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).

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.

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 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 (₹)Ā  EPS Diluted (₹) RONW (%) P/E Ratio NAV (₹)
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 ₹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? 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 investors’ 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 ₹214 crores.
6. What is Q-Line Biotech IPO Price Band? āŒ„
Q-Line Biotech IPO Price Band is ₹326 to ₹343.
7. What is Q-Line Biotech IPO Lot Size? āŒ„
The minimum bid is 800 Shares with ₹2,74,400 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.

Varindera Constructions IPO Date, Review, Price, Allotment Details

Varindera Constructions IPO open date is 2025 and the IPO will close on 2025. Varindera Constructions IPO is a Book Build Issue. The company to raise around ₹1,200 crores via IPO that comprises fresh issue of ₹900 crores and offer for sale up to [.] equity shares with face value of ₹1 each.

Varindera Constructions IPO price band is [.] to [.] per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Varindera Constructions IPO to list on BSE, NSE on 2025. The allotment of Varindera Constructions IPO date is 2025.

The company reported revenue of ₹1,403.98 crores in 2024 against ₹1,063.81 crores in 2023. The company reported profit of ₹143.38 crores in 2024 against profit of ₹109.01 crores in 2023. As per the financials the IPO investors should apply the IPO for a long term.

Varindera Constructions IPO

Varindera Constructions IPO Details

IPO Open Date2025
IPO Close Date2025
Face Value₹1 Per Equity Share
IPO Price Band₹[.] to ₹[.] Per Share
Issue SizeApprox ₹1,200.00 Crores
Fresh IssueApprox ₹900.00 Crores
Offer for Sale:Approx [.] Equity Shares
Issue TypeBook Build Issue
IPO ListingBSE, NSE
DRHP Draft ProspectusPDF
RHP Draft ProspectusPDF

Varindera Constructions IPO Review & Key Points

  • Review:

Varindera Constructions IPO Market Lot

The Varindera Constructions IPO minimum market lot is [.] shares with ₹[.] application amount. The retail investors can apply up-to 13 lots with [.] shares of ₹[.] amount.

ApplicationLot SizeSharesAmount
Retail Minimum₹-
Retail Maximum₹-
S-HNI Minimum₹-
S-HNI Maximum₹-
B-HNI Minimum₹-

IPO Reservation

Investor CategoryShare Offered-% Shares
Anchor Investor– Shares-%
QIB (Ex. Anchor)– Shares50%
NII Shares Offered– Shares15%
Retail Shares Offered– Shares35%

Varindera Constructions IPO Anchor Investors

Anchor Bidding Date2025
Anchor Investors ListPDF
Shares Offered[.] Shares
Anchor Size[.] Cr.
lock-in period end date 50% shares (30 Days) 2025
lock-in period end date 50% shares (90 Days) 2025

Varindera Constructions IPO Dates

The Varindera Constructions IPO date is 2025 and the close date is 2025. The Varindera Constructions IPO allotment will be finalized on 2025 and the IPO listing on 2025.

IPO Open Date:2025
IPO Close Date:2025
Basis of Allotment:2025
Refunds:2025
Credit to Demat Account:2025
IPO Listing Date:2025
IPO Bidding Cut-off Time:2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Varinder Kumar Garg, Sushma Garg, Vivek Garg and VG Family Trust.

ParticularShares% Share
Promoter Holding Pre Issue15,49,80,000 99.81%
Promoter Holding Post Issue-%

Objects of the Issue & Utilisation of proceeds

PurposeCrores
Capital expenditure towards purchase of equipments.₹160.12
Funding the working capital requirements of the Company.₹155.00
Repayment/prepayment in full or in part, of certain outstanding borrowings availed by the Company.₹359.89
General corporate purposes.

About Varindera Constructions IPO

The leading Indian company, Varindera Construction Limited (VCL), which has been around since 1987, is involved in offering engineering, procurement, and construction (EPC) services. The company’s portfolio consists of building a wide range of projects, such as buildings (Residential complexes, commercial buildings, offices, railway stations, hospitals, high courts, and libraries) and Infrastructure projects (Metro depots, aircraft hangars, and roads).

Recently, Varindera Construction also received a ₹532 crore contract from Smartworld Developers for the ā€˜Sky Arc’ project on a 6.9-acre site. The company includes 1810 employees, with 304 in-house engineers skilled in using modern construction equipment and machinery to enable smooth project execution as of March 31, 2024.

Varindera Constructions IPO Company Financial Report

Amount ₹ in Crores

Period EndedRevenueExpensePATAssets
2022₹997.15₹896.49₹76.15₹527.05
2023₹1,063.81₹927.05₹109.01₹755.99
2024₹1,403.98₹1215.64₹143.38₹1,074.06

Varindera Constructions IPO Valuation – FY2024

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

KPIValues
ROE:33.02%
ROCE:25.03%
EBITDA Margin:17.26%
PAT Margin:10.32%
Debt to equity ratio: 0.39
Earning Per Share (EPS):₹9.25 (Basic)
Price/Earning P/E Ratio:N/A
Return on Net Worth (RoNW):33.02%
Net Asset Value (NAV):₹32.62

Peer Group Comparison

CompanyEPSPE RatioRoNW %NAVIncome
Ahluwalia Contracts (India) Limited55.9521.2626.51%238.84– Cr.
Capacite Infraprojects Limited16.0924.909.29%179.31– Cr.
NCC Limited11.3227.2711.14%108.50– Cr.
PSP Projects Limited34.1619.5214.33%254.13– Cr.

IPO Lead Managers aka Merchant Bankers

  • ICICI Securities Ltd.
  • Equirus Capital Pvt.Ltd.
  • IIFL Capital Services Ltd.

Company Address

Varindera Constructions Ltd.
Office No. 613, 6th Floor, Plot No. 4,
Vishwadeep Tower, District Centre,
Janakpuri
New Delhi, New Delhi, 110058
Phone: 0124 – 4046363
Email: investor@vclgroup.in
Website: https://www.vclgr/

IPO Registrar

MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: varindera.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Varindera Constructions IPO FAQs

What is Varindera Constructions IPO?

Varindera Constructions IPO is Mainboard IPO. The company is going to raise ₹1,200 Crores via IPO. The issue is priced at ₹[.] to ₹[.] per equity share. The IPO is to be listed on BSE & NSE.

When Varindera Constructions IPO will open for subscription?

The IPO is to open on 2025 for QIB, NII, and Retail Investors. The IPO will close on 2025.

What is Varindera Constructions IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.

How to Apply the Varindera Constructions IPO?

You can apply for Varindera Constructions 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.

What is Varindera Constructions IPO Issue Size?

Varindera Constructions IPO issue size is ₹1,200 crores.

What is Varindera Constructions IPO Price Band?

Varindera Constructions IPO Price Band is ā‚¹[.] to ₹[.].

What is Varindera Constructions IPO Lot Size?

The minimum bid is [.] Shares with ₹[.] amount.

What is the Varindera Constructions IPO Allotment Date?

Varindera Constructions IPO allotment date is 2025.

What is the Varindera Constructions IPO Listing Date?

Varindera Constructions IPO listing date is 2025. The IPO is to list on BSE & NSE.

Note: The Varindera Constructions IPO price band and date are officially announced. The (Varindera Constructions IPO grey market premium) will be added to the IPO GMP page as it will start).

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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