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).

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.

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 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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
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 ₹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? 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 investors’ 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 ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 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.

Orkla India IPO Date, Review, Price, Allotment Details

Orkla India IPO open date is October 29, 2025 and the IPO will close on October 31, 2025. Orkla India IPO is a Book Build Issue. The company to raise around ₹1,667.54 crores via IPO that comprises fresh issue of ₹[.] crores and offer for sale up to 22,843,004 equity shares with face value of ₹1 each.

Orkla India IPO price band is ₹695 to ₹730 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Orkla India IPO to list on BSE, NSE on November 6, 2025. The allotment of Orkla India IPO date is November 3, 2025.

The company reported revenue of ₹2455.24 crores in 2025 against ₹2387.99 crore in 2024. The company reported profit of ₹255.69 crores in 2025 against profit of ₹226.33 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Orkla India IPO

Orkla India IPO Details

IPO Open Date:October 29, 2025
IPO Close Date:October 31, 2025
Face Value:₹1 Per Equity Share
IPO Price Band:₹695 to ₹730 Per Share
Issue Size:Approx ₹1,667.54 Crores
Offer for Sale:Approx 2,28,43,004 Equity Shares
Issue Type: Book Build Issue
IPO Listing:BSE & NSE
DRHP Draft Prospectus:PDF
RHP Draft Prospectus:PDF

Orkla India IPO Review & Key Points

  • Review:

Orkla India IPO Market Lot

The Orkla India IPO minimum market lot is 20 shares with ₹14,600 application amount. The retail investors can apply up-to 13 lots with 260 shares of ₹1,89,800 amount.

ApplicationLot SizeSharesAmount
Retail Minimum120₹14,600
Retail Maximum13260₹1,89,800
S-HNI Minimum14280₹2,04,400
B-HNI Minimum691,380₹10,07,400

IPO Reservation

Investor CategoryShare Offered% Shares
Anchor Investor Shares Offered68,43,900 Shares29.96%
QIBs Shares Offered45,62,602 Shares19.97%
NII Shares Offered34,21,951 Shares14.98%
Retail Shares Offered79,84,551 Shares34.95%

Orkla India IPO Anchor Investors

Anchor Bidding DateOctober 28, 2025
Anchor Investors ListPDF
Shares Offered68,43,900 Shares
Anchor Size499.60 Cr.
lock-in period end date 50% shares (30 Days)December 3, 2025
lock-in period end date 50% shares (90 Days)February 1, 2026

Orkla India IPO Dates

The Orkla India IPO date is October 29 and the close date is October 31. The Orkla India IPO allotment will be finalized on November 3 and the IPO listing on November 6.

IPO Open Date:October 29, 2025
IPO Close Date:October 31, 2025
Basis of Allotment:November 3, 2025
Refunds:November 4, 2025
Credit to Demat Account:November 4, 2025
IPO Listing Date:November 6, 2025
IPO Bidding Cut-off Time:October 31, 2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Orkla Asa, Orkla Asia Holdings As and Orkla Asia Pacific Pte Ltd.

ParticularShares% Share
Promoter Holding Pre Issue13,69,89,23090%
Promoter Holding Post Issue13,69,89,23075%

Objects of the Issue & Utilisation of proceeds

PurposeCrores
Fees and commissions payable to the Book Running Lead Managers (including any underwriting commission, brokerage and selling commission)
Advertising and marketing expenses for the Offer
Fees payable to the Registrar to the Offer
Commission/processing fee for SCSBs, Sponsor Bank(s) and Bankers to the Offer. Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs
Printing and distribution of Offer stationery
Other expenses including, listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees and other regulatory expenses
Fees payable to other intermediaries to the Offer, including but not limited to Statutory Auditor, independent chartered accountant, practicing company secretary and industry data provider
Fee payable to legal counsels
Miscellaneous

About Orkla India IPO

Incorporated in 1924, Orkla India was initially known as MTR Foods is one of the leading multi-category Indian food companies, involved in offering a diverse range of products that can be used in every meal, from breakfast, lunch, dinner, snacks, beverages, and dessert. The company’s portfolio includes a wide range of products such as Sambar Masala, Chicken Masala, Puliogare Masala, Rasam Masala, and Meat Masala, in blended spices, Chilli, Kashmiri Chilli, Turmeric, Coriander, Cumin, and over 400 products across various categories. The company sells its products under the brands MTR and Eastern. They also offer Convenience Food Products such as Gulab Jamun Mix, Rava Idli Mix, 3-Minute Poha, and Dosa Mix that will allow simple and tasty cooking preparation in no time. As of now, the company comprises 843 distributors and 1800 sub-distributors spanning 28 states and 5 union territories.

Orkla India IPO Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpensePATAssets
2023₹2201.44₹1943.72₹339.13₹3101.96
2024₹2387.99₹2083.37₹226.33₹3375.19
2025₹2455.24₹2066.15₹255.69₹3171.30
June 2025₹605.38₹499.30₹78.92₹3,158.20

Orkla India IPO Valuation – FY2025

Check Orkla India IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

KPIValues
ROE:-%
ROCE:32.7%
EBITDA Margin:16.6%
PAT Margin:10.7%
Debt to equity ratio: NA
Earning Per Share (EPS):₹18.7 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):13.8%
Net Asset Value (NAV):₹135.3

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Tata Consumer Products Limited13.185.96.4202.117,811.55 Cr.

IPO Lead Managers aka Merchant Bankers

  • ICICI Securities Limited
  • Citigroup Global Markets India Private Limited
  • J.P. Morgan India Private Limited
  • Kotak Mahindra Capital Company Limited

Company Address

Orkla India Limited
No.1, 2nd and 3 rd Floor, 100 Feet Inner Ring Road
Ejipura, Ashwini Layout,
Vivek Nagar
Bengaluru, Karnataka
Phone: +91 80 4081 21
Email: investors@orklaindia.com
Website: http://www.orklaindia.com/

IPO Registrar

KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: orklaindia.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

Orkla India IPO FAQs

What is Orkla India IPO?

Orkla India IPO is a Mainboard IPO. The company is going to raise ₹1,667.54 Crores via IPO. The issue is priced at ₹695 to ₹730 per equity share. The IPO is to be listed on BSE & NSE.

When Orkla India IPO will open for subscription?

The IPO is to open on October 29, 2025 for QIB, NII, and Retail Investors. The IPO will close on October 31, 2025.

What is Orkla India IPO Investors Portion?

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

How to Apply the Orkla India IPO?

You can apply for Orkla India 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.

What is Orkla India IPO Issue Size?

Orkla India IPO issue size is ₹1,667.54 crores.

What is Orkla India IPO Price Band?

Orkla India IPO Price Band is ā‚¹695 to ₹730.

What is Orkla India IPO Lot Size?

The minimum bid is 20 Shares with ₹14,600 amount.

What is the Orkla India IPO Allotment Date?

Orkla India IPO allotment date is November 3, 2025.

What is the Orkla India IPO Listing Date?

Orkla India IPO listing date is November 6, 2025. The IPO is to list on BSE & NSE.

Note: The Orkla India IPO price band and date are officially announced. The (Orkla India IPO grey market premium) will be added to the IPO GMP page as it will start).

Table of Contents

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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.
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Jagat Joshi

8 Responses

  1. your estimate of 8.5% on the opening of this script went wrong requesting you to make proper study as people rely on your estimations

    1. Hello Sameer,

      As per the demand the IPO is suppose to list as predicted but its a behaviour of the buyers and sellers. Market is also down today so mix of such things led the IPO list lower.

  2. You should have DEMAT account. Then you can apply through ASBA service from your bank’s netbanking portal by keeping sufficient fund in the bank account.

  3. PAT reports have reduced year on year.
    Will this IPO promise a good long term
    return ?? Please guide.

  4. PAT reports have reduced year on year.
    Will this IPO promise a good long term return? Please guide.

  5. You describe very good details of this ipo but you do not describe what is company brief history