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 IPOs This Week – 3 IPO open for Investment and 11 IPOs Scheduled for Listing

By Jagat Joshi
February 20, 2025

The Indian primary market has been vibrating this week as investors eagerly anticipate an abundant number of new initial public offerings (IPOs) and listings. A total of 11 companies are going to be listed on the stock exchange and 1 firm is planning for an IPO(Initial Public Offering). The recent spike in initial public offerings (IPOs) highlights how active and dynamic our financial environment is, providing market participants with an abundance of investment options.

The upcoming IPOs this week in India – check out Mainline and SME Upcoming IPOs this week that are open, and scheduled for listing. Read on!

This Upcoming week is going to be a big movement for investors, as IPOs are coming with satisfactory GMP. These IPOs come from various industries, investors have the opportunity to choose investments in their preferred sectors. Upcoming This week’s SME IPO is 3.

The following is a detailed overview of the IPOs that will open and list this week.

Several new IPOs are opening this week along with fresh opportunities

The Upcoming IPOs that opened this week are as follows:

1. Beezaasan Explotech

Beezaasan Explotech Limited, a prominent company that manufactures and supplies a wide range of explosives and explosive accessories, was established in August 2013. Moreover, Beezaasan Explotech IPO is coming next week. The opening date is 21st February 2025, and close on 25th 2025.

Beezaasan Explotech IPO is a fully fresh issue of Rs ₹59.93 crores with a face value of ₹10 each. Beezaasan Explotech IPO price band is ₹165 to ₹175 per share. Moreover, Beezaasan Explotech IPO is an SME IPO as it is going to list on the BSE SME platform.

Beezaasan Explotech IPO GMP has not started yet, so keep in touch with IPO watch for more details.

2. HP Telecom India

HP Telecom India’s IPO is set to open on February 20, 2025, and will close on February 24, 2025. The IPO is a Fixed Price Issue, with the company aiming to raise approximately ₹34.23 crores. This will include a fresh issue of ₹34.23 crores and an offer for sale of up to [.] equity shares, each with a face value of ₹10. The price band for the HP Telecom India IPO is ₹108 per share.

HP Telecom India’s IPO GMP has not started yet, so keep in touch with IPO watch for more details.

3. Swasth Foodtech

Swasth Foodtech IPO open date is February 20, 2025, and the IPO will close on February 24, 2025. Swasth Foodtech IPO is a completely fresh issue of fresh issue Rs 14.92 crores along with Rs 10 each share price. Swasth Foodtech’s IPO price band is ₹94 per share.

Swasth Foodtech IPO GMP has not started yet, so keep in touch with the IPO watch.

IPO Listing This Week

There are 11 IPOs listed this week, which are as follows:

1. Ajax Engineering

Ajax Engineering IPO opens on February 10 and closes on February 12. The allotment for the IPO will be determined on February 13, with the listing scheduled for February 17.

2. Chandan Healthcare

Chandan Healthcare IPO will open on February 10 and close on February 12. The allotment will be finalized on February 13, with the listing taking place on February 17.

3. PS Raj Steels

PS Raj Steels IPO will open on February 12 and close on February 14. The allotment will be finalized on February 17, and the listing is set for February 19.

4. Hexaware Technologies

Hexaware Technologies IPO date is February 12 and the close date is February 14. The Hexaware Technologies IPO allotment will be finalized on February 17 and the IPO listing on February 19.

5. Voler Car

Voler Car IPO date is February 12 and the close date is February 14. The Voler Car IPO allotment will be finalized on February 17 and the IPO listing on February 19.

Voler Car IPO allowed 1600 shares to shareholders, investment amount was ₹1,44,000.

6. MaxVolt Energy

MaxVolt Energy IPO will open on February 12 and close on February 14. The IPO allotment will be determined on February 17, with the listing scheduled for February 19.

7. L.K. Mehta Polymers

L.K. Mehta Polymers IPO date is February 13 and the close date is February 17. The L.K. Mehta Polymers IPO allotment will be finalized on February 18 and the IPO listing on February 21.

L.K. Mehta Polymers IPO is an SME IPO, intending to work capital requirement fulfillment and general corporate purposes from fresh issue proceed.

8. Shanmuga Hospital

Shanmuga Hospital IPO will open on February 13 and close on February 17. The allotment will be finalized on February 18, and the listing is set for February 21.

Shanmuga Hospital IPO does not have a QIB portion, there was only a retail quota of 50% and an HNI of 50%.

9. Quality Power

Quality Power IPO date is February 14 and the close date is February 18. The Quality Power IPO allotment will be finalized on February 19 and the IPO listing on February 21.

10. Tejas Cargo

Tejas Cargo IPO date is February 14 and the close date is February The Tejas Cargo IPO allotment will be finalized on February 19 and the IPO listing on February 21.

11. Royalarc Electrodes

Royalarc Electrodes IPO will open on February 14 and close on February 18. The allotment will be finalized on February 19, with the listing scheduled for February 21.

Note: This news article is created only for educational purposes. It is not meant as an approval or recommendation to invest in any securities. Investors should conduct their research and get advice from financial advisors before making any investment decisions. Please keep in mind that Grey Market Premium (GMP) values also change daily depending on market conditions and premiums.

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.