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.

February 2026 IPO Calendar – Key Listings Details

By Jagat Joshi
February 23, 2026

Good News for eagerly waiting investors! We are about to enter February 2026, and there are various current ipo this month. This will allow you to invest in IPOs and secure your profit. Being alert for the upcoming IPO in February will help investors plan their investments and stay informed about market trends.

Let’s take a deep dive into this month’s IPO calendar, including CKK Retail Mart and many more. This IPO month considered both SME and Mainboard with a satisfactory aim of IPO money utilisation. Below is a list of upcoming IPOs, along with their tentative dates and other key details to help you stay informed.

Company	Opening Date	Closing Date	Type of IPO	IPO Size	Price Band
CKK Retail Mart	January 30, 2026	February 3, 2026	SME	₹88.02 Cr.	₹155 to ₹163
Grover Jewells	February 4, 2026	February 6, 2026	SME	₹33.83 Cr	₹83 to ₹88
Brandman Retail	February 4, 2026	February 6, 2026.	NSE	₹86.09 Cr	₹167 to ₹176
Biopol Chemicals	February 6, 2026	February 10, 2026	SME	₹31.26 Cr.	₹102 to ₹108
PAN HR Solutions	February 6, 2026	February 10, 2026	SME	₹17.04 Cr	₹74 to ₹78
Fractal Analytics	February 9, 2026	February 11, 2026	Mainboard	₹2,833.9 Cr.	₹857 to ₹900
Aye Finance	February 9, 2026	February 11, 2026	Mainboard	₹1,010 Cr.	₹122 to ₹129
Marushika Technology	February 12, 2026	February 16, 2026	SME	₹26.97 Cr.	₹111 to ₹117
Fractal Industries	February 16, 2026	February 18, 2026	SME	₹49 Cr.	₹205 to ₹216
Yashhtej Industries	February 18, 2026	February 20, 2026	SME	₹88.88 Cr.	₹110
Manilam Industries	February 20, 2026	February 24, 2026	SME	₹40 Cr.	₹65 to ₹69
Gaudium IVF	February 20, 2026	February 24, 2026	Mainboard	₹165 Cr.	₹75 to ₹79
Clean Max Enviro	February 23, 2026	February 25, 2026	Mainboard	₹3100 Cr.	₹1000 to ₹1053
Shree Ram Twistex	February 23, 2026	February 25, 2026	Mainboard	₹110.2 Cr	₹95 to ₹104
Mobilise App	February 23, 2026	February 25, 2026	SME	₹20 Cr.	₹75 to ₹80
Accord Transformer	February 23, 2026	February 25, 2026	SME	₹26 Cr.	₹43 to ₹46
Kiaasa Retail	February 23, 2026	February 25, 2026	SME	₹69.72 Cr.	₹121 to ₹127
PNGS Reva Diamond	February 24, 2026	February 26, 2026	Mainboard	₹380 Cr.	₹367 to ₹386
Omnitech Engineering	February 25, 2026	February 27, 2026	Mainboard	₹583 Cr.	₹216 to ₹227
Yaap Digital	February 25, 2026	February 27, 2026	SME	₹80.11 Cr.	₹138 to ₹145
Striders Impex	February 26, 2026	March 2, 2026	SME	₹36 Cr.	₹71 to ₹72
Hero Fincorp	TBA	TBA	TBA	TBA	TBA
Hero Motors	TBA	TBA	TBA	TBA	TBA
Priority Jewels	TBA	TBA	TBA	TBA	TBA

CKK Retail Mart’s IPO

CKK Retail Mart’s IPO will open on January 30, 2026, and close on February 3, 2026. The IPO has an issue size of ₹88.02 crores, including fresh issue of ₹71.85 crore and an offer for sale of up to 9,92,000 equity shares with a face value of ₹10 per share. The IPO price band has been fixed at ₹155 to ₹163 per share.

Grover Jewells IPO

Grover Jewells’ IPO will open on February 4, 2026, and it will close on February 6, 2026. The IPO has an issue size of ₹33.83 crores via fresh issue with the face value of 10 each.

Grover Jewells’ IPO has a price band of ₹83 to ₹88 per share.

Brandman Retail IPO

Brandman Retail’s IPO will open on February 4, 2026, and close on February 6, 2026. The company aims to raise around ₹86.09 crore through this IPO. The entire amount will be raised through a fresh issue of shares worth ₹86.09 crore, with each share having a face value of ₹10.

The price band for the IPO is ₹167 to ₹176 per share.

Biopol Chemicals IPO

Biopol Chemicals’ IPO will open on February 6, 202,6 and close on February 10, 2026. It is a book-build issue, through which the company plans to raise around ₹31.26 crore, entirely via a fresh issue of ₹31.26 crore. The equity shares have a face value of ₹10 each, and the price band for the IPO has been set at ₹102 to ₹108 per share.

PAN HR Solutions IPO

PAN HR Solutions’ IPO will open on February 6, 2026, and will close on February 10, 2026. The IPO has an issue size of ₹17.04 crores, comprising a fresh issue of ₹14.04 crores and an offer for sale of up to 3,84,000 equity shares, each with a face value of ₹10. The price band for the IPO is ₹74 to ₹78 per share.

Fractal Analytics IPO

Fractaln Analytics IPO is opening from February 9, 2026, to February 11, 2026. The IPO has an issue size of ₹2,833.9 crores, including ₹1,023.5 crores and offer for sale up to 2,01,15,555 equity shares with a face value of ₹1 each. Fractal Analytics IPO price band is ₹857 to ₹900 per share.

Aye Finance IPO

Aye Finance IPO will open on February 9, 2026, and close on February 11, 2026. The IPO has an issue size of ₹1,010 crore. This includes a fresh issue of ₹710 crore and an offer for sale of up to 2,32,55,813 equity shares by existing shareholders. The equity shares have a face value of ₹2 each, and the IPO price band is fixed at ₹122 to ₹129 per share.

Marushika Technology IPO

Marushika Technology IPO is opening from February 12, 2026, to February 16, 2026. The IPO issue size is ₹26.97 crores via fresh issue with a face value of ₹10 each. Marushika Technology IPO price band is ₹111 to ₹117 per share.

Yashhtej Industries IPO

The Yashhtej Industries (India) Limited IPO will open on February 18, 2026, and close on February 20, 2026. This is a Fixed Price Issue, meaning the share price is fixed at ₹110 per share. The company plans to raise around ₹88.88 crore through a fresh issue of shares with a face value of ₹10 each.

Fractal Industries IPO

Fractal Industries IPO is opening from 16, 2026, to February 18, 2026. The IPO’s issue size is ₹49 crores via fresh issue with the face value of 10 each. Fractal Industries IPO price band is ₹205 to ₹216 per share.

Manilam Industries IPO

Manilam Industries IPO is opening from February 20, 2026, to close on February 24, 2026. This book-building IPO has an issue size of ₹39.95 crores, wherein the fresh issue of ₹32.42 crores and offer for sale up to 10,92,000 equity shares with a face value of ₹10 each. Manilam Industries IPO price band is ₹65 to ₹69 per share.

Gaudium IVF IPO

Gaudium IVF IPO open date is February 20, 2026, and the IPO will close on February 24, 2026. The IPO ₹165 crores via IPO that comprises fresh issue of ₹90 crores and offer for sale up to 94,93,700 equity shares with face value of ₹5 each.

Clean Max Enviro IPO

Clean Max IPO opening date is from February 23, 2026, to February 25, 2026. The IPO issue size is around ₹3,100 crores via fresh issue of ₹1,200 crores and offer for sale up to 1,80,43,684 equity shares with a face value of ₹1 each. Clean Max Enviro Energy IPO price band is ₹1000 to ₹1053 per share.

Shree Ram Twistex IPO

Shree Ram Twistex IPO open date is February 23, 2026, and will close on February 25, 2026. The IPO issue size is ₹110.24 crores via fresh issue of ₹110.24 crores with a face value of ₹10 each.

Mobilise App IPO

Mobilise App Lab IPO open date is February 23, 2026, and the IPO will close on February 25, 2026. The company to raise around ₹20 crores via a fresh issue of ₹20 crores with a face value of ₹10 each. Mobilise App Lab IPO price band is ₹75 to ₹80 per share.

Accord Transformer IPO

Accord Transformer IPO is opening from February 23, 2026, to February 25, 2026. The IPO issue price is around ₹26 crores, via a fresh issue of ₹25.59 crores with the face value of ₹10 each. Accord Transformer IPO price band is ₹43 to ₹46 per share.

Kiaasa Retail IPO

Kiaasa Retail Limited IPO will open for subscription on February 23, 2026, and close on February 25, 2026. The IPO’s issue size is ₹69.72 crores via fresh issue with the face value of ₹10 each. The price band for the IPO is fixed at ₹121 to ₹127 per share.

PNGS Reva Diamond IPO

PNGS Reva Diamond Jewellery IPO is opening from February 24, 2026, to February 26, 2026. Moreover, the IPO issue price is ₹380 crores with a face value of ₹10 each. The IPO price band is around ₹367 to ₹386 per share.

Omnitech Engineering IPO

Omnitech Engineering IPO will open on February 25, 2026, and close on February 27, 2026. Further, the company plans to raise about ₹583 crores through the IPO, which includes a fresh issue of ₹418 crores and an offer-for-sale of up to 72,68,722 equity shares with a face value of ₹5 each.

Moreover, the IPO price band is set between ₹216 and ₹227 per share.

Yaap Digital IPO

Yaap Digital IPO will open on February 25, 2026, and close on February 27, 2026. It is a Book Build Issue.

Further, the company plans to raise about ₹80.11 crores through the IPO, entirely as a fresh issue. Each share has a face value of ₹10. Moreover, the IPO price band is set between ₹138 and ₹145 per share.

Striders Impex IPO

Striders Impex IPO opening date is February 26, 2026, and will close on March 2, 2026. Further, the IPO’s issue size is ₹36 crores fresh issue of ₹31 crores, and offer for sale up to 5,08,800 equity shares with a face value of ₹10 each. Striders Impex IPO price band is ₹71 to ₹72 per share.

Hero Fin Corps IPO

Hero Fincorps IPO is planned for January 2026 (exact dates to be announced). It’s a book‑built IPO aiming to raise about ₹3,668 crore, including a fresh issue of ₹2,100 crore and the rest through an offer for sale by existing shareholders. The shares will have a face value of ₹10 each, and the IPO opens and closes in 2026.

Hero Motors IPO

Hero Motors’ IPO is planned for 2026. It’s a book-built IPO to raise about ₹1,200 crore, including a fresh issue of ₹800 crore and an offer for sale by existing shareholders. Each share has a face value of ₹10.

Priority Jewels IPO

Priority Jewels IPO plans a book-built IPO in 2026. Shares will list on BSE and NSE, with final details in the Red Herring Prospectus. The rest of the details are yet to be announced.

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.