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).
QBLās 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 equipmentās & 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 & equipmentās 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 equipmentās 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.
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 groupās 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 ā 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, companyās 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.
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
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.
As per the offer document, the company has no listed peers to compare with.
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.
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.
0 Responses
how much time taken to wait
ą¤¬ą„ą¤ ą¤¶ą„ą¤° ą¤¹ą„ ą¤ą¤æ ą¤ą„ą¤ą„ ą¤¬ą¤æą¤²ą„ą¤²ą„
Whether the allotment done . The link specified above is just a show piece .
Don't apply from ICICI direct you don't get any ipo if you will apply frist or 2nd day result will be same, even his relationship manager will call you regularly to update his relationship no when good ipo is coming
Bigshare weblink is not responding and The site can not be reached msg appeared.
The lien of the application amount has not be withdrawn in my bank account till.
How can I check and what to do ?
Yes by today afternoon or evening
Just got allotment msg..let us see how it opens up on Monday…
ON WHICH DATE APOLLO MICRO IPO ALLOTMENT?
Allotment site is not open.can anyone help me
ą¤®ą„ą¤Øą„ ą¤ą„ ą¤ą„ą¤ ą¤ą¤æą¤Æą¤¾ ą¤²ą„ą¤ą¤æą¤Ø blank ą¤¦ą¤æą¤ ą¤°ą¤¹ą¤¾ ą¤¹ą„ bse ą¤ą„ site ą¤Ŗą¤°,
Allote ą¤¹ą„ą¤ ą¤¹ą„ ą¤Æą¤¾ ą¤Øą¤¹ą„ ą¤ą„ą¤øą„ ą¤Ŗą¤¤ą¤¾ ą¤ą¤²ą„ą¤ą¤¾ ą¤ą„ą¤ ą¤¬ą¤¤ą¤¾ą¤ą¤ą¤¾ ą¤®ą„ą¤ą„???
on which link allotment can be check?????
allotment status…..????
Lol site
Where to check…link please..the link provided here is..not working
WEBSITE NOT WORKING …BAD SERVICE PROVIDER
Such thing hasnt happened yet?
bigshare is not responding at all.
Bigshare is crashed
NOT GETTING ANY ALLOTMENT STATUS FOR APOLLO MICRO SYSTEM?
WHERE TO CHECK
in the allotment status check , it shows blank. does that mean status is pending or no allotment?
http://www.bigshareonline.com/bssipoapplicationstatus.aspx
allotment is out please check bigshareonline.com site
How can we check because i had checked on my demat a/c but there is nothing, also i checked on bigshare.com , there is also nothing
big share is cheater site closed banned kar do
http://www.bseindia.com/investors/appli_check.aspx
why we cannot get the allotment status??
Where to check…link please
It's a very bad service in allotment
where to check status…bigshare website not working
Kab aayga allotment
any status of allotment ?
18 mid night or 19th moring
Allotment still not out
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Result still waiting…..Can anyone confirm about this….plz
may be today
allotment will be tomorrow after noon
Allot hua ke nahi ??
still waiting for the allotment status of apollo micro systems. If any one know any thing about the allotment, plz let me know.
still waiting for the allotment status of apollo micro systems. If any one knows any thing about the allotment status, plz let me knw.
Is it alloted or not reply must ??
Is it alloted or not ?? reply must
What is this, still not alloted, by today we should get our money back if not alloted. Date was yesterday and still no comunication…
Bigshare
http://www.bseindia.com/investors/appli_check.aspx
http://www.bseindia.com/investors/appli_check.aspx
http://www.bseindia.com/investors/appli_check.aspx
http://www.bseindia.com/investors/appli_check.aspx
http://www.bseindia.com/investors/appli_check.aspx
please check the status here
http://www.bigshareonline.com/bssipoapplicationstatus.aspx
ON WHICH DATE APOLLO MICRO IPO ALLOTMENT?
Abhi tak nahi aaya…
Abhi Tak to allotment ka koi update nhi hai
Abhi Tak to allotment ka koi update nhi hai
Abhi Tak to allotment ka koi update nhi hai
When it will come ???????
today allotment yet or no ??????
Lagta hai allotment me kuch ghotala kar rahe hai. Uske liye time le rahe hai.
Kuchh khabor hai ?
not alloted
What about allotment ?
Alloted???
Still allotment not done.when it will sho w on bigshareonline
.com
Still allotment not done.when it will sho w on bigshareonline
.com
Baklot ipo system
Baklot ipo system
Allotted. Now you can check.
Abi tak nai aaya.ipo k detail me 17 ko Likha tha. Inko koi samajaye k public k viswaas k sath na khele
status is out
Alloted 9462659179
No allotment and no refunf
site is slow but results are out
Still not any update on allotment
KAB AAYEGA ALLOETMEND
What is the status of allotment? It's 19th today, today payment was about to release from Lian, but there is no allotment seen anywhere.
KAB AAYEGA ALLOETMEND
Still no allotment,does anyone have update?
Still no allotment,does anyone have update?
Still no allotment,does anyone have update?
What is the status?
Plsease tell the date
Which site checked?
Today evening
Kab aayga allotment
Allotment is Out and can be seen by 4 PM
let see…..
Still no allotment
I called them yesterday, I was told that by yesterday evening it should be out. Tried calling today, couldn't connect.
Allotment?
alloted
Bhai kuch Khabar NAHI hai
Is appolo micro systems shares are alloted or not ?
when it will come
when it will come
I think todat
i expect by today afternoon
Today
can i know when will apolo microsystems ipo will be alloted
osm….