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.

Vigor Plast IPO Date, Review, Price, Allotment Details

By Jagat Joshi
September 10, 2025

Vigor Plast IPO open date is September 4, 2025 and the IPO will close on September 9, 2025. Vigor Plast IPO is a Book Built Issue. The company to raise around ₹25.10 crores via IPO that comprises fresh issue of ₹18.99 crores and offer for sale up to 6,00,000 equity shares with face value of ₹10 each.

Vigor Plast IPO price band is ₹77 to ₹81 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Vigor Plast IPO to list on NSE on September 12, 2025. The allotment of Vigor Plast IPO date is September 10, 2025.

The company reported revenue of ₹46.02 crores in 2025 against ₹42.52 crores in 2024. The company reported profit of ₹5.15 crores in 2025 against profit of ₹2.93 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Vigor Plast IPO Details

IPO Open Date:	September 4, 2025
IPO Close Date:	September 9, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹77 to ₹81 Per Share
Issue Size:	Approx ₹25.10 Crores
Fresh Issue:	Approx ₹18.99 Crores
Offer for Sale:	Approx 6,00,000 Equity Shares
Lot Size:	1,600 Shares
Issue Type:	Book Built Issue
IPO Listing:	NSE SME
Retail Quota:	Not more than 35%
QIB Quota:	Not more than 50%
NII Quota:	Not more than 15%
DRHP Draft Prospectus:	Click Here
RHP Draft Prospectus:	Click Here
Anchor Investors List:	Click Here

Vigor Plast IPO Market Lot

The Vigor Plast IPO minimum market lot is 3,200 shares with ₹2,59,200 application amount.

Application	Lot Size	Shares	Amount
Retail Minimum	2	3,200	₹2,59,200
Retail Maximum	2	3,200	₹2,59,200
S-HNI Minimum	3	4,800	₹3,88,800
S-HNI Maximum	8	11,200	₹9,07,200
B-HNI Minimum	9	12,800	₹10,36,800

Vigor Plast IPO Dates

The Vigor Plast IPO date is September 4 and the close date is September 9. The Vigor Plast IPO allotment will be finalized on September 10 and the IPO listing on September 12.

IPO Open Date:	September 4, 2025
IPO Close Date:	September 9, 2025
Basis of Allotment:	September 10, 2025
Refunds:	September 11 2025
Credit to Demat Account:	September 11, 2025
IPO Listing Date:	September 12, 2025

Promoters of Vigor Plast IPO

The promoters of the company are Jayesh Premjibhai Kathiriya, Rajesh Premjibhai Kathiriya, Premjibhai Dayabhai Kathiria, Jashvantiben Rajeshbhai Kathiriya, and Nitaben Jayeshbhai Kathiriya.

About Vigor Plast IPO

Vigor Plast company was founded in 2014 and became famous for focusing on the trading of PVC pipes and fittings. Since 2020, they have established a manufacturing facility to produce Polyvinyl Chloride (PVC), unplasticized polyvinyl chloride (uPVC), and chlorinated Polyvinyl Chloride (CPVC) pipes, fittings, and related products. The company has received several quality certifications from the Bureau of Indian Standards (BIS) for both products and the manufacturing facility. The company has established five warehouses across four strategic locations in Gujarat: Rajkot, Jamnagar, Surat, and Ahmedabad, in Gujarat, India. “Vigor” is the brand under which their products have been sold to enhance brand awareness. The company has around a sales network that includes 387 distributors in around 25 states and union territories as of December 31, 2024.

Vigor Plast IPO Company Financial Report

The company reported revenue of ₹46.02 crores in 2025 against ₹42.52 crores in 2024. The company reported profit of ₹5.15 crores in 2025 against profit of ₹2.93 crores in 2024.

Amount ₹ in Crores

Period Ended	Revenue	Expense	Profit After Tax	Assets
2023	₹37.39	₹37.04	₹0.30	₹20.09
2024	₹42.52	₹38.39	₹2.93	₹35.89
2025	₹46.02	₹39.16	₹5.15	₹40.51

Vigor Plast IPO Valuation – FY2025

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

KPI	Values
ROE:	59.39%
ROCE:	28.24%
EBITDA Margin:	26.51%
PAT Margin:	11.30%
Debt to equity ratio:	1.39
Earning Per Share (EPS):	₹6.57 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	59.39%
Net Asset Value (NAV):	₹16.27

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Captain Pipes Limited	0.27	54.23	17.43%	1.73	76.35 Cr.
Dutron Polymers Limited	4.08	28.69	9.54%	44.05	119.24 Cr.
Rex Pipes and Cables Industries Limited	5.02	12.74	17.46%	33.23	128.61 Cr.

Objects of the Issue

Repayment of certain secured borrowings availed by the Company
Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat
General corporate purposes

Vigor Plast IPO Review

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SBICAP Securities –
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Sushil Finance –
Swastika Investmart –
Ventura Securities –
Geojit –
Reliance Securities –
Capital Market –
BP Wealth –
ICICIdirect –
Choice Broking –

Vigor Plast IPO Registrar

KFin Technologies Limited
Phone: 04067162222, 04079611000
Email: vpil.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/

IPO Lead Managers aka Merchant Bankers

Unistone Capital Pvt Ltd

Company Address

Vigor Plast India Ltd.
Survey No. 640/3,
Behind Gujarat Gas CNG Pump Godown Zone,
Lalpur Road, Dared, Village: Chela,
Jamnagar, Gujarat, 361006
Phone: 0288-2730912
Email: info@vigorplastindia.com
Website: https://www.vigorplastindia.com/

Vigor Plast IPO FAQs

What is Vigor Plast IPO?

Vigor Plast IPO is a SME IPO. The company is going to raise ₹25.10 Crores via IPO. The issue is priced at ₹77 to ₹81 per equity share. The IPO is to be listed on NSE.

When Vigor Plast IPO will open for subscription?

The IPO is to open on September 4, 2025 for QIB, NII, and Retail Investors. The IPO will close on September 9, 2025.

What is Vigor Plast IPO Investors Portion?

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

How to Apply the Vigor Plast IPO?

You can apply for Vigor Plast 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 Vigor Plast IPO Issue Size?

Vigor Plast IPO issue size is ₹25.10 crores.

What is Vigor Plast IPO Price Band?

Vigor Plast IPO Price Band is ₹77 to ₹81.

What is Vigor Plast IPO Lot Size?

The minimum bid is 3,200 Shares with ₹2,59,200 amount.

What is the Vigor Plast IPO Allotment Date?

Vigor Plast IPO allotment date is September 10, 2025.

What is the Vigor Plast IPO Listing Date?

Vigor Plast IPO listing date is September 12, 2025. The IPO is to list on NSE.

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

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.