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.

V R Infraspace IPO Date, Review, Price, Allotment Details

By Jagat Joshi
March 12, 2024

V R Infraspace IPO Details: V R Infraspace IPO date is fixed, The IPO will open on March 4 and will close on March 6. V R Infraspace is a NSE SME IPO to raise ₹20.40 crores via IPO. The V R Infraspace IPO price band is fixed at ₹85 with a market lot of 1600 shares.

V R Infraspace Limited is a construction and real estate development company, focused primarily on the construction and development of residential and commercial projects, in and around Vadodara, Gujarat. They believe that they have been serving the people of Vadodara with their best residential projects and commercial projects. The company has been a credible and recognized name in the real estate market in Vadodara.

They have developed projects catering to the middle-income and high-income groups. Their residential apartment portfolio consists of various types of accommodation of varying sizes. They have concentrated on developing luxury, yet affordable, housing in the residential segment. Their residential buildings are designed with a variety of amenities such as security systems, sports and recreational facilities, play areas, and electricity backup. As of the date of this Prospectus, all of their Projects are constructed and proposed to constructed are on own land of the Company.

Their customer-centric business model focuses on designing and developing their products to address consumer needs across price points. They have the capabilities to deliver a project from conceptualization to completion with a fast turnaround time from acquisition to launch to completion, which focuses on de-risking and improving their return on investment. They streamline our supply chain and construction processes to develop high-quality products consistently and in a timely and cost-efficient manner. They partner with top architects and design teams that use customer insights to conceptualize and design products that are best suited for the current location and target a variety of customer groups.

Their construction management and procurement teams focus on realizing efficiencies in procurement, vendor selection, and construction. They currently offer their residential and commercial projects under the name “VR”. Their sales team is supported by a well-skilled execution team that delivers precisely designed products and amenities to its customers. They believe one of the reasons for their success in recent years has been our ability to convert the surroundings of a location into attractive destinations for people across income groups. They believe that their understanding of the real estate market in Vadodara, positive perception by their customers, innovative design, and marketing and branding techniques enable us to attract customers.

Objects of the Issue:

Investment into our subsidiary namely M/s Narnarayan Enterprise.
To Meet Working Capital Requirement.
General Corporate Purpose.
To Meet the Issue Expenses.

V R Infraspace IPO Review

Avoid / Risky

V R Infraspace IPO Date & Price Band Details

IPO Open:	March 4, 2024
IPO Close:	March 6, 2024
IPO Size:	Approx ₹20.40 Crores, 2,400,000 Equity Shares
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹85 Per Equity Share
IPO Listing on:	NSE SME
Retail Quota:	50% of the net offer
NII Quota:	50% of the net offer
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here

V R Infraspace IPO Market Lot

The V R Infraspace IPO minimum market lot is 1600 shares with a ₹136,000 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	1600	₹136,000
Retail Maximum	1	1600	₹136,000
S-HNI Minimum	2	3200	₹272,000

V R Infraspace IPO Dates

The V R Infraspace IPO date is March 4 and the IPO close date is March 6. The IPO allotment date is March 7 and the IPO might list on March 12.

IPO Open Date:	March 4, 2024
IPO Close Date:	March 6, 2024
Basis of Allotment:	March 7, 2024
Refunds:	March 11, 2024
Credit to Demat Account:	March 11, 2024
IPO Listing Date:	March 12, 2024

You can check IPO subscription status and IPO allotment status on their respective pages.

V R Infraspace IPO Form

How to apply V R Infraspace IPO? You can apply V R Infraspace IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the V R Infraspace IPO in the Invest section. The other option you can apply V R Infraspace IPO via IPO forms download via the NSE website. Check out the V R Infraspace forms – click NSE IPO Forms download, fill and submit in your bank or with your broker.

V R Infraspace Company Financial Report

₹ in Crores
Year	Revenue	Expense	PAT
2021	₹13.53	₹12.69	₹0.71
2022	₹14.05	₹13.10	₹0.75
2023	₹18.47	₹15.75	₹2.62
2023 6M	₹7.43	₹6.27	₹0.86

V R Infraspace IPO Valuation – FY2023

Check V R Infraspace IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Earning Per Share (EPS):	₹4.04 per Equity Share
Price/Earning P/E Ratio:	21.04
Return on Net Worth (RoNW):	21.71%
Net Asset Value (NAV):	₹18.61 per Equity Share

Peer Group

Samor Reality
Laxmi Goldorna House Limited

Company Promoters

Mr. Vipul Devchand Rupareliya
Mrs. Sumitaben Vipulbhai Rupareliya

V R Infraspace IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: vrinfraspace.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html

V R Infraspace IPO Allotment Status

Check V R Infraspace IPO allotment status on Link Intime website URL. Click Here

V R Infraspace IPO Lead Managers aka Merchant Bankers

Beeline Capital Advisors Pvt Ltd

Company Address

V R Infraspace Limited
National Trade Center N. H. 8
Opp. L & T,
Bapod Na Vadodara-390019
Phone: +91- 9737118885
Email: info@vrinfraspace.com
Website: https://vrinfraspace.in/

V R Infraspace IPO FAQs

What is V R Infraspace IPO?

V R Infraspace IPO is an NSE SME IPO. They are going to raise ₹20.40 Crores via IPO. The issue is priced at ₹85 per equity share. The IPO is to be listed on NSE.

When V R Infraspace IPO will open?

The IPO is to open on March 4, 2024 for QIB, NII, and Retail Investors.

What is V R Infraspace IPO Investors Portion?

The investors’ portion for NII is 15%, and Retail is 50%.

How to Apply the V R Infraspace IPO?

You can apply V R Infraspace 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.

How to Apply the V R Infraspace IPO through Zerodha?

Log in to Console in Zerodha Website or in Application. Go to Portfolio and Click on IPO. You will see the IPO Name “V R Infraspace”. Click on Bid Button. Enter your UPI ID, Quantity, and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Zerodha.

How to Apply the V R Infraspace IPO through Upstox?

Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “V R Infraspace”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox.

How to Apply the V R Infraspace IPO through Paytm Money?

Log in to Paytm Money Application with your credentials. Select the IPO. You will see the IPO Name “V R Infraspace”. Click on Bid Button. Confirm your application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Paytm Money.

What is V R Infraspace IPO Size?

V R Infraspace IPO size is ₹20.40 crores.

What is V R Infraspace IPO Price Band?

V R Infraspace IPO Price Band is ₹85 per equity share.

What is V R Infraspace IPO Minimum and Maximum Lot Size?

The IPO bid is 1600 shares with ₹136,000.

What is V R Infraspace IPO Allotment Date?

V R Infraspace IPO allotment date is March 7, 2024.

What is V R Infraspace IPO Listing Date?

V R Infraspace IPO listing date is March 12, 2024. The IPO to list on NSE SME.

Note: The V R Infraspace IPO details are announced officially. The IPO grey market premium (V R Infraspace IPO Premium) is updated on the respective page. You can check our IPO grey market page for daily updates.

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.