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.

Penna Cement IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
October 20, 2021

Penna Cement IPO date is not announced yet. The company filed DRHP with SEBI for ₹1550 crores IPO. The company got SEBI’s go ahead to float an IPO. The company file the RHP in coming weeks / months for an IPO.

Penna Cement IPO to raise ₹1550 Crores from the primary market. The IPO comprises fresh issue of 1300 crore and offer for sale of ₹250 crore. Penna Cement incorporated in 1991 and one of the largest cement companies in India with an installed cement capacity of 10 Million Tonnes Per Annum. The company is trusted brand in southern and western India. They have clients which are mall house owners to organised real estate developers and from various state governments to global construction majors. The retail portion of the IPO might be 35% while QIB is 50% and NII is 15%. Penna Cement IPO to list on NSE and BSE both the indices. Stay tuned for Penna Cement IPO details.

Important Details:

The company reported revenue of ₹2476 crores in 2020-21with operating profit was at ₹480 crores. They made a net profit of ₹152 crores in the financial year.

Penna Cement IPO Review

Adding Soon

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Hem Securities: Adding Soon
ICICI Securities: Adding Soon

Penna Cement IPO Date & Price Band

IPO Open:	–
IPO Close:	–
IPO Size:	Approx ₹1550 Crores
Face Value:	₹10 Per Equity Share
Price Band:	₹ to ₹ Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	– Shares

Penna Cement IPO Market Lot

The Penna Cement IPO minimum market lot is – shares with ₹- application amount. The retail investors can apply up-to – lots with – shares or ₹- amount.

Minimum Lot Size:	Minimum – Shares
Minimum Amount:	₹-
Maximum Lot Size:	Maximum – Shares
Maximum Amount:	₹-

Penna Cement IPO Allotment & Listing

The Penna Cement IPO date is (Adding Soon) and the close date is (Adding Soon). The allotment will be finalized on (Adding Soon) and the IPO may list on (Adding Soon).

Basis of Allotment:	–
Refunds:	–
Credit to Demat Account:	–
Listing Date:	–

Penna Cement IPO Form

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

Penna Cement Company Financial Report

They made a net profit of ₹152 crores in 2020-2021.

₹ in Crores
	Revenue	Expense	PAT
2018	₹-	₹-	₹-
2019	₹-	₹-	₹-
2020	₹-	₹-	₹-
2021	₹-	₹-	₹-

Company Promoters

P. Prathap Reddy
Pioneer Builders
P R Cement Holdings Limited

About Penna Cement

Penna Cement is one of the largest privately held cement companies in India, with an installed cement capacity of 10 Million Tonnes Per Annum.

Founded in 1991, Penna Cement has established itself as one of the most trusted cement brands, with significant footprints in southern and western India. Our clientele ranges from small house owners to organised real estate developers and from various state governments to global construction majors.

Over the last two decades, we have grown organically by developing in-house expertise and capabilities, across the entire value chain in the cement industry. All our cement plants are equipped with state-of-the-art technology, enabling the company to deliver the superior quality products.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

INITIAL PUBLIC OFFER OF UP TO [ • ] EQUITY SHARES OF FACE VALUE OF ’10 EACH (“EQUITY SHARES”) OF PENNA CEMENT INDUSTRIES LIMITED (“COMPANY” OR “ISSUER”) FOR CASH AT A PRICE OF ‘[●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ‘[●] PER EQUITY SHARE) AGGREGATING UP TO ‘15,5 00 MILLION COMPRISING A FRESH ISSUE OF UP TO [ • ] EQUITY SHARES AGGREGATING UP TO ‘13,000 MILLION (“FRESH ISSUE”) AND AN OFFER FOR SALE OF UP TO [ • ] EQUITY SHARES BY OUR PROMOTER, P R CEMENT HOLDIINGS LIMITED ( “SELLING SHAREHOLDER”) AGGREGATING UP TO ‘2,5 00 MILLION (“OFFER FOR SALE” AND TOGETHER WITH THE FRESH ISSUE THE “OFFER” ). THE OFFER WILL CONSTITUTE [●]% OF OUR POST – OFFER PAID – UP EQUITY SHARE CAPITAL. OUR COMPANY AND THE SELLING SHAREHOLDER, IN CONSULTATION WITH THE MANAGERS , MAY CONSIDER A PRE – IPO PLACEMENT OF SPECIFIED SECURITIES FOR A CASH CONSIDERATION AGGREGATING UP TO ₹ 5,000 MILLION. THE PRE – IPO PLACEMENT, IF UNDERTAKEN, WILL BE AT A PRICE TO BE DECIDED BY OUR COMPANY AND THE SELLING SHAREHOLDER IN CONSULTATION WITH THE MANAGERS , AND THE PRE – IPO PLACEMENT WILL BE COMPLETED PRIOR TO FILING OF THE RED HERRING PROSPECTUS WITH THE ROC. IF THE PRE – IPO PLACEMENT IS UNDERTAKEN, THE AMOUNT R AISED FROM THE PRE – IPO PLACEMENT WILL BE REDUCED FROM THE FRESH ISSUE, SUBJECT TO COMPLIANCE WITH RULE 19(2)(B) OF THE SCRR. THE FACE VALUE OF THE EQUITY SHARES IS ’10 EACH. THE PRICE BAND AND THE MINIMUM BID LOT WILL BE DECIDED BY OUR COMPAN Y AND THE SELLING SHAREHOLDER IN CONSULTATION WITH THE MANAGERS , AND WILL BE ADVERTISED IN ALL EDITIONS OF [ • ], ALL EDITIONS OF [ • ] AND ALL EDITIONS OF [ • ] (WHICH ARE WIDELY CIRCULATED ENGLISH, HINDI AND TELUGU NEWSPAPERS, TELUGU BEING THE REGIONAL LANGUAGE OF TELANGANA , WHERE OUR REGISTERED OFFICE IS LOCATED) AT LEAST TWO WORKIN G DAYS PRIOR TO THE BID/ OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO THE BSE LIMITED (“BSE”) AND THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED ( (“NSE” ) , AND TOGETHER WITH BSE, THE “STOCK EXCHANGES”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE WEBSITES.

Penna Cement IPO Registrar

KFin Technologies Private Limited
Selenium , Tower B Plot No – 31 and 32,
Financial District, Nanakramguda Serilingampally
Hyderabad 500 032 Rangareddi, Telangana
Tel: +91 40 6716 2222
E-mail : pennacement.ipo@kfintech.com
Investor g rievance E-mail : einward.ris@kfintech.com
Website : www.kfintech.com
Contact p erson : M Murali Krishna
SEBI r egistration no : INR000000221

Note: Check Penna Cement IPO allotment status on KFintech website allotment URL. Click Here

Penna Cement IPO Lead Managers

Edelweiss Financial Services Limited
Axis Capital Limited
ICICI Securities Limited
JM Financial Limited
YES Securities (India) Limited

Company Address

PENNA CEMENT INDUSTRIES LIMITED
H.No. 8-2-268/A/1/S & S1,
Plot No. 705, Road No. 3,
Banjara Hills, Hyderabad 500034
Contact Person: Raj Kumar Singh
Company Secretary and Compliance Officer
Tel: +91 40 4456 5100
Fax: +91 40 44565222/ +91 40 4456 5310
E-mail:cs@pennacement.com
Website: www.pennacement.com

Penna Cement IPO FAQs

What is Penna Cement IPO?

Penna Cement IPO is a main-board IPO. They are going to raise ₹1550 Crores via IPO. The issue is priced at – to – per equity share. The IPO to be listed on BSE & NSE.

When Penna Cement IPO will open?

The IPO is to open on (not announced yet) for QIB, NII, and Retail Investors.

What is Penna Cement IPO Investors Portion?

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

How to Apply the Penna Cement IPO?

You can apply Penna Cement IPO via ASBA online via your bank account. You can also apply 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 Penna Cement IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Penna Cement”. 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.

What is Penna Cement IPO Size?

Penna Cement IPO size is ₹1550 crores.

What is Penna Cement IPO Price Band?

Penna Cement IPO Price Band is ₹- to ₹-.

What is Penna Cement IPO Minimum and Maximum Lot Size?

The minimum bid is – Shares with ₹- amount while maximum bid is – shares with ₹-.

What is Penna Cement IPO Allotment Date?

Penna Cement IPO allotment date is not announced yet.

What is Penna Cement IPO Listing Date?

Penna Cement IPO listing date is not announced yet. The IPO to list on BSE and NSE.

Note: The Penna Cement IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Penna Cement IPO GMP) will be added on the IPO grey market page as it will start)

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.