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.

VMS TMT IPO Date, Review, Price, Allotment Details

By Jagat Joshi
September 23, 2025

VMS TMT IPO open date is September 17, 2025 and the IPO will close on September 19, 2025. VMS TMT IPO is a Book Built Issue. The company to raise around ₹148.50 crores via IPO that comprises fresh issue of ₹148.50 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

VMS TMT IPO price band is ₹94 to ₹99 per share. The retail quota is 50%, QIB is 30%, and HNI is 20%. VMS TMT IPO to list on BSE, NSE on September 24, 2025. The allotment of VMS TMT IPO date is September 22, 2025.

The company reported revenue of ₹771.41 crores in 2025 against ₹873.17 crores in 2024. The company reported profit of ₹15.42 crores in 2025 against profit of ₹13.47 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

VMS TMT IPO Details

IPO Open Date:	September 17, 2025
IPO Close Date:	September 19, 2025
Face Value:	₹10 Per Equity Share
IPO Price Band:	₹94 to ₹99 Per Share
Issue Size:	Approx ₹148.50 Crores
Fresh Issue:	Approx ₹148.50 Crores
Issue Type:	Book Built Issue
IPO Listing:	BSE & NSE
DRHP Draft Prospectus:
RHP Draft Prospectus:

VMS TMT IPO Review & Key Points

Review: Neutral
Company is coming up only fresh issue and no offer for sale.
Installed capacity for TMT bars around 200,000 metric tonnes per year. Planning a solar power plant (15 MW) to reduce energy costs.
Products sold under “Kamdhenu NXT” brand via a licensing arrangement. Most of the revenues are coming from Gujarat region.
The grey market is active and looks like we might have listing gain if the subscription goes high.
Revenues declined in FY2025 compared to FY2024.
The PAT margin is very low and slow down of the business might hamper the profit margins.
The debt to ratio is also on a higher side.

VMS TMT IPO Market Lot

The VMS TMT IPO minimum market lot is 150 shares with ₹14,850 application amount. The retail investors can apply up-to 13 lots with 1,950 shares of ₹1,93,050 amount.

Application	Lot Size	Shares	Amount
Retail Minimum	1	150	₹14,850
Retail Maximum	13	1,950	₹1,93,050
S-HNI Minimum	14	2,100	₹2,07,900
B-HNI Minimum	68	10,200	₹10,09,800

IPO Reservation

Investor Category	Share Offered	% Shares
Anchor Investors	27,00,000 Shares	18%
QIB (Ex. Anchor)	18,00,000 Shares	12%
NII Shares Offered	30,00,000 Shares	20%
Retail Shares Offered	75,00,000 Shares	50%

VMS TMT IPO Anchor Investors

Anchor Bidding Date	September 16, 2025
Anchor Investors List
Shares Offered	[.] Shares
Anchor Size	[.] Cr.
lock-in period end date 50% shares (30 Days)	October 22, 2025
lock-in period end date 50% shares (90 Days)	December 21, 2025

VMS TMT IPO Dates

The VMS TMT IPO date is September 17 and the close date is September 19. The VMS TMT IPO allotment will be finalized on September 22 and the IPO listing on September 24.

IPO Open Date:	September 17, 2025
IPO Close Date:	September 19, 2025
Basis of Allotment:	September 22, 2025
Refunds:	September 23, 2025
Credit to Demat Account:	September 23, 2025
IPO Listing Date:	September 24, 2025
IPO Bidding Cut-off Time:	September 19, 2025 – 5 PM

Promoters and Holding Pattern

The promoters of the company are Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain, and Sangeeta Jain.

Particular	Shares	% Share
Promoter Holding Pre Issue	3,46,31,210	96.28%
Promoter Holding Post Issue	4,96,31,210	67.18%

Objects of the Issue & Utilisation of proceeds

Purpose	Crores	%
Repayment/ prepayment, in full or part, of all or a portion of certain borrowings availed by the Company	115.00	-%
General corporate purposes	–	-%

About VMS TMT IPO

VMT, a manufacturer of Thermo Mechanically Treated (TMT) Bars, was founded in 2013. VMT TMT Ltd has various customers, including retail and institutional, from the Gujarat state (except the Saurashtra and Kutch districts of Gujarat). As of July 31, 2025, we sell our TMT Bars through a non-exclusive distribution network that includes 3 distributors and 227 dealers. The company has main focus on sustainability, environment, quality, health and safety.

Promoters: the company has skilled and experienced promoters Varun Manojkumar Jain, Rishabh Sunil Singhi, Manojkumar Jain and Sangeeta Jain with more than 30 years in steel industry. Not only expert management team but also the firm has 230 permanent employees. Furthermore the company has unique strengths like, to reduce costs and support sustainability they use renewable energy, and also produce own raw materials to lower cost and improve supply chain.

VMS TMT IPO Company Financial Report

The company reported revenue of ₹771.41 crores in 2025 against ₹873.17 crores in 2024. The company reported profit of ₹15.42 crores in 2025 against profit of ₹13.47 crores in 2024.

Amount ₹ in Crores

Period Ended	Revenue	Expense	PAT	Assets
2023	₹882.06	₹876.51	₹4.20	₹227.28
2024	₹873.17	₹853.87	₹13.47	₹284.23
2025	₹771.41	₹751.32	₹15.42	₹412.06
June 2025	₹213.39	₹201.91	₹8.58	₹449.35

VMS TMT IPO Valuation – FY2025

Check VMS TMT 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:	20.14%
ROCE:	12.79%
EBITDA Margin:	5.91%
PAT Margin:	1.91%
Debt to equity ratio:	6.06
Earning Per Share (EPS):	₹4.29 (Basic)
Price/Earning P/E Ratio:	N/A
Return on Net Worth (RoNW):	20.14%
Net Asset Value (NAV):	₹13.32

Peer Group Comparison

Company	EPS	PE Ratio	RoNW %	NAV	Income
Kamdhenu Limited	2.18	13.50	18.82	11.66	757.95 Cr.
Vraj Iron and steel limited	13.55	11.77	10.88	116.53	478.86 Cr.
BMW Industries Limited	2.83	16.57	9.16	30.84	566.43 Cr.
Electrotherm (India) Limited	336.42	2.37	(377.85)	(89.01)	4,122.92Cr.

IPO Lead Managers aka Merchant Bankers

Arihant Capital Markets Ltd.

Company Address

VMS TMT Ltd.
Survey No 214 Bhayla Village,
Near Water Tank Bavla,
Ahmedabad
Ahmedabad, Gujarat, 382220
Phone: +91 63575 85711
Email: compliance@vmstmt.com
Website: http://www.vmstmt.com/

IPO Registrar

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

VMS TMT IPO FAQs

What is VMS TMT IPO?

VMS TMT IPO is a Mainbaord IPO. The company is going to raise ₹148.50 Crores via IPO. The issue is priced at ₹94 to ₹99 per equity share. The IPO is to be listed on BSE & NSE.

When VMS TMT IPO will open for subscription?

The IPO is to open on September 17, 2025 for QIB, NII, and Retail Investors. The IPO will close on September 19, 2025.

What is VMS TMT IPO Investors Portion?

The investors’ portion for QIB is 30%, NII is 20%, and Retail is 50%.

How to Apply the VMS TMT IPO?

You can apply for VMS TMT 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 VMS TMT IPO Issue Size?

VMS TMT IPO issue size is ₹148.50 crores.

What is VMS TMT IPO Price Band?

VMS TMT IPO Price Band is ₹94 to ₹99.

What is VMS TMT IPO Lot Size?

The minimum bid is 150 Shares with ₹14,850 amount.

What is the VMS TMT IPO Allotment Date?

VMS TMT IPO allotment date is September 22, 2025.

What is the VMS TMT IPO Listing Date?

VMS TMT IPO listing date is September 24, 2025. The IPO is to list on BSE & NSE.

Note: The VMS TMT IPO price band and date are officially announced. The (VMS TMT 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.