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.

Shringar House IPO Date, Review, Price, Allotment Details

By Jagat Joshi
September 15, 2025

Shringar House of Mangalsutra IPO open date is September 10, 2025 and the IPO will close on September 12, 2025. Shringar House of Mangalsutra IPO is a Book Built Issue. The company to raise around ₹400.95 crores via IPO that comprises fresh issue of ₹400.95 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

Shringar House of Mangalsutra IPO price band is ₹155 to ₹165 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Shringar House of Mangalsutra IPO to list on BSE NSE on September 17, 2025. The allotment of Shringar House of Mangalsutra IPO date is September 15, 2025.

The company reported revenue of ₹1,430.12 crores in 2025 against ₹1,102.71 crores in 2024. The company reported profit of ₹61.11 crores in 2025 against profit of ₹31.11 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Shringar House IPO Details

IPO Open Date:	September 10, 2025
IPO Close Date:	September 12, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹155 to ₹165 Per Share
Issue Size:	Approx ₹400.95 Crores
Fresh Issue:	Approx ₹400.95 Crores
Lot Size:	90 Shares
Issue Type:	Book Built Issue
IPO Listing:	BSE & NSE
Employee Discount	₹15.00
DRHP Draft Prospectus:
RHP Draft Prospectus:

Shringar House IPO Review & Key Points

Review: The company looks good with the strong finance with doubled PAT in 2025. The revenues also jumped but the gold rates are going high rapidly and the seasonal effect might be there. Still its a good bet for a long term.
The strong financial growth shows in last few years with increase PAT looks strong doubled in 2025.
Company has 6% of the market share in Mangalsutra market serving to clients like Titan, Malabar Gold, Reliance, Joyalukkas, and more.
They have inhouse design and manufacturing facility that serves high quality products.
Product portfolio includes 15+ collections, and 10,000+ SKUs.
Company serving corporate clients, wholesalers, and retailers in India includes 24 states & 4 Union Territories. They also have presence in global markets like UK, UAE, USA, New Zealand, and Fiji.
The company depends on single product and also have single production facility.
The jewellery demand is seasonal so it might affect the off season, consumer sentiment and economic downturns.

Shringar House of Mangalsutra IPO Market Lot

The Shringar House of Mangalsutra IPO minimum market lot is 90 shares with ₹14,850 application amount. The retail investors can apply up-to 13 lots with 1,170 shares of ₹1,93,050 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	90	₹14,850
Retail Maximum	13	1,170	₹1,93,050
S-HNI Minimum	14	1,260	₹2,07,900
B-HNI Minimum	68	6,120	₹10,09,800

IPO Reservation

Investor Category	Share Offered	% Share
QIB Shares Offered	1,21,40,000 Shares	49.96%
Anchor Investor	72,84,00 Shares	29.98%
QIB (Ex. Anchor)	48,56,000 Shares	19.98%
NII Shares Offered	36,42,000 Shares	14.99%
bNII > ₹10L	24,28,000 Shares	9.99%
sNII < ₹10L	12,14,000 Shares	5.00%
Retail Shares Offered	84,98,000 Shares	34.97%
Employee Quota	20,000 Shares	0.08%

Shringar House of Mangalsutra IPO Anchor Investors

Anchor Bidding Date	September 9, 2025
Anchor Investors List
Shares Offered	72,84,000 Shares
Anchor Size	120.19 Cr.
lock-in period end date 50% shares (30 Days)	October 15, 2025
lock-in period end date 50% shares (90 Days)	December 14, 2025

Shringar House of Mangalsutra IPO Dates

The Shringar House of Mangalsutra IPO date is September 10 and the close date is September 12. The Shringar House of Mangalsutra IPO allotment will be finalized on September 15 and the IPO listing on September 17.

IPO Open Date:	September 10, 2025
IPO Close Date:	September 12, 2025
Basis of Allotment:	September 15, 2025
Refunds:	September 16, 2025
Credit to Demat Account:	September 16, 2025
IPO Listing Date:	September 17, 2025
IPO Bidding Cut-off Time:	September 12, 2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Chetan N Thadeshwar, Mamta C Thadeshwar, Viraj C Thadeshwar and Balraj C Thadeshwar.

Particular	Shares	% Share
Promoter Holding Pre Issue	7,21,32,080	99.99%
Promoter Holding Post Issue	9,64,32,080	74.79%

Objects of the Issue & Utilisation of proceeds

Purpose	Crores	%
Funding Working Capital requirements of the Company	280	69.83%
General Corporate purposes	100.23	25%
Miscellaneous	20.73	5.17%

About Shringar House of Mangalsutra IPO

Shringar House of Mangalsutra Limited, founded in January 2009, is one of the leading companies that manufactures and designs Mangalsutra in India. The company uses a wide range of stones, like American diamonds, cubic zirconia, pearls, and semi-precious stones, in order to craft a diverse range of mangalsutras in 18k and 22k gold for its B2B clients.

Shringar House of Mangalsutra includes a 12-member design team and 182 in-house Karigars as of December 31, 2024. The company supplies its products across the United Kingdom, New Zealand, the UAE, the USA, and the Republic of Fiji, catering to corporate clients, wholesale jewellers, and retail outlets. Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE) are some major clients of the company. In FY24, it served 33 corporate clients, 96 wholesalers, and 832 retailers.

Shringar House of Mangalsutra IPO Company Financial Report

The company reported revenue of ₹1,430.12 crores in 2025 against ₹1,102.71 crores in 2024. The company reported profit of ₹61.11 crores in 2025 against profit of ₹31.11 crores in 2024.

Amount ₹ in Crores

Period Ended	Revenue	Expense	PAT	Assets
2022	₹810.80	₹783.48	₹20.27	₹195.47
2023	₹951.29	₹919.86	₹23.36	₹211.55
2024	₹1,102.71	₹1,060.55	₹31.11	₹265.00
2025	₹1,430.12	₹1,348.32	₹61.11	₹375.75

Shringar House of Mangalsutra IPO Valuation – FY2025

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

KPI	Values
ROE:	36.20%
ROCE:	32.43%
EBITDA Margin:	6.48%
PAT Margin:	4.27%
Debt to equity ratio:	0.61
Earning Per Share (EPS):	₹8.57 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	36.20%
Net Asset Value (NAV):	₹27.84

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Utssav CZ Gold Ltd	11.63	16.85	30.94%	53.23	646.32 Cr.
RBZ Jewellers Ltd	9.70	13.37	17.15%	61.26	530.15 Cr.
Sky Gold Ltd	9.52	28.73	28.59%	46.61	3,548.02 Cr.

IPO Lead Managers aka Merchant Bankers

Choice Capital Advisors Pvt.Ltd.

Company Address

Shringar House of Mangalsutra Ltd.
Unit No. B-1, Lower Ground Floor
Jewel World (Cotton Exch Bldg),
175, Kalbadevi Rd, Bhuleshwar,
Mumbai, Maharashtra, 400002
Phone: +91 90044 29107
Email: cs@shringar.ms
Website: https://www.shringar.ms/

IPO Registrar

MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: shringarhouse.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/

Shringar House of Mangalsutra IPO FAQs

What is Shringar House of Mangalsutra IPO?

Shringar House of Mangalsutra IPO is a Mainbaord IPO. The company is going to raise ₹400.95 Crores via IPO. The issue is priced at ₹155 to ₹165 per equity share. The IPO is to be listed on BSE & NSE.

When Shringar House of Mangalsutra IPO will open for subscription?

The IPO is to open on September 10, 2025 for QIB, NII, and Retail Investors. The IPO will close on September 12, 2025.

What is Shringar House of Mangalsutra IPO Investors Portion?

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

How to Apply the Shringar House of Mangalsutra IPO?

You can apply for Shringar House of Mangalsutra 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 Shringar House of Mangalsutra IPO Issue Size?

Shringar House of Mangalsutra IPO issue size is ₹400.95 crores.

What is Shringar House of Mangalsutra IPO Price Band?

Shringar House of Mangalsutra IPO Price Band is ₹155 to ₹165.

What is Shringar House of Mangalsutra IPO Lot Size?

The minimum bid is 90 Shares with ₹14,850 amount.

What is the Shringar House of Mangalsutra IPO Allotment Date?

Shringar House of Mangalsutra IPO allotment date is September 15, 2025.

What is the Shringar House of Mangalsutra IPO Listing Date?

Shringar House of Mangalsutra IPO listing date is September 17, 2025. The IPO is to list on BSE & NSE.

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

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.