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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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
Q-Line Biotech IPO is SME IPO. The company is going to raise ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription? āŒ„
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? āŒ„
The investorsā€™ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Jyoti CNC Automation IPO Date, Review, Price, Allotment Details

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Jyoti CNC Automation IPO Details: Jyoti CNC Automation IPO date is fixed, the IPO is to hit the market on January 9 and will close on January 11. Jyoti CNC Automation IPO to raise around ā‚¹1000 crores via IPO that comprises fresh issue of ā‚¹1000 crores and offer for sale up to [.] equity shares of ā‚¹2 each. The retail quota is 10%, QIB is 75%, and HNI is 15%.
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Jyoti CNC Automation IPO

Jyoti CNC Automation is one of the worldā€™s leading manufacturers of CNC machines with the second and twelfth largest market share, in India and globally, respectively. In Fiscal 2022, they were the second largest CNC machine manufacturer in India and accounted for approximately 8% of the market share. They are a prominent manufacturer of simultaneous 5-Axis CNC machines in India and are a supplier of one of the most diverse portfolios of CNC machines in India (Source: F&S Report) including CNC Turning Centers, CNC Turn Mill Centers, CNC Vertical Machining Centers (VMCs), CNC Horizontal Machining Centers (HMCs), simultaneous 3-Axis CNC machining Centers, simultaneous 5-Axis CNC machining Centers and multi-tasking machines. They rely on their expertise built over 2 decades of presence and strong R& D capabilities to deliver customized solutions to their customers across a diverse set of industries including aerospace and defense, auto and auto components, general engineering, EMS, dies and molds, and others.


They offer solutions suited for transitioning towards ā€˜Industry 4.0ā€™, including their flagship multifunctional solutions package viz. ā€˜7th Senseā€™ ā€“ which is geared towards automating sophisticated diagnostic and analytical functions enabling seamless management of productivity, health, and tool life of the CNC machine. The CNC machines market is expected to grow globally at a CAGR of 9.9% during CY 2023-2027. This growth is expected to be propelled by growth in the manufacturing industries due to factors such as industrial automation, and integration of computer-aided manufacturing. The surge in demand for high-precision machinery from various industries including aerospace, defense, and medical sector is expected to result in the increased demand for the machining centers market.

Jyoti CNC Automation has vertically integrated operations which they consider essential to their ability to provide technologically relevant and customized solutions that have helped us garner customers such as Space Applications Centre ā€“ ISRO, BrahMos Aerospace Thiruvananthapuram Limited, Turkish Aerospace, Uniparts India Limited, AVTEC Limited, Tata Advances System Limited, Tata Sikorsky Aerospace Limited, Bharat Forge Limited, C.R.I. Pumps Private Limited, Kalyani Technoforge Limited, Shakti Pumps (India) Limited, Shreeram Aerospace & Defence LLP, Rolex Rings Limited, Orbit Bearings India Private Limited, Omnitech Engineering Private Limited, Harsha Engineers International Limited, Bosch Limited, HAWE Hydraulics Private Limited, Festo India Private Limited, Elgi Rubber Company Limited, National Fittings Limited, and Aequs Private Limited. They offer over 200 variants across 44 series and during the last 3 Fiscals, our Company has supplied over 7,200 CNC machines to more than 3,000 customers in India and across Asia (excluding India), Europe, North America, and the rest of the world.


Objects of the Issue

  • Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the company.
  • Funding long-term working capital requirements of the company.
  • General corporate purposes.

Jyoti CNC Automation IPO Review (Apply or Not)

  • May Apply

Brokerage Firm IPO Review

  • Marwadi Shares: Apply
  • Reliance Securities: Apply
  • SMC Global: Neutral
  • Swastika Investmart: Neutral
  • Ventura Securities: Apply

Jyoti CNC Automation IPO Date & Price Band Details

IPO Open:January 9, 2024
IPO Close:January 11, 2024
IPO Size:Approx ā‚¹1000 Crores
Fresh Issue:Approx ā‚¹1000 Crores
Face Value:ā‚¹2 Per Equity Share
IPO Price Band:ā‚¹315 to ā‚¹331 Per Share
IPO Listing on:BSE & NSE
Retail Quota:10%
QIB Quota:75%
 NII Quota:15%
DRHP Draft Prospectus:Click Here
RHP Draft Prospectus:Click Here
Anchor Investors List:Click Here

Jyoti CNC Automation IPO Market Lot

The Jyoti CNC Automation IPO minimum market lot is 45 shares with ā‚¹14,895 application amount. The retail investors can apply up-to 13 lots with 585 shares or ā‚¹193,635Ā amount.

ApplicationLot SizeSharesAmount
Retail Minimum145ā‚¹14,895
Retail Maximum13585ā‚¹193,635
S-HNI Minimum14630ā‚¹208,530
B-HNI Minimum683,060ā‚¹1,012,860

Jyoti CNC Automation IPO Allotment & Listing Dates

The Jyoti CNC Automation IPO date is January 9 and the close date is January 11. The Jyoti CNC Automation IPO allotment will be finalized on January 12, and the IPO listing on January 15.

Anchor Investors Allotment:January 8, 2024
IPO Open Date:January 9, 2024
IPO Close Date:January 11, 2024
Basis of Allotment:January 12, 2024
Refunds:January 15, 2024
Credit to Demat Account:January 15, 2024
IPO Listing Date:January 16, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Jyoti CNC Automation IPO Form

How to apply for the Jyoti CNC Automation IPO? You can apply for Jyoti CNC Automation IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Jyoti CNC Automation IPO in the Invest section. The other option is you can apply for Jyoti CNC Automation IPO via IPO forms downloaded via NSE and BSE. Check out the Jyoti CNC Automation forms – Click BSE Forms & NSE Forms blank IPO forms download, fill, and submit in your bank or with your broker.


Jyoti CNC Automation Company Financial Report

  ā‚¹ in Crores
YearRevenueExpensePAT
2021ā‚¹590.09ā‚¹661.66ā‚¹70.02
2022ā‚¹750.06ā‚¹791.81ā‚¹48.30
2023ā‚¹952.60ā‚¹955.20ā‚¹15.06
2024 6Mā‚¹510.53ā‚¹500.21ā‚¹3.35

Jyoti CNC Automation IPO Valuation – FY2023

Check Jyoti CNC Automation IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):ā‚¹1.02 per Equity Share
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):18.35%
Net Asset Value (NAV):ā‚¹5.57 per Equity Share

Peer Group

  • Elgi Equipments Limited
  • Lakshmi Machine Works Limited
  • Triveni Turbine Limited
  • TD Power Systems Limited

Company Promoters

  • Parakramsinh Ghanshyamsinh Jadeja
  • Sahdevsinh Lalubha Jadeja
  • Vikramsinh Raghuvirsinh Rana
  • Jyoti International LLP

Jyoti CNC Automation IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: Signatureglobal.ipo@linkintime.co.in
Website: https://linkintime.co.in/

Jyoti CNC Automation IPO Allotment Status Check

Check Jyoti CNC Automation IPO allotment status on Linkintime website allotment URL. Click Here

Jyoti CNC Automation IPO Lead Managers aka Merchant Bankers

  • Equirus Capital Private Limited
  • ICICI Securities Limited
  • SBI Capital Markets Limited

Company Address

Jyoti CNC Automation Limited
G – 506, Lodhika GIDC
Village Metoda,
Rajkot ā€“ 360 021,
Phone: + 91-2827ā€“235182
Email: investors@jyoti.co.in
Website: https://jyoti.co.in/

Jyoti CNC Automation IPO FAQs

What is Jyoti CNC Automation IPO?

Jyoti CNC Automation IPO is a main-board IPO. They are going to raise ā‚¹1000 Crores via IPO. The issue is priced at ā‚¹315 to ā‚¹331 pr equity share. The IPO is to be listed on BSE & NSE.

When Jyoti CNC Automation IPO will open?

The IPO is to open on January 9, 2024 for QIB, NII, and Retail Investors.

What is Jyoti CNC Automation IPO Investors Portion?

The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.

How to Apply the Jyoti CNC Automation IPO?

You can apply for Jyoti CNC Automation 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.

How to Apply the Jyoti CNC Automation IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Jyoti CNC Automation”. Click on Bid Button. Enter your UPI ID, Quantity, and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Zerodha.

How to Apply the Jyoti CNC Automation IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Jyoti CNC Automation”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Jyoti CNC Automation IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Jyoti CNC Automation”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Jyoti CNC Automation IPO Size?

Jyoti CNC Automation IPO size is ā‚¹1000 crores.

What is Jyoti CNC Automation IPO Price Band?

Jyoti CNC Automation IPO Price Band is ā‚¹315 to ā‚¹331.

What is the Jyoti CNC Automation IPO Allotment Date?

Jyoti CNC Automation IPO allotment date is January 12, 2024.

What is the Jyoti CNC Automation IPO Listing Date?

Jyoti CNC Automation IPO listing date is Januar 16, 2024. The IPO is to list on BSE and NSE.

Note: The Jyoti CNC Automation IPO price band and date are not officially announced yet. The IPO grey market premium (Jyoti CNC Automation IPO Premium) will be added to the IPO grey market page as it will start).

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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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5 Responses

  2. hello, how come in 2023 PAT is 15Cr as we can see Expense is more that Revenue. it should show loss,

    pls clarify

  3. How can you give the financials for the year 2024 when 2024 has just commenced.
    Pl clarify.

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