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.

Leela Hotels IPO (Schloss Bangalore) Review, Analysis, Good or Bad

By Jagat Joshi
May 24, 2025

Leela Hotels (Schloss Bangalore) IPO opening date is May 26, 2025, and the closing date is May 28, 2025. The price range of Leela Hotels (Schloss Bangalore) IPO is set between ₹413 to ₹435 per share with a face value of ₹10 each. The company filed a DRHP to raise around ₹3,500 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not in the Leela Hotels IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Leela Hotels IPO (Schloss Bangalore) review and analysis which will help you to make the decision.

Strengths and Weaknesses of Leela Hotels IPO (Schloss Bangalore)

Strengths:

Leela Hotels (Schloss Bangalore) is one of the top and well-known companies that provides a high-end hotel and service experience.
Currently, the company operates 5 top well-known hotels situated in major cities in India like Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur with a total of 1216 rooms.
The company consists of a highly experienced and hardworking senior management team, which is managed by a knowledgeable board of directors.
Visit Leela Hotels if you witness a complete luxurious experience. From comfortable rooms, special experiences, award-winning dining with many cuisines, top wellness services, to many other facilities to fulfil the diverse requirements of the customers.

Weaknesses:

The company has established a reputation for providing quality products. Any changes to the quality of products can damage the reputation and negatively impact the business and financial performance.
Leela Hotels (Schloss Bangalore) owns a total of 5 hotels as of now, situated in Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur. Any issues raised at these locations can badly affect the financial performance.
The company has experienced a great loss in income in the past years, and does not guarantee that the company will not face any loss in the future, giving a negative impact on the business, financial performance, and cash flow.
The company runs its business through building, renovating, and expanding hotels. Delay in the renovation or construction can badly affect the company’s financial condition and overall performance.

Leela Hotels IPO (Schloss Bangalore) Details

IPO Size	₹3,500 Crores
OFS Issue	2,29,88,505 Equity Shares
Fresh issue	₹2,500 Crores
Price band	₹413 to ₹435 Per Shares
Subscription	Opens for subscription May 26, 2025, and the closing date is May 28, 2025
Type of Issue	Fresh Issue+ OFS

Leela Hotels IPO (Schloss Bangalore) Open and closing date?

Leela Hotels IPO (Schloss Bangalore) will be open for subscription on May 26, 2025, and the IPO will close on May 28, 2025.

What is the size of the Leela Hotels IPO (Schloss Bangalore)?

Leela Hotels (Schloss Bangalore) planned to raise funds around ₹3,500 crores via IPO. This IPO comprises a fresh issue of up to ₹2,500 crores and an offer for sale up to 2,29,88,505 Equity Shares with a face value of ₹10 each.

What are the subscription details of Leela Hotels IPO (Schloss Bangalore)?

The price range of Leela Hotels IPO (Schloss Bangalore) is set as ₹413 to ₹435 per share. In this IPO, a total of 34 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 442 shares in 13 lot sizes were available, and for the S-HNI Minimum category, 476 shares were available in 14 lot sizes. While for the B-HNI Minimum category, 2,312 shares were available in 68 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹14,790 and maximum investment of ₹1,92,270.
Small HNI (S-HNI): Minimum investment of ₹2,07,060.
Big HSI (S-HNI): A minimum investment of ₹10,05,720 is required.

What is the Leela Hotels IPO (Schloss Bangalore) listing Date?

Leela Hotels IPO (Schloss Bangalore) is a Mainboard IPO shares that will be listed on June 2, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Leela Hotels IPO (Schloss Bangalore) Issue?

The main objective behind raising funds through this IPO is to handle the repayment or prepayment of the existing borrowings taken by the company or taken from certain subsidiaries named Schloss Chanakya, Schloss Chennai, Schloss Udaipur, and TPRPL. The remaining funds will be utilized for the company’s general corporate purposes.

About Leela Hotels IPO (Schloss Bangalore)

Leela Hotels is also known as Scholss Banglore Limited, founded in 2019, and is renowned for establishing high-end hotels and resorts. The company engaged in the process of owning, running, managing, and building high-end hotels and resorts. Leela Hotels is one of the leading luxury hotel groups in India, known to provide top-quality and personalized service based on Indian hospitality. As of May 31, 2024, Leela Hotels operates 12 hotels, Leela Palaces, and resorts with a total of 3382 rooms. Schloss Bangalore Limited is backed by Brookfield, which is one of the world’s biggest investment companies. Moreover, The Leela Hotels is rated as the 1st-ranked company among the other hospitality companies in the years 2020 and 2021.

Leela Hotels IPO (Schloss Bangalore) Financials

The company reported revenue of ₹1,406.56 crores in 2025 against ₹1,226.50 crores in 2024. The company reported a loss of ₹47.66 crores in 2025 against a loss of ₹2.13 crores in 2024.

Leela Hotels IPO (Schloss Bangalore) Promoters

The promoters of the company are Project Ballet Bangalore Holdings (DIFC) Pvt Ltd, BSREP III Joy (Two) Holdings (DIFC) Limited, BSREP III Tadoba Holdings (DIFC) Pvt Ltd, Project Ballet Chennai Holdings (DIFC) Pvt Ltd, Project Ballet Gandhinagar Holdings (DIFC) Pvt Ltd, Project Ballet HMA Holdings (DIFC) Pvt Ltd, and Project Ballet Udaipur Holdings (DIFC) Pvt Ltd.

Who are the Leela Hotels IPO (Schloss Bangalore) lead managers and registrar?

Jm Financial Limited, Bofa Securities India Limited, Morgan Stanley India Company Pvt Ltd, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, Iifl Securities Ltd, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited are the lead managers of Leela Hotels IPO (Schloss Bangalore) while KFin Technologies Limited is the registrar of the company.

What are the Strategies of Leela Hotels IPO (Schloss Bangalore), Should you apply or not for this IPO?

Let’s first look at what some of the strategies the company is planning to apply shortly.

Leela Hotels IPO (Schloss Bangalore) is currently working on ways to increase revenue and boost profits. And to do so, they will be planning to upgrade current hotels with strategies like running marketing campaigns and cutting costs. This will be a great step in terms of increasing the company’s RevPAR, enabling good profits and income.
Along with carefully operating its own hotels and other properties, the company is also planning to grow its brand without investing a large money by signing hotel management agreements with other hotel owners.
According to them, Leela means Luxury, and to continue to keep this reputation, they are planning to reach out to more people in order to develop new brand experiences and enhance the old ones.
Soon, the company is also hoping to expand its business into new cities in India and internationally in areas where there is good demand for luxury hotels. And they aim to do that by developing new hotels.

Leela Hotels is one of the leading luxury Hospitality brands in India, achieving over 250 industry awards since January 2021. The company Leela Hotels operates 5 iconic hotels at various locations in India: Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur, consisting of over 1216 rooms. Leela Hotels operates 67 restaurants, bars, and cafes, including famous F&B spots like Jamavar, Library Bar, ZLB23, Megu, China XO, Le Cirque, and Sheesh Mahal. In FY24, the company generated revenue of ₹12,265 million from operations. If we compare it to last year, it was ₹9,032 million, showcasing a significant jump in revenue by 26.36%.

If you are wondering whether the Leela Hotels IPO (Schloss Bangalore) IPO is a good investment? I hope that through the above in-depth review and analysis, investors can decide whether they should invest in this IPO or not. It is crucial to first do a background check on the company’s financial growth, condition, revenue, cash flow, etc., before investing your money. For any more updates or queries, you can easily contact the IPOwatch team, We will be more than happy to provide you with any guidance.

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.