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.

Kalyan Jewellers IPO Date, Review, Price Band, Form & Market Lot Details

By Jagat Joshi
August 24, 2020

Kalyan Jewellers IPO date is finalized on 16 March and closes on 18 March 2021. The company to raise around 1175 crore via IPO. It is one of the biggest gold retailer in India and worldwide. The company was incorporated in 1908 based in Kerala and enter in jewellery business in 1993. Kalyan group is currently doing business in 5 countries and having around 750 “My Kalyan” stores in India. They also have 135 showrooms across and 2 Union Territories. They have launched it online brand named “Candere by Kalyan Jewellers” They are one of the largest and fastest-growing Gold company in the country. As per the report ICICI Securities, Citi, Axis Capital and SBI Capital are the investment banks working on the IPO. Check out for Kalyan Jewellers IPO date, price band, IPO size and market lot details.

Discount: Kalyan Jewellers is giving ₹8 discount for their Employees. It time for employees to get the benefit of listing.

Important Details:

Earnings Per Share (EPS): ₹1.49
Price/Earnings (PE ratio): 57.71 to 58.38
Return on Net Worth (RONW): 6.63%
Net Asset Value (NAV): ₹25.71 per share

Kalyan Jewellers IPO Review:

Risky

Brokerage Firm IPO Review:

Swastika Investmart: Avoid
Capital Market: Avoid

Kalyan Jewellers IPO Dates & Price Band

IPO Open:	16 March 2021
IPO Close:	18 March 2021
IPO Size:	Approx ₹1175 Crore (Approx)
Face Value:	₹86-87 Per Equity Share
Price Band:	₹10 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Discount:	₹8 for Employee
Equity:	– Shares

Kalyan Jewellers IPO Market Lot:

Lot Size:	Minimum 172 Shares & Maximum 2236 Shares
Minimum Amount:	₹14964
Maximum Amount:	₹194532

Kalyan Jewellers IPO Allotment & Listing:

Basis of Allotment:	23 March 2021
Refunds:	24 March 2021
Credit to Demat Account:	25 March 2021
Listing Date:	26 March 2021

Kalyan Jewellers IPO Form:

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

Kalyan Jewellers Financial Report:

₹ in Crore
	Revenue	Expense	PAT
2016	–	–	–
2017	–	–	–
2018	10580	10366	102.8
2019	9814	9793	24.7
2020	10181	9960	144.6

Craftsman Automation Anchor Investors List

Anchor Name	% of Allocation
Government Of Singapore	29.00%
Sundaram Mutual Fund A/C Sundaram Mid Cap Fund	18.18%
Calypso Global Investment Fund	14.21%
Monetary Authority Of Singapore	5.11%
Sundaram Mutual Fund A/C Sundaram Rural And Consumption Fund	3.98%
Segantii India Mauritius	3.98%
Kuber India Fund	3.98%
Moon Capital Trading PTE. Ltd.	3.98%
Edelweiss Alternative Investment Opportunities Trust-Edelweiss Crossover Opportunities Fund-Series II	3.98%
Sundaram India Midcap Fund	2.84%
HDFC Life Insurance Company Limited	2.84%
Baroda Large And Mid-Cap Fund	2.84%
BNP Paribas Arbitrage – ODI	2.84%
Cohesion Mk Best Ideas Sub-Trust	1.68%
Sundaram Mutual Fund A/C Sundaram Balanced Advantage Fund	0.58%

Kalyan Jewellers India Limited (the “Company”), one of the largest jewellery companies in India based on revenue as of March 31, 2020, according to the Technopak Report, allotted 40,448,275 equity shares to 15 anchor investors and raised ₹351.89 crore ahead of the company’s proposed IPO at the upper price band of ₹87 per equity share.

Company Promoters:

MR. T.S. KALYANARAMAN
MR. T.K. SEETHARAM
MR. T.K. RAMESH

About Kalyan Jewellers

We are one of the oldest business families in India with a family legacy of over a century in business, starting from as early as 1908. Started for the noble cause of nation-building and self-sustenance in a pre-independent India, the forefathers believed ethical, honest and transparent business practices should form the foundation of the group.

Having ventured into jewellery retailing in 1993 in Thrissur, Kerala, India, where we are headquartered, and as on June 30, 2020, we have 137 showrooms spread across India and GCC

Indian jewellery, its craftsmanship and variety is an amazing showcase of India’s heritage, culture and diversity. With a deep understanding of local tastes and preferences, Kalyan offers an array of traditional and contemporary jewellery designs in gold, diamonds, precious stones and other precious metals.

We at Kalyan have always believed that the customer needs to be educated and aware, as this is the first step in preventing malpractices in business. As a part of this philosophy we have conducted several campaigns over the years, to educate customers about purity, pricing and other aspects. These efforts of Kalyan have gone a long way in the industry, that is now becoming more transparent towards the customer’s interests. We believe that this is our legacy to the industry.

Inspired by the trust we have earned across varied markets, we will soon be expanding into new markets across India, GCC, USA, Singapore, Malaysia, Sri Lanka and more.

Quick Links:

DRHP Draft Prospectus
RHP Draft Prospectus

Kalyan Jewellers IPO Registrar:

Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg
Vikhroli (West), Mumbai 400083
Telephone: +91 22 4918 6200
Email: kalyan.ipo@linkintime.co.in
Investor Grievance e-mail: kalyan.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Note: Check Kalyan Jewellers IPO allotment status on Linkintime website allotment URL. Click Here

Kalyan Jewellers IPO Lead Managers:

Axis Capital Limited
Citigroup Global Markets India Private Limited
ICICI Securities Limited
SBI Capital Markets Limited
BOB Capital Markets Limited

Company Address:

Kalyan Jewellers

THRISSUR, KERALA Corporate Office

Address : TC 32 / 204 / 2,

Sitaram Mill Road,

Punkunnam, Thrissur – 680 002.

Tel : +91 487 24 37 333

Fax : +91 487 24 37 334

Email: compliance@kalyanjewellers.net
Website: www.kalyanjewellers.net

Kalyan Jewellers IPO FAQs

When Kalyan Jewellers IPO will open for QIB, NII, and Retail?

The IPO is to open on 16 March 2021 for QIB, NII, and Retail Investors.

What is Kalyan Jewellers IPO Investors Portion?

The investors’ portion for QIB-50%, NII-15%, and Retail 35%.

How to Apply the Kalyan Jewellers IPO?

You can apply Kalyan Jewellers IPO via ASBA online via your bank account. You can apply 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 Burger King IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Kalyan Jewellers”. 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.

What is Kalyan Jewellers IPO Size?

Kalyan Jewellers IPO size is ₹1175 crores.

What is Kalyan Jewellers IPO Price Band?

Kalyan Jewellers IPO Price Band is ₹86 – ₹87.

What is Kalyan Jewellers IPO Minimum and Maximum Lot Size?

The minimum bid is -172 Shares with ₹14964 amount while maximum bid is 2236 shares with ₹194532.

What is Kalyan Jewellers IPO Allotment Date?

Kalyan Jewellers IPO allotment date is March 2021.

What is Kalyan Jewellers IPO Listing Date?

Kalyan Jewellers IPO listing date is March 2021. The IPO to list on BSE and NSE.

Note: The Kalyan Jewellers IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Kalyan Jewellers IPO GMP) will be added on the grey market page as it will start)

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.