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.

Indigo Paints IPO Date, Review, Price Band, Form & Market Lot Details

By Jagat Joshi
January 4, 2021

Indigo Paints IPO date is 20 January and closes on 22 January 2021. Indigo Paints is backed by Sequoia Capital and coming up with ₹1000 crore IPO. The IPO comprises fresh issue of ₹300 crore and offer for sale of upto 58,40,000 shares by Sequoia Capital. According to market sources, the IPO is expected to fetch ₹1,000 crore from the primary market. The company is based in Pune. They are manufacture of decorative paints and has an extensive distribution network across India. As of September 30, 2020, they have three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu. Check out Indigo Paints IPO Dates, Price Band and Market Lot Details.

Indigo Paints IPO Review:

Apply for Listing Gain & Long Term Gain

Indigo Paints IPO Date & Price Band:

IPO Open:	20 January 2021
IPO Close:	22 January 2021
IPO Size:	Approx ₹1176 Crore (Approx)
Face Value:	₹10 Per Equity Share
Price Band:	₹1488 to ₹1490 Per Share
Listing on:	BSE & NSE
Retail Portion:	35%
Equity:	5,840,000 Shares

Indigo Paints IPO Market Lot:

Minimum Lot Size:	Minimum 10 Shares
Minimum Amount:	₹14900
Maximum Lot Size:	Maximum 130 Shares
Maximum Amount:	₹193700

Indigo Paints IPO Allotment & Listing:

Basis of Allotment:	28 January 2021
Refunds:	29 January 2021
Credit to Demat Account:	01 February 2021
Listing Date:	02 February 2021

Indigo Paints IPO Form:

How to apply the Indigo Paints IPO? You can apply Indigo Paints IPO via ASBA available in your bank account. Just go to the online bank login and apply via your bank account by selecting the Indigo Paints IPO in the Invest section. The other option you can apply Indigo Paints IPO via IPO forms download via NSE and BSE. Check out the Indigo Paints forms – click NSE Forms & BSE Forms blank IPO forms download, fill and submit in your bank or with your broker.

Indigo Paints Company Financial:

₹ in Crore
	Revenue	Expense	PAT
2017	–	–	–
2018	403	389	13.2
2019	537	503	27.0
2020	626	559	47.7
2021 – H1	260	225	27.2

Company Promoters:

HEMANT JALAN, ANITA JALAN, PARAG JALAN, KAMALA PRASAD JALAN, TARA DEVI JALAN AND HALOGEN CHEMICALS PRIVATE LIMITED

About Indigo Paints:

Started in the year 2000, Indigo Paints had a modest beginning. It started out with the manufacture of lower-end Cement paints, and gradually expanded its range to cover most segments of water-based paints like Exterior Emulsions, Interior Emulsions, Distempers, Primers, etc. From an early age, the Company spread its footprints across the country, with the rapid expansion of its reach across India. Today the Company stands out as one of the strongest contenders in the Indian paint industry, being rated as an innovative paint manufacturer, which keeps coming out with unique products never before offered in the country.

Over time, the Company found its niche in the paint industry through innovation. It kept churning out bright new ideas for painting solutions, with alarming regularity. Gradually, the industry began looking upon the Company as a futuristic thinker and a storehouse of new product development.

With changing time and trends, Indigo Paints revamped its identity showcasing a new wave of thinking by the Company. A few years ago it clubbed all its multiple brands for different product categories into a single umbrella brand “INDIGO”. A new logo for the brand and the Company was created, which accurately reflected the core philosophy of the organization. The logo design was extended to all packaging design and other forms of corporate communication.

Quick Links:

DRHP Draft Prospectus
RHP Draft Prospectus

Indigo Paints IPO Registrar:

Link Intime India Private Limited
C-101, 247 Park, L B S Marg, Vikhroli (West), Mumbai
400 083 Maharashtra, India
Tel: +91 22 4918 6200
E-mail: indigopaints.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance ID:
indigopaints.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Note: Check Indigo Paints IPO allotment status on Linkintime website allotment URL. Click Here

Indigo Paints IPO Lead Managers:

Kotak Mahindra Capital Company Limited
Edelweiss Financial Services Limited
ICICI Securities Limited

Company Address:

Indigo Tower, Street-5, Pallod Farm-2,

Baner Road, Pune 411 045, Maharashtra, India

Tel: +91 20 6681 4300
Website: www.indigopaints.com
Contact Person: Sujoy Bose, Company Secretary and Compliance Officer;
E-mail: secretarial@indigopaints.com

Indigo Paints IPO FAQs:

When Indigo Paints IPO will open for QIB, NII, and Retail?

The IPO is to open on 20 January 2021 for QIB, NII, and Retail Investors.

What is Indigo Paints IPO Investors Portion?

The investors’ portion for QIB-50%, NII-35%, and Retail 10%.

How to Apply the Indigo Paints IPO?

You can apply Indigo Paints IPO via ASBA online via your bank account. You can apply ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.

How to Apply the Burger King IPO through Zerodha?

Log in to Console in Zerodha Website. Go to Portfolio and Click on IPO. You will see the IPO Name “Indigo Paints”. Click on Bid Button. Enter your UPI ID, Quantity and Price. Submit IPO Application Form. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate.

What is Indigo Paints IPO Size?

Indigo Paints IPO size is ₹1176 crore.

What is Indigo Paints IPO Price Band?

Indigo Paints IPO Price Band is ₹1488 – ₹1490.

What is Indigo Paints IPO Minimum and Maximum Lot Size?

The minimum bid is 10 Shares with ₹14900 amount while maximum bid is 130 shares with ₹193700.

What is Indigo Paints IPO Allotment Date?

Indigo Paints IPO allotment date is 28 January 2021.

What is Indigo Paints IPO Listing Date?

Indigo Paints IPO listing date is 02 February 2021. The IPO to list on BSE and NSE.

Note: The Indigo Paints IPO price band and date will be added as it will be officially announced. The IPO grey market premium (Indigo Paints IPO GMP) will be added on the grey market 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.