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.

Mamaearth IPO Date, Review, Price, Allotment Details

By Jagat Joshi
November 5, 2023

Mamaearth IPO Details: Mamaearth IPO date is fixed, the IPO is to hit the market on October 31 and will close on November 2. Mamaearth IPO to raise around ₹1701 crores via IPO that comprises fresh issue of ₹365 and offer for sale up to 41,248,162 shares of ₹10 each. The retail quota is 10%, QIB is 75%, and HNI is 15%.

Honasa Consumer Limited is a digital-first house of brands catering to the diverse needs of millennial customers. They are building a new generation of beauty and personal care brands. From natural personal care to science-backed skincare and a modern take on Ayurveda, each of our brands has a unique proposition, created for millennials.

Currently catering to over 20,000 pin codes and over 40,000 points of sales across India, HCL is building an ecosystem that helps benefit the consumers and community at large. Built on a disciplined data-led innovation and channel approach, Honasa Consumer has an in-house portfolio of brands like Mamaearth, The Derma Co., Aqualogica, and Ayuga. They have also made strategic acquisitions to strengthen their portfolio – BBlunt (Products and services), Dr Sheth’s (dermatologist formulated skincare brand).

Founded in 2016, Mamaearth started as Asia’s 1st Brand with MadeSafe certified products for babies and soon moved on to crafting safe personal care for adults. They’re Cruelty-Free and certified by PETA. They also have a plastic-positive policy where they recycle more plastic than they use. Their growth trajectory, supported by prominent investors like Sequoia Capital India, Sofina SA, Fireside Ventures, and Stellaris Venture Partners, places HCL on the path to a $1 billion valuation.

Objects of the Issue

Mamaearth IPO Review (Apply or Not)

May Apply

Brokerage Firm IPO Review

Sushil Finance Ltd – Apply
Emkay Global – Apply

Mamaearth IPO Date & Price Band Details

IPO Open:	October 31, 2023
IPO Close:	November 2, 2023
IPO Size:	Approx ₹1701 Crores
Fresh Issue:	Approx ₹365 Crores
Offer for Sale:	Approx 41,248,162 shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹308 to ₹324 Per Share
IPO Listing on:	BSE & NSE
Retail Quota:	10%
QIB Quota:	75%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Mamaearth IPO Market Lot

The Mamaearth IPO minimum market lot is 46 shares with ₹14,904 application amount. The retail investors can apply up-to 13 lots with 598 shares or ₹193,752 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	46	₹14,904
Retail Maximum	13	598	₹193,752
S-HNI Minimum	14	644	₹208,656
B-HNI Minimum	68	3128	₹1,013,472

Mamaearth IPO Allotment & Listing Dates

The Mamaearth IPO date is October 31 and the close date is November 2. The Mamaearth IPO allotment will be finalized on November 4 and the IPO listing on November 7.

Anchor Investors Allotment:	October 30, 2023
IPO Open Date:	October 31, 2023
IPO Close Date:	November 2, 2023
Basis of Allotment:	November 4, 2023
Refunds:	November 6, 2023
Credit to Demat Account:	November 6, 2023
IPO Listing Date:	November 7, 2023

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

Mamaearth IPO Form

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

Mamaearth Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2020	₹114	₹542	₹428.03
2021	₹472	₹1797	₹1332.22
2022	₹964	₹942	₹14.44
2023 6M	₹732	₹723	₹3.67

Mamaearth IPO Valuation – FY2022

Check Mamaearth 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):	₹0.53 per Equity Share
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	2.23%
Net Asset Value (NAV):	₹23.42 per Equity Share

Peer Group

Company Promoters

VARUN ALAGH
GHAZALALAGH

Mamaearth IPO Registrar

Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: hcl.ipo@kfintech.com
Website: https://kosmic.kfintech.com/

Mamaearth IPO Allotment Status Check

Check Mamaearth IPO allotment status on KFintech website allotment URL. Click Here

Mamaearth IPO Lead Managers aka Merchant Bankers

Kotak Mahindra Capital Company Limited
Citigroup Global Markets India Private Limited
Jm Financial Limited
J.P. Morgan India Private Limited

Company Address

Honasa Consumer Limited
Unit No. 404, 4th Floor, City Centre,
Plot No. 05, Sector – 12,
Dwarka – South West Delhi,-110 075
Phone: +91 124 4071960
Email: compliance@mamaearth.in
Website: http://www.honasa.in/

Mamaearth IPO FAQs

What is Mamaearth IPO?

Mamaearth IPO is a main-board IPO. They are going to raise ₹1701 Crores via IPO. The issue is priced at ₹308 to ₹324 pr equity share. The IPO is to be listed on BSE & NSE.

When Mamaearth IPO will open?

The IPO is to open on October 31, 2023 for QIB, NII, and Retail Investors.

What is Mamaearth IPO Investors Portion?

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

How to Apply the Mamaearth IPO?

You can apply for Mamaearth 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 Mamaearth 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 “Mamaearth”. 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 Mamaearth IPO through Upstox?

Log in to the Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Mamaearth”. 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 Mamaearth IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Mamaearth”. 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 Mamaearth IPO Size?

Mamaearth IPO size is ₹1701 crores.

What is Mamaearth IPO Price Band?

Mamaearth IPO Price Band is ₹₹308 to ₹324.

What is the Mamaearth IPO Allotment Date?

Mamaearth IPO allotment date is November 4, 2023.

What is the Mamaearth IPO Listing Date?

Mamaearth IPO listing date is November 7, 2023. The IPO is to list on BSE and NSE.

Note: The Mamaearth IPO price band and date are officially announced. The IPO grey market premium (Mamaearth 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.