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.

Ruchi Soya FPO Date, Review, Price, Allotment & Analysis Details

By Jagat Joshi
April 1, 2022

Ruchi Soya FPO date is fixed, the IPO is to open on 24 March and will close on 28 March 2022. The company to divest around 17% stake of the promoter company Patanjali. The Ruchi Soya FPO aims to raise ₹4300 crores. The FPO retail quota is 35%, QIB 50% and NII is 15%

Ruchi Soya Industries is a part of the Patanjali Group, which was incorporated in 1986. They are one of the leading FMCG brands in the Edible Oil Sector and Soya Foods in India. They have a good presence across the entire value chain from farm to work with secured access to palm oil plantations in India. They have around 22 manufacturing units with a refining capacity of over 11000 tonnes per day, a seed crushing capacity of 11000 tonnes per day, and a packaging capacity of 10000 tonnes per day. The product range includes Mahakosh Oil, Sunrich Oil, Ruchi Gold Oil, Nutrela Oil, Nutrela Soya Foods, Nutrela New Products, Ruchi Star Soyabean Oil, Vanaspati, and Bakery Fats.

Ruchi Soya is one of the largest exporters of oil meals from India. They are Government recognized Export house as well. They export their products to Vietnam, Japan, Indonesia, Malaysia, South Korea, Europe, and the Middle East. They won prestigious awards from SOPA for the ‘Highest Manufacturer Exporter’ and by GLOBOIL for Highest Exporter of Oil meals for many years. You can check Ruchi Soya FPO subscription status and Ruchi Soya FPO allotment status on their respective pages.

Important Details:

Promoter Company Patanjali owns around 98.90% stake in the company.
The company is a part of the Patanjali Group.
The divestment will be around a 17% stake via Ruchi Soya FPO.
Patanjali acquired the Ruchi Soya (Nutrela brand of products) in 2019 for around ₹4,350 crores.
The revenues increased YOY and the profit is looking good in 2020 while decreasing in 2020.
The stock price increased from 21 in Feb 2022 to 960 in March 2022.
They have strong network distribution of 100 sale depots, 4700+ distributors, and 457000+ retail outlets.
‘Ruchi Gold‘ brand has a market leadership position.

Ruchi Soya FPO Review (Good or Bad)

Apply with Short Term to Long Term View

Brokerage Firm FPO Reviews

Marwadi Financial Services: Subscribe
Axis Capital: Neutral
ICICI Securities: Neutral
JM Financial: Neutral
KR Choksey: Subscribe
Swastika Investment: Apply for long term

Ruchi Soya FPO Date & Price Band

FPO Open:	24 March 2022
FPO Close:	28 March 2022
FPO Size:	Approx ₹4300 Crores (100% Book Built Issue)
Face Value:	₹2 Per Equity Share
Price Band:	₹615 to ₹650 Per Share
Listing on:	BSE & NSE
Retail Quota:	35%
QIB Quota:	50%
NII Quota:	15%
Discount:	N/A
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

Ruchi Soya FPO Market Lot

The Ruchi Soya FPO minimum market lot is 21 shares with ₹13,650 application amount. The retail investors can apply up-to 14 lots, 294 shares with ₹191,100 application amount.

Minimum Lot Size:	Minimum 21 Shares
Minimum Amount:	₹13,650
Maximum Lot Size:	Maximum 294 Shares
Maximum Amount:	₹191,100

Ruchi Soya FPO Allotment & Listing Dates

The Ruchi Soya FPO date is 24 March 2022 and the FPO close date is 28 March 2022. The IPO allotment date is 05 April 2022 and the FPO may list 08 April 2022.

Price Band Announcement:	21 March 2022
Anchor Investors Allotment:	23 March 2022
FPO Open Date:	24 March 2022
FPO Close Date:	28 March 2022
Basis of Allotment:	05 April 2022
Refunds:	06 April 2022
Credit to Demat Account:	07 April 2022
FPO Listing Date:	08 April 2022

Ruchi Soya FPO Form

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

Ruchi Soya Company Financial Report

₹ in Crores
	Revenue	Expense	PAT
2018	₹12029	₹18040	-₹5573
2019	₹12829	₹12753	₹34
2020	₹13175	₹12965	₹7715
2021	₹16383	₹15869	₹681
2022 6M	₹11307	₹10848	₹338

Ruchi Soya IPO Valuation

Check Ruchi Soya 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):	₹23.02 per Equity Share
Price/Earning P/E Ratio:	34.70
Return on Net Worth (RoNW):	78.60%
Net Asset Value (NAV):	₹137.35 per Equity Share

Peer Group

Dabur Limited
Britannia Industries Limited
Nestle India Limited
Agro Tech Foods Limited
Zydus Wellness Limited
Godrej Agrovet Limited
Marico Limited
ITC Limited

Company Promoters

Acharya Balkrishna
Ram Bharat
Snehlata Bharat
Patanjali Ayurved Limited
Patanjali Parivahan Private Limited
Divya Yog Mandir Trust
Patanjali Gramudyog Nayas
Ruchi Soya Industries Limited Beneficiary Trust
Yogakshem Sansthan
Vedic Broadcasting Limited
Patanjali Peya Private Limited
Patanjali Natural Biscuits Private Ltd
Divya Packmaf Private Ltd
Vedic Ayurmed Pvt Ltd
Sanskar Info TV Pvt Ltd
Patanjali Agro India Pvt Ltd
SS Vitran Healthcare Pvt Ltd
Patanjali Paridhan Pvt Ltd
Gangotri Ayurveda Limited
Swasth Aahar Pvt Ltd
Patanjali Renewable Energy Pvt Ltd

About Ruchi Soya

Since it’s incorporation in 1986, Ruchi Soya Industries Limited (Ruchi Soya) has evolved as an integrated player in the edible oil business with a presence across the entire value chain, from farm to fork with secured access to palm oil plantations in India. Today Ruchi soya features among the Top FMCG players as one of the leading manufacturer & marketer of healthy range of Edible Oils and a Pioneer of Soya Foods in India. It is also one of the largest palm plantation companies in India.

Today, Ruchi Soya owns 22 manufacturing units that cumulatively translate to a refining capacity of over 11000 tonnes per day, seed crushing capacity of 11000 tonnes per day and packaging capacity of 10000 tonnes per day. A Pan-India presence with strategically located manufacturing facilities striking the right balance between proximity to raw materials and markets coupled with an extensive distribution network and a large sales force in India has enabled the company to have smooth operations, higher production to meet the ever increasing domestic demand and has also enabled it to export by-products such as soya meal, lecithin and other food ingredients to other countries. Ruchi soya has access to exclusive procurement rights to over two lakh hectares of land in India with a potential of palm oil cultivation.

Ruchi Soya FPO Registrar

Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai – 400083
Phone: +91-22-4918 6270
Email: ruchisoya.fpo@linkintime.co.in
Website: https://www.linkintime.co.in

Ruchi Soya FPO Allotment Status Check

Check Ruchi Soya FPO allotment status on Linkintime website allotment URL. Click Here

Ruchi Soya FPO Lead Managers

Axis Capital Limited
ICICI Securities Limited
SBI Capital Markets Limited

Company Address

Ruchi Soya Industries Ltd
Ruchi House, Royal Palms, Survey No. 169,
Aarey Milk Colony, Near Mayur Nagar,
Goregaon (East), Mumbai 400 065
Phone: +91 22 6109 0100 / 200
Email: ruchisoyasecretarial@ruchisoya.com
Website: http://www.ruchisoya.com/

Ruchi Soya FPO FAQs

What is Ruchi Soya FPO?

Ruchi Soya FPO is a main-board FPO. They are going to raise ₹4300 Crores via FPO. The issue is priced at ₹615 to ₹650 per equity share. The FPO to list on BSE & NSE.

When Ruchi Soya FPO will open?

The FPO is to open on 24 March 2022 for QIB, NII, and Retail Investors.

What is Ruchi Soya FPO Investors Portion?

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

How to Apply the Ruchi Soya FPO?

You can apply Ruchi Soya FPO 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 Ruchi Soya FPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on FPO. You will see the FPO Name “Ruchi Soya”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit FPO 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 Ruchi Soya FPO through Upstox?

Log in to Upstox Application with your credentials. Select the FPO. You will see the FPO Name “Ruchi Soya”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve – mandate. Open Demat Account with Upstox.

How to Apply the PE Analytics IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Ruchi Soya”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve – mandate. Open Demat Account with Paytm Money.

What is Ruchi Soya FPO Size?

Ruchi Soya FPO size is ₹4300 crores.

What is Ruchi Soya FPO Price Band?

Ruchi Soya FPO Price Band is ₹615 to ₹650 per equity share.

What is Ruchi Soya FPO Minimum and Maximum Lot Size?

The minimum bid is 21 shares with ₹13,650 amount while the maximum bid is 294 shares with ₹191,100.

What is Ruchi Soya FPO Allotment Status Date?

Ruchi Soya FPO allotment date is 05 April 2022.

What is Ruchi Soya FPO Listing Date?

Ruchi Soya FPO listing date is 08 April 2022. The FPO to list on BSE and NSE.

Note: The Ruchi Soya FPO details are not announced yet, we will update as it will be officially announced. The FPO grey market premium (Ruchi Soya FPO Premium) started and was updated on the respective page. You can check our FPO grey market page for daily updates.)

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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.