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.

Upcoming IPO in July 2026 Calendar – Key Listings Details

By Jagat Joshi
July 23, 2026

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.

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

Company IPO	Open Date	Close Date	Type of IPO	IPO Size	Price Band
Aastha Spintex	June 29, 2026	July 1, 2026	Mainboard	₹170 Cr.	₹125 to ₹136
Adon Agro Commodities	June 29, 2026	July 1, 2026	SME	₹44.03 Cr.	₹66 to ₹70
Vinit Mobile	June 30, 2026	July 2, 2026	SME	₹34.13 Cr.	₹150 to ₹158
Teja Engineering	June 30, 2026	July 2, 2026	SME	₹37.36 Cr.	₹220
Atharva Polyplast	June 30, 2026	July 2, 2026	SME	₹27 Cr.	₹55 to ₹60
Seemax Resources	June 30, 2026	July 2, 2026	SME	₹20 Cr.	₹134 to ₹141
Kratikal Tech	June 30, 2026	July 2, 2026	SME	₹40 Cr.	₹94 to ₹99
Sampark India Logistics	June 30, 2026	July 2, 2026	SME	₹27.22 Cr.	₹80 to ₹84
Knack Packaging	July 1, 2026	July 3, 2026	Mainboard	₹439.5 Cr.	₹161 to ₹170
IC Electricals	July 3, 2026	July 7, 2026	SME	₹48 Cr.	₹94 to ₹99
Kusumgar	July 8, 2026	July 10, 2026	Mainboard	₹650 Cr.	₹398 to ₹419
Devson Catalyst	July 9, 2026	July 13, 2026	SME	₹42.34 Cr.	₹112 to ₹118
Happy Steels	July 9, 2026	July 13, 2026	SME	₹25 Cr.	₹62 to ₹66
Laser Power & Infra	July 9, 2026	July 13, 2026	Mainboard	₹742 Cr.	₹203 to ₹214
SBI Funds Management	July 14, 2026	July 16, 2026	Mainboard	₹9,813 Cr.	₹545 to ₹574
Alpine Texworld	July 14, 2026	July 16, 2026	Mainboard	₹126.25 Cr.	₹100 to ₹105
Millworks Technologies	July 14, 2026	July 16, 2026	SME	₹160.34 Cr.	₹315 to ₹331
Sotefin Bharat	July 16, 2026	July 20, 2026	SME	₹90 Cr.	₹178 to ₹187
Caliber Mining	July 17, 2026	July 21, 2026	Mainboard	₹600 Cr.	₹402 to ₹424
Gulf Lloyds	July 20, 2026	July 22, 2026	SME	₹18.19 Cr.	₹100
Metalic Technoforge	July 21, 2026	July 23, 2026	SME	₹49.96 Cr.	₹72 to ₹77
Shree Balaji (Mala) Textiles	July 22, 2026	July 24, 2026	SME	₹18.90 Cr.	₹66 to ₹70
Cube Highways Trust InvIT	July 22, 2026	July 24, 2026	Mainboard	₹5000 Cr.	₹151 to ₹152
Lohia Corp	July 23, 2026	July 27, 2026	Mainboard	₹1,101.28 Cr.	₹404 to ₹425
Xtranet Technologies	July 23, 2026	July 27, 2026	Mainboard	₹166.80 Cr.	₹120 to ₹127
Indo-MIM	July 23, 2026	July 27, 2026	Mainboard	₹3,811.21 Cr.	₹461 to ₹485
Silverstorm Parks	July 24, 2026	July 28, 2026	SME	₹82.43 Cr.	₹123 to ₹133
Advance Technoforge	July 27, 2026	July 29, 2026	SME	₹24.03 Cr.	₹95
Propshop Events	July 27, 2026	July 29, 2026	SME	₹28.57 Cr.	₹65 to ₹69
Poojaa Precision	July 28, 2026	July 30, 2026	SME	₹159.83 Cr.	₹285 to ₹301
Fusion Klassroom	July 31, 2026	August 4, 2026	SME	₹39.04 Cr.	₹151 to ₹159

Aastha Spintex IPO

Aastha Spintex IPO open date is June 29, 2026 and the IPO will close on July 1, 2026. The company plans to raise around ₹170 crores via a fresh issue of ₹170 crores with a face value of ₹10 each. Aastha Spintex IPO price band is ₹125 to ₹136 per share.

Adon Agro Commodities IPO

Adon Agro Commodities IPO will open for subscription on June 29, 2026, and close on July 1, 2026. It has an issue size of ₹44.03 crore through a fresh issue. The price band for the IPO has been fixed at ₹66 to ₹70 per equity share, with a face value of ₹10 per share.

Vinit Mobile IPO

Vinit Mobile IPO will open for subscription on June 30, 2026, and close on July 2, 2026. It has an issue size of ₹34.13 crore through a fresh issue of ₹34.13 crore. The price band for the IPO has been set at ₹150 to ₹158 per equity share, with a face value of ₹10 per share.

Teja Engineering IPO

Teja Engineering IPO will open for subscription on June 30, 2026, and close on July 2, 2026. It has an issue size of ₹37.36 crore through a fresh issue of ₹37.36 crore. The IPO price has been fixed at ₹220 per equity share, with a face value of ₹10 per share. The shares are expected to be listed on the NSE on July 7, 2026.

Atharva Polyplast IPO

Atharva Polyplast IPO will open for subscription on June 30, 2026, and close on July 2, 2026. The company has a plan to raise around ₹27 crore through a fresh issue of ₹27 crore. The price band for the IPO has been fixed at ₹55 to ₹60 per equity share, with a face value of ₹10 per share.

Seemax Resources IPO

Seemax Resources IPO will open for subscription on June 30, 2026, and close on July 2, 2026. It plans to raise around ₹20 crore through a fresh issue of ₹20 crore. The price band for the IPO has been fixed at ₹134 to ₹141 per equity share, with a face value of ₹10 per share.

Kratikal Tech IPO

Kratikal Tech IPO will open for subscription on June 30, 2026, and close on July 2, 2026. The company has an issue size of IPO of ₹40 crore through a fresh issue. The price band for the IPO has been fixed at ₹128 to ₹135 per equity share, with a face value of ₹10 per share.

Sampark India Logistics IPO

Sampark India Logistics IPO will open for subscription on June 30, 2026, and close on July 2, 2026. The company has a plan to raise around ₹27.22 crore through a fresh issue. The price band for the IPO has been fixed at ₹80 to ₹84 per equity share, with a face value of ₹10 per share.

Teja Engineering IPO

The Teja Engineering IPO is opening from June 30, 2026, to July 2, 2026. The IPO issue size of ₹37.36 crores via fresh issue, with a face value of 10 each.

Knack Packaging IPO

Knack Packaging IPO will open on July 1, 2026 and close on July 3, 2026. It has an issue size of ₹439 crore. This includes a fresh issue of ₹380 crore and an offer for sale of up to 35,00,000 equity shares. The price band has been fixed at ₹161 to ₹170 per equity share, with a face value of ₹10 per share.

IC Electricals IPO

IC Electricals IPO opening date is July 3, 2026, and will close on July 7, 2026. The company to raise around ₹48 crores via a fresh issue with a face value of ₹10 each. IC Electricals IPO price band is ₹94 to ₹99 per share.

Kusumgar IPO

Kusumgar IPO opening from July 8, 2026 to July 10, 2026. The IPO issue size of ₹650 crores. The offer for sale up to 1,55,13,126 equity shares with face value of ₹1 each. Kusumgar IPO price band is ₹398 to ₹419 per share.

Devson Catalyst IPO

Devson Catalyst’s IPO opens on July 9, 2026, and closes on July 13, 2026. Devson Catalyst IPO is a Bookbuilding Issue. The company to raise around ₹42.34 crores via IPO, which comprises fresh issue of ₹39.39 crores and offer for sale up to 2,50,000 equity shares with a face value of ₹10 each. Devson Catalyst IPO price band is ₹112 to ₹118 per share.

Laser Power & Infra IPO

Laser Power & Infra IPO opens on July 9, 2026, and closes on July 13, 2026. The ipo issue size is ₹742 crores via a fresh issue of ₹542 crores and offer for sale up to ₹200 crores, with a face value of ₹5 each. Laser Power & Infra IPO price band is ₹203 to ₹214 per share.

Happy Steels IPO

Happy Steels IPO is opening from July 9, 2026, to close on July 13, 2026. The company to raise around ₹25 crores via a fresh issue of ₹25 crores with a face value of ₹10 each. Happy Steels IPO price band is ₹62 to ₹66 per share.

SBI Funds Management IPO

SBI Funds Management IPO opens on July 14, 2026, and closes on July 16, 2026. Further, the company to raise around ₹9,813 crores. This IPO consists of OFS up to 17,09,56,631 equity shares with face value of ₹1 each. SBI Funds Management IPO price band is ₹545 to ₹574 per share.

Millworks Technologies IPO

Millworks Technologies IPO opening date is July 14, 2026 to close on July 16, 2026. The IPO issue size of ₹160.34 crores with the face value of ₹10 each. Millworks Technologies IPO price band is ₹315 to ₹331 per share.

Sotefin Bharat IPO

Sotefin Bharat IPO opening from July 16, 2026 to close on July 20, 2026. The IPO issue size of ₹90 crores via fresh issue with the face value of ₹10 each. Sotefin Bharat IPO price band is ₹178 to ₹187 per share.

Caliber Mining IPO

Caliber Mining IPO opening from July 17, 2026 to July 21, 2026. The IPO issue size of ₹600 crores wherein fresh issue of ₹500 crores and OFS of ₹100 crores with the face value of ₹10 each.

Cube Highways Trust InvIT IPO

Cube Highways Trust InvIT IPO opening date is July 22, 2026, to close on July 24, 2026. The IPO has an issue size of ₹5000 crores. The IPO price band is ₹151.00 to ₹152.00 per share.

Lohia Corp IPO

Lohia Corp IPO open date is July 22, 2026 and the IPO will close on July 24, 2026. The IPO issue size of ₹1,101.28 crores via IPO that comprises fresh issue of ₹[.] crores and offer for sale up to 2,59,31,407 equity shares with face value of ₹1 each. Lohia Corp IPO price band is ₹404 to ₹425 per share.

Xtranet Technologies IPO

Xtranet Technologies IPO opening date is July 23, 2026, to July 27, 2026. The company to raise around ₹166.80 crores via a fresh issue of ₹166.80 crores with a face value of ₹10 each. Xtranet Technologies IPO price band is ₹120 to ₹127 per share.

Indo-MIM IPO

Indo-MIM IPO opening from July 23, 2026 to July 27, 2026. The ipo issue size of ₹3,811.21 crores via IPO that comprises a fresh issue of ₹499.10 crores and offer for sale up to 6,82,91,022 equity shares with a face value of ₹1 each.

Indo-MIM IPO price band is ₹461 to ₹485 per share.

Silverstorm Parks & Resorts IPO

Silverstorm Parks & Resorts IPO open date is July 24, 2026 and the IPO will close on July 28, 2026. The company to raise around ₹82.43 crores via IPO that comprises a fresh issue of ₹82.43 crores with a face value of ₹10 each. Silverstorm Parks & Resorts IPO price band is ₹123 to ₹133 per share

Advance Technoforge IPO

Advance Technoforge IPO opening from July 27, 2026 to July 29, 2026. The company to raise around ₹24.03 crores via a fresh issue with face value of ₹10 each. Advance Technoforge IPO price band is ₹95 per share.

Propshop Events IPO

Propshop Events IPO opens on July 27, 2026, to close on July 29, 2026. The company to raise around ₹28.57 crores via IPO that comprises a fresh issue of ₹23.05 crores and offer for sale up to 8,00,000 equity shares with a face value of ₹10 each. Propshop Events IPO price band is ₹65 to ₹69 per share.

Poojaa Precision IPO

Poojaa Precision IPO open date is July 28, 2026 and the IPO will close on July 30, 2026. The company to raise around ₹159.83 crores via IPO that comprises fresh issue of ₹159.83 crores with a face value of ₹10 each. Poojaa Precision IPO price band is ₹285 to ₹301 per share.

Fusion Klassroom IPO

Fusion Klassroom IPO open date is July 31, 2026, and the IPO will close on August 4, 2026. The company to raise around ₹39.04 crores via IPO that comprises fresh issue of ₹31.63 crores and offer for sale up to 4,65,800 equity shares with face value of ₹10 each. Fusion Klassroom IPO price band is ₹151 to ₹159 per share.

Manipal Health IPO

Manipal Health IPO opening date is July 27, 2026 to July 29, 2026. The ipo issue size and other details are yet to be announced.

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.