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.

Oswal Pumps IPO Review, Analysis, Good or Bad

By Jagat Joshi
June 11, 2025

The opening date of the Oswal Pumps IPO is June 13, 2025, while the closing date is June 17, 2025. Prostarm Info System’s IPO price band is set between ₹584 to ₹614 per share. At the same time, the face value of the IPO is ₹1 each. The company filed a DRHP to raise funds of around ₹1,387.34 crores through an Initial public offering (IPO).

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

Strengths and Weaknesses of Oswal Pumps IPO

Strengths:

Oswal Pumps is one of the largest suppliers of solar-powered agricultural pumps under the PM Kusum Scheme and is poised to grow further due to its high-quality and strong demand in the industry.
The company is always looking for ways to improve its product designs and ways to reduce its costs with the help of a skilled engineering and design team of 15 employees.
Under the Oswal brand, the company offers a wide range of solar-powered and grid-connected submersible and monoblock pumps, electric motors, as well as solar modules.
What makes Oswal Pumps unique from its competitors is having wide network of 636 distributors across India.

Weaknesses:

Oswal Pumps mostly runs its business by supplying turnkey solar pumping systems via various tenders under the PM Kusum Scheme. However, there is no guarantee that the government will keep running the scheme or that we will win future bids. If the government stops this scheme or fails to get the new contracts, it can negatively affect the business’s financial performance.
The company is reliant on the agricultural sector for irrigating fields, and if there are any negative changes in the agricultural sector, it can badly affect the business’s financial performance, cash flows, and profits.
Oswal Pumps mainly earns revenue by selling its products in states like Haryana, Maharashtra, Uttar Pradesh, and Rajasthan. If there is any negative changes happen in these states can adversely affect the business, profits, and financial health.
Its business mostly generates revenue via the top 10 customers. Losing any of those customers can negatively affect the business, financial health, and cash flow.

Oswal Pumps IPO Details

IPO Size	₹1,387.34 crores
Offer-for-sale	81,00,000 equity shares
Fresh issue	₹890 crores
Price band	₹584 to ₹614
Subscription	Opens on June 13, 2025, and the closing date is June 17, 2025
Purpose of IPO	Fresh Issue & Offer-for-Sale

Oswal Pumps IPO Open and closing date?

The Oswal Pumps IPO opening date is June 13, 2025, and the closing date is June 17, 2025.

What is the size of the Oswal Pumps IPO?

Oswal Pumps planned to raise funds of around ₹1,387.34 crores via IPO. This IPO comprises a combination of a fresh issue of ₹890 crores and an offer for sale up to 81,00,000 equity shares with a face value of Rs.1 each.

What are the subscription details of the Oswal Pumps IPO?

The price range of Oswal Pumps IPO is set as ₹584 to ₹614 per share. In this IPO, a total of 24 shares were available in 1 lot size for the minimum Retail category, and for the maximum retail category, 312 shares in 13 lot sizes were available. For the S-HNI Minimum category, 336 shares were available in the 14 lot sizes. While for the B-HNI Minimum category, 1,632 shares were available in 68 lot sizes.

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

Retail Investors: Minimum investment of ₹14,736 and maximum investment of ₹1,91,568.
Small HNI (S-HNI): Minimum investment of ₹2,06,304.
Big HSI (S-HNI): A minimum investment of ₹10,02,048 is required.

What is the Oswal Pumps IPO listing Date?

Oswal Pumps is a Mainboard IPO shares will be listed on June 20, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Oswal Pumps IPO Issue?

The raised funds from the fresh issue will be utilized to handle the investment in the subsidiary, Oswal Solar, in the form of debt or equity, for funding the setting up of new manufacturing units at Karnal, Haryana. Some funds will be used for the Pre-payment/repayment, in part or full, of existing borrowings taken by the Company. At last, use the remaining funds to support general corporate purposes.

About Oswal Pumps

Incorporated in 2003, Oswal Pumps is one of the prominent companies that formerly focused on the manufacturing of low-speed monoblock pumps. Initially, the company decided to expand its business with the manufacturing of grid-connected high-speed monoblock pumps, grid-connected submersible pumps, and electric motors (both induction and submersible types), and solar modules under the brand ‘Oswal’. Their products cater to various industries, such as agricultural for the field irrigation. In commercial places like malls, offices, and hotels, industrial uses for boilers, water treatment, water transport, sewage, and in home uses like for gardening, fountains, water supply for tanks, and cleaning. As of August 31, 2024, Oswal Pumps has completed over 26,270 turnkey orders for solar pumping systems under the PM-KUSUM scheme for various states such as Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

Oswal Pumps Financials

The company reported revenue of ₹761.23 crores in 2024 against ₹387.47 crores in 2023. The company reported a profit of ₹97.67 crores in 2024 against a profit of ₹34.2 crores in 2023.

Oswal Pumps IPO Promoters

The promoters of the company are Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited, and Singh Engcon Private Limited.

Who are the Oswal Pumps IPO lead managers and registrar?

IIFL Capital Services Limited, Axis Capital Limited, Clsa India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited are the lead managers of Oswal Pumps, while MUFG Intime India Private Limited is the registrar of the company.

Should You Apply or Not for the Oswal Pumps IPO?

Whether or not to apply for the Oswal Pumps IPO depends on your investment goals and risk appetite. Oswal Pumps is one of the leading players in the solar-powered agricultural pump market under the PM Kusum Scheme. Over the years, the company has shown incredible growth in revenue and profitability. Having a strong distribution network, strong in-house manufacturing, and a high return on capital makes it an attractive choice for investors to invest in this IPO. In FY24, the company has successfully installed a total of up to 9,383 pumps, showcasing great execution capabilities and operational efficiency. If we talk about the company’s financial performance. In FY24, Oswal Pumps has generated a revenue of ₹696.24 crore from operations in Maharashtra, Haryana, and Rajasthan. If you are confident enough in the continued growth potential of integrated solar pump manufacturers and are seeking a long-term growth opportunity, then you can consider investing in this IPO. However, before applying for this IPO, one must required to check the company’s financial background, cash flow, revenue, and assets.

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.