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.

Windlas Biotech IPO GMP, Grey Market Premium & Kostak Rates Today

By Jagat Joshi
July 26, 2021

Check out Windlas Biotech IPO GMP aka IPO Grey Market Premium, Kostak rates, and Subject to Sauda rates as of today. Windlas Biotech IPO GMP is gone down to a 85 level.

Windlas Biotech IPO to hit the market on 04 August 2021 and closes on 06 August 2021 as the dates are officially announced in RHP. The company to raise ₹401.654 crore via IPO that comprises ₹165 crore via fresh issue and offer for sale will be 5,142,067 shares. They are one of the leading companies in pharmaceutical formulations contract development and manufacturing organizations (CDMO) segment in India. Some of their client base includes big names like Pfizer Ltd, Sanofi India Ltd, Cadila Healthcare Ltd, Emcure Pharmaceuticals Ltd, Eris Lifesciences Ltd, Intas Pharmaceuticals Ltd and Systopic Laboratories Private Limited. The IPO price band is fixed at ₹448 to ₹460. The Windlas Biotech IPO to list on NSE and BSE.

What is Windlas Biotech IPO GMP Today?

The Windlas Biotech IPO GMP aka grey market premium is ₹85.

What is Windlas Biotech IPO Kostak Rates Today?

The Windlas Biotech IPO kostak rate is ₹0.

What is Windlas Biotech IPO Subject to Sauda Price Today?

The Windlas Biotech IPO subject to sauda rates is ₹0.

Windlas Biotech IPO Expected Returns?

The Windlas Biotech expected return is 20%.

Windlas Biotech IPO GMP Rates day by day with Kotak rates.

Date	GMP	Kostak	Subject to
16 August	₹85	₹0	₹0
15 August	₹85	₹0	₹0
14 August	₹85	₹0	₹0
13 August	₹85	₹0	₹0
12 August	₹85	₹0	₹0
11 August	₹65	₹0	₹0
10 August	₹70	₹0	₹0
09 August	₹70	₹0	₹0
08 August	₹70	₹0	₹0
07 August	₹70	₹0	₹0
06 August	₹90	₹0	₹0
05 August	₹130	₹0	₹0
04 August	₹130	₹0	₹0
03 August	₹130	₹0	₹0
02 August	₹150	₹0	₹0
01 August	₹150	₹0	₹0
31 July	₹150	₹0	₹0
30 July	₹150	₹0	₹0
29 July	₹0	₹0	₹0
28 July	₹0	₹0	₹0
27 July	₹0	₹0	₹0
26 July	₹0	₹0	₹0
25 July	₹0	₹0	₹0

About Windlas Biotech

Founded in the year 2001, Windlas Biotech provides pharmaceutical development services, large-scale manufacturing services and authentic yet affordable products to its customers and consumers around the world.

We employ 954 employees at our four state-of-the-art manufacturing facilities in Dehradun, Uttarakhand India. We also have a salesforce and distribution network spread across 14 states. We market our own manufactured authentic nutraceutical, pharmaceutical and ayurvedic products to serve the semi-urban and rural communities at affordable prices. “The registered name of the company is Windlas Biotech Limited (Formerly known as Windlas Biotech Private Limited).”

Innovation is at the core of our spirit at Windlas. We aim to deliver customized, innovative and complex generic products to our customers. Our R&D team work closely with customers or prospective customers, and provide innovative and cost efficient solutions tailored to meet specific customer requirements. When we work on a customer specific project then the customers also oversees the planning and execution of our projects. Our R&D team oversees the transfer of technology from lab scale to plant scale and prepares back-up strategies. Thereafter, we scale-up our operations from the R&D stage to large-scale manufacturing. We emphasize on maintaining consistency in the quality of our products as well as planning and executing projects in a timely manner.

We are constantly focused on improving efficiency of our operations and increasing the value of our research and manufacturing services to our clients. We are proud of our undeterred focus on quality and compliance assurance systems that provide authentic, efficacious and safe products to all patients consuming our products. Our dedication to quality can be seen from the fact that almost 40% of our staff workforce is in Quality Control / Quality Assurance functions.

Windlas Biotech IPO Date & Price Band

IPO Open:	04 August 2021
IPO Close:	06 August 2021
IPO Size:	Approx ₹401.54 Crores
Fresh Issue:	Approx ₹165 Crores
Offer for Sale:	Approx ₹236.54 Crores – 5,142,067 Equity Shares
Face Value:	₹5 Per Equity Share
Price Band:	₹448 to ₹460 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Discount:	N/A

Windlas Biotech IPO Market Lot

Minimum Lot Size:	Minimum 30 Shares
Minimum Amount:	₹13,800
Maximum Lot Size:	Maximum 420 Shares
Maximum Amount:	₹193,200

Windlas Biotech IPO Date, Time Table, Allotment & Listing

Price Band Announcement:	30 July 2021
Anchor Investors Allotment:	03 August 2021
IPO Open Date:	04 August 2021
IPO Close Date:	06 August 2021
Basis of Allotment:	11 August 2021
Refunds:	12 August 2021
Credit to Demat Account:	13 August 2021
IPO Listing Date:	17 August 2021

Windlas Biotech IPO GMP aka Grey Market Premium FAQs:

What is Windlas Biotech IPO GMP Today?

Windlas Biotech IPO GMP is ₹85 as on today.

What is Windlas Biotech IPO Kostak Rate Today?

Windlas Biotech IPO Kostak Rate is ₹0 as on today.

What is Windlas Biotech IPO Subject to Sauda Today?

Windlas Biotech IPO Subject to Sauda is ₹0 as on today.

What is Windlas Biotech IPO Expected Returns?

Windlas Biotech IPO Expected Returns is 20% .

Disclaimer:

IPO Grey Market Premium (Windlas Biotech IPO GMP) mention is valid for the specific date as mentioned in the header.
We are not buying and selling IPO forms on IPO Grey Market.
Kostak Rate is the premium one gets by selling his/her IPO application (in an off-market transaction) to someone else even before allotment or listing of the issue.
Do not subscribe for IPO by just seeing premium Price as it may change anytime before listing. Subscribe only considering Fundamental of the companies.

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.