IPO 2026
SME IPO
IPO GMP
Subscription
Allotment
Listing

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.

NFP Sampoorna Foods IPO Review – Apply or Avoid?

Join
Follow Us
Add Source
Follow
With consistent consumer demand and strong market potential, the food industry continues to attract investors and businesses looking for long-term growth opportunities. In this space, NFP Sampoorna Foods is launching an IPO and providing the investors with a chance to apply.

The IPO will be open for subscription on May 18, 2026, and close on May 20, 2026. The NFP Sampoorna Foods IPO price band is set between ā‚¹52 to ā‚¹55 per share. As per the RHP, the company plans to raise around ā‚¹24.53 crores through an Initial public offering (IPO).
Apply for an IPO
NFP Sampoorna Foods IPO
Review IPO Details GMP Messages Subscription Allotment Listing

As an investor, it can be very challenging to decide whether the NFP Sampoorna Foods IPO is a good or bad investment. Not anymore, as in this blog, we will provide you with all the necessary details related to the NFP Sampoorna Foods IPO to help you decide whether you should Apply or Not. Read on to know the IPO risks, strengths, valuation, financial details, and expert opinion to make your investment decision better. 

NFP Samporna Foods IPO Review 

ReviewerRecommendation
IPO WatchNeutral
Beacon Capital Advisors Pvt. Ltd. (Equivision)May Apply

Strengths 

  • Its promoters have over 28 years of experience in food processing, logistics, coal trading, and building materials.
  • The company sources its raw materials directly from various regions and authorized suppliers, instead of relying on 3rd party. The Cashew is sourced from Africa, Makhana is sourced from Bihar, and Almonds are directly purchased from licensed importers in Delhi NCR markets.
  • The brandā€™s products consistently stay in demand due to the long shelf life of dry fruits, which can be stored for a long time and do not get affected by seasonal fluctuations, allowing them to supply the products in any season.
  • The firm has built a long-lasting client relationship by continuously offering high-quality dry fruits while meeting the requirements of each client. 

Weaknesses

  • The companyā€™s operations is depend on its processing facility. Any slowdown, shutdown, or disruption in the facility can negatively affect the business, financial condition, and operations.
  • Around 97% of the companyā€™s revenue comes from the sales of Cashew and Cashew products. Any negative things that happen in the cashew market, supply, or government regulations can negatively impact the business, financial performance, and cash flow.
  • NFP Sampoorna Foods is operating in a highly competitive segment. Due to this, they have to spend extra on marketing, promotions, and discounts, which will tighten the budget and reduce the profits.
  • The firm depends on the top 10 suppliers for the purchase and sourcing of raw materials. If any of these suppliers stop supplying or end the relationship with the company can adversely affect the business and financial operations. 

Promoters holding, if any

  • Praveen Goel, age 52 years, is the Chairman and Non-Executive Director of the company. He holds 43,73,513 Equity shares, representing 53.50% of pre-issue Equity capital.   
  • Anju Goel, age 49 years, is the Whole Time Director of the company. She holds 100 Equity shares.
  • Yashvardhan Goel, age 26 years, is the Managing Director of the company. He holds 35,63,310 Equity shares, representing 43.59% of pre-issue Equity capital.  

Peer comparison 

Company EPS PE Ratio RoNW % NAV (ā‚¹) Income (ā‚¹) 
NFP Sampoorna Foods Limited 4.31 12.76x29.65%  14.54  ā‚¹3,563.67  lakhs
Krishival Food Limited  6.07 37.89x  9.99% 60.74 ā‚¹17,323.30 lakhs. 
Prospect Consumer Products Limited 4.19 17.21x  9.46% 42.54 ā‚¹3,099.11 lakhs 

Industry P/E

The industryā€™s P/E ratio ranges from a low of 17.21 to a high of 37.89, with an average P/E ratio of 27.55.

Fund Expansion

  • From the IPO money, ā‚¹7.25 crores would be used for funding the working capital requirements of the Company. 
  • ā‚¹9.50 crores would be used for the Prepayment or repayment of a portion of certain outstanding borrowings availed by the Company. 
  • The rest of the money would be used for the general Corporate Purpose. 

Conclusion- May Apply for Medium to Long Term 

A company that takes care of everything, from sourcing, processing, grading, packaging, marketing, and distribution of dry fruits, is coming with its IPO open on the 18th of May. SPF Samporna Foods is one of the trusted food processing company that do trading of dry fruits, including cashew nuts (raw and processed), makhana (fox nuts), almonds, and walnuts.

NFP Sampoorna Food IPO may be considered by investors looking for medium- to long-term investment opportunities, supported by the growing demand in the food sector and the companyā€™s business potential. 

If we look into financial statements, profit is also consistently growing, and ROE & ROCE are also satisfactory. This firmā€™s business uses advanced roasting and packaging technologies to keep the freshness and nutrition of the products intact. When it comes to investment, one should always do deep research and take the advisorā€™s advice before making an investment decision. As of May 15, the NFP Samporna Foods GMP is ā‚¹0. 

Please Note: 

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the companyā€™s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

Table of Contents

Picture of Jagat Joshi

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.
Picture of Jagat Joshi

Jagat Joshi

Add IPOWatch to your Google News feed.   google news button

Leave a Reply

Your email address will not be published. Required fields are marked *

Current Mainboard IPO

Current SME IPO

Latest IPO News

IMP LINKS

Related Posts

Apply IPO