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.

Sona Comstar IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
June 5, 2021

Sona Comstar IPO to hit the market on 14 June 2021 and closes on 16 June 2021. The company to raise ₹5550 crores via initial public offer.

Sona BLW Precision Forgings aka Sona Comstar filed a DRHP in February 2021 and the Sona BLW IPO launch date is 14 June and closes on 16 June 2021. The company plans to raise ₹5,000 crore through the initial share sale which will consist of a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) by existing shareholders. The company is one of the leading automotive parts manufacturer in India. The company is backed by PE major Blackstone and Sona Group. Check out Sona BLW Precision Forgings IPO details.

Facts:

As per CRISIL Report, Sona Comstar is one of the top 10 auto-component manufacturers. In 2020, Sona Comstar was listed in top 10 global players for the differential bevel gear segment and among the largest exporters of starter motors in India. They supplies their products in India, USA, Europe, and China. They have 9 manufacturing and assembly facilities across the USA, India (6), China, and Mexico.

Sona Comstar IPO: On Friday, the firm raised ₹2,498 crore from anchor investors, the third largest anchor book size ever after SBI Cards and Payment Services and PowerGrid InvIT. The amount raised is 45 per cent of the total IPO size of ₹5,550 crore.

Sona Comstar IPO Review

Apply for Long Term

Brokerage Firm IPO Reviews

ICICI Securities: Subscribe for Long Term
Motilal Oswal: Subscribe for Long Term
Capital Market: Subscribe
Ventura Securities Limited: Subscribe
KR Choksey: Subscribe
GEPL Capital Ltd: Subscribe
Angel Broking: Subscribe
Nirmal Bang: Subscribe
Choice Broking: Subscribe for Long Term

Sona Comstar IPO Date & Price Band

IPO Open:	14 June 2021
IPO Close:	16 June 2021
IPO Size:	Approx ₹5550 Crores
Fresh Issue:	Approx ₹300 Crores
Offer for Sale:	Approx ₹5250 Crores
Face Value:	₹10 Per Equity Share
Price Band:	₹285 to ₹291 Per Share
Listing on:	BSE & NSE
Retail Portion:	10%
Equity:	– Shares

Sona Comstar IPO Market Lot

The Sona BLW Precision Forgings IPO minimum market lot is 51 shares with ₹14,841 application amount. The retail investors can apply up-to 13 lots with 663 shares or ₹1,92,933 amount.

Minimum Lot Size:	Minimum 51 Shares
Minimum Amount:	₹14,841
Maximum Lot Size:	Maximum 663 Shares
Maximum Amount:	₹1,92,933

Sona Comstar IPO Allotment & Listing

The Sona BLW Precision Forgings IPO date is 14 June and the close date is 16 June. The allotment date is 21 June and the IPO to list on 24 June 2021.

Basis of Allotment:	21 June 2021
Refunds:	22 June 2021
Credit to Demat Account:	23 June 2021
Listing Date:	24 June 2021

Sona Comstar IPO Form

How to apply the Sona BLW Precision Forgings IPO? You can apply Sona BLW Precision Forgings IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Sona BLW Precision Forgings IPO in the Invest section. The other option you can apply Sona BLW Precision Forgings IPO via IPO forms download via NSE and BSE. Check out the Sona BLW Precision Forgings forms – click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Sona Comstar Company Financial Report

The company has strong financial results with Revenues are growing every year. The revenue increased 12% in 2019 compare to 2018 while it jumped 48% in 2020 compared to 2020. PAT also looks promising that is over 100% zoomed in 2020 from 2019. In last 9 months company has reported 1030 crores of revenues and 155 crores of profit. The upcoming results will be promising so we suggest investors to subscribe the IPO with full force.

₹ in Crores
	Revenue	Expense	PAT
2018	₹626	₹495	₹77.57
2019	₹703	₹548	₹173.18
2020	₹1044	₹889	₹360.34
2021 9M	₹1030	₹819	₹155.46

Company Promoters

SUNJAY KAPUR
SONAAUTOCOMP HOLDING PRIVATE LIMITED
SINGAPORE VII TOPCO III PTE. LTD.

About Sona BLW Precision aka Sona Comstar

We are a technology and innovation driven company. With a strong focus on R&D, we develop mechanical and electrical hardware systems, components as well as base and application software solutions, to meet the evolving demands of our customers. We are one of a few companies globally, with the ability to design high power density EV systems handling high torque requirements with a lightweight design, while meeting stringent durability, performance and NVH specifications, enabling EV manufacturers to enhance the vehicle range, acceleration and the overall efficiency. We aim to capture the growth trend in revenue realization per component with increasing electrification by continuously investing in R&D to develop and deliver new and innovative systems and components. With our customers continuously focusing on weight reduction in EVs to enhance the range, augment the vehicle’s acceleration and improve overall efficiency, we have been developing solutions and alternatives for improving the power density and lightweighting of our differential assemblies and EV Traction Motors (BLDC and PMSM) and motor control units through our R&D efforts. With the evolving vehicle electrification trend, a key area of our focus is on integrating the powertrain and the drivetrain components by creating an integrated drive unit. Control systems and software are becoming a critical part of powertrains. We have developed extensive in-house capability to develop embedded systems and application software, along with integration capabilities to offer our customers a complete solution.

We are among the limited number of players who are well placed to combine our motor and driveline capabilities to offer a compelling value proposition to our EV customer base. Integrated drive units have three key components namely, differential assembly, high voltage traction motors and high voltage inverters. Since we already manufacture electric drive motors and inverters for electric 2-wheelers and hybrid PVs, as well as differential assemblies for battery electric passenger vehicles, we are in a unique position to integrate the three key constituents of the electric powertrain into a single matched unit, offering an efficient and compact solution to EV OEMs.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Sona Comstar IPO Registrar

KFin Technologies Private Limited
(formerly known as Karvy FintechPrivate Limited)
Selenium Tower-B, Plot 31 & 32 Gachibowli,
Financial District, Nanakramguda,
Serilingampally,
Hyderabad, Telangana–500032
Tel: +91 40 6716 2222
E-mail: sonacomstar.ipo@kfintech.com
Investor Grievance E-mail: einward.ris@kfintech.com
Website: www.kfintech.com
Contact Person: M Murali Krishna
SEBI Registration No.: INR000000221

Note: Check Sona BLW Precision Forgings IPO allotment status on KFintech website allotment URL. Click Here

Sona Comstar IPO Lead Managers

Kotak Mahindra Capital Company Limited
Credit Suisse Securities (India) Private Limited
JM Financial Limited
J.P. Morgan India Private Limited
Nomura Financial Advisory and Securities (India) Private Limited

Company Address

Sona BLW Precision Forgings Limited

Sona Enclave Village, Begumpur Khatola,
Sector 35, Gurugram, Haryana–122004
Telephone:+91 0124 476 8200
Contact Person: Ajay Pratap Singh
Vice President (Legal), Company Secretary and Compliance Officer
E-mail:investor@sonacomstar.com
Website: www.sonacomstar.com
Corporate Identity Number: U27300HR1995PLC083037

Sona Comstar IPO FAQs

What is Sona Comstar IPO?

Sona BLW Precision Forgings IPO is a main-board IPO. They are going to raise ₹5550 Crores via IPO. The issue is priced at ₹285 to ₹291 per equity share. The IPO to be listed on BSE & NSE.

When Sona Comstar IPO will open?

The IPO is to open on 14 June 2021 for QIB, NII, and Retail Investors.

What is Sona Comstar IPO Investors Portion?

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

How to Apply the Sona Comstar IPO?

You can apply Sona BLW Precision Forgings IPO via ASBA online via your bank account. You can also apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Sona Comstar IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Sona BLW Precision Forgings”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate.

What is Sona Comstar IPO Size?

Sona BLW Precision Forgings IPO size is ₹5550 crores.

What is Sona Comstar IPO Price Band?

Sona BLW Precision Forgings IPO Price Band is ₹290 to ₹291.

What is Sona Comstar IPO Minimum and Maximum Lot Size?

The minimum bid is 51 Shares with ₹14,841 amount while maximum bid is 663 shares with ₹1,92,933.

What is Sona Comstar IPO Allotment Date?

Sona BLW Precision Forgings IPO allotment date is 21 June 2021.

What is Sona Comstar IPO Listing Date?

Sona BLW Precision Forgings IPO listing date is 24 June 2021. The IPO to list on BSE and NSE.

Note: The Sona BLW Precision Forgings IPO details added as it will be officially announced. The IPO grey market premium (Sona Comstar IPO Premium) will be added on the IPO grey market 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.