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.

Vikram Solar IPO Date, Review, Price, Allotment Details

By Jagat Joshi
August 21, 2025

Vikram Solar IPO open date is August 19, 2025 and the IPO will close on August 21, 2025. Vikram Solar IPO is a Book Built Issue. The company to raise around ₹2,079.37 crores via IPO that comprises fresh issue of ₹1,500 crores and offer for sale up to 17,450,882 equity shares with face value of ₹10 each.

Vikram Solar IPO price band is ₹315 to ₹332 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Vikram Solar IPO to list on BSE, NSE on August 26, 2025. The allotment of Vikram Solar IPO date is August 22, 2025.

The company reported revenue of ₹3,459.53 crores in 2025 against ₹2,523.96 crore in 2024. The company reported profit of ₹139.83 crores in 2025 against Profit of ₹79.72 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

Vikram Solar IPO Details

IPO Open Date:	August 19, 2025
IPO Close Date:	August 21, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹315 to ₹332 Per Share
Issue Size:	Approx ₹2,079.37 Crores
Fresh Issue:	Approx ₹1,500 Crores
Offer for Sale:	Approx 17,450,882 Equity Shares
Lot Size:	45 Shares
Issue Type:	Book Built Issue
IPO Listing:	BSE & NSE
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

Vikram Solar IPO Market Lot

The Vikram Solar IPO minimum market lot is 45 shares with ₹14,940 application amount. The retail investors can apply up-to 13 lots with 585 shares of ₹1,94,220 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	45	₹14,940
Retail Maximum	13	585	₹1,94,220
S-HNI Minimum	14	630	₹2,09,160
B-HNI Minimum	67	3,015	₹10,00,980

Vikram Solar IPO Dates

The Vikram Solar IPO date is August 19 and the close date is August 21. The Vikram Solar IPO allotment will be finalized on August 22 and the IPO listing on August 26.

IPO Open Date:	August 19, 2025
IPO Close Date:	August 21, 2025
Basis of Allotment:	August 22, 2025
Refunds:	August 25, 2025
Credit to Demat Account:	August 25, 2025
IPO Listing Date:	August 26, 2025

Promoters of Vikram Solar IPO

The promoters of the company are Gyanesh Chaudhary, Gyanesh Chaudhary Family Trust And Vikram Capital Management Private Limited.

About Vikram Solar IPO

Vikram Solar Limited founded in 2009 is known as one of the top makers of solar panels. It has a large operational capacity, producing solar photovoltaic (PV) modules that support the country’s shift toward renewable energy. Further, since its establishment in 2009, has started manufacturing with a 12 MW capacity, and has now grown to 3.50 gigawatts (GW). This firm has main focus on joining various types and sizes of solar products like solar panels, inverters, and cleaning systems.

Moreover, this helps the company test the performance of their new solar panels and check the quality of other equipment, such as inverters and robotic cleaners. Its revenue for 2024 is 25,109.90 Million. In order to expand market demand it has mainly focused on a production capacity of 10.50 GW by FY26 and 15.50 GW by FY27, including building a 3 GW solar cell manufacturing plant in Tamil Nadu. It has also a revenue of 2024 is 25,109.90 Million.

Vikram Solar IPO Company Financial Report

The company reported revenue of ₹3,459.53 crores in 2025 against ₹2,523.96 crore in 2024. The company reported profit of ₹139.83 crores in 2025 against Profit of ₹79.72 crores in 2024.

Amount ₹ in Crores

Period Ended	Revenue	Expense	Profit After Tax	Assets
2022	₹1,743.05	₹1,822.49	₹62.94	₹2,237.23
2023	₹2,091.91	₹2,073.04	₹14.49	₹2,476.29
2024	₹2,523.96	₹2,405.04	₹79.72	₹2,585.50
2025	₹3,459.53	₹3,242.16	₹139.83	₹2,832.15

Vikram Solar IPO Valuation – FY2025

Check Vikram Solar 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:	16.57%
ROCE:	24.49%
EBITDA Margin:	14.37%
PAT Margin:	4.08%
Debt to equity ratio:	0.19
Earning Per Share (EPS):	₹4.61 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	11.26%
Net Asset Value (NAV):	₹39.24

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Premier Energies Limited	21.35	47.01	33.21%	62.61	6,652.09 Cr.
Websol Energy System Limited	36.66	40.04	55.65%	65.88	577.43 Cr.
Waaree Energies Limited	68.24	45.79	20.09%	334	14,846.06 Cr.

Objects of the Issue

Partial funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power Private Limited, for setting up of an integrated 3,000 MW solar cell and 3,000 MW solar module manufacturing facility at plot no. A-5, A-6, A-7 & A-10, SIPCOT Industrial Complex, Gangaikondan, District Tirunelveli 627 352, Tamil Nadu (“Project Site”) (“Phase-I Project”);
Funding of capital expenditure through investment in our wholly owned Subsidiary, VSL Green Power
Private Limited, for expanding the manufacturing capacity of the solar module manufacturing facility set up under the Phase-I Project from 3,000 MW to 6,000 MW at the Project Site (“Phase-II Project”); and
General corporate purposes

Vikram Solar IPO Review

IPO Watch – May Apply
Canara Bank –
DRChoksey FinServ –
Emkay Global –
Hem Securities –
IDBI Capital –
Marwadi Shares –
Nirmal Bang –
SBICAP Securities –
Sharekhan –
SMC Global –
Sushil Finance –
Swastika Investmart –
Ventura Securities –
Geojit –
Reliance Securities –
Capital Market –
BP Wealth –
ICICIdirect –
Choice Broking –

Vikram Solar IPO Registrar

MUFG Intime India Private Limited
Phone: +91 22 4918 6200
E-mail: vikramsolar.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

IPO Lead Managers aka Merchant Bankers

JM Financial Limited
Nuvama Wealth Management Limited
UBS Securities India Private Limited
Equirus Capital Private Limited
PhillipCapital (India) Private Limited

Company Address

Vikram Solar Limited
Biowonder, Unit No. 1102,
11th Floor, 789, Anandapur Main Road,
Eastern Metropolitan Bypass, E.K.T,
Kolkata -700107, West Bengal,
India
Phone: +91 33 2442 7399/ +91 33 2442 7299
Email: secretarial@vikramsolar.com
Website: www.vikramsolar.com

Vikram Solar IPO FAQs

What is Vikram Solar IPO?

Vikram Solar IPO is a Mainboard IPO. The company is going to raise ₹2,079.37 Crores via IPO. The issue is priced at ₹315 to ₹332 per equity share. The IPO is to be listed on BSE & NSE.

When Vikram Solar IPO will open for subscription?

The IPO is to open on August 19, 2025 for QIB, NII, and Retail Investors. The IPO will close on August 21, 2025.

What is Vikram Solar IPO Investors Portion?

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

How to Apply the Vikram Solar IPO?

You can apply for Vikram Solar 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 Vikram Solar IPO Issue Size?

Vikram Solar IPO issue size is ₹₹2,079.37 crores.

What is Vikram Solar IPO Price Band?

Vikram Solar IPO Price Band is ₹315 to ₹332.

What is Vikram Solar IPO Lot Size?

The minimum bid is 45 Shares with ₹14,940 amount.

What is the Vikram Solar IPO Allotment Date?

Vikram Solar IPO allotment date is August 22, 2025.

What is the Vikram Solar IPO Listing Date?

Vikram Solar IPO listing date is August 26, 2025. The IPO is to list on BSE & NSE.

Note: The Vikram Solar IPO price band and date are officially announced. The (Vikram Solar 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.

Jagat Joshi

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6 Responses

SAMEER LODAYA says:

August 25, 2025 at 11:22 AM

ive got the allotment now what to do ..sale it on the listing day or keep for long term
1. Vijay Prajapati says:
  
  August 25, 2025 at 12:04 PM
  
  Hi Sameer,
  
  Vikram Solar is a good company and you can hold it for a long time for longterm gain. Sell the holding price and then hold profit it term of stock
Sidhu moose wala says:

August 22, 2025 at 7:25 PM

Nahi milega ipo na bhara karo 4 .5 bhare ho to milega
Bhagwat Prasad says:

August 21, 2025 at 10:56 PM

Please confirm how much percentage possibilities for allotment
1. Vijay Prajapati says:
  
  August 22, 2025 at 8:23 AM
  
  Hi Bhagwat Ji
  
  The Allotment chances are 1:6.
Bhagwat Prasad says:

August 21, 2025 at 10:55 PM

Sir kya allotment milega ya nhi