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.

March 2026 IPO Calendar – Key Listings Details

By Jagat Joshi
March 24, 2026

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

This will allow you to invest in IPOs and secure your profit.

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

Let’s take a deep dive into this month's IPO calendar, including Striders Impex, Acetech E-Commerce, and many more. This IPO month considered both SME and Mainboard with a satisfactory aim of IPO money utilisation.

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

Company IPO	Opening Date	Closing Date	IPO Type	IPO Size	Price Band
Striders Impex	February 26, 2026	March 2, 2026	SME	₹36 Cr.	₹71 to ₹72
Acetech E-Commerce	February 27, 2026	March 4, 2026	SME	₹48.95 Cr.	₹106 to ₹112
SEDEMAC Mechatronics	March 4, 2026	March 6, 2026	Mainboard	₹1087.45 Cr.	₹1287 to ₹1352
Elfin Agro	March 5, 2026	March 9, 2026	SME	₹25.03 Cr.	₹47
Srinibas Pradhan	March 6, 2026	March 10, 2026	SME	₹20.32 Cr.	₹91 to ₹98
Rajputana Stainless	March 9, 2026	March 11, 2026	Mainboard	₹254.98 Cr.	₹116 to ₹122
Innovision	March 10, 2026	March 17, 2026	Mainboard	₹306 Cr.	₹494 to ₹519
Raajmarg Infra InvIT	March 11, 2026	March 13, 2026	Mainboard	₹6,000 Cr.	₹99 to ₹100
Apsis Aerocom	March 11, 2026	March 13, 2026	SME	₹36 Cr.	₹104 to ₹110
GSP Crop Science	March 16, 2026	March 18, 2026	Mainboard	₹400 Cr.	₹304 to ₹320
Novus Loyalty	March 17, 2026	March 20, 2026	SME	₹60.15 Cr.	₹139 to ₹146
Central Mine Planning	March 20, 2026	March 24, 2026	Mainboard	₹1,842 Cr.	₹163 to ₹172
Speciality Medicines	March 20, 2026	March 24, 2026	SME	₹29.14 Cr.	₹117 to ₹124
Tipco Engineering	March 23, 2026	March 25, 2026	SME	₹61 Cr.	₹84 to ₹89
Amir Chand	March 24, 2026	March 27, 2026	Mainboard	₹440 Cr.	₹201 to ₹212
Sai Parenteral’s	March 24, 2026	March 27, 2026	Mainboard	₹409 Cr.	₹372 to ₹392
Powerica	March 24, 2026	March 27, 2026	Mainboard	₹1,100 Cr.	₹375 to ₹395
Highness Microelectronics	March 24, 2026	March 27, 2026	SME	₹22 Cr.	₹114 to ₹120
Vivid Electromech	March 25, 2026	March 30, 2026	SME	₹130.54 Cr.	₹528 to ₹555
Emiac Technologies	March 27, 2026	April 8, 2026	SME	₹31.75 Cr.	₹93 to ₹98
Kheria Autocomp	TBA	TBA	SME	TBA	TBA

Striders Impex IPO

Striders Impex is this month’s IPO, opening on February 26, 2026, and closing on March 2, 2026. Further, this book-building IPO has an issue size of ₹36 crores, including the fresh issue of ₹31 crores, and offer for sale up to 5,08,800 equity shares with a face value of ₹10 each. Striders Impex IPO price band is ₹71 to ₹72 per share.

Acetech E-Commerce IPO

The upcoming IPO in March 2026 is opening from February 27, 2026, and closing on March 4, 2026. The IPO issue size is ₹48.95 crores via fresh issue with the face value of ₹10 each.

SEDEMAC Mechatronics IPO

SEDEMAC Mechatronics IPO is opening from March 6, 2026, to the closing March 6, 2026. The IPO’s issue size is ₹1087.45 crores. The IPO has for sale up to ₹80,43,300 equity shares with a face value of ₹10 each. SEDEMAC Mechatronics IPO price band is ₹1287 to ₹1352 per share.

Elfin Agro IPO

Elfin Agro’s IPO is a fixed-price issue at ₹47 per share. The IPO opens on March 5, 2026, and closes on March 9, 2026. Through this IPO, the company plans to raise about ₹25.03 crore, consisting of a fresh issue of ₹25.03 crore with a face value of ₹5.

Srinibas Pradhan IPO

Srinibas Pradhan’s IPO opens on March 6, 2026, and closes on March 10, 2026. The IPO’s issue size of ₹20.32 crores via IPO that comprises a fresh issue of ₹16.79 crores and offer for sale up to 3,60,000 equity shares with a face value of ₹10 each. Srinibas Pradhan Constructions’ IPO price band is ₹91 to ₹98 per share.

Rajputana Stainless IPO

Rajputana Stainless IPO open date is March 9, 2026, and the IPO will close on March 11, 2026. The IPO issue size is ₹255 crores, including fresh issue of ₹178.73 crores and offer for sale up to 62,50,000 equity shares with a face value of ₹10 each. Rajputana Stainless IPO price band is ₹116 to ₹122 per share.

Innovision IPO

Innovision IPO is opening from March 10, 2026, to March 17, 2026. The IPO issue size of ₹306 crores via IPO that comprises a fresh issue of ₹242 crores and offer for sale up to 12,38,000 equity shares with a face value of ₹10 each. Innovision IPO price band is ₹494 to ₹519 per share.

Raajmarg Infra InvIT IPO

Raajmarg Infra InvIT IPO is opening from March 11, 2026, to March 13, 2026. The IPO’s issue size is ₹6,000 crores via fresh issue with the face value of ₹10 each. Raajmarg Infra InvIT IPO price band is ₹99 to ₹100 per share.

Apsis Aerocom IPO

Apsis Aerocom IPO is opening from March 11, 2026, to March 13, 2026. The company plans to raise around ₹35.77 crores via a fresh issue of ₹35.77 crores with a face value of ₹10 each. Apsis Aerocom’s IPO price band is ₹104 to ₹110 per share.

GSP Crop Science IPO

GSP Crop Science IPO is opening from March 16, 2026, to March 18, 2026. The IPO issue size of ₹400 crores via IPO that comprises a fresh issue of ₹240 crores and offer for sale up to 50,00,000 equity shares with a face value of ₹10 each. GSP Crop Science IPO price band is ₹304 to ₹320 per share.

Novus Loyalty IPO

Novus Loyalty IPO is opening from March 17, 2026, to March 20, 2026. The IPO issue size of ₹60.15 crores via IPO that comprises a fresh issue of ₹48.18 crores and offer for sale up to 8,20,000 equity shares with a face value of ₹10 each. Novus Loyalty IPO price band is ₹139 to ₹146 per share.

Speciality Medicines IPO

Speciality Medicines IPO is opening from March 20, 2026, to March 24, 2026. The IPO’s issue size is ₹29.14 crores via the fresh issue. The face value is ₹10 each. Speciality Medicines IPO price band is ₹117 to ₹124 per share.

Central Mine Planning (CMPDI) IPO

Central Mine Planning (CMPDI) IPO is opening from March 20, 2026, to March 24, 2026. The IPO issue size of ₹1,842 crores, including fresh issue [.] and offer for sale 10,71,00,000 equity shares with a face value of ₹2 each. The Central Mine Planning IPO price band is ₹163 to ₹172 per share.

Tipco Engineering IPO

Tipco Engineering IPO is opening from March 23, 2026, and the IPO will close on March 25, 2026. The IPO issue size of ₹61 crores via IPO comprises a fresh issue of ₹48.49 crores and offer for sale up to 13,55,200 equity shares with a face value of ₹10 each. Tipco Engineering IPO price band is ₹84 to ₹89 per share.

Amir Chand IPO

Amir Chand IPO is opening from March 24, 2026, to March 27, 2026. The IPO has an issue size of ₹440 crores via a fresh issue with a face value of ₹10 each. Amir Chand IPO price band is ₹201 to ₹212 per share.

Sai Parenteral’s IPO

Sai Parenteral’s IPO is opening from March 24, 2026, to March 27, 2026. The IPO’s issue size of ₹409 crores via IPO that comprises a fresh issue of ₹285.00 crores and offer for sale up to 35,00,000 equity shares with a face value of ₹5 each. Sai Parenteral’s IPO price band is ₹372 to ₹392 per share.

Powerica IPO

Powerica IPO is opening from March 24, 2026, to March 27, 2026. The IPO’s issue size of ₹1,100 crores via IPO that comprises a fresh issue of ₹700 crores and offer for sale up to 1,01,26,582 equity shares with a face value of ₹5 each. Powerica IPO price band is ₹375 to ₹395 per share.

Highness Microelectronics IPO

Highness Microelectronics IPO is opening from March 24, 2026, to March 27, 2026. The IPO issue size of ₹21.67 crores via IPO that comprises a fresh issue of ₹19.84 crores and offer for sale up to 1,52,400 equity shares with a face value of ₹10 each. Highness Microelectronics IPO price band is ₹114 to ₹120 per share.

Vivid Electromech IPO

Vivid Electromech IPO is scheduled for March 25, 2026, to March 30, 2026. The IPO has an issue size of around ₹130.54 crores, including ₹104.56 crores, and offer for sale up to 4,68,000 equity shares with a face value of ₹10 each. Vivid Electromech IPO price band is ₹528 to ₹555 per share.

Emiac Technologies IPO

Emiac Technologies’ IPO open date is March 27, 2026, and the IPO will close on April 8, 2026. The IPO’s issue size is ₹31.75 crores via a fresh issue. Emiac Technologies’ IPO price band is ₹93 to ₹98 per share.

Kheria Autocomp IPO

Kheria Autocamp IPO is opening and closing in 2026. The IPO 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.