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.

Quality Power IPO Review, Analysis, Good or Bad

By Jagat Joshi
February 13, 2025

The Quality Power IPO will be opening for subscription on February 14, 2025, and will be closed for subscription on February 18, 2025. Quality Power IPO price band is set between ₹401 to ₹425 per share with a face value of Rs.10 each. The firm has submitted its draft papers intending to raise funds around ₹858.70 crores through an Initial Public Offering (IPO).

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

Strengths and Weaknesses of Quality Power IPO

Strengths:

Initially, the company started its business with the manufacturing of reactors and transformers and gradually expanded its products and services to electrical equipment and solutions for electrical grid connectivity and energy transition.
The company is comprised of a strong research and development team that is ready to provide solutions regarding the energy transition and power technologies sector.
Quality Power is one of the leading companies to provide high-voltage electrical equipment and solutions for electrical grid connectivity and energy transition to many industries, taking a big step toward transforming to decarbonization and renewable energy adoption.
They are renowned for providing high-quality voltage electrical equipment and solutions, resulting in a diversified customer base and long-term relationships. The company has 210 customer base as of March 31, 2024. power utilities, renewable energy players, and industries like automobiles, oil and gas industries, cement, chemical, renewables, traction & locomotives, steel & metal industries, and power utilities are some of their major customers.

Weaknesses:

In India, they have a total of 7 operating facilities at Sangli, Maharashtra, and Aluva, Kerala, and in Turkey at Ankara, any disruption, shutdown, or breakdown of any of the operating facilities can negatively affect the financial growth, financial conditions and cash flows of the company.
Delaying in supplying raw materials, shortage of raw materials, or price fluctuations in the raw materials could adversely affect the company’s financial growth, operations, and cash flow of the company.
For the last three years, 64% of the company’s income is generated from international operations. They plan to expand their business into other regions. However, it may lead the company to risk losing some of its investment in the process, which may significantly impact the company’s financial growth and performance.
Quality power mostly depends on the High-Voltage Direct Current (“HVDC”) and Flexible Alternating Current Transmission Systems (“FACTS”), which depend on the social, economic, and regulatory factors that are out of their control. Any negative effect in this market can lead to financial loss.

Quality Power IPO Details

IPO Size	₹858.70 crores
Offer-for-sale	1,49,10,500 equity shares
Fresh issue	₹225 crores
Price band	₹401 to ₹425
Subscription	Opens on February 14, 2025, and closes on February 18, 2025
Purpose of IPO	Fresh issue and Offer-for-Sale

1. Quality Power IPO Open and Closing Date?

The Quality Power IPO opening date is February 14, 2025, and the closing date of the IPO is February 18, 2025.

2. What is the size of the Quality Power IPO?

The company planned to raise funds around ₹858.70 crores via IPO. This IPO comprises a fresh issue of ₹225 crores and an offer for sale of up to 1,49,10,500 equity shares with a face value of ₹10 each.

3. What are the subscription details for the Quality Power IPO?

A Quality Power IPO price range is set at ₹401 to ₹425 per share. In this IPO a total of 26 shares were available in 1 lot size for the minimum Retail category and for the maximum retail category, 468 shares in 18 lot sizes were available, for the S-HNI Minimum category 494 shares were available in the 19 lot sizes. While for the B-HNI Minimum category 2,366 shares were available in 91 lot sizes.

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

Retail Investors: Minimum investment of ₹11,050 and maximum investment of ₹1,98,900.
Small HNI (S-HNI): Minimum investment of ₹2,09,950.
Big HNI (S-HNI): A minimum investment of ₹10,05,550 is required.

4. What is the listing date of Quality Power IPO?

Quality Power is a Mainboard IPO whose shares will be listed on February 21, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

5. What are the objectives of the Quality Power IPO Issue?

The raised funds will be utilized to handle the Payment of the purchase of Mehru Electrical and Mechanical Engineers Private Limited.
Will use the proceeds for capital expenditure requirements of the Company for the purchase of plant and machinery.
Utilizing the funds for financing business expansion by acquiring other companies and pursuing strategic opportunities.
Lastly, the remaining funds will be utilized for the company’s General Corporate Purposes.

6. About Quality Power

Quality Power, incorporated in 2001, is one of the growing companies that offer high-voltage electrical equipment and solutions for grid connectivity and energy transitions. They are an innovation-led company renowned for providing power products and solutions across power generation, transmission, distribution, and automation sectors. Moreover, they also offer various equipment and solutions mainly for new applicants like large-scale renewables. Their manufacturing facilities have been specialized to meet the quality standards of the global conglomerate clients, including those listed on the Fortune 500. Furthermore, the company’s Test & Research Lab in Sangli is recognized as an independent laboratory that satisfies both Indian and international standards for systems up to 765kV. As of March 31, 2024, the company comprises 163 full-time employees and 372 employees on a contract basis.

7. Quality Power IPO Financials

The company reported revenue of ₹331.4 crores in 2024 against ₹273.55 crores in 2023. The company reported a profit of ₹55.47 crores in 2024 against a profit of ₹39.89 crores in 2023.

8. Quality Power IPO Promoters

Thalavaidurai Pandyan, Chitra Pandyan, Bharanidharan Pandyan, and Pandyan Family Trust are the promoters of the Quality Power company.

9. Who are Quality Power IPO Lead Managers and Registrar?

Pantomath Capital Advisors Pvt Ltd is the lead manager of Quality Power while Link Intime India Private Ltd is the registrar of the company.

10. Should you Apply or Not for Quality Power IPO?

Quality Power is one of the growing companies, Founded in 2001, it is involved in the business of providing energy transition equipment and power technologies. Among many, Quality Power is one of the few companies that manufactures critical high-voltage equipment for High Voltage Direct Current (“HVDC”) and Flexible AC Transmission Systems (“FACTS”) networks globally, with a reported revenue of ₹331.4 crores in 2024. Power utilities, power industries, and renewable energy entities are some of the diverse range of customers they serve too. Over the years, in 2007, India, Quality Power established their operations unit from a single unit to 7 units today in India and overseas, showing their dedication and growth of the company. Asia, the Middle East, North America, South America, Australia, and Europe are some of the regions they provide their services and products. In FY24, the company generated a revenue of ₹3,005.97 million with achieved an ROE of 29.15%, while generating a PAT of ₹554.74 million in FY24, respectively.

Quality Power has an outreach itself with a strong track record of strategic acquisitions to enhance capabilities, assets, customer reach, products, and market presence making Quality Power an attractive choice for investors to invest in. Ultimately, at the end of the day, it’s your decision whether you should apply for this IPO or not or if this IPO is good or bad. We recommend first evaluating the company’s financial growth and potential to avoid any loss of money. For more information and queries please connect with our IPOWatch team, we are always ready to help and solve your queries.

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.