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.

Quadrant Future Tek IPO Review, Analysis, Good or Bad

By Jagat Joshi
January 7, 2025

Quadrant Future Tek IPO is scheduled to open on January 7, 2025, and close on January 9, 2025. The price range for Quadrant Future Tek IPO is ₹275 to ₹290 per share with a face value of ₹10 per share, the company plans to raise about ₹290 crores through an initial public offering.

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

Quadrant Future Tek IPO Strengths and Weakness

Strength

As of May 01, 2024, the company started working on innovating train Collision Avoidance Systems and an Electronic Interlocking System under KAVACH for Indian Railways and for other railways as well.
The company specializes in railway signaling and Embedded System Design centers focused on developing Train Control products and solutions.
Over the past three years, the company has shown good profitability by achieving a high return on ROE of 41.3%.

Weakness

The company mostly generates revenue from a few of its key customers, cancellation or delay in delivering their orders or failure or loss of any of the key customers can significantly affect the business, revenue, and cash flow.
Their company mostly works with Indian Railways and Naval manufacturing units. Any big change by the Ministry of Railways could negatively impact the operations and revenue.
The company mostly generates revenue from a few of its key customers, cancellation or delay in delivering their orders or failure or loss of any of the key customers can significantly affect the business, revenue, and cash flow.

Quadrant Future Tek IPO Review

IPO Watch – May Apply
BP Equities (BP Wealth): Apply
Canara Bank Securities Ltd: Apply
Capital Market: May apply
SBICAP Securities Limited: Apply
Ventura Securities Limited: Apply

Quadrant Future Tek IPO Details

IPO Size	₹290 crores
Offer-for-sale	No Offer-for-sale component
Fresh issue	₹290 crores
Price band	₹275 to ₹290
Subscription	Opens on January 7, 2025, and close date is on January 9, 2025
Purpose of IPO	Fresh Issue

1. Quadrant Future Tek IPO Open and closing date?

The opening date of Quadrant Future Tek IPO is January 7, 2025, and the closing date is January 9, 2025.

2. What is the size of the Quadrant Future Tek IPO?

Quadrant Future Tek decided to raise around ₹290 crores through an IPO. This IPO is entirely a fresh issue of ₹290 crores with no Offer-for-sale component with a face value of 10 each.

3. What are the subscription details of the Quadrant Future Tek IPO?

Quadrant Future Tek IPO price band is set at ₹275 to ₹290 per share. In this IPO a total of 50 shares were available in 1 lot size for the minimum Retail category and for the maximum retail category, 650 shares in 13 lot sizes were available. For S-HNI Minimum category 700 shares were available in 14 lot sizes. While for the B-HNI Minimum category 3,450 shares were available in 69 lot sizes.

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

Retail Investors: Minimum investment of ₹14,500 and maximum investment of ₹1,88,500.
Small HNI (S-HNI): Minimum investment of ₹2,03,000.
Big HSI (S-HNI): A minimum investment of ₹10,00,500 is required.

4. What is the Quadrant Future Tek IPO listing Date?

Quadrant Future Tek is a Mainboard IPO whose shares will be listed on January 14, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

5. What are the objectives of the Quadrant Future Tek IPO Issue?

The raised funds will be utilized to complete the company’s ongoing operational needs. Will use the funds for the development of an electronic Interlocking System. Pay and repay all the existing debt taken by the company. At last, use the remaining funds to support general corporate purposes.

6. About Quadrant Future Tek

Quadrant Future Tek was incorporated in 2015 and engages in the business of creating systems and deep research for the operations of trains. This also provides special cables and naval(defense) sectors that were prepared for solar cells and EV cables and have motive behind safety and efficiency of trains. Apart from special cables and cells it also created electron beam irradiated cables for industry assurance and durability.

7. Quadrant Future Tek Financials

Compared to ₹152.95 crore in 2023, the company’s 2024 revenue was ₹151.82 crore. In 2024, the company reported a profit of ₹14.71 crores, compared to ₹13.90 crores in 2023.

8. Quadrant Future Tek IPO Promoters

Mohit Vohra, Amit Dhawan, Amrit Singh Randhawa, Rupinder Singh, Vishesh Abroland Vivek Abrol, Aikjot Singh, And Rajbir Singh Randhawa are the promoters of the company.

9. Who are the Quadrant Future Tek IPO lead managers and registrar?

Sundae Capital Advisors Private Limited is the lead manager of Quadrant Future Tek while Link Intime India Private Limited is the registrar of the company.

10. Should you Apply or not for the Quadrant Future Tek IPO?

Quadrant Future Tek is one of the growing companies known to offer new-generation Train control and Signalling systems that are incorporated to provide extreme safety and dependability to railway customers. Quadrant Future Tek uses advanced technology and an innovation-driver approach making them one of the best in the railway sector. The company also provides cables for the Railway rolling stock and Naval (Defence) industry. These cables are created to offer reliability, durability, and incredible performance no matter what type of environment. Recently the company also got approval from Indian Railways to build the Indigenized KAVACH.

The company also got official approval for the installation of 5 railway stations, 10 trains/locomotives, and 5 Remote Interface Units on the Moula-Ali to Raghunathpalli section of the South Central Railway. Quadrant Future Tek has been growing incredibly their priority is to provide safety and reliability to their customers. Their financial growth and revenue are also amazing making them a trustworthy company. However, investors should apply for this IPO after checking the company’s financial background, and risks and decide if to apply for the IPO or not.

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.