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.

Siyaram Silk Mills Buyback 2023 Record Date, Price & Ratio Details

By Jagat Joshi
September 13, 2023

Siyaram Silk Mills buyback 2023 was announced on August 12, 2023. The Siyaram Silk Mills buyback open date is Seotenber 25, 2023. Siyaram Silk Mills buyback record date is fixed as on September 18, 2023. The investor should buy the Siyaram Silk Mills shares before the record date to get eligibility for the buyback.

Siyaram Silk Mills Buyback of ₹107.99 crores approved by the board of directors at the meeting was held on August 12, 2023. Siyaram Silk Mills Buyback will be done via the Tender Offer route through the stock exchange mechanism. The board of directors of the company approved the buyback by the Company of its fully paid-up equity shares having a face value of ₹2 each equity share at a price of ₹650 per Equity Share and for an aggregate amount not exceeding ₹107.99 crores from the shareholders. Check out Siyaram Silk Mills Buyback 2023 details below:

Siyaram Silk Mills Limited was incorporated in 1978 and is headquartered in Mumbai, India. The Company benefits from having resilient serving portfolios of brands within India. Siyaram Silk Mills Limited is amongst India’s most renowned brands and marketers of fabrics, readymade garments, and other textile products. The Company is famous for its high-quality fabrics and apparel using various blends made from polyviscose, cotton, wool, linen, bamboo, and stretch. In addition, the Company operates and franchises a chain of retail stores, which offer menswear fashion fabrics, apparel, and accessories. The Company sells its products under multiple brands that enjoy high recall value with consumers. They include brand names such as Siyaram, J. Hampstead, Oxemberg, and Cadini. The Company has an extensive distribution network that permeates India, giving an aspiring yet underserved vast population ready access to high-quality fabrics and apparel at attractive price points. This makes Siyaram’s brands the preferred choice in India’s fast-growing yet untapped market. It is backed by highly integrated and state-of-the-art manufacturing and retailing capabilities.

Siyaram Silk Mills Buyback History

This is the first Siyaram Silk Mills buyback so there is no historical data.

Siyaram Silk Mills Buyback 2023 Dates

Buyback Meeting Date:	August 12, 2023
Buyback Announcement Date:	August 12, 2023
Buyback Record Date:	September 18, 2023
Last Date to Buy Shares:	September 17, 2023
Buyback Open Date:	September 25, 2023
Buyback Close Date:	October 3, 2023
Finalization of Buyback Acceptance:	October 9, 2023

Siyaram Silk Mills Buyback 2023 Tentative Time Table

Siyaram Silk Mills Buyback 2023 Offer Details

Siyaram Silk Mills buyback of 16,61,530 equity shares at a price of ₹650 per equity share. The buyback offers not to exceed ₹107.99 crores of the total buyback offer size.

Offer Amount:	₹107.99 Crores
Number of Shares:	16,61,530 Equity Shares
Face Value:	₹2 per equity share
Buyback Price:	₹650 per equity share
Listing:	BSE and NSE
Buyback Type:	Open Market
Letter of Offer:	Click Here

Siyaram Silk Mills Buyback 2023 Acceptance Ratio

The investor should buy around [.] shares at a current market price of ₹[.] (as of date). The calculation will be ₹2,00,000 / ₹[.] buyback price = [.] shares.

Acceptance Ratio	Investment	Shares Buyback	Profit
33%	₹161,175	101	₹12,625
50%	₹161,175	153	₹19,125
75%	₹161,175	230	₹28,750
100%	₹161,175	307	₹38,375

Siyaram Silk Mills Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹1,088	₹1,033	₹5
2022	₹1,903	₹1,569	₹213
2023	₹2,229	₹1,860	₹252

How to Participate in Siyaram Silk Mills Buyback 2023

The investors are eligible for the buyback scheme who have Siyaram Silk Mills shares in their Demat Siyaram Silk Millsount as the Record Date.. Eligible Share Holders can participate in the Siyaram Silk Mills Buyback 2023 scheme as per the opening form by selling their shares. The payment will be given as per the Siyaram Silk Millsepted shares by the company under the Siyaram Silk Mills buyback scheme.

Siyaram Silk Mills Buyback 2023 Registrar

Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai – 400083
Phone: +91-22-4918 6270
Email: siyaram.buyback2023@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html

Siyaram Silk Mills Buyback 2023 Lead Managers

Vivro Financial Services Private Limited

Siyaram Silk Mills Company Address

Siyaram Silk Mills Limited
B – 5, Trade World, Kamala City,
Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013
Phone: +91 22 3040 0500
Email: enquiries@siyaram.com
Website: https://www.siyaram.com/

How to Apply the Siyaram Silk Mills Buyback through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on Corporate Actions. You will see the Company Name “Siyaram Silk Mills”. Click on Place Order. Enter your Quantity and submit Siyaram Silk Mills Buyback Application Form.

How to Apply the Siyaram Silk Mills Buyback through Upstox?

Log in to Upstox Application with your credentials. Select the Siyaram Silk Millsount Section. You will see the Company Name “Siyaram Silk Mills”. Click on Siyaram Silk Mills Stock for Buyback. Enter your Quantity and submit Siyaram Silk Mills Buyback Application Form.

How to Apply the Siyaram Silk Mills Buyback through Siyaram Silk Mills Money?

Log in to Siyaram Silk Mills Money Application with your credentials. Select the Siyaram Silk Mills. Enter your Quantity and submit Siyaram Silk Mills Buyback Application Form.

Siyaram Silk Mills Buyback 2023 FAQs

When is Siyaram Silk Mills Buyback 2023 Record Date?

Siyaram Silk Mills buyback 2023 record date is September 18, 2023.

When is Siyaram Silk Mills Buyback 2023 Open Date?

Siyaram Silk Mills buyback 2023 open date is September 25, 2023.

What is Siyaram Silk Mills Buyback 2023 Price?

The company has fixed the price at ₹650 per share.

How to apply for Siyaram Silk Mills Buyback 2023?

As per the record date you need to have Siyaram Silk Mills shares in your Demat Account. You can participate in buyback after having the stock in your Account.

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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.