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.

Om Power IPO Review: Apply or Avoid?

By Jagat Joshi
April 10, 2026

Om Power Transmission IPO is one of the most-awaited IPOs of 2026 and is finally launching. Om Power is a prominent power transmission infrastructure EPC company involved in the development of power infrastructure projects, including transmission lines, substations, and underground cables.

The IPO will be open for subscription on April 9, 2026, and close on April 13, 2026. The Om Power Transmission IPO price band is set between ₹166 to ₹175 per share, with a face value of ₹10 each. As per the RHP, the company plans to raise around ₹150 crores through an Initial public offering (IPO).

Review IPO Details GMP Subscription Allotment Listing News

As an investor, it can be very challenging to decide whether the Om Power Transmission 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 Om Power Transmission 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.

Om Power Transmission IPO Review

Review by	Recommendation
IPO Watch	Neutral
Swastika Investmart	Apply
Capital Market	Neutral
Dolat Capital Market Pvt. Ltd.	Not Rated
Elios Financial Services Pvt. Ltd.	Not Rated
Exencial Research Partners	May Apply
SBICAP Securities Ltd.	May Apply
Scoop Investment	May Apply

Strengths:

The firm has a track record of completing projects on time, with over 14 years of experience in running a power transmission infrastructure EPC company.
As of December 31, 2025, Om Power has a strong order book of ₹744.6 crore.
The company is promoted with experienced promoters and a senior management team with excellent expertise in the power transmission infrastructure sector.

Weaknesses:

Most of the company’s revenue is generated from the state of Gujarat. Issues like social, political, economic, or natural disasters that occur in these regions can impact the business.
As of December 31, 2025, the firm has a pending trade receivable of ₹1,126.02 lakhs for over six months. If not paid as soon as possible, it can affect the business and financial condition.
Om Power generates about 71.55% of revenue from this top customer, GETCO. Losing this customer or a drop in their orders can negatively affect the business performance and cash flow.
As of December 31, 2025, the company has a negative cash flow of ₹37.38 crore, meaning its funds are locked up in the market. If this continues, it can impact the business performance.

Promoters & Track Records, if any

Kalpesh Dhanjibhai Patel, aged 51 years, is one of the Promoters and is also the Chairman and Executive Director of the Company. He holds 86,10,000 equity shares, representing 32.28% of the paid-up Equity share capital.
Kanubhai Patel, aged 54 years, is one of the Promoters and is also the Managing Director of the Company. He holds 86,10,000 Equity shares, representing 32.28% of pre-Offer Equity share capital.
Vasantkumar Narayanbhai Patel, aged 52 years, is one of the Promoters and is also the Whole-time Director of the Company. He holds 73,80,000 Equity shares, representing 27.67% of pre-Offer Equity share Capital.

Peer Comparison with the Company

Name of the Company	Face Value(₹)	EPS basic (₹)	EPS Diluted(₹)	RONW (%)	P/E Ratio	NAV(₹)
Om Power Transmission Limited	10	8.98	8.98	30.40%	21.13	29.53
Listed Peers
Rajesh Power Services Limited	10	57.74	57.74	35.44%	16.38	146.3
Advait Energy Transitions Limited	10	29.06	28.82	16.27%	57.52	182.03
Viviana Power Tech Limited	10	32.19	32.04	34.65%	25.15	95.10

Industry Peer Group P/E Ratio

Among its peers, Advait Energy Transitions Limited has the highest P/E ratio of 57.52, while Rajesh Power Services Limited has the lowest at 16.38, with an average P/E ratio of 33.02.

Company’s Expansion

A fund of ₹11.21 crore will be used towards the purchase of machinery and equipment.
The proceeds of ₹25 crore are for repayment/prepayment of existing borrowings taken by the company.
A portion of ₹55 crore for the long-term capital requirement of the company.
Lastly, the remaining funds will be utilized towards general corporate purposes.

Should You Apply or Not?

A company that built a robust transmission network through its expertise in building high-voltage transmission lines, substations, and underground cables is Om Power Transmission. An EPC company that handles everything from design, engineering, supply, erection, installation, testing, commissioning, and maintenance, Om Power is launching its IPO on the 9th of April.

Om Power Transmission offers EPC infrastructure development services to key companies involved in the power transmission sector, with over 14 years of experience, from starting its business in Gujarat to expanding its operations in Rajasthan and Punjab, along with the union territory of Dadra and Nagar Haveli and Daman and Diu.

Coming to its financials, in FY25, the company generated a revenue of ₹281.65 crore, from ₹184.39 crore in FY24. While we saw a sudden jump in profit from reporting ₹6.23 crore in FY23 to ₹22.08 crore in FY25, some investors are questioning its sustainability. Moreover, the company’s operating profit increased from ₹12 crore to ₹36 crore, while operating margin improved from 10% to 13%.

At the upper price band of ₹175, the IPO is valued at a PE of 21.13x. When compared with the industry’s P/E, the IPO seems fairly priced. On April 8, the Om Power Transmission GMP is ₹1.5, indicating a listing gain of around 1%.

My verdict: Investors looking for short-term gains can apply for this IPO after evaluating GMP and subscription numbers. At the same time, knowledgeable investors can consider investing a small amount for the long term. For more such updates and IPO-related queries, follow IPO Watch.

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 company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.