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.

Saatvik Green Energy IPO Review & Investor Guide

By Jagat Joshi
September 19, 2025

Saatvik Green Energy IPO opens on September 19, 2025, and closes on September 23, 2025. The Saatvik Green Energy IPO price band is set between ₹442 to ₹465 per share, with a face value of ₹2 each. As per the RHP, the company plans to raise around ₹900 crores through an IPO.

For investors, it can be quite challenging to decide if the Saatvik Green Energy IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Saatvik Green Energy IPO. This will help you analyze the strengths, risks, and financial details of the Saatvik Green Energy IPO, making your investment decision better.

About Company

Incorporated in 2015, Saatvik Green Energy is one of the leading solar PV module manufacturers in India with an operational capacity of about 3.80 GW as of March 31, 2025. They are one of the growing module manufacturing companies in India and have established themselves as a key player in India’s solar energy market. Since its establishment, the company has supplied more than 2.50 GW of high-efficiency solar PV modules nationally and internationally.

Among others, Saatvik Green Energy is one of the few companies that have excellent expertise in module manufacturing as well as engineering, procurement, and construction (“EPC”) and operations and maintenance (“O&M”) services. The company’s portfolio comprises a wide range of products, including: Mono PERC modules and (ii) N-TopCon solar modules, available in both mono-facial and bifacial options, suitable for residential, commercial, and utility-scale projects.

Strengths

The company consists of a quality customer base and a large order book.

Saatvik Green Energy is one of the leading module manufacturing companies in India, known to offer integrated solutions to independent power producers.

They offer Advanced technology solutions for the solar industry.

Saatvik Green Energy consists of experienced promoters and management, supported by a dedicated employee base.

Weaknesses

Solar module manufacturing involves various risks, if any of these risks occur, then it can badly impact the business, cash flow, and financial condition.

The company generates most of its revenue from 10 top customers, meaning losing any of these customers can badly affect the financial condition, cash flow, and overall business.

If any fluctuation happens in the price of solar PV cells and other raw materials, it can adversely affect the business and financial condition.

The company depends on third-party suppliers for the components and raw materials. Any interruption, shortage, or price fluctuation that happens can badly affect the cash flow and overall business.

Saatvik Green Energy IPO Review

Reviewer	Recommendation
IPO Watch	May Apply
Kunvarji Finstock Pvt Ltd	Apply
Lakshmishree Investment & Securities Ltd	Apply
DRChoksey Finserv Private Limited	Apply
BP Wealth	Apply
Canara Bank Securities Ltd	Apply
Capital Market	May Apply
SMC Global	Neutral
Systematix Shares and Stocks (India) Limited	Not Rated

Saatvik Green Energy IPO Details

IPO Open Date:	September 19, 2025
IPO Close Date:	September 23, 2025
Face Value:	₹2 Per Equity Share
IPO Price Band:	₹442 to ₹465 Per Share
Issue Size:	₹900 Crores
Fresh Issue	₹700 Crores
Offer-for-Sale	Up to 43,01,075 equity shares
Registrar	Kfin Technologies Ltd.
IPO Lead Managers	Dam Capital Advisors Ltd.Ambit Pvt.Ltd.Motilal Oswal Investment Advisors Ltd.
Basis of Allotment	September 24, 2025
IPO Listing Date:	September 26, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
Revenue from Operations	11,852.52	35.95
EBITDA	1,160.76	7.23
EBITDA Margin (%)	16.40%	14.42%
Profit after Tax (PAT)	2,139.30	1,004.72
Net Worth	3,376.59	1,206.73
Return on Capital Employed	60.45%	64.07%
Total Borrowings	458.10	263.42

Peer Comparison with the Company

Name of the Company	Face Value per Equity Share (₹)	P/E	EPS (Basic) (₹)	RoNW (%)	NAV per Equity Share (₹)
Saatvik Green Energy Limited	₹2	[●]	₹19.09	63.41%	₹30.14
Waaree Energies Limited	₹10	55.02x	₹68.24	19.48%	₹158.13
Premier Energies Limited	₹1	49.96x	₹21.35	33.14%	₹15.33

Promoters & Track Records, if any

Neelesh Garg, aged 33 years, is one of the Promoters and is the Chairman and Managing Director of the company. He holds 15,933,600 shares, representing 14.22% of the paid-up Equity Share capital.

Manik Garg, aged 30 years, is one of the Promoters and is the Managing Director of the Company, and holds 16,940,940 shares, representing 15.12% of the shares in the company.

Manavika Garg, aged 31 years, is one of the Promoters and is the Non-Executive Director of the Company. He holds 1,014,000 shares, representing 0.91% of the paid-up Equity Share Capital.

SPG Trust holds 48,671,340 shares, representing 43.44% of the paid-up Equity Share Capital in the company.

Information on Industry’s P/E Ratio

The company Saatvik Green Energy IPO did not show the P/E ratio in the RHP. However, let’s check out the solar/renewable energy industry’s P/E ratio to understand it more.

Among industry peers, Waaree Energies Limited has the highest P/E ratio at 55.02 with a face value of ₹10 per equity share, while Premier Energies Limited has the lowest P/E ratio at 49.96 with a face value of ₹1 per equity share, and the industry average P/E stands at 52.49.

Object of the IPO

The proceeds raised from the fresh issue will be utilized for the prepayment and repayment of certain borrowings taken by the company.

Investment in our wholly owned subsidiary, Saatvik Solar Industries Private Limited, through debt or equity, to repay or prepay, fully or partly, its existing borrowings.

Investment in our wholly owned subsidiary, Saatvik Solar Industries Private Limited, to set up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park, Odisha.

Lastly, the remaining funds will be used for the company’s general corporate purposes.

Saatvik Green Energy IPO – Should You Apply or Not?

Saatvik Green Energy is a prominent solar module manufacturer in India with an integrated business model, which comes with a quality customer base and a large order book, experienced promoters, and strong financials. However, dependency on limited customers, price fluctuations in raw materials, and debt and competition are some risks. If we talk about the company’s GMP, as of September 18, the GMP of Saatvik Green Energy is ₹76, indicating an expected listing gain of 15% to 20%.

The positive GMP and attractive financial performance make this IPO a good choice for investors who see growth in the renewable energy sector for long-term listing gains. Cautious Investors may choose to apply for this IPO for short-term listing gains after evaluating the Grey Market Premium trends (GMP) and market sentiment and demand.

Please note:

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.