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.

Policybazaar IPO GMP, Grey Market Premium & Kostak Rates Today

IPO Watch

Check out PB Fintech aka Policybazaar IPO GMP aka IPO Grey Market Premium, Kostak rates, and Subject to Sauda rates as of today. Policybazaar IPO GMP looking good for last few days, trading around 150 level. Stay tuned for the latest IPO GMP numbers of Policybazaar IPO.

Policybazaar IPO to hit the market on November 01 as per the RHP documents. The company to raise ₹6017 crores via IPO ₹3750 crore of fresh issue and offer for sale up to ₹2267.50 crore. The company reported revenue of ₹957 crores in 2021 against the revenues of ₹856 crores in 2020. The loss was stood at ₹141.91 crores in 2021 against ₹294.84 crores in 2020. The company is still looking to make a profit but the revenue increasing YOY make sense that we might see the company in profit in coming years. The IPO price band is fixed at ₹940 to ₹980. The Policybazaar IPO to list on NSE and BSE.

PolicyBazaar

    What is Policybazaar IPO GMP Today?

    • The Policybazaar IPO GMP aka grey market premium is ₹165.

    What is Policybazaar IPO Kostak Rates Today?

    • The Policybazaar IPO kostak rate is ₹-.

    What is Policybazaar IPO Subject to Sauda Price Today?

    • The Policybazaar IPO subject to sauda rates is ₹-.

    Policybazaar IPO Expected Returns?

    • The Policybazaar expected return is 10%.

    Policybazaar IPO GMP Live Rates day by day with Kotak rates.

    Date
    GMP
    Kostak Subject to
    16 November ₹165 ₹- ₹-
    15 November ₹150 ₹- ₹-
    11 November ₹60 ₹- ₹-
    10 November ₹60 ₹- ₹-
    09 November ₹90 ₹300 ₹1500
    08 November ₹90 ₹300 ₹1500
    07 November ₹90 ₹300 ₹1500
    06 November ₹90 ₹300 ₹1500
    05 November ₹80 ₹300 ₹1500
    04 November ₹80 ₹300 ₹1500
    03 November ₹80 ₹300 ₹1500
    02 November ₹100 ₹300 ₹1500
    01 November ₹150 ₹300 ₹2000
    31 October ₹150 ₹300 ₹2000
    30 October ₹150 ₹300 ₹2000
    29 October ₹180 ₹300 ₹2000
    28 October ₹180 ₹300 ₹2000
    27 October ₹220 ₹400 ₹3000
    26 October ₹220 ₹400 ₹3000
    25 October ₹220 ₹400 ₹3000
    24 October ₹250 ₹400 ₹3000
    23 October ₹250 ₹400 ₹3000
    22 October ₹250 ₹400 ₹3000
    21 October ₹250 ₹400 ₹3000
    20 October ₹250 ₹400 ₹3000
    19 October ₹250 ₹400 ₹3000
    18 October ₹250 ₹400 ₹3000
    17 October ₹250 ₹250 ₹2000
    16 October ₹250 ₹250 ₹2000
    15 October ₹250 ₹400 ₹3000
    14 October ₹200 ₹200 ₹2000
    13 October ₹200 ₹200 ₹2000
    12 October ₹250 ₹300 ₹2500
    11 October ₹300 ₹300 ₹3000
    10 October ₹- ₹- ₹-
    09 October ₹- ₹- ₹-

    Read Also:

    PolicyBazaar IPO Date & Price Band

     IPO Open:  01 November 2021
     IPO Close:  03 November 2021
     IPO Size:  Approx ₹6017.50 Crores
     Fresh Issue:  Approx ₹3750 Crores
     Offer for Sale:  Approx ₹2267.50 Crores
     Face Value:  ā‚¹2 Per Equity Share
     Price Band:  ā‚¹940 to ₹980 Per Share
     Listing on:  BSE & NSE
     Retail Portion:  10%
     Discount:  N/A

    PolicyBazaar IPO Market Lot

    The PolicyBazaar IPO minimum market lot is 15 shares with ₹14,700 application amount. The retail investors can apply up-to 13 lots, 195 shares with ₹191,100 application amount.
     Minimum Lot Size:  Minimum 15 Shares
     Minimum Amount:  ā‚¹14,700
     Maximum Lot Size:  Maximum 195 Shares
     Maximum Amount:  ā‚¹191,100

    PolicyBazaar IPO Date, Time Table, Allotment & Listing

    The PolicyBazaar IPO date is 01 November 2021 and the IPO close date is 03 November 2021. The allotment date is 10 November 2021 and the IPO may list on 15 November 2021.
     Price Band Announcement:  26 October 2021
     Anchor Investors Allotment:  29 October 2021
     IPO Open Date:  01 November 2021
     IPO Close Date:  03 November 2021
     Basis of Allotment:  10 November 2021
     Refunds:  11 November 2021
     Credit to Demat Account:  12 November 2021
     IPO Listing Date:  15 November 2021

    Policybazaar IPO GMP aka Grey Market Premium FAQs:

    What is Policybazaar IPO GMP Today?

    Policybazaar IPO GMP is ₹150 as on today.

    What is Policybazaar IPO Kostak Rate Today?

    Policybazaar IPO Kostak Rate is ₹- as on today.

    What is Policybazaar IPO Subject to Sauda Today?

    Policybazaar IPO Subject to Sauda is ₹- as on today.

    What is Policybazaar IPO Expected Returns?

    Policybazaar IPO Expected Returns is 10% .

    Disclaimer:

    •  IPO Grey Market Premium (Policybazaar IPO GMP) mention is valid for the specific date as mentioned in the header.
    •  We are not buying and selling IPO forms on IPO Grey Market.
    •  Kostak Rate is the premium one gets by selling his/her IPO application (in an off-market transaction) to someone else even before allotment or listing of the issue.
    • Do not subscribe for IPO by just seeing premium Price as it may change anytime before listing. Subscribe only considering Fundamental of the companies.

    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