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 Machinery IPO Date, Review, Price, Allotment Details

By Jagat Joshi
March 12, 2024

Sona Machinery IPO Details: Sona Machinery IPO date is fixed, The IPO will open on March 5 and will close on March 7. Sona Machinery is a NSE SME IPO to raise ₹51.82 crores via IPO. The Sona Machinery IPO price band is fixed at ₹136 to ₹143 with a market lot of 1000 shares.

Sona Machinery is a diversified agro-processing equipment manufacturer, manufacturing equipment for the processing of rice, pulses, wheat, spices, Barnyard Millet, etc. Their product portfolio includes Grains Pre-Cleaner machines, Rotary Drum Cleaner, Vibro Classifiers, Stone Separator Machines, Paddy De-Husker, Husk Aspirator, Rice Thick/Thin Grader, Rice Whitener, Silky Polisher, Multi Grader, Length Grader, Belt Conveyer, Bucket Elevator, etc. along with the complete projects for rice mills and ethanol distilleries. Their services encompass engineering, erection, supervision, and machine commissioning, delivering a comprehensive end-to-end solution for the milling section which includes grain unloading and milling solution up to pre-masher for ethanol distilleries and paddy unloading to rice packaging for rice mill industries.

The company started its operations in January 2021 when it purchased the fixed assets and stock for a consideration of Rs. 465.17 lakhs from “M/s Sona Foods India”, which is a proprietorship concern of Narendra Kumar, father of their promoter, Vasu Naren. M/s Sona Foods India is a manufacturing concern that has been manufacturing agro-processing equipment since the year 2003. Vasu Naren joined the family business i.e. M/s Sona Foods India in the year 2015 and now he is looking after the overall business operations of the company.

The company’s product portfolio comprises various equipment including support services for all the equipment manufactured and supplied by the company. As of the date of this Draft Red Herring Prospectus, they are manufacturing and supplying agro-processing equipment under various categories like cleaning, grading, blending, material handling, etc. Currently, they have a manufacturing unit situated at Ghaziabad, Uttar-Pradesh with a total area of approx. 52,205 sq. ft. and a warehouse for storage of our material and finished goods. Their manufacturing facility is equipped with the requisite infrastructure including machinery and other handling equipment to facilitate a smooth manufacturing process

Objects of the Issue:

Funding the Capital Expenditure requirements of the company towards setting up a new manufacturing unit at Ghaziabad.
Repayment of the outstanding amount of the Letter of Credit availed by the company for the purchase of machinery.
General Corporate Purposes.

Sona Machinery IPO Review

May Apply

Sona Machinery IPO Date & Price Band Details

IPO Open:	March 5, 2024
IPO Close:	March 7, 2024
IPO Size:	Approx ₹51.82 Crores, 3,624,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹136 to ₹143 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	35% of the net offer
QIB Quota:	50% of the net offer
NII Quota:	15% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors in IPO:	Click Here

Sona Machinery IPO Market Lot

The Sona Machinery IPO minimum market lot is 1000 shares with a ₹143,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1000	₹143,000
Retail Maximum	1	1000	₹143,000
S-HNI Minimum	2	2000	₹286,000

Sona Machinery IPO Dates

The Sona Machinery IPO date is March 5 and the IPO close date is March 7. The IPO allotment date is March 11 and the IPO might list on March 13.

IPO Open Date:	March 5, 2024
IPO Close Date:	March 7, 2024
Basis of Allotment:	March 11, 2024
Refunds:	March 12, 2024
Credit to Demat Account:	March 12, 2024
IPO Listing Date:	March 13, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

Sona Machinery IPO Form

How to apply Sona Machinery IPO? You can apply Sona Machinery 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 Machinery IPO in the Invest section. The other option you can apply Sona Machinery IPO via IPO forms download via the NSE website. Check out the Sona Machinery forms – click NSE IPO Forms download, fill and submit in your bank or with your broker.

Sona Machinery Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹6.06	₹5.75	₹0.28
2022	₹44.53	₹39.91	₹3.30
2023	₹81.18	₹70.56	₹7.71
2023 5M	₹27.14	₹24.56	₹1.88

Sona Machinery IPO Valuation – FY2023

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

Earning Per Share (EPS):	₹7.63 per Equity Share
Price/Earning P/E Ratio:	NA
Return on Net Worth (RoNW):	67.69%
Net Asset Value (NAV):	₹11.28 per Equity Share

Peer Group

Company Promoters

Mr. Vasu Naren
Ms. Shweta Baisla

Sona Machinery IPO Registrar

Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues

Sona Machinery IPO Allotment Status

Check Sona Machinery IPO allotment status on Maashitla Securities website URL. Click Here

Sona Machinery IPO Lead Managers aka Merchant Bankers

Hem Securities Limited

Company Address

Sona Machinery Limited
Unit No. 701, 7th floor,
KLJ Tower, Plot No. B-5, Netaji Subhash Place,
Maurya Enclave, North West Delhi, Delhi – 110034
Phone: +91-8448984368
Email: cs@sonamachinery.com
Website: http://www.sonamachinery.com/

Sona Machinery IPO FAQs

What is Sona Machinery IPO?

Sona Machinery IPO is an NSE SME IPO. They are going to raise ₹51.82 Crores via IPO. The issue is priced at ₹136 to ₹143 per equity share. The IPO is to be listed on NSE.

When Sona Machinery IPO will open?

The IPO is to open on March 5, 2024 for QIB, NII, and Retail Investors.

What is Sona Machinery IPO Investors Portion?

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

How to Apply the Sona Machinery IPO?

You can apply Sona Machinery 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.

How to Apply the Sona Machinery IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “Sona Machinery”. 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. Open Demat Account with Zerodha.

How to Apply the Sona Machinery IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Sona Machinery”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the Sona Machinery IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “Sona Machinery”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is Sona Machinery IPO Size?

Sona Machinery IPO size is ₹51.82 crores.

What is Sona Machinery IPO Price Band?

Sona Machinery IPO Price Band is ₹136 to ₹143 per equity share.

What is Sona Machinery IPO Minimum and Maximum Lot Size?

The IPO bid is 1000 shares with ₹143,000.

What is Sona Machinery IPO Allotment Date?

Sona Machinery IPO allotment date is March 11, 2024.

What is Sona Machinery IPO Listing Date?

Sona Machinery IPO listing date is March 13, 2024. The IPO to list on NSE SME.

Note: The Sona Machinery IPO details are announced officially. The IPO grey market premium (Sona Machinery IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.

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.