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.

Tatva Chintan Pharma IPO Date, Review, Price, Form & Market Lot Details

By Jagat Joshi
July 11, 2021

Tatva Chintan Pharma IPO to hit the market on 16 July 2021 and closes on 20 July 2021. The company to raise ₹450 crores via initial public offer. The price band is fixed at ₹1073 to ₹1083 per equity share with face value of ₹10.

Tatva Chintan Pharma IPO may hit the market on 16th July 2021. The company to raise ₹450 via initial public offer that comprises ₹225 crore of fresh issue and ₹225 crore of offer for sale. Tatva Chintan Pharma Chem Limited incorporated in 1996 based in Gujarat. They are manufacturer of chestructure directing agents (SDAs), phase transfer catalyst (PTCs), pharmaceutical and agrochemical intermediates, and other specialty chemicals. They are one of the largest manufacturer of SDAs for zeolites in India. The industries they serve are automotive, petroleum, agrochemicals, dyes and pigments, paints and coatings, pharmaceutical, personal care, and others. They provide their products to India and overseas. The export revenues is around 75% and more for the company. They have 2 manufacturing facilities at Ankleshwar and Dahej in Gujarat. Check out Tatva Chintan Pharma IPO details.

Customers List:

The few of the big names are their customer and the names are Merck, Bayer AG, Ipox Chemicals, Laurus labs, Navin Fluorine International Limited, Atul Limited, Otsuka Chemicals, SRF Limited, Hawks Chemical Company, Firmenich Aromatics Prod Pvt Ltd, and Divi’s laboratories.

Important Details:

Equity Shares outstanding prior to the Issue = 2,00,87,500 Shares
Fresh Issue of 20,77,562 Shares @1,038 = Rs.225 Crores
Offer for Sale of 25,39,242 Shares @1,038 = Rs.275 Crores
Equity Shares outstanding after the Issue = 2,21,65,062 Shares

Category-wise Break up:
Anchor: 13,85,041 Shares = 150.00 Crores
QIB: 9,23,361 Shares = 100.00 Crores
NII: 6,92,521 Shares = 75.00 Crores
RII: 16,15,881 Shares = 175.00 Crores (Lot size: 13 = 1,24,299 Forms)
Total Issue: 46,16,804 Shares = 500.00 Crores

Subscription required for 1X
RII = 1,24,299 Forms
NII = 75 Crores

Financial Information (Basis of Valuation)
The information is collated from the following documents:
RHP = Red Herring Prospectus Dated July 10, 2021 (373 pages)

EPS for FY17-18 >>> Rs.06.12 (Page #89 of DRHP)
EPS for FY18-19 >>> Rs.10.23 (Page #96 of RHP)
EPS for FY19-20 >>> Rs.18.81 (Page #96 of RHP)
EPS for FY20-21 >>> Rs.26.02 (Page #96 of RHP)

RoNW for FY17-18 >>> 20.79% (Page #90 of DRHP)
RoNW for FY18-19 >>> 25.78% (Page #97 of RHP)
RoNW for FY19-20 >>> 32.11% (Page #97 of RHP)
RoNW for FY20-21 >>> 31.49% (Page #97 of RHP)

NAV as on March 31, 2021 was Rs.82.62 (Page #97 of 7RHP)

Listed Industry Peer Group (Page #97 of DRHP):
Aarti Industries
Navin Fluorine International
Alkyl Amines Chemicals
Vinati Organics
Fine Organics Industries

Over Subscription Estimates*:
NII = 20K Crores. = 266.00X*
RII = 20 Lakh Forms = 17.00X* Application wise

Tatva Chintan Pharma IPO Review

Apply with Short Term & Long Term Gain

Brokerage Firm IPO Reviews

Axis Capital: Neutral
Capital Market: May Apply
Investmentz: Apply
KR Choksey Securities: Apply
Motilal Oswal: Apply
Reliance Securities: Apply
Sharekhan: Neutral
Ventura Securities: Apply

Tatva Chintan Pharma IPO Date & Price Band

IPO Open:	16 July 2021
IPO Close:	20 July 2021
IPO Size:	Approx ₹450 Crores
Fresh Issue:	Approx ₹225 Crores
Offer for Sale:	Approx ₹225 Crores
Face Value:	₹10 Per Equity Share
Price Band:	₹1073 to ₹1083 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	– Shares
Discount:	N/A

Tatva Chintan Pharma IPO Market Lot

The Tatva Chintan Pharma IPO minimum market lot is 13 shares with ₹14,079 application amount. The retail investors can apply up-to 13 lots with 182 shares or ₹197,106 amount.

Minimum Lot Size:	Minimum 13 Shares
Minimum Amount:	₹14,079
Maximum Lot Size:	Maximum 182 Shares
Maximum Amount:	₹197,106

Tatva Chintan Pharma IPO Allotment & Listing

The Tatva Chintan Pharma IPO date is 16 July 2021 and the close date is 20 July 2021. The allotment date is 26 July 2021 and the IPO to list on 29 July 2021.

Basis of Allotment:	26 July 2021
Refunds:	27 July 2021
Credit to Demat Account:	28 July 2021
Listing Date:	29 July 2021

Tatva Chintan Pharma IPO Form

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

Tatva Chintan Pharma Company Financial Report

₹ in Crores
	Assets	Revenues	PAT
2018	₹144	₹137	₹12.29
2019	₹188	₹207	₹20.54
2020	₹249	₹267	₹37.79
2021 – 9M	₹276	₹195	₹31.14

Company Promoters

Ajaykumar Mansukhlal Patel
Chintan Nitinkumar Shah
Snehkar Rasiklal Somani

About Tatva Chintan Pharma

We are a specialty chemicals manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents (“SDAs”), phase transfer catalysts (“PTCs”), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (“PASC”). Our Company is the largest and only commercial manufacturer of SDAs for zeolites in India. It also enjoys the second largest position globally. (Source: F&S Report) In addition, our Company is one of the leading global producers of an entire range of PTCs in India and one of the key producers across the globe. (Source: F&S Report) As a manufacturer of specialty chemicals, we focus on application of our products which form a key ingredient to our customers’ manufacturing and industrial processes. For instance, our SDA and PTC products have various applications in green chemistry, which is pertinent considering the growing focus on green and sustainable technologies. We continuously strive to improve our processes and infrastructure to help reduce our impact on the environment and have accordingly, undertaken various ‘green’ chemistry processes such as electrolysis. Considering the wide application of our products, we serve customers across various industries, including the automotive, petroleum, pharmaceutical, agro chemicals, paints and coatings, dyes and pigments, personal care and flavour and fragrances industries. Apart from our customers in India, we also export our products to over 25 countries, including the USA, China, Germany, Japan, South Africa, and the UK.

Our Company is promoted by Chintan Shah, Ajay Patel and Shekhar Somani, who each have over 24 years in the specialty chemicals manufacturing industry and have established strong business relationships with domestic as well as overseas customers. In addition, we are led by a well – qualified and experienced management team, which we believe has demonstrated its ability to manage and grow our operations and has substantial experience in the sectors in which we operate. We believe that the knowledge and experience of our management team provides us with a significant competitive advantage as we seek to grow our business.

Quick Links

DRHP Draft Prospectus
RHP Draft Prospectus

Tatva Chintan Pharma IPO Registrar

Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai – 400083
Phone: +91-22-4918 6270
Email: tatva.ipo@linkintime.co.in
Website: http://www.linkintime.co.in

Note: Check Tatva Chintan Pharma IPO allotment status on Linkintime website allotment URL. Click Here

Tatva Chintan Pharma IPO Lead Managers

ICICI Securities Ltd
JM Financial Consultants Private Limited

Company Address

Tatva Chintan Pharma Chem Limited
Plot No. 502 / 17, GIDC Estate, Ankleshwar,
Bharuch, Gujarat – 393002, India
Phone: +91 75730 46951
Email: cs@tatvachintan.com
Website: http://www.tatvachintan.com/

Tatva Chintan Pharma IPO FAQs

What is Tatva Chintan Pharma IPO?

Tatva Chintan Pharma IPO is a main-board IPO. They are going to raise ₹450 Crores via IPO. The issue is priced at ₹1073 to ₹1083 per equity share. The IPO to list on BSE & NSE.

When Tatva Chintan Pharma IPO will open?

The IPO is to open on 16 July 2021 for QIB, NII, and Retail Investors.

What is Tatva Chintan Pharma IPO Investors Portion?

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

How to Apply the Tatva Chintan Pharma IPO?

You can apply Tatva Chintan Pharma 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 Tatva Chintan Pharma 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 “Tatva Chintan Pharma”. 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 Tatva Chintan Pharma IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Tatva Chintan Pharma”. 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.

What is Tatva Chintan Pharma IPO Size?

Tatva Chintan Pharma IPO size is ₹450 crores.

What is Tatva Chintan Pharma IPO Price Band?

Tatva Chintan Pharma IPO Price Band is ₹1073 to ₹1083.

What is Tatva Chintan Pharma IPO Minimum and Maximum Lot Size?

The minimum bid is 13 Shares with ₹14,079 amount while maximum bid is 182 shares with ₹197,106.

What is Tatva Chintan Pharma IPO Allotment Date?

Tatva Chintan Pharma IPO allotment date is 26 July 2021.

What is Tatva Chintan Pharma IPO Listing Date?

Tatva Chintan Pharma IPO listing date is 29 July 2021. The IPO to list on BSE and NSE.

Note: The Tatva Chintan Pharma IPO details added as it is officially announced. The IPO grey market premium (Tatva Chintan Pharma IPO Premium) started. 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.