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.

IPO Performance 2025 – Mainboard & SME IPO Results, Returns & Trends Insights

The IPO performance 2025 was exceptional, as the IPO market skyrocketed in 2025, with companies raising ₹1.95 trillion via more than 365 Initial Public Offerings (IPOs). This year was one of the most active and significant years for the primary market.
IPO 2025

Out of the 365 IPOs, 106 IPOs were of the Mainboards, collecting ₹1.83 trillion,  which contributes almost 94% of the total amount, highlighting the strong IPO performance 2025.

In terms of IPO performance, the year 2024 was no less than 2025. In 2024, the companies raised ₹1.90 trillion from 336 IPOs.

From 2019 to 2023, companies have raised ₹3.2 trillion through IPOs. While in the last 2 years of IPO performance, the companies have collected ₹3.8 trillion from a total of 701 IPOs, which is more than in the entire five-year collection. 

In the last 2 years, a total of 198 Mainboard IPO were launched, raising over ₹3.6 trillion, which plays an important role in raising money for business growth. One of the biggest highlights of IPO performance 2025 was Tata Capital’s ₹15,511.87 crore IPO, being the best highlight of 2025. 

Along with new startups, many big companies in the sector, like energy, infrastructure, and manufacturing, have launched their IPO this year. Investors also showed strong interest in mid and small companies. In fact, many SME IPOs have subscribed over 100 times. Also, around 55% of the mainboard IPO are trading above their listing prices, showing strong investor demand and positive market sentiment.

The reason behind the successful year of IPO performance 2025 was the strong interest of Retail investors. With many IPOs, the retail portion was seen to be fully subscribed within a few years, indicating a strong market sentiment. In 2025, we also saw an increased number of demat accounts opened, and investment in mutual funds brought more money to the market. 

The IPO performance 2025 was not only one of the greatest years of fundraising, but also in terms of listing gains. Many IPOs this year have given us listing gains of more than 50% to even 100% on the first day of listing. 

According to Motilal Oswal, the IPO market is expected to skyrocket in the future as well, with high retail participation and steady institutional investments. Sectors like Telecommunications, E-commerce, Financial Services, Quick Commerce, and Automobile are expected to launch their IPO in 2026 and drive strong market activity.

Top 10 Mainboard IPO With Highest Listing Gains in 2025

CompanyOpening DateIssue Price (Rs.)Issue Amount
(in Cr.)
Subscription (x)Listing DateGain (%)
Highway InfrastructureAug 5, 2025₹70₹130.00256.33Aug 12, 202572.5
Urban CompanySep 10, 2025₹103₹1,900.2460.14Sep 17, 202561.97
Aditya InfotechJuly 29, 2025₹675₹1,300.0058.82Aug 5, 202560.39
MeeshoDec 3, 2025₹111₹5,421.2045.28Dec 10, 202553.23
Quadrant Future TekJan 7, 2025₹290₹290108.05Jan 14, 202553.1
LG ElectronicsOct 7, 2025₹1,140₹11,607.0138.03Oct 14, 202548.24
PhysicsWallahNov 11, 2025₹109₹3,480.001.49Nov 18, 202542.42
GNG ElectronicsJuly 23, 2025₹237₹460.43107.66Jul 30, 202540.67
Stallion India FluorochemicalsJan 16, 2025₹90₹199.45131.49Jan 23, 202540
Corona RemediesDec 8, 2025₹1,062₹655.37101.01Dec 15, 202535.44

Top 10 SME IPO With Highest Listing Gains in 2025

CompanyOpening DateIssue Price (Rs.)Issue Amount
(in Cr.)
Subscription (x)Listing DateGain (%)
Avax ApparelsJan 7, 2025₹70₹1.82266.41Jan 14, 202599.5
Exato TechnologiesNov 28, 2025₹140₹35.57656.94Dec 5, 202599.5
Luxury TimeDec 4, 2025₹82₹16.98443.97Dec 11, 202599.5
Shyam Dhani IndustriesDec 22, 2025₹70₹36.53690.06Dec 30, 202599.5
Sawaliya Foods ProductsAug 7, 2025₹120₹33.089.6Aug 14, 202599.5
Indobell InsulationsJan 6, 2025₹46₹9.6355.38Jan 13, 202599.5
Airfloa Rail TechnologySep 11, 2025₹140₹86.53210.19Sep 18, 202599.5
Srigee DLMMay 5, 2025₹99₹16.12343.18May 12, 202599.49
Kabra JewelsJan 15, 2025₹128₹36.29251.82Jan 22, 202599.49
Fabtech TechnologiesJan 3, 2025₹85₹26.34476.37Jan 10, 202599.49

Top 10 Mainboard IPO By Biggest Issue Size in 2025

CompanyOpening DateIssue Price (Rs.)Issue Amount
(in Cr.)
Subscription (x)Listing DateListing Price
(Rs.)
Tata CapitalOct 6, 2025₹326₹15,511.871.65Oct 13, 2025₹330
HDB Financial ServicesJun 25, 2025₹740₹12,500.0013.07Jul 2, 2025₹835
LG ElectronicsOct 7, 2025₹1,140₹11,607.0138.03Oct 14, 2025₹1,710.1
ICICI Prudential AMCDec 12, 2025₹2,165₹10,602.6528.19Dec 19, 2025₹2,600
Hexaware TechnologiesFeb 12, 2025₹708₹8,750.002.25Feb 19, 2025₹745.5
LenskartOct 31, 2025₹402₹7,278.0216.01Nov 10, 2025₹395
GrowwNov 4, 2025₹100₹6,632.3010.09Nov 12, 2025₹112
MeeshoDec 3, 2025₹111₹5,421.2045.28Dec 10, 2025₹162.50
NSDLJul 30, 2025₹800₹4,010.9528.84Aug 6, 2025₹880
Pine LabsNov 7, 2025₹221₹3,900.171.81Nov 14, 2025₹242

Top 10 SME IPO By Biggest Issue Size in 2025

CompanyOpening DateIssue Price (Rs.)Issue Amount (In Cr.)Subscription (x)Listing DateListing Price
(Rs.)
Safe EnterprisesJun 20, 2025₹138₹161.133.93Jun 27, 2025₹151
CapitalNumbers InfotechJan 20, 2025₹263₹160.6995.54Jan 27, 2025₹274
Monika AlcobevJul 16, 2025₹286₹153.683.16Jul 23, 2025₹288
Unified Data-TechMay 22, 2025₹273₹137.1749.24May 29, 2025₹285
True ColorsSep 23, 2025₹191₹121.5432.23Sep 30, 2025₹181.45
Shree RefrigerationsJul 25, 2025₹125₹111.44134.24Jul 31, 2025₹169.85
Systematic IndustriesSep 24, 2025₹195₹109.754.66Oct 1, 2025₹191
Chandan HealthcareFeb 10, 2025₹159₹101.885.48Feb 17, 2025₹165.1
Tejas CargoFeb 14, 2025₹168₹100.541.17Feb 24, 2025₹175
Bai Kakaji PolymersDec 23, 2025₹186₹99.94.46Dec 31, 2025₹190

List of Highest Mainboard IPO subscription in 2025

CompanyIssue SizeIPO PriceQIBsNIIsRIIsTotal SubscribedListing Gain
Highway Infrastructure₹130 Cr₹70432.71x473.1x164.48x316.64x115 (64.29%)
Indo Farm Equipment₹260.15 Cr₹215242.4x501.75x101.79x227.67x256 (19.07%)
Denta Water₹220.50 Cr₹294236.94x507.07x90.38x221.54x325 (10.54%)
Stallion India₹199.45 Cr₹90172.93x422.35x96.81x188.32x120 (33.33%)
Quadrant Future Tek₹290 Cr₹290139.77x268.03x256.46x195.96x370 (27.59%)
Standard Glass Lining₹410.05 Cr₹140327.76x275.21x65.71x185.48x172 (22.86%)
Regaal Resources₹306 Cr₹102190.96x356.72x57.75x159.87x141 (38.24%)
GNG Electronics₹460.43 Cr₹237266.21x226.44x47.36x150.21x355 (49.79%)
Borana Weaves₹144.89 Cr₹21685.53x237.41x200.5x147.85x243 (12.50%)
Corona Remedies₹655.37 Cr₹1,062293.8x220.18x30.39x144.54x1470 (38.42%)

List of Highest SME IPO subscription in 2025

CompanyIssue SizeIPO PriceQIBsNIIsRIIsTotal SubscribedListing Gain
Austere Systems₹14.78 Cr₹55236.5x2149.19x1090.81x1076.99x75.55 (37.36%)
Shyam Dhani Industries₹36.53 Cr₹70256.24x1612.65x1137.92x988.29x133 (90.00%)
Exato Technologies₹35.57 Cr₹140327.08x1488.72x1068.74x947.21x266 (90.00%)
Fabtech Technologies₹26.34 Cr₹85224.5x1485.52x715.05x740.37x161.50 (90.00%)
Chamunda Electricals₹13.77 Cr₹50155.85x1943.09x554.13x737.97x70 (40.00%)
TechD Cybersecurity₹37.03 Cr₹193284.17x1279.03x726.06x718.3x366.70 (90.00%)
Cryogenic OGS₹16.88 Cr₹47209.59x1155.38x773.7x694.9x89.30 (90.00%)
Luxury Time₹16.98 Cr₹82205.58x676.95x860.53x635.53x155.80 (90.00%)
Parmeshwar Metal₹23.49 Cr₹61177.32x1202.83x597.09x607.07x84.50 (38.52%)
BLT Logistics₹9.01 Cr₹7581.8x1017.63x637.2x560.69x90.95 (21.27%)

Table of Contents

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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