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 of Mangalsutra IPO Review & Investor Guide

By Jagat Joshi
September 15, 2025

Shringar House of Mangalsutra IPO opens on September 10, 2025, and closes on September 12, 2025. The Shringar House of Mangalsutra IPO price band is set between ₹155 to ₹165 per share, with a face value of ₹10 each. As per the RHP, the company plans to raise around ₹400.95 crores through an IPO.

For investors, it can be quite challenging to decide if the Shringar House 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 bring you the top important key factors and a detailed review of the Shringar House of Mangalsutra IPO. This will help you analyze the strengths, risks, and financial details of the Shringar House of Mangalsutra, making your investment decision better.

About Company

Incorporated in January 2009, Shringar House of Mangalsutra Limited is one of the growing companies involved in the manufacturing and designing of Mangalsutra in India. The company incorporates a wide range of stones, like American diamonds, cubic Zirconia, pearls, and semi-precious stones. The company is involved in making a diverse range of mangalsutras in 18k and 22k gold for its B2B clients. Its manufacturing facility covers 8,300 sq. ft., and as of March 31, 2025, the company’s installed capacity of 2,500 kg per year, which allows it to manufacture a wide range of Mangalsutras.

As of December 31, 2024, Shringar House of Mangalsutra consists of a 12-member design team and 182 in-house karigars. Malabar Gold Limited, Titan Company Limited, GRT Jewellers, Reliance Retail, Joyalukkas India, and Damas Jewellery (UAE) are some major clients of the company. 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. In FY24, it served 33 corporate clients, 96 wholesalers, and 832 retailers.

Strengths

Over the years, the company has built a strong client base and long-term relationships with them.

The company consists of a strong, dedicated in-house design team of 22 full-time employees and 166 In-house Karigars as of June 30, 2025.

Shringar House of Mangalsutra is known to offer a wide range of Mangalsutras, including antique, bridal, traditional, contemporary, and Indowestern styles.

They are involved in the manufacturing of high-quality and high-purity pieces of Mangalsutras.

Weaknesses

In FY25, FY24, and FY23, the company generated most of its revenue from selling Mangalsutras to corporate clients, retailers, and wholesalers. However, the company does not hold long-term contracts with these clients, meaning losing them or facing cancellation can badly affect the business, cash flow, and overall performance.

Its manufacturing facility is situated in Mumbai, Maharashtra. Any slowdown, shutdown, or negative event that happens in this location can negatively affect the company’s overall financial condition.

Most of the revenue comes from selling Mangalsutras. In case a drop happens in sales or issues occur in producing Mangalsutras, it can badly affect the business, overall financial performance, and cash flow.

The company mainly relies on its Karigars to make Mangalsutras, and losing them could harm its business, operations, and finances.

Shringar House of Mangalsutra IPO Review

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Capital Market	Neutral
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SMIFS Limited	Apply

Shringar House of Mangalsutra 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
Registrar	MUFG Intime India Pvt. Ltd.
IPO Lead Managers	Choice Capital Advisors Pvt.Ltd.
Basis of Allotment	September 15, 2025
IPO Listing Date:	September 17, 2025
Listing	BSE, NSE

Financial Performance Trend Details

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from Operations	₹1,430.12 Crores	₹1,102.71 Crores	₹951.29 Crores
EBITDA	926.12	507.56	388.86
EBITDA Margin (%)	6.48%	4.61%	4.09%
Net Profit after Tax	611.14	311.05	233.58
Net Profit Margin (%)	4.27%	2.82%	2.46%
Return on Net Worth (%)	36.20%	25.65%	24.84%
Return on Capital Employed	32.43%	21.52%	19.46%
Debt-Equity Ratio	0.61	0.80	0.88
Days Working Capital	70	63	54

Peer Comparison with the Company

Name of the Company	Revenue from Operations	Face Value per Equity Share (₹)	P/E	EPS (Basic) (₹)	RoNW (%)	NAV per Equity Share (₹)	EPS (Diluted) (₹)
Shringar House of Mangalsutra Ltd	₹1,430.12 Crores	₹10	[●]	₹8.57	36.20%	₹27.84	₹8.57
Utssav CZ Gold Jewels Ltd	₹646.32 Crores	₹10	16.85	₹11.63	30.94%	₹53.23	₹11.63
RBZ Jewellers Ltd	₹530.15 Crores	₹10	13.37	₹9.70	17.15%	₹61.26	₹9.70
Sky Gold & Diamonds Ltd	₹3,548.02 Crores	₹10	28.73	₹9.52	28.59%	₹46.61	₹9.44

Key Indicators

KPI	Values
ROCE	32.43%
Debt/Equity	0.61
RoNW	36.20%
PAT Margin	4.27%
EBITDA Margin	6.48%
Price to Book Value	5.93

Promoters & Track Records, if any

Chetan N Thadeshwar holds 40,265,600 equity shares, representing 55.82% of the company’s pre-issue paid-up equity share capital. He is the Chairman and Managing Director of the company and has over 40 years of experience in the jewellery industry. He is a strategic leader focusing on finding growth opportunities and managing relationships.

Mamta C Thadeshwar holds 20,852,000 equity shares representing 28.91% of the company’s pre-Issue paid-up equity share capital. Mamta C Thadeshwar has been the Non-Executive Director of the Company since the company’s establishment, and she looks after strategic direction, board activities, committee work, leadership, and mentorship.

Viraj C Thadeshwar holds 5,506,040 equity shares representing 7.63% of the shares in the company, and is the Executive Director & Chief Executive Officer in the company, who has over 15 years of experience in shaping the company’s business strategy to support growth and profitability.

Balraj C Thadeshwar holds 5,506,040 equity shares representing 7.63% of the shares in the company, and has been the Whole-time Director & Chief Operating Officer of the company since June 01, 2019. He holds a bachelor’s degree in management studies from the University of Mumbai.

Information on Industry’s P/E Ratio

The company Shringar House of Mangalsutra did not show the P/E ratio in the RHP. However, let’s check out the industry’s P/E ratio to understand it more. The Price-To-Earnings Ratio within the Gem & Jewellery signifies significant changes, with the lowest P/E recorded at 13.37 and the highest at 28.73. On average, the industry maintains a P/E ratio of 21.0, which showcases the typical level at which companies in this sector are currently trading.

Expansion

The company is planning to expand its presence in the international markets.
The proceeds raised from the fresh issue will be used to meet the company’s working capital requirements.
Some funds will be utilized for the company’s general corporate purposes.

Shringar House of Mangalsutra IPO – Should You Apply or Not?

Shringar House of Mangalsutra IPO offers a strong brand presence in Mangalsutra with a wide range of product portfolio, consistent revenue growth, and attractive GMP, making this IPO an appealing choice to invest in. However, dependence on a single product category, a competitive market in the Gems & Jewellery sector, and a limited variety are some of the key points the investors must keep in mind before investing their money in it. As of now, the GMP of the Shringar House of Mangalsutra is ₹25, and the cut-off price of the IPO is ₹165, which means the IPO is to be listed around ₹190 (₹165 + ₹20). The IPO is showcasing a potential gain of around 10 to 15%.

Now the question that comes to mind is whether or not you should apply or not for the IPO, then, as for investors who are only investing for listing gains, can apply for this IPO as per market sentiment and demand.

Those with a higher tolerance for risk can apply for this IPO, and cautious investors must carefully analyze the company’s financial background, risks, strengths, and strategies before applying to it.

Please Note:

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.