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.

Upcoming IPO in November 2025 | Mainboard & SME IPO Watch List

By Jagat Joshi
November 22, 2025

Good News for eagerly waiting investors! We are about to enter November 2025, with various companies ready to step into the stock exchange and are expected to raise maximum amounts through an Initial Public Offering (IPO). If you are looking for the latest IPO in November 2025, you are at the right place. Below is the list of various companies that have filed for DRHP and got approval as RHP, which are expected to hit the primary market in November 2025.

Due to weak market sentiment, several IPOs did not perform as expected, while many others were launched in both the SME and Mainboard segments.

Here are the November IPO 2025 details. Let’s find out about the current Mainline and SME IPOs that open this November and in the forthcoming weeks.

Upcoming IPO	Opening Date	Closing Date	Type of IPO	IPO Size	Price Band
Lenskart Solutions	October 31	November 4	Mainboard	₹7,278.02 Cr.	₹382 to ₹402
Shreeji Global FMCG	November 4	November 7	SME	₹85 Cr.	₹120 to ₹125
Groww	November 4	November 7	Mainboard	₹6,632.30 Cr.	₹95 to ₹100
Finbud Financial	November 6	November 10	SME	₹71.68 Cr.	₹140 to ₹142
Curis Lifesciences	November 7	November 11	SME	₹27.52 Cr.	₹120 to ₹128
Pine Labs	November 7	November 11	Mainboard	₹3,899.91 Cr.	₹210 to ₹221
Shining Tools	November 7	November 11	SME	₹17.10 Cr.	₹114
Mahamaya Lifesciences	November 11	November 13	SME	₹70.44 Cr.	₹108 to ₹114
PhysicsWallah	November 11	November 13	Mainboard	₹3,820 Cr.	₹103 to ₹109
Emmvee Photovoltaic	November 11	November 13	Mainboard	₹2900 Cr.	₹206 to ₹217
Workmates Core2Cloud	November 11	November 13	SME	₹69.84 Cr.	₹200 to ₹204
Tenneco Clean Air	November 12	November 14	Mainboard	₹3600 Cr.	₹378 to ₹397
Fujiyama Power	November 13	November 17	Mainboard	₹828 Cr.	₹216 to ₹228
Capillary Technologies	November 14	November 18	Mainboard	₹877.50 Cr.	₹549 to ₹577
Gallard Steel	November 19	November 21	SME	₹37.50 Cr.	₹142 to ₹150
Excelsoft Technologies	November 19	November 21	Mainboard	₹500.00 Cr.	₹114 to ₹120
Sudeep Pharma	November 21	November 25	Mainboard	₹895 Cr.	₹563 to ₹593
SSMD Agrotech	November 24	November 26	SME	₹33.80 Cr.	₹114 to ₹120
K K Silk Mills	November 26	November 28	SME	₹28.50 Cr.	₹36 to ₹38
Mother Nutri Foods	November 26	November 28	SME	₹39.59 Cr.	₹111 to ₹117
Clear Secured	TBA	TBA	Mainboard	₹- Cr.	TBA
Vidya Wires	TBA	TBA	Mainboard	₹- Cr.	TBA
Clean Max Enviro	TBA	TBA	Mainboard	₹5200 Cr.	TBA

Lenskart Solutions

Lenskart Solutions IPO will open on October 31, 2025, and close on November 4, 2025. It is a Book Built Issue worth ₹7,278.02 crores, which includes a fresh issue of ₹2,150 crores and an offer for sale (OFS) of 12.75 crore shares. The price band for the IPO is ₹382–₹402 per share, and the face value of each share is ₹2.

Shreeji Global FMCG

Shreeji Global FMCG IPO will open on November 4, 2025, and close on November 7, 2025. It is a Book Built Issue through which the company plans to raise around ₹85 crores via a fresh issue. The price band is ₹120–₹125 per share, and the face value of each share is ₹10.

Groww

Groww IPO will open on November 4, 2025, and close on November 7, 2025. The company plans to raise about ₹6,632.30 crores, consisting of a fresh issue of ₹1,060 crores and an offer for sale of 55,72,30,051 equity shares. The price band is set between ₹95–₹100 per share, and the face value is ₹2 per share.

Finbud Financial

Finbud Financial IPO will open on November 6, 2025, and close on November 10, 2025. It is a Book Built Issue through which the company aims to raise around ₹71.68 crores via a fresh issue. The price band is ₹140–₹142 per share, and the face value is ₹10 each.

Curis Lifesciences

Curis Lifesciences IPO will open on November 7, 2025, and close on November 11, 2025. It is a Book Built Issue aiming to raise about ₹27.52 crores through a fresh issue. The price band for the IPO is ₹120–₹128 per share, and the face value is ₹10 each.

Pine Labs

Pine Labs is the latest November 2025 IPO, opening from November 7, 2025, and will close on November 11, 2025. Moreover, the IPO Price band is ₹210 to ₹221 per share. The IPO has an issue size of ₹3,899.91 crores, wherein the fresh issue of ₹2,080 crores and offer for sale up to 82,348,779 equity shares with a face value of ₹1 each. The company has valuable reasons for launching an IPO.

Shining Tools

Shining Tools IPO open date is November 7, 2025, and the IPO will close on November 11, 2025. Shining Tools IPO is a Fixed Price Issue. The company to raise around ₹17.10 crores via IPO, which comprises a fresh issue of ₹17.10 crores with a face value of ₹10 each. Shining Tools IPO price band is ₹114 per share.

Mahamaya Lifesciences

Mahamaya Lifescience IPO is opening from November 11, 2025, and will close on November 13, 2025. Moreover, the company has aimed to raise around ₹70.44 crores, wherein a fresh issue of ₹64.28 crores and offer for sale up to 5,40,800 equity shares with a face value of ₹10 each. In the Mahamaya Lifescience retail quota is 35%, QIB is 50%, and HNI is 15%.

Mahamaya Lifesciences IPO price band is ₹108 to ₹114 per share.

PhysicsWallah

PhysicsWallah is planning an IPO in 2025 through a Book Built Issue to raise around ₹3,820 crores. Out of this, ₹3,100 crores will come from the fresh issue of new shares. Each share has a face value of ₹1. The IPO provides investors with an opportunity to buy both new and existing shares of the company. The rest of the details will be given soon

Emmvee Photovoltaic

Emmvee Photovoltaic Limited is launching its Initial Public Offering (IPO) on November 11, 2025, and the issue will close on November 13, 2025. This is a Book Built Issue through which the company aims to raise around ₹2,900 crores. The IPO consists of a fresh issue of shares worth ₹2,143.86 crores and an offer for sale (OFS) of up to 3,48,45,069 equity shares, each having a face value of ₹2. The price band for the Emmvee Photovoltaic IPO has been set between ₹206 and ₹217 per share.

Workmates Core2Cloud

Workmates Core2Cloud IPO open date is November 11, 2025 and the IPO will close on November 13, 2025. Workmates Core2Cloud IPO is a Book Built Issue. The company to raise around ₹69.84 crores via IPO that comprises fresh issue of ₹59.34 crores and offer for sale up to 5,14,800 equity shares with face value of ₹10 each.

Workmates Core2Cloud IPO price band is ₹200 to ₹204 per share.

Tenneco Clean Air

Tenneco Clean Air Limited will open its IPO on November 12, 2025, and it will close on November 14, 2025. This is a Book Built Issue through which the company plans to raise around ₹3,600 crores. The IPO includes an offer for sale (OFS) of up to 9,06,80,101 equity shares with a face value of ₹10 each. The price band for the Tenneco Clean Air IPO is set between ₹378 and ₹397 per share.

Fujiyama Power Systems IPO aka UTL Solar

Fujiyama Power Systems Limited, also known as UTL Solar, will open its IPO on November 13, 2025, and close on November 17, 2025. It is a Book Built Issue through which the company aims to raise around ₹[amount not yet announced] crores. The IPO includes a fresh issue of shares worth ₹600 crores and an offer for sale (OFS) of up to 1,00,00,000 equity shares with a face value of ₹1 each.

Capillary Technologies

Capillary Technologies is launching its Initial Public Offering (IPO) on November 14, 2025, which will close on November 18, 2025. This is a Book Built Issue through which the company aims to raise around ₹877.50 crores. The IPO consists of a fresh issue worth ₹345 crores and an offer for sale (OFS) of up to 92,28,796 equity shares, each having a face value of ₹2. The price band for the IPO has been set between ₹549 and ₹577 per share.

Gallard Steel

Gallard Steel’s IPO is opening from November 19, 2025, and closing on November 21, 2025. Moreover, the IPO issue size is ₹37.50 crores via fresh issue, with the face value of ₹10 each. Gallard Steel IPO price band is ₹142 to ₹150 per share.

Excelsoft Technologies

Excelsoft Technologies IPO will open on November 19, 2025 and close on November 21, 2025. It is a Bookbuilt Issue worth about ₹500 crore, including a fresh issue of ₹180 crore and an OFS of 2,66,66,666 shares.

The price band is ₹114–₹120 per share.

Sudeep Pharma

Sudeep Pharma IPO will open on November 21, 2025, and close on November 25, 2025. It is a Book-built Issue of about ₹895 crore, including a fresh issue of ₹95 crore and an OFS of 1,34,90,726 shares. The price band is ₹563–₹593 per share.

SSMD Agrotech

SSMD Agrotech India IPO will open on November 24, 2025, and close on November 26, 2025. It is a Book Built Issue worth ₹33.80 crore, fully comprising a fresh issue of ₹33.80 crore. The price band is ₹114–₹120 per share.

K K Silk Mills

K K Silk Mills IPO will open on November 26, 2025, and close on November 28, 2025. It is a Book Built Issue of ₹28.50 crore, entirely a fresh issue.

The price band is ₹36–₹38 per share.

Mother Nutri Foods

Mother Nutri Foods IPO will open on November 26, 2025, and close on November 28, 2025. It is a Book Built Issue of about ₹39.59 crore, including a fresh issue of ₹31.67 crore and an OFS of 6,76,800 shares. The price band is ₹111–₹117 per share.

Vidya Wires

Vidya Wires IPO opening and closing, along with full information, 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.