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.
Dilip Davda

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.

Q-Line Biotech IPO

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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
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? āŒ„
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? āŒ„
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Shadowfax IPO Date, Review, Price, Allotment Details

Shadowfax IPO open date is January 20, 2026 and the IPO will close on January 22, 2026. Shadowfax Technologies IPO is a Book Built Issue. The company to raise around ₹1,907 crores via IPO that comprises fresh issue of ₹1,000 crores and offer for sale up to 7,31,66,935 equity shares with face value of ₹10 each.

Shadowfax Technologies IPO price band is ₹118 to ₹124 per share. The retail quota is 10%, QIB is 75%, and HNI is 15%. Shadowfax Technologies IPO to list on BSE, NSE on January 28, 2026. The allotment of Shadowfax Technologies IPO date is January 23, 2026.

The company reported revenue of ₹2,514.66 crores in 2025 against ₹1,896.48 crores in 2024. The company reported profit of ₹6.06 crores in 2025 against loss of ₹11.88 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Shadowfax IPO

Shadowfax Technologies IPO Details

IPO Open DateJanuary 20, 2026
IPO Close DateJanuary 22, 2026
Face Value₹10 Per Equity Share
IPO Price Band₹118 to ₹124 Per Share
Issue SizeApprox ₹1907.27 Crores
Fresh IssueApprox ₹1,000 Crores
Offer for Sale:Approx 7,31,66,935 Equity Shares
Issue TypeBook Built Issue
IPO ListingBSE, NSE
DRHP Draft ProspectusPDF
RHP Draft ProspectusPDF

Shadowfax Technologies IPO Review & Key Points

  • Review: Neutral

Shadowfax Technologies IPO Market Lot

The Shadowfax IPO minimum market lot is 120 shares with ₹14,880 application amount. The retail investors can apply up-to 13 lots with 1,560 shares of ₹1,93,440 amount.

ApplicationLot SizeSharesAmount
Retail Minimum1120₹14,880
Retail Maximum131,560₹1,93,440
S-HNI Minimum141,680₹2,08,320
S-HNI Maximum678,040₹9,96,960
B-HNI Minimum688,160₹10,11,840

IPO Reservation

Investor CategoryShare Offered-% Shares
Anchor Investor6,90,33,955 Shares44.88%
QIB (Ex. Anchor)4,60,22,638 Shares29.92%
NII Shares Offered2,30,11,319 Shares14.96%
Retail Shares Offered1,53,40,879 Shares9.97%
Employee Shares Offered4,03,226 Shares0.26%

Shadowfax Technologies IPO Anchor Investors

Anchor Bidding DateJanuary 19, 2026
Anchor Investors ListPDF
Shares Offered6,90,33,955 Shares
Anchor Size856.02 Cr.
lock-in period end date 50% shares (30 Days) February 22, 2026
lock-in period end date 50% shares (90 Days) April 23, 2026

Shadowfax Technologies IPO Dates

The Shadowfax IPO date is January 20 and the close date is January 22. The Shadowfax Technologies IPO allotment will be finalized on January 23 and the IPO listing on January 28.

IPO Open Date:January 20, 2026
IPO Close Date:January 22, 2026
Basis of Allotment:January 23, 2026
Refunds:January 27, 2026
Credit to Demat Account:January 27, 2026
IPO Listing Date:January 28, 2026
IPO Bidding Cut-off Time:January 22, 2026 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Abhishek Bansal and Vaibhav Khandelwal.

ParticularShares% Share
Promoter Holding Pre Issue49,74,88,085 19.13%
Promoter Holding Post Issue57,81,33,246-%

Objects of the Issue & Utilisation of proceeds

PurposeCrores
Funding of capital expenditure requirements of our Company in relation to our network infrastructure;₹423.43
Funding of lease payments for new first mile centers, last mile centers and sort centers;₹138.64
Funding of branding, marketing and communication costs; and₹88.57
Unidentified inorganic acquisitions and general corporate purposes₹-

About Shadowfax Technologies IPO

Shadowfax is one of the top companies in the case of Shadowfax is a modern, tech-driven logistics company that uses digital tools to support e-commerce. Furthermore, their platform manages many types of deliveries, urgent and flexible for clients like Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Zomato, and others. 

They are the fastest-growing large 3PL company in India as of March 31, 2025. Their share of the e-commerce shipment market increased from about 8% in FY 2022 to around 21% in the three months ended June 30, 2025. In express services, they are the market leader in reverse pickup shipments by order volume for FY 2025 and for the three months ended June 30, 2025.

Shadowfax IPO Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpensePATAssets
2023₹1,422.89₹1,565.53₹142.64₹442.73
2024₹1,896.48₹1,908.36₹11.88₹786.14
2025₹2,514.66₹2,508.60₹6.06₹1,259.26
September 2025₹1,819.80₹1,798.77₹21.04₹1,453.16

Shadowfax Technologies IPO Valuation – FY2025

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

KPIValues
ROE:-%
ROCE:-%
EBITDA Margin:-%
PAT Margin:-%
Debt to equity ratio:
Earning Per Share (EPS):₹0.13 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):0.97%
Net Asset Value (NAV):₹13.83

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Blue Dart Express Limited106.3850.7017.25657.055,762.16 Cr.
Delhivery Limited2.19195.071.75124.779,372.01 Cr.

IPO Lead Managers aka Merchant Bankers

  • ICICI Securities Limited
  • Morgan Stanley India Company Private Limited
  • JM Financial Limited

Company Address

Shadowfax Technologies Ltd.
1st Floor, Appek Building, 93/A
4th B Cross Rd, 5th Block,
Koramangala,
Bengaluru, Karnataka, 560095
Email: hello@shadowfax.in
Website: https://www.shadowfax.in/

IPO Registrar

KFin Technologies Limited
Phone: +91 40 6716 2222/18003094001
Email: shadowfax.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

Shadowfax Technologies IPO FAQs

What is Shadowfax Technologies IPO?

Shadowfax IPO is Mainboard IPO. The company is going to raise ₹1907.27 Crores via IPO. The issue is priced at ₹118 to ₹124 per equity share. The IPO is to be listed on BSE & NSE.

When Shadowfax Technologies IPO will open for subscription?

The IPO is to open on January 20, 2026 for QIB, NII, and Retail Investors. The IPO will close on January 22, 2026.

What is Shadowfax Technologies IPO Investors Portion?

The investors’ portion for QIB is 75%, NII is 15%, and Retail is 10%.

How to Apply the Shadowfax Technologies IPO?

You can apply for Shadowfax Technologies 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.

What is Shadowfax Technologies IPO Issue Size?

Shadowfax Technologies IPO issue size is ₹1907.27 crores.

What is Shadowfax Technologies IPO Price Band?

Shadowfax Technologies IPO Price Band is ā‚¹118 to ₹124.

What is Shadowfax Technologies IPO Lot Size?

The minimum bid is 120 Shares with ₹14,880 amount.

What is the Shadowfax Technologies IPO Allotment Date?

Shadowfax Technologies IPO allotment date is January 23, 2026.

What is the Shadowfax Technologies IPO Listing Date?

Shadowfax Technologies IPO listing date is January 28, 2026. The IPO is to list on BSE & NSE.

Note: The Shadowfax Technologies IPO price band and date are officially announced. The (Shadowfax Technologies IPO grey market premium) will be added to the IPO GMP page as it will start).

Table of Contents

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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.
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Jagat Joshi

7 Responses

  1. Shadowfax Technology co. has been improving profit from loss in 2023
    So let’s wait & watch . Last sept. 25 co. has made profit

  2. Shadowfax Technology co. has been improving profit from loss in 2023
    So let’s wait & watch

  3. In 2023 and 2024 continue losses .Only in pre IPO issue year 2025 profit of 6 cr.only which is about 0.25% on sale of 2500 crs.
    How it is justified to apply ? Unfortunately Indian public will subscribe it number of times.