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.

Check out the IPO Calendar, January 2026 Mainboard & SME IPO List

By Jagat Joshi
January 17, 2026

Good News for eagerly waiting investors! We are about to enter January 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 January 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 Meesho, Vidya Wires, Revelcare, Neochem Bio, and ScaleSauce, which are scheduled for January 2026 IPOs. 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 IPO	Opening Date	Closing Date	Type of IPO	IPO Size	Price Band
Modern Diagnostic	December 31	January 2	SME	₹37 Cr.	₹85 to ₹90
Gabion Technologies	January 6	January 8	SME	₹29 Cr.	₹76 to ₹81
Yajur Fibres	January 7	January 9	SME	₹120 Cr.	₹168 to ₹174
Victory Electric Vehicles	January 7	January 9	SME	₹35 Cr.	₹41
Defrail Technologies	January 9	January 13	SME	₹- Cr.	₹- to ₹-
Bharat Coking Coal	January 9	January 13	Mainboard	₹1071.1 Cr.	₹21 to ₹23
Avana Electrosystems	January 12	January 14	SME	₹35 Cr.	₹56 to ₹59
Narmadesh Brass	January 12	January 15	SME	₹45 Cr.	₹515
INDO SMC	January 13	January 15	SME	₹92 Cr.	₹141 to ₹149
Amagi Media Labs	January 13	January 16	Mainboard	₹1789 Cr.	₹343 to ₹361
GRE Renew Enertech	January 13	January 16	SME	₹40 Cr.	₹100 to ₹105
Armour Security	January 14	January 19	SME	₹27 Cr.	₹55 to ₹57
Aritas Vinyl	January 16	January 20	SME	₹38 Cr.	₹40 to ₹47
Digilogic Systems	January 20	January 22	SME	₹81 Cr.	₹98 to ₹104
Shadowfax	January 20	January 22	Mainboard	₹1907.27 Cr.	₹118 to ₹124
KRM Ayurveda	January 21	January 23	SME	₹77 Cr.	₹128 to ₹135
Shayona Engineering	January 22	January 27	SME	₹[.] Cr.	₹- to ₹-
Hero Fincorp	TBA	TBA	TBA	TBA	TBA
Hero Motors	TBA	TBA	TBA	TBA	TBA
Priority Jewels	TBA	TBA	TBA	TBA	TBA

Modern Diagnostic IPO

The Modern Diagnostic IPO opening date is December 31, 2025, and the closing date is January 2, 2026. Moreover, the IPO has an issue size of ₹37 crores with a fresh issue. The face value is ₹10 each. The IPO price band is ₹85 to ₹90 per share.

Gabion Technologies IPO

Gabion Technologies’ IPO is opening from January 6, 2026, and will close on January 8, 2026. Further, the IPO has an issue size of ₹29 crores with the fresh issue. The face value of ₹ 10 each, and the price band has been set at ₹76 to ₹81 per share.

Yajur Fibres IPO

Yajur Fibres IPO is opening from January 7, 2026, and closing on January 9, 2026. Moreover, the IPO has an issue size of ₹120 crores through a fresh issue with a face value of 10 each. Yajur Fibres IPO price band is ₹168 to ₹174 per share.

Victory Electric Vehicles IPO

Victory Electric Vehicles’ IPO opens from January 7, 2026, to January 9, 2026. The company plans to raise around ₹35 crores via IPO, consisting of a fresh issue of ₹35 crores with a face value of ₹5 each.

Victory Electric Vehicles’ IPO price band is ₹41 per share.

Defrail Technologies IPO

Defrail Technologies’ IPO is scheduled to open on January 9, 2026, and will close on January 13, 2026. Defrail Technologies IPO is a Book Build Issue. Further, the IPO issue size is 14 Cr via fresh issue, and the price band has set at ₹70 to ₹74 per share.

Avana Electrosystems IPO

Avana Electrosystems IPO is opening from January 12, 2026, and closing on January 14, 2026. Further, the IPO has an issue size of ₹35 crores, wherein the fresh issue of ₹33 crores and offer for sale up to 7,94,000 equity shares with a face value of ₹10 each.

Avana Electrosystems’ IPO price band is ₹56 to ₹59 per share.

Narmadesh Brass IPO

Narmadesh Brass IPO is opening from January 12, 2026, to January 15, 2026. The issue size of this IPO is ₹45 crores via IPO that comprises a fresh issue of ₹36 crores and offer for sale up to 1,70,400 equity shares with face value of ₹10 each. Further, the price band is ₹515 per share.

INDO SMC IPO

INDO SMC IPO is opening for subscription from January 13, 2026, to January 15, 2026. Moreover, the IPO’s issue size is ₹92 crores fresh issue of ₹92 crores with a face value of ₹10 each. Further, the IPO’s price band is ₹141 to ₹149 per share.

Amagi Media Labs IPO

Amagi Media Labs IPO will open on January 13, 2026, and close on January 16, 2026. It is a book-built issue through which the company plans to raise around ₹1,789 crore, including a fresh issue of ₹816 crore and an offer for sale of up to 2,69,42,343 equity shares with a face value of ₹5 each. The IPO price band is ₹343 to ₹361 per share.

GRE Renew Enertech IPO

The GRE Renew Enertech IPO will open on January 13, 2026, and it will close on January 16, 2026. Moreover, the IPO has an issue size of ₹40 crore, via fresh issue, along with the face value of ₹10 each.

Armour Security IPO

Armour Security IPO will open on January 14, 2026, and close on January 19, 2026. It is a book-built issue through which the company plans to raise around ₹27 crore via a fresh issue of shares. The IPO price band is ₹55 to ₹57 per share, with a face value of ₹10 each.

Aritas Vinyl IPO

Aritas Vinyl IPO is opening from January 16, 2026, to January 20, 2026. Further, the IPO’s issue size is ₹38 crores via fresh issue and OFS. In this IPO, the fresh issue of ₹33 crores and offer for sale up to 9,84,400 equity shares with face value of ₹10 each. Aritas Vinyl IPO price band is ₹40 to ₹47 per share.

Digilogic Systems IPO

Digilogic Systems IPO will open on January 20, 2026, and close on January 22, 2026. It is a book-building issue. The company plans to raise about ₹81 crore through the IPO, which includes a fresh issue of ₹69.68 crore and an offer for sale of up to 10,89,600 shares, each with a face value of ₹2. The price band for the IPO is ₹98 to ₹104 per share.

Shadowfax Technologies IPO

Shadowfax Technologies’ IPO will open on January 20, 2026, and close on January 22, 2026. It is a book-building issue. The company plans to raise around ₹1,907 crore, which includes a fresh issue of ₹1,000 crore and an offer for sale of up to 7,31,66,935 shares, each with a face value of ₹10.

The price band for the IPO is ₹118 to ₹124 per share.

KRM Ayurveda IPO

KRM Ayurveda IPO will open on January 21, 2026, and close on January 23, 2026. This IPO is a book-building issue. The company plans to raise about ₹77 crore, entirely through a fresh issue of shares. A face value of ₹10. Each share. The price band for the IPO is set between ₹128 and ₹135 per share.

Hero Fincorps 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.