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.

TechD Cybersecurity IPO Review & Investor Guide

By Jagat Joshi
September 15, 2025

TechD Cybersecurity aka TechDefence IPO opens on September 15, 2025, and closes on September 17, 2025. The TechD Cybersecurity IPO price band is set between ₹183 to ₹193 per share, with a face value of ₹10 each. As per the RHP, the company plans to raise around ₹38.99 crores through an Initial public offering (IPO).

For investors, it can be quite challenging to decide if the TechD Cybersecurity IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we bring you the top key factors and a detailed review of the TechD Cybersecurity, aka TechDefence IPO. This will help you analyze the strengths, risks, and financial details of the TechD Cybersecurity aka TechDefence, making your investment decision better.

TechD Cybersecurity IPO Review

Reviewer	Recommendation
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Suresh Rathi Group	Subscribe for Listing Gains

About Company

TechD CuberSecurity Limited, previously known as TechDefence Labs, incorporated in January 2017, is one of the growing companies known to offer smart and secure cybersecurity services. Their services are made to help firms stay secure in the digital world. The company’s portfolio comprises Managed Security Services Provider (MSSP) solutions, Cyber Program Managed Services, Vulnerability Assessment and Penetration Testing (VAPT), Compliance Services, Specialized Services, and Staff Augmentation Services to meet diverse client needs.

Sunny Vaghela, who has 15 years of experience in the IT & information Security, is the founder and promoter of the company, is an Ethical Hacker, and an Indian Entrepreneur. For 7 years, Mr. Sunny has been handling the training team at Techdefence by conducting more than 650 workshops and training 80,000+ students and professionals from universities and companies.

Strengths

The company comprises qualified and Experienced Promoters and Management.

The partnership with CERT-In gives us a strong competitive edge, enhancing client trust and compliance, especially in regulated sectors like BFSI, NBFC, and government.

TechD Cybersecurity partnered with various industries and an in-house training program, which helps them maintain a continuous Supply of Skilled Cybersecurity Talent.

Over the years, the company has established a long-lasting presence in the cybersecurity space with a diverse client portfolio.

Weaknesses

If the company is not able to maintain or expand its client base, it can lead to a loss in revenue, cash flow, and financial condition.

The reason behind the company’s growth is the skilled professionals, meaning that if the company is not able to attract or hire skilled professionals or technical personnel, it can badly impact the company.

TechD Cybersecurity mostly generates its revenue from customers in Gujarat and Maharashtra. Any issues that occur in those states can badly affect the financial results and future growth.

Our past performance may not necessarily reflect the Company’s future growth or results.

TechD Cybersecurity aka TechDefence IPO Details

IPO Open Date:	September 15, 2025
IPO Close Date:	September 17, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹183 to ₹193 Per Share
Issue Size:	Approx ₹38.99 Crores
Fresh Issue:	Approx ₹38.99 Crores
Registrar	Purva Sharegistry (India) Pvt.Ltd.
IPO Lead Managers	GYR Capital Advisors Pvt.Ltd.
Basis of Allotment	September 18, 2025
IPO Listing Date:	September 22, 2025
Listing	NSE SME

Key Indicators of the Company

Key Indicators	Value
PE Ratio	32.51
EPS	5.94
RoNW	37.93%
ROCE	54.25%
ROE	62.33%
EBITDA Margin	40.48%
Price to Book Value	4.76
Market Capitalisation	₹144.36

Peer Comparison with the Company

Name of the Company	CMP(₹)	EPS(₹)	Face Value (₹)	P/E Ratio	RoNW (%)	NAV Per Share	Total Income (₹ in Cr.)
TechD Cybersecurity	[●]	16.44	10	[●]	37.93%	40.55	30.23
TAC Infosec Limited	1,095. 85	13.77	10	80.4	26.10%	52.71	32.20
Sattrix Information Security Ltd	185.85	6.27	2	29.64	11.08%	53.72	45.07

Promoters & Track Records, if any

Sunny Vaghela is the promoter, Chairman, and Managing Director of the Company, aged about 38 years. Sunny Vaghela holds 47,04,650 equity shares in the company, representing 86.17% of the Pre-issue Equity Share Capital in the company.

Vaghela Piyush Rasiklal is the promoter and Executive Director of the company, aged 70 years. Piyush Vaghela holds 23,750 equity shares in the company, representing 0.44% of the Pre-issue equity share capital in the company.

Information on Industry’s P/E Ratio

The company TechD Cybersecurity, aka TechDefence’s P/E ratio, is not provided in the RHP. However, let’s check out the industry’s P/E ratio to understand it more. The industry peer group shows a P/E ratio ranging from 29.64 (lowest) to 80.40 (highest), with an average of 55.02.

Expansion

The proceeds raised from the fresh issue will be used for the investment in Human Resources.
Some funds will be utilized for setting up the Global Security Operation Centre (GSOC) at Ahmedabad.
Lastly, the remaining funds will be utilized for the company’s general corporate purposes.

TechD Cybersecurity aka TechDefence IPO – Should You Apply or Not?

The qualified and experienced promoters & Management, Integrated Cyber security Service Offering, CERT-In empanelment, development of GSOC in Gujarat, diversified client portfolio, and health financial progress make TechD Cybersecurity company a great choice to invest in. However, the dependence on a few vendors and a few industries and reliance on OEM Partners for their MSSP Service are some of the risk factors the company must keep in mind.

As of September 12, the Grey Market Premium (GMP) of TechD Cybersecurity stands at ₹151 against the IPO price of ₹193. This indicates that the IPO is expected to list at around ₹344, reflecting a premium of approximately 78.23%.

Those with a higher tolerance for risk can apply for this IPO, and cautious investors must carefully analyze the company’s financial background, risks, strengths, and strategies before applying to it.

Please Note:

This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

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.