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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.
Dilip Davda

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).

QBLā€™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 equipmentā€™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 & equipmentā€™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 equipmentā€™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.

Q-Line Biotech IPO

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 groupā€™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 ā€“ 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, companyā€™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 ā‚¹184.81 ā‚¹154.97 ā‚¹32.10 ā‚¹251.58
2024 ā‚¹206.45 ā‚¹175.85 ā‚¹34.44 ā‚¹339.25
2025 ā‚¹322.58 ā‚¹261.43 ā‚¹28.13 ā‚¹455.49
Dec 2025 ā‚¹236.50 ā‚¹186.96 ā‚¹38.69 ā‚¹561.34

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 (ā‚¹) EPS basic (ā‚¹)Ā  EPS Diluted (ā‚¹) RONW (%) P/E Ratio NAV (ā‚¹)
Powerica Limited 5 15.26Ā  15.26 15.37 %Ā  24.45 99.76
Listed Peers
Cummins India Limited 2 72.15Ā  72.15 26.45% 64.13Ā  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% 50.74Ā  74.54
Adani Green Energy Limited 10 8.37 8.37 11.90%Ā  101.53Ā  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? āŒ„
Q-Line Biotech IPO is SME IPO. The company is going to raise ā‚¹214 Crores via IPO. The issue is priced at ā‚¹326 to ā‚¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription? āŒ„
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? āŒ„
The investorsā€™ portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO? āŒ„
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? āŒ„
Q-Line Biotech IPO issue size is ā‚¹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ā‚¹326 to ā‚¹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ā‚¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date? āŒ„
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date? āŒ„
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.

Upcoming IPOs in December 2023 – Mainboard & SME IPO List

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Hopefully, December 2023 is going to be another blockbuster month for IPOs. As per the current scenario, there are few mainboards, and SMEs are lined up for the IPO. In November we saw record-breaking IPO listing in the mainline and SME segment as well. In the last months few of the listings that are Tata Technologies, and Gandhar Oil Refinery gave a superb return on the listing day for the investors.
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Upcoming IPOs in December 2023

As per the EY report – India broke records in Q3 2023 and witnessed a 425% surge in IPOs, raising $1.77 Billion. In Q3 2023, 21 IPOs hit the dalal street including mainline and SMEs. Now it’s time for the Upcoming IPO list in December 2023, which includes some big names.

Sheetal Universal – NSE SME IPO

Sheetal Universal IPO is to open on December 4 and will close on December 6. Sheetal Universal is an NSE SME IPO to raise ā‚¹23.80 crores via IPO. The Sheetal Universal IPO price band is fixed at ā‚¹70 with a market lot of 2000 shares. Beeline Capital Advisors Pvt Ltd is the lead manager for the IPO and Bigshare Services Pvt Ltd is the registrar of the IPO.

Sheetal Universal Limited is Sourcing, processes, and supplying agriculture commodities like peanuts, sesame seeds, spices, and grains to cater to the manufacturers of peanut butter, biscuits, cakes, chocolate, and food products.

Accent Microcell – NSE SME IPO

Accent Microcell IPO is to open on December 8 and will close on December 12. Accent Microcell is an NSE SME IPO to raise ā‚¹78.40 crores via IPO. The Accent Microcell IPO price band is fixed at ā‚¹133 to ā‚¹140 with a market lot of 1000 shares. Corporate Capitalventures Pvt Ltd is the lead manager for the IPO and Kfin Technologies Limited is the registrar of the IPO.

Accent Microcell Limited is a manufacturer of high-quality cellulose-based excipients which predominantly find application in the Pharmaceutical, Nutraceutical, Food, Cosmetic, and other industries. The company is one of the Global leading manufacturers of Microcrystalline Cellulose (MCC).

DOMS Industries – Mainboard IPO

DOMS Industries IPO is to open on December 13 and will close on December 15. DOMS IPO to raise around ā‚¹1200 crores via IPO that comprises fresh issue of ā‚¹250 crores and offer for sale up to ā‚¹850 crores of ā‚¹10 each. The retail quota is 10%, QIB is 75%, and HNI is 15%. Jm Financial Limited, BNP Paribas, ICICI Securities Limited, and Iifl Securities Ltd are the lead managers for the IPO, and Link Intime India Private Ltd os the registrar of the IPO.

DOMS Industries Limited is an Indian stationery and art materials manufacturing company based in Valsad, Gujarat. The company was founded in 1976 as a partnership firm, R.R. Industries, by Rasiklal Amritlal Raveshia and Mansukhlal Jamnadas Rajani. The company launched its flagship brand ā€œDOMSā€ in 2005.

S J Logistics – NSE SME IPO

S J Logistics IPO is to open on December 12 and will close on December 14. S J Logistics is an NSE SME IPO to raise ā‚¹48 crores via IPO. The S J Logistics IPO price band is fixed at ā‚¹121 to ā‚¹125 with a market lot of 1000 shares. Hem Securities Limited is the lead manager for the IPO, and Maashitla Securities Private Limited is the registrar of the IPO.

S J Logistics is engaged in the business of providing logistics and supply chain solutions to their customers. Their key services include freight forwarding, customs clearance, and transportation handling services. They are a Multimodal Transport Operator registered under the Multimodal Transportation of Goods Act 1993 to carry on the business of multimodal transportation.

Muthoot Microfin – Mainboard IPO

Muthoot Microfin IPO is to open soon, still, the official announcement is not out yet. Muthoot Microfin IPO to raise around ā‚¹1350 crores via IPO that comprises fresh issue of ā‚¹950 crores and offer for sale up to ā‚¹400 crores of ā‚¹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%. ICICI Securities Limited, Axis Capital Limited, Jm Financial Limited, and SBI Capital Markets Limited are the lead managers for the IPO and Kfin Technologies Limited is the registrar of the IPO.

Muthoot Microfin Limited is a microfinance institution providing micro-loans to women customers (primarily for income generation purposes) focusing on rural regions of India. They are the fourth largest NBFC-MFI in India in terms of gross loan portfolio as of December 31, 2022, as per CRISIL Report. They are also the third largest amongst NBFC-MFIs in South India in terms of the gross loan portfolio, the largest in Kerala in terms of MFI market share, and a key player in Tamil Nadu with an almost 16% market share, as of December 31, 2022, as per CRISIL Report.

Allied Blenders – Mainboard IPO

Allied Blenders IPO is to open soon, still, the official announcement is not out yet. Allied Blenders and Distillers IPO to raise around ā‚¹2000 crores via IPO that comprises fresh issue of ā‚¹1000 crores and offer for sale up to ā‚¹1000 crores of ā‚¹2 each. The retail quota is 35%, QIB is 50%, and HNI is 15%. ICICI Securities Limited, Axis Capital Limited, Jm Financial Limited, Kotak Mahindra Capital Company Limited, and Equirus Capital Private Limited are the lead managers for the IPO and Link Intime India Private Ltd is the registrar of the IPO.

Allied Blenders and Distillers is the largest Indian-owned Indian-made foreign liquor (ā€œIMFLā€) company and the third largest IMFL company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2021. They are one of the only four spirits companies in India with a pan-India sales and distribution footprint, and the leading exporter of IMFL, in terms of annual sales volumes between Fiscal 2019 to Fiscal 2021 with an estimated peak share of 20% in Fiscal 2021. (As per DRHP)

Other IPOs List – Coming Soon

There are some of the companies that are yet to announce their IPO dates.

  • Siyaram Recycling – NSE SME
  • Benchmark Computer Solutions – BSE SME
  • Shree OSFM E-Mobility – NSE SME
  • Presstonic Engineering – NSE SME
  • Happy Forgings – Mainboard IPO
  • Mukka Proteins – Mainboard IPO
  • Inox India – Mainboard IPO
  • Mufti Jeans – Mainboard IPO
  • Motisons Jewellers – Mainboard IPO
  • RBZ Jewellers – Mainboard IPO
  • Suraj Estate Developers – Mainboard IPO

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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.
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Jagat Joshi

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8 Responses

    1. Hi Harish,

      Try to apply on 2nd day of the IPO to avoid last day rush. Check the application as the mendate created successfully or not. Do more applications to get a chance of the allotment.

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