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.

Sri Lotus Developers And Realty IPO Review, Analysis, Good or Bad

By Jagat Joshi
July 28, 2025

Sri Lotus Developers And Realty IPO opening date is July 30, 2025, and the closing date is August 1, 2025. The price range of Sri Lotus Developers And Realty IPO is set between ₹140 to ₹150 per share with a face value of ₹1 each. The company filed a DRHP to raise around ₹792 crores through an Initial public offering (IPO).

As an investor, deciding whether the IPO is Good or Bad to invest in can often be challenging. If you are confused and worried about whether to Apply or Not in the Sri Lotus Developers And Realty IPO. Then worry not, here we are describing 10 important key points & an in-depth, detailed Sri Lotus Developers And Realty IPO review and analysis, which will help you to make the decision.

Strengths and Weaknesses of Sri Lotus Developers And Realty

Strengths:

Sri Lotus holds a prominent position in the ultra-luxury and luxury residential real estate market in Mumbai’s Western Suburbs.

They have a strong brand recognition that helps them to sell at premium prices, which gives them the benefit of selling the units even during the construction phase.

The company built a reputation for completing the project on time, which is one of the important aspects of real estate development in India.

Their promoter and senior management team have shown considerable experience, making them a trusted company in the Indian real estate industry.

Weaknesses:

In case it is unable to complete its ongoing or upcoming projects on time can badly impact the company’s reputation, cash flow, and overall financial condition.

The company has 35 unsold units in our completed projects and 248 unsold units in ongoing projects as of November 20, 2024. Unable to sell these units in time can badly impact the business, financial performance, and cash flow.

Sri Lotus depends on third-party contractors for building and developing its projects. If they fail to complete the work on time or are unable to do the work correctly can negatively impact the performance and cash flow of the company.

If the prices of the construction material go up or there is a shortage, delay, or disturbance in getting the material or labour can lead to issues like an increase in costs and delay in project completion.

Sri Lotus Developers And Realty Details

IPO Size	₹792 crores
Offer-for-sale	No Offer-for-Sale
Fresh issue	₹792 crores
Price band	₹140 to ₹150
Subscription	Opens for subscription on July 30, 2025, and the closing date is August 1, 2025
Purpose of IPO	Fresh Issue

Sri Lotus Developers And Realty IPO Open and closing date?

Sri Lotus Developers And Realty will be open for subscription on July 30, 2025, and the IPO will close on August 1, 2025.

What is the size of the Sri Lotus Developers And Realty IPO?

Sri Lotus Developers And Realty planned to raise funds of around ₹792 crores via IPO. This IPO comprises a fresh issue of up to ₹792 crores with no offer for sale component, with a face value of ₹1 each.

What are the subscription details of the Sri Lotus Developers And Realty IPO?

The price range of Sri Lotus Developers And Realty is set as ₹140 to ₹150 per share. In this IPO, a total of 100 shares were available in one lot size for the minimum Retail category. For the maximum Retail category, 1,300 shares were available in 13 lot sizes. Additionally, 1,400 shares were available in 14 lot sizes for the S-HNI Minimum category. While for the B-HNI Minimum category, 6,700 shares were available in 68 lot sizes.

To invest in this IPO, each investor category has specific investment amounts:

Retail Investors: Minimum investment of ₹15,000 and maximum investment of ₹1,95,000.
Small HNI (S-HNI): Minimum investment of ₹2,10,000.
Big HSI (S-HNI): A minimum investment of ₹10,05,000 is required.

What is the Sri Lotus Developers And Realty IPO listing Date?

Sri Lotus Developers And Realty is a Mainboard IPO shares that will be listed on August 6, 2025, on the BSE (Bombay Stock Exchange) & NSE (National Stock Exchange).

What are the objectives of the Sri Lotus Developers And Realty Issue?

The main objective behind raising funds through this IPO is to invest in its subsidiaries, Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, to help partly fund the development and construction costs of our ongoing projects: Amalfi, The Arcadian, and Varun. Lastly, the remaining funds will be utilized for the company’s general corporate purposes.

About Sri Lotus Developers And Realty

Sri Lotus Developer, founded in February 2015, is a prominent company known for developing both residential and commercial properties. They are engaged in redevelopment projects in the western Pousche area. Sri Lotus is involved in building ultra-luxury and luxury residential properties in addition to commercial properties that include 2BHK and 3 BHK, along with a price range of ₹3 crores to ₹7 crores under the Luxury Residential Segment. Under the Ultra Luxury Residential Segment, it includes the construction and development of 3BHK, 4BHK, and larger units like 4+ BHK flats and penthouses, priced above ₹7 crores. The company has completed 4 projects, 5 Ongoing projects, and 11 upcoming projects as of June 30, 2025.

Sri Lotus Developers And Realty IPO Financials

The company reported revenue of ₹569.28 crores in 2025 against ₹466.19 crores in 2024. The company reported a profit of ₹227.89 crores in 2025 against a profit of ₹119.14 crores in 2024.

Sri Lotus Developers And Realty IPO Promoters

The promoters of the company are Anand Kamalnayan Pandit, Roopa Anand Pandit, and Ashka Anand Pandit.

Who are the Sri Lotus Developers And Realty lead managers and registrar?

Motilal Oswal Investment Advisors Limited and Monarch Networth Capital Ltd are the lead managers of Sri Lotus Developers And Realty, while KFin Technologies Limited is the registrar of the company.

Should you apply or not for the Sri Lotus Developers And Realty IPO?

Sri Lotus Developers and Realty is one of the prominent developer of residential and commercial premises in Mumbai, Maharashtra. The company is backed by high famous celebrities like Shah Rukh Khan, Amitabh Bachchan, Hrithik Roshan, and Ashish Kacholia. The opening date of Sri Lotus Developers is July 30 to August 1, 2025 with the price band of ₹140–₹150 per share. The company works in redeveloping ultra-luxury and luxury residential and commercial projects in Mumbai’s western suburbs. With a GMP of ₹34, showcasing a potential 21% listing gain.

The company is led by promoter, Anand Kamalnayan Pandit who have a 24 years of experience in the real estate business have executed 12 projects. Whether should you apply or not for the Sri Lotus Developers is depend on your financial goals. If you are confident about the growth in the real estate on luxury real estate in Mumbai and confident that the IPO is priced reasonably relative, then this IPO can be an attractive choice to invest in.

However, we recommend always doing a proper financial check, including its strengths, weaknesses, and overall condition, before investing your money in it. For more queries, please contact the IPOWatch team. We are eager to help you with all the necessary 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.