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 – 6 IPOs Open for Investment and 2 IPOs Scheduled for Listing

By Jagat Joshi
February 4, 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 2 companies are going to be listed on the stock exchange and six firms are planning for an IPO. 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.

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. Chamunda Electrical

The Chamunda Electrical IPO started on February 4, 2025, and close on February 6, 2025. It is a book-built issue, along with an aim of ₹14.60 crores through the IPO, wherein a fresh issue of Rs ₹14.60 crores and with a face value of ₹10. An IPO has a price band of ₹47 and ₹50 for each share.

Significantly, 35% of places are allocated for retail categories investors, while 15% are for High Net-worth Individuals (HNIs), and half of (50%) of places for Qualified Institutional Buyers (QIBs). Chamunda Electrical IPO is prepared to be launched on the NSE stock exchange on February 11, 2025.

Chamunda Electrical IPO GMP is ₹5 high at 10% of its offer price on 04 February 2025.

2. Ken Enterprises

Ken Enterprises is launching its IPO (Initial Public Offering) from February 5 to February 7, 2025. The company aims to raise around ₹83.65 crores. This includes Fresh Issue: ₹58.27 crores & Offer for Sale: 27,00,000 shares, each with a face value of ₹10. Ken Enterprises IPO price band is ₹94 per share.

The retail quota is 50%, QIB is 00%, and HNI is 50%. Ken Enterprises IPO to list on NSE on February 12, 2025.

Ken Enterprises IPO GMP has not been announced yet, so keep connected with IPO watch for more updates.

3. Amwill Health Care

The Amwill Health Care IPO is scheduled to open on February 5, 2025, and will close on February 7, 2025. This IPO is a Book Built Issue, through which the company plans to raise approximately ₹59.98 crores. The offer consists of a fresh issue of ₹48.88 crores and an offer for sale of up to 10,00,000 equity shares, each with a face value of ₹10. The price range for the Amwill Health Care IPO is set between ₹105 and ₹111 per share.

Amwill Health Care IPO GMP has not been announced yet, so keep connected with IPO watch for more updates.

4. Solarium Green Energy

Solarium Green Energy IPO open date is February 6, 2025, and the IPO will close on February 10, 2025. Solarium Green Energy IPO is a Book Built Issue. The company is to raise around ₹105.04 crores via IPO which has a fresh issue of ₹105.04 crores with a face value of ₹10 each. Solarium Green Energy IPO price band is ₹181 to ₹191 per share.

Solarium Green Energy IPO GMP has not been announced yet, so keep connected with IPO watch for more updates.

5. Readymix Construction Machinery

The Readymix Construction Machinery IPO will open on February 6, 2025, and close on February 10, 2025. An IPO is coming intending to raise around ₹37.66 crores. this amount will come entirely from a fresh issue of ₹37.66 crores, with no offer to sell existing shares. Each share has a face value of ₹10. The IPO’s price band is between ₹121 and ₹123 per share.

Readymix Construction Machinery IPO GMP has not been announced yet, so keep connected with IPO watch for more updates.

6. Eleganz Interiors

Eleganz Interiors IPO‘s open date is February 7, 2025, and the IPO will close on February 11, 2025. Eleganz Interiors IPO is a Book Built Issue. The company is to raise around ₹78.06 crores via IPO which comprises a fresh issue of ₹78.06 crores and with a face value of ₹10 each.

Eleganz Interiors IPO price band is ₹123 to ₹130 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Eleganz Interiors IPO to list on NSE on February 14, 2025.

Eleganz Interiors IPO GMP is ₹40 high at 31% of its offer price on 04 February 2025.

IPO Listing This Week

There are 2 IPOs listed this week, which are as follows:

1. Malpani Pipes

The Malpani Pipes IPO date is January 29 and the close date is January 31. The Malpani Pipes IPO allotment will be finalized on February 3 and the IPO listing on February 5.

As of February 04, the Malpani Pipes IPO GMP is at Rs 2.

2. Dr. Agarwal’s Health Care

Dr. Agarwal’s Health Care IPO date is January 29 and the close date is January 31. Dr. Agarwal’s Health Care IPO allotment will be finalized on February 3 and the IPO listing on February 5.

As of February 04, Dr. Agarwal’s Health Care IPO GMP is at Rs 0.

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.