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.

Refractory Shapes IPO Date, Review, Price, Allotment Details

By IPOWatch Team
May 7, 2024

Refractory Shapes IPO Details: Refractory Shapes IPO date is fixed, The IPO will open on May 6 and will close on May 9. Refractory Shapes is a NSE SME IPO to raise ₹18.60 crores via IPO. The Refractory Shapes IPO price band is fixed at ₹27 to ₹31 with a market lot of 4000 shares.

Refractory Shapes Limited started developing and supplying products to Refineries and Steel Industries since its inception in 1973. In the years 2007 and 2011, their Company had for the first time became an approved vendor with Engineer India Limited (“The EIL”) and also got enlisted with EIL for “High Alumina Refractory Bricks”, their Company is the Original Equipment Manufacturer in many projects executed by EIL, which increased the opportunities of their Company in many green field projects, this EIL enlistment is re-validated every 3 years.

The tailored products shaped by the Company find their application in a diverse range of Industries, including Steel, Refineries, Fertilizers, Petrochemicals, Glass, Cement, etc. The company’s refractories are engineered to endure the harsh conditions of these industries, contributing to enhanced operational efficiency and extended equipment life. The tailored-finished goods provide diversity in the products being manufactured by their Company wherein modern manufacturing equipment is installed for scaling the manufacturing.

In addition to the manufacturing activity being carried out by the Company, Refractory Shapes is often involved in receiving orders for those items from clients that are not a part of the Company’s operations in manufacturing activities. These items include Metallic Anchors which are used as support for installing refractory castables for which Raw Materials such as tabular alumina, low alumina bricks insulation bricks, etc are required, For such orders, their company procures these items from their approved vendors and sells to the clients, hence, their Company is also involved in trading of the aforesaid products.

Objects of the Issue:

Funding of Capital expenditure towards civil construction required for Expanding and setting up a new manufacturing unit at the existing location situated at Wankaner, Gujarat.
Funding of Capital expenditure towards the purchase of Plant and machinery for Expanding and setting up a new manufacturing unit at the existing location situated at Wankaner, Gujarat.
Purchase of commercial vehicle.
General corporate purposes.

Refractory Shapes IPO Review

May Apply

Refractory Shapes IPO Date & Price Band Details

IPO Open:	May 6, 2024
IPO Close:	May 9, 2024
IPO Size:	Approx ₹18.60 Crores, 6,000,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹27 to ₹31 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	35% of the net offer
QIB Quota:	50% of the net offer
NII Quota:	15% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Refractory Shapes IPO Market Lot

The Refractory Shapes IPO minimum market lot is 4000 shares with a ₹124,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	4000	₹124,000
Retail Maximum	1	4000	₹124,000
S-HNI Minimum	2	8000	₹248,000

Refractory Shapes IPO Dates

The Refractory Shapes IPO date is May 6 and the IPO close date is May 9. The IPO allotment date is May 10 and the IPO might list on May 14.

IPO Open Date:	May 6, 2024
IPO Close Date:	May 9, 2024
Basis of Allotment:	May 10, 2024
Refunds:	May 13, 2024
Credit to Demat Account:	May 13, 2024
IPO Listing Date:	May 14, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Refractory Shapes IPO Form

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

Refractory Shapes Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹21.80	₹19.68	₹1.56
2022	₹26.22	₹22.84	₹2.87
2023	₹38.72	₹36.23	₹1.92
September 2023	₹19.57	₹16.44	₹2.32

Refractory Shapes IPO Valuation – FY2023

Check Refractory Shapes IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	₹1.21 per Equity Share
Price/Earning P/E Ratio:	[.]
Return on Net Worth (RoNW):	11.49%
Net Asset Value (NAV):	₹10.56 per Equity Share

Peer Group

S P Refractories Limited
IFGL Refractories Limited

Company Promoters

Mr. Dayashankar Krishna Shetty
Ms. Pratibha Dayashankar Shetty
Ms. Prajna Shravan Shetty

Refractory Shapes IPO Registrar

Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com

Refractory Shapes IPO Allotment Status

Check Refractory Shapes IPO allotment status on Bigshare website URL. Click Here

Refractory Shapes IPO Lead Managers aka Merchant Bankers

Shreni Shares Limited

Company Address

Refractory Shapes Limited
B 201, Rustomjee Central Park Chakala,
Andheri-Kurla Road, Andheri (East),
Mumbai – 400069
Phone: +91 9819995930
Email: investors@refshape.com
Website: https://www.refshape.com/

Refractory Shapes IPO FAQs

What is Refractory Shapes IPO?

Refractory Shapes IPO is an NSE SME IPO. They are going to raise ₹18.60 Crores via IPO. The issue is priced at ₹27 to ₹31 per equity share. The IPO is to be listed on NSE.

When Refractory Shapes IPO will open?

The IPO is to open on May 6, 2024 for QIB, NII, and Retail Investors.

What is Refractory Shapes IPO Investors Portion?

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

How to Apply the Refractory Shapes IPO?

You can apply Refractory Shapes 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.

How to Apply the Refractory Shapes IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Naman In-Store (India)”. 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. Open Demat Account with Zerodha.

How to Apply the Refractory Shapes IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Naman In-Store (India)”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Refractory Shapes IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Naman In-Store (India)”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Refractory Shapes IPO Size?

Refractory Shapes IPO size is ₹18.60 crores.

What is Refractory Shapes IPO Price Band?

Refractory Shapes IPO Price Band is ₹27 to ₹31 per equity share.

What is Refractory Shapes IPO Minimum and Maximum Lot Size?

The IPO bid is 4000 shares with ₹124,000.

What is Refractory Shapes IPO Allotment Date?

Refractory Shapes IPO allotment date is May 10, 2024.

What is Refractory Shapes IPO Listing Date?

Refractory Shapes IPO listing date is May 14, 2024. The IPO to list on NSE SME.

Note: The Refractory Shapes IPO details are announced officially. The IPO grey market premium (Refractory Shapes IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.