr.₹92 to ₹97
Juniper Green EnergyJuly 30, 2026August 3, 2026Mainboard₹1800 Cr.₹214 to ₹225
MV ElectrosystemsJuly 30, 2026August 3, 2026Mainboard₹290 Cr.₹400 to ₹425
Fusion KlassroomJuly 31, 2026August 4, 2026SME₹39.04 Cr.₹151 to ₹159
G.V. ElectricalsJuly 31, 2026August 7, 2026SME₹42.25 Cr.₹123 to ₹130
Anawil Wire & EngineeringAugust 3, 2026August 5, 2026SME₹177.81 Cr.₹257 to ₹270
Aegeus TechnologiesAugust 4, 2026August 6, 2026SME₹23.71 Cr.₹100 to ₹105
Ardee IndustriesAugust 5, 2026August 7, 2026Mainboard₹425.87 Cr.₹50 to ₹53
LAPL AutomotiveAugust 6, 2026August 10, 2026SME₹32.40 Cr.₹88 to ₹94
Technocraft VenturesAugust 7, 2026August 11, 2026Mainboard₹252 Cr.₹200 to ₹212
LEAP IndiaAugust 7, 2026August 11, 2026Mainboard₹2480 Cr.₹151 to ₹159
Optimystix EntertainmentAugust 7, 2026August 11, 2026SME₹108.50 Cr.₹166 to ₹175
Dhoot TransmissionAugust 10, 2026August 12, 2026Mainboard₹3,066.89 Cr.₹829 to ₹871
Molbio DiagnosticsAugust 10, 2026August 12, 2026Mainboard₹939.70 Cr.₹768 to ₹807
Fascinate TextilesAugust 11, 2026August 13, 2026SME₹67 Cr.₹148 to ₹156
Milky MistAugust 11, 2026August 13, 2026Mainboard₹1,553 Cr.₹133 to ₹140
ShiprocketAugust 12, 2026August 14, 2026Mainboard₹1,617.48 Cr.₹92 to ₹97
Pramodini MedicareAugust 12, 2026August 14, 2026SME₹69.04 Cr.₹110 to ₹118

Dhaval Packaging IPO 

Dhaval Packaging IPO open date is July 30, 2026, and the IPO will close on August 3, 2026. The company to raise around ₹36.36 crores via a fresh issue of ₹36.36 crores with a face value of ₹10 each. Dhaval Packaging IPO price band is ₹92 to ₹97 per share. 

Fusion Klassroom IPO

Fusion Klassroom’s IPO opens on July 31, 2026, and closes on August 4, 2026. Further, the IPO issue size of  ₹39.04 crores, including ₹31.63 crores and offer for sale up to 4,65,800 equity shares with a face value of ₹10 each. Fusion Klassroom IPO price band is ₹151 to ₹159 per share. 

Juniper Green Energy IPO 

Juniper Green Energy IPO will open on July 30, 2026, and close on August 3, 2026. The company plans to raise around ₹1,800 crore through the IPO. This includes a fresh issue of shares worth ₹1,800 crore with a face value of ₹1 each.

MV Electrosystems IPO

MV Electrosystems IPO open date is July 30, 2026, to close on August 3, 2026. The company to raise around ₹290 crores with face value of ₹5 each.

Anawil Wire & Engineering IPO  

Anawil Wire & Engineering IPO opening date is August 3, 2026, to close on August 5, 2026. The company to raise around ₹177.81 crores including fresh issue of ₹142.69 crores and  offer for sale up to 13,00,800 equity shares with face value of ₹10 each. Anawil Wire & Engineering IPO price band is ₹257 to ₹270 per share. 

Aegeus Technologies IPO   

Aegeus Technologies IPO opening date is August 4, 2026, to close on August 6, 2026. The IPO issue size of ₹23.71 crores via fresh issue ₹23.71 crores and offer for sale up to [.] equity shares with face value of ₹10 each. Aegeus Technologies IPO price band is ₹100 to ₹105 per share. 

Ardee Industries IPO   

Ardee Industries IPO is opening from August 5, 2026 to August 7, 2026. The IPO issue size of ₹425.87 crores wherein fresh issue of ₹320 crores and offer for sale up to 1,99,75,000 equity shares with a face value of ₹2 each. Ardee Industries IPO price band is ₹50 to ₹53 per share. 

LAPL Automotive IPO 

LAPL Automotive IPO open date is August 6, 2026 and the IPO will close on August 10, 2026. LAPL Automotive IPO is a Bookbuilding Issue. The company to raise around ₹32.40 crores via IPO that comprises fresh issue of ₹32.40 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

LAPL Automotive IPO price band is ₹88 to ₹94 per share.

Technocraft Ventures IPO

Technocraft Ventures IPO opening from August 7, 2026 to August 11, 2026. The IPO issue size of ₹251.88 crores, including a fresh issue  ₹201.51 crores and offer for sale up to 23,76,000 equity shares with a face value of ₹10 each. Technocraft Ventures IPO price band is ₹200 to ₹212 per share. 

Optimystix Entertainment IPO 

Optimystix Entertainment IPO opening from August 7, 2026 to  August 11, 2026. The company to raise around ₹108.50 crores via IPO that comprises fresh issue of ₹87.50 crores and offer for sale up to 12,00,000 equity shares with face value of ₹10 each.

Optimystix Entertainment IPO price band is ₹166 to ₹175 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Optimystix Entertainment IPO to list on NSE SME on August 14, 2026. 

LEAP India IPO

LEAP India IPO  is opening from August 7, 2026 to August 11, 2026. The IPO issue size of ₹2,480 crores, including a fresh issue of ₹480 crores and offer for sale up to 12,57,86,163 equity shares with a face value of ₹1 each. LEAP India IPO price band is ₹151 to ₹159 per share. 

Technocraft Ventures IPO

Technocraft Ventures IPO opening from August 7, 2026 to August 11, 2026. The IPO issue size is ₹251.88 crores via a fresh issue ₹201.51 crores and offer for sale up to 23,76,000 equity shares with a face value of ₹10 each. Technocraft Ventures IPO price band is ₹200 to ₹212 per share.

Dhoot Transmission IPO

Dhoot Transmission IPO opening from August 10, 2026 to August 12, 2026. The IPO issue size of ₹3,066.89 crores via a fresh issue of ₹1,400 crores and offer for sale up to 1,91,37,602 equity shares with a face value of ₹2 each. Dhoot Transmission IPO price band is ₹829 to ₹871 per share.

Milky Mist IPO 

Milky Mist IPO opening from August 11, 2026 to August 13, 2026. The rest of the details are yet to be announced. 

Pramodini Medicare IPO 

Pramodini Medicare IPO opening from August 12, 2026 to August 14, 2026. The IPO issue size of ₹69.04 crores via fresh issue of ₹63.14 crores and offer for sale up to 5,00,400 equity shares with face value of ₹10 each. Pramodini Medicare IPO price band is ₹110 to ₹118 per share.

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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

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