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.
Dilip Davda

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.

Q-Line Biotech IPO

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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
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? āŒ„
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? āŒ„
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Systematic Industries IPO Date, Review, Price, Allotment Details

Systematic Industries IPO open date is September 24, 2025 and the IPO will close on September 26, 2025. Systematic Industries IPO is a Book Built Issue. The company to raise around ₹115.60 crores via IPO that comprises fresh issue of ₹107.80 crores and offer for sale up to 4,00,000 equity shares with face value of ₹10 each.

Systematic Industries IPO price band is ₹185 to ₹195 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Systematic Industries IPO to list on BSE on October 1, 2025. The allotment of Systematic Industries IPO date is September 29, 2025.

The company reported revenue of ₹372.60 crores in 2024 against ₹321.90 crores in 2023. The company reported profit of ₹12.41 crores in 2024 against profit of ₹6.31 crores in 2023. As per the financials the IPO investors should apply the IPO for a long term.

Systematic Industries IPO

Systematic Industries IPO Details

IPO Open DateSeptember 24, 2025
IPO Close DateSeptember 26, 2025
Face Value₹10 Per Equity Share
IPO Price Band₹185 to ₹195 Per Share
Issue SizeApprox ₹115.60 Crores
Fresh IssueApprox ₹107.80 Crores
Offer for Sale:Approx 4,00,000 Equity Shares
Issue TypeBook Built Issue
IPO ListingBSE SME
DRHP Draft ProspectusPDF
RHP Draft ProspectusPDF

Systematic Industries IPO Review & Key Points

  • Review:

Systematic Industries IPO Market Lot

The Systematic Industries IPO minimum market lot is 1,200 shares with ₹2,34,000 application amount.

ApplicationLot SizeSharesAmount
Retail Minimum21,200₹2,34,000
Retail Maximum21,200₹2,34,000
S-HNI Minimum31,800₹3,51,000
S-HNI Maximum84,800₹9,36,000
B-HNI Minimum95,400₹10,53,000

IPO Reservation

Investor CategoryShare Offered-% Shares
Market Maker Shares Offered3,00,000 Shares5.06%
Anchor Investor16,87,800 Shares28.47%
QIB (Ex. Anchor)11,25,600 Shares18.99%
NII Shares Offered8,44,200 Shares14.24%
Retail Shares Offered19,70,400 Shares33.24%

Systematic Industries IPO Anchor Investors

Anchor Bidding DateSeptember 23, 2025
Anchor Investors ListPDF
Shares Offered16,87,800 Shares
Anchor Size32.91 Cr.
lock-in period end date 50% shares (30 Days) October 29, 2025
lock-in period end date 50% shares (90 Days) December 28, 2025

Systematic Industries IPO Dates

The Systematic Industries IPO date is September 24 and the close date is September 26. The Systematic Industries IPO allotment will be finalized on September 29 and the IPO listing on October 1.

IPO Open Date:September 24, 2025
IPO Close Date:September 26, 2025
Basis of Allotment:September 29, 2025
Refunds:September 30, 2025
Credit to Demat Account:September 30, 2025
IPO Listing Date:October 1, 2025
IPO Bidding Cut-off Time:September 26, 2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Siddharth Rajendra Agarwal and Satya Rajendra Agrawal.

ParticularShares% Share
Promoter Holding Pre Issue1,68,03,24299.95%
Promoter Holding Post Issue2,23,31,24273.41%

Objects of the Issue & Utilisation of proceeds

PurposeCrores
Repayment and/or pre-payment, in full or part, of borrowing availed by the Company95
General Corporate Purpose

About Systematic Industries IPO

Systematic Industries Limited started in March 2000. It manufactures and supplies steel wires and cables used in power lines, buildings, telecom, and farming. Systematic Industries has factories that can produce up to 1,00,000 metric tons per year of different types of steel wires, like galvanized wires, power industry wires, and high or low carbon steel wires.

Well-established and advanced machines, complete and proper process, and research and development. Moreover, the company has a strong and long-lasting relationship with the major consumers due to a wide range of quality products. At present, the firm sells its products in over 30 countries, and also has an aim of expanding to more places in the future. 

The company gets Most of its income from making and selling steel wires. 

Further, their well-set factories allow them to deliver products on time and also satisfy their consumers’ needs.

Systematic Industries IPO Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpensePATAssets
2022₹236.03₹230.78₹3.91₹90.48
2023₹321.90₹313.43₹6.31₹130.34
2024₹372.60₹355.99₹12.41₹161.55
2025₹449.21₹424.39₹18.46₹205.71

Systematic Industries IPO Valuation – FY2025

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

KPIValues
ROE:25.78%
ROCE:16.44%
EBITDA Margin:7.61%
PAT Margin:4.13%
Debt to equity ratio: 1.23
Earning Per Share (EPS):₹10.99 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):22.84%
Net Asset Value (NAV):₹48.10

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Advait Energy Transitions Limited28.8262.2416.27%182.03406.46 Cr.
Bansal Wire Industries Limited9.7336.6611.53%81.063,516.61 Cr.

IPO Lead Managers aka Merchant Bankers

  • Hem Securities Ltd.

Company Address

Systematic Industries Ltd.
418, 4th Floor, Nirmal Corporate Center,
L.B.S. Marg
Mulund (West),
Mumbai, Maharashtra, 400080
Phone: +91-22-41383900
Email: cs@systematicindustries.com
Website: https://systematicindustries.com/

IPO Registrar

Cameo Corporate Services Ltd.
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Website: https://ipo.cameoindia.com/

Systematic Industries IPO FAQs

What is Systematic Industries IPO?

Systematic Industries IPO is SME IPO. The company is going to raise ₹115.60 Crores via IPO. The issue is priced at ₹185 to ₹195 per equity share. The IPO is to be listed on BSE.

When Systematic Industries IPO will open for subscription?

The IPO is to open on September 24, 2025 for QIB, NII, and Retail Investors. The IPO will close on September 26, 2025.

What is Systematic Industries IPO Investors Portion?

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

How to Apply the Systematic Industries IPO?

You can apply for Systematic Industries 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.

What is Systematic Industries IPO Issue Size?

Systematic Industries IPO issue size is ₹115.60 crores.

What is Systematic Industries IPO Price Band?

Systematic Industries IPO Price Band is ā‚¹185 to ₹195.

What is Systematic Industries IPO Lot Size?

The minimum bid is 1,200 Shares with ₹2,34,000 amount.

What is the Systematic Industries IPO Allotment Date?

Systematic Industries IPO allotment date is September 29, 2025.

What is the Systematic Industries IPO Listing Date?

Systematic Industries IPO listing date is October 1, 2025. The IPO is to list on BSE.

Note: The Systematic Industries IPO price band and date are officially announced. The (Systematic Industries IPO grey market premium) will be added to the IPO GMP page as it will start).

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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.
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Jagat Joshi