QB
Q-Line Biotec SME
SME₹214 Cr issue
+31.78%
Listing gain over issue price
Issue size
₹214 Cr
1 lot at cut-off
₹1,37,200
Lot size
400shares
Allotment
26 May 2026
Listing
29 May 2026
Listing performance
Issue price
₹343
Listed at
₹452
Listing-day close
₹474.60
Latest price
₹540.35
Listing gain
+31.78%
Return since listing
+57.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹112
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 May 2026 | ₹112 | +32.65% | ₹34,000 | ₹455 | ₹44,800 |
| 28 May 2026 | ₹129 | +37.61% | ₹39,200 | ₹472 | ₹51,600 |
| 27 May 2026 | ₹124 | +36.15% | ₹37,700 | ₹467 | ₹49,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 29 May 2026
- Face value
- ₹10 per share
- Issue price
- ₹343 per share
- Lot size
- 400 shares
- Total issue size
- ₹214 Cr
- Market cap at offer price
- ₹800 Cr
- Promoter holding
- 96.77% → 67.51% pre-issue → post-issue
- ISIN
- INE1G2W01011
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 298-281, Transport Nagar, Kanpur Road Adjacent Transport Nagar Metro Station, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,81,200 | — | — |
| Market maker | 3,13,200 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹343
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,37,200 |
| S-HNI (min) | 2 | 800 | ₹2,74,400 |
| S-HNI (max) | 7 | 2,800 | ₹9,60,400 |
| B-HNI (min) | 8 | 3,200 | ₹10,97,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,81,200
Anchor portion
₹61.10 Cr
at ₹343 per share
Valuation and performance
Valuation at offer price
₹343 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 16.47 | 22.12 |
| P/E (×) | 20.83 | 15.51 |
| Price to book (×) | 2.84 | — |
| Market cap | — | ₹800 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.74%
- ROCE
- 17.66%
- Debt / equity
- 0.87
- PAT margin
- 8.97%
- EBITDA margin
- 22.73%
- NAV per share
- ₹120.60
- Price to book
- 2.84
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Q-Line Biotec SME
Q-Line Biotech Limited, originally incorporated as POCT Services Private Limited on November 10, 2010, was renamed to Q-Line Biotech Private Limited in June 2021 and converted to a public limited company in February 2025. The Company operates through 4 manufacturing facilities across India (3 in Uttar Pradesh, 1 in Delhi) and conducts research and development activities. The Company earns revenue from the sale of IVD reagents, POCT machines, and traded medical devices to government hospitals, laboratories, diagnostic centers, and other healthcare institutions, primarily distributed through a network of distributors. As of December 31, 2025, the Company derives 81.75% of revenue from the Northern region and 75.12% from Uttar Pradesh. The Company maintains working capital requirements for raw material purchases, manufacturing, and distribution operations.
Company Analysis
from RHPQ-Line Biotech Limited manufactures and distributes in vitro diagnostic (IVD) reagents, point-of-care testing (POCT) instruments, and related healthcare products across India.
Q-Line Biotech Limited, originally incorporated as POCT Services Private Limited on November 10, 2010, was renamed to Q-Line Biotech Private Limited in June 2021 and converted to a public limited company in February 2025. The Company operates through 4 manufacturing facilities across India (3 in Uttar Pradesh, 1 in Delhi) and conducts research and development activities. The Company earns revenue from the sale of IVD reagents, POCT machines, and traded medical devices to government hospitals, laboratories, diagnostic centers, and other healthcare institutions, primarily distributed through a network of distributors. As of December 31, 2025, the Company derives 81.75% of revenue from the Northern region and 75.12% from Uttar Pradesh. The Company maintains working capital requirements for raw material purchases, manufacturing, and distribution operations.
In Vitro Diagnostics (IVD)Point-of-Care Testing (POCT)Healthcare Medical DevicesReagent Manufacturing
Objects of the Issue
- To meet Working Capital requirements ₹9,350.00 lakhs p.94
- Repayment of certain borrowing availed by our Company, in part or full ₹9,000.00 lakhs p.95
- General corporate purposes [●] p.96
- To meet Working Capital requirements p.97
- Repayment of certain borrowing availed by our Company, in part or full p.97
- General Corporate Purpose p.97
Issue Structure
- Total Issue
- Up to ₹[●] lakhs
- Fresh Issue
- Up to 62,53,200 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] Floor Price to ₹[●] Cap Price
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The Company generates revenue through the manufacture and distribution of IVD reagents, POCT instruments, and traded medical devices. Products are sold to customers including government hospitals, laboratories, and diagnostic centers primarily through distributors. The Company maintains manufacturing facilities with quality management systems and holds ISO certifications and Good Manufacturing Practice certificates. Revenue is derived from domestic sales of reagents and machines, with a small portion from exports.
Business Segments
Manufacturing and distribution of clinical chemistry reagents and diagnostic equipment for chemistry analysis in diagnostic services
Manufacturing and distribution of haematology reagents and equipment for blood analysis
Manufacturing and distribution of immunodiagnostic reagents and equipment
Manufacturing and distribution of molecular diagnostic reagents and equipment
Manufacturing and distribution of POC devices and rapid diagnostic kits
Comprises reagent kits, rapid cards, consumables & POC strips, which are essential consumables used in diagnostic tests across a wide range of applications, including immunodiagnostics, haematology, molecular diagnostics, clinical chemistry and others. These reagents are utilised for in vitro testing of human samples, supporting disease prediction, prevention, diagnosis, monitoring, and overall health status evaluation.
Comprises both the manufacturing and trading of essential devices used in clinical diagnostics and healthcare settings. The company offers products such as analysers, point-of-care devices, and other critical components required for diagnostic procedures. By combining in-house manufacturing capabilities with trading operations, the company can meet diverse customer needs, ensure product availability, and maintain high standards of quality and reliability.
In the hospital industry, a variety of consumables are utilized in diagnostic tests and procedures, some of which are critical, including Macro Cuvettes with Balls, Lab Plastic Plates, Laboratory Plastic Tip Rack, Syringe Pump, and others. The company is engaged in the trading of these essential items as part of regular business operations.
Includes the annual maintenance of the medical equipments that the company sells to its customers. The company provides after-sales services and Annual Maintenance Contract (AMC) services through site visits conducted by internal service staff. For customers located in West Bengal, Delhi and Punjab, the company has engaged third party service providers to provide such after-sales services.
Diagnostic reagents and equipment for clinical chemistry testing
Diagnostic reagents and equipment for haematology testing
Diagnostic reagents and equipment for immunodiagnostics testing
Diagnostic reagents and equipment for molecular diagnostics testing
Point-of-care devices and rapid diagnostic tests
Manufacturing of biochemistry reagents (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics, POC Devices) and diagnostic equipment under technical collaborations and indigenous development
Distribution and supply of diagnostic equipment and IVD products to diagnostic service providers, hospitals, and medical colleges through direct sales and distributor networks
Diagnostic products and equipment for clinical chemistry testing
Diagnostic products and equipment for haematology testing
Diagnostic products and equipment for immunodiagnostic testing
Diagnostic products and equipment for molecular diagnostic testing
Point-of-care devices and rapid diagnostic testing products
SWOT Analysis
Strengths
- • Established brand and market presence in IVD sector(p.87)
- • Diversified product portfolio across multiple diagnostic segments(p.87)
- • Established manufacturing and distribution network(p.87)
- • Established manufacturing with R&D focus and quality control(p.99)
- • Diversified IVD product portfolio across multiple test types(p.99)
- • Wide geographic distribution across four Indian regions(p.99)
- • Long-standing customer relationships(p.99)
- • Track record of consistent financial growth(p.99)
- • Experienced leadership in diagnostics sector(p.99)
- • ISO 13485:2016 and ISO 9001:2015 certifications(p.139)
- • Four manufacturing facilities with increasing capacity(p.133)
- • 12+ years of brand establishment through experience, R&D, manufacturing capabilities and quality assurance(p.148)
- • Diverse product portfolio covering major IVD segments(p.148)
- • In-house R&D recognized by Government of India(p.160)
- • Multiple manufacturing facilities across key locations(p.158)
- • Established brand and market presence in IVD diagnostics over 12 years(p.257)
- • Diverse product portfolio across multiple diagnostic segments(p.257)
- • In-house R&D capabilities for product development(p.257)
- • Regulatory compliance and manufacturing certifications(p.258)
- • Multiple manufacturing facilities across key locations(p.259)
- • Experienced management team with industry expertise(p.258)
- • Strong revenue growth in core diagnostic segments(p.264)
- • Significant improvement in profitability margins(p.263)
- • Established manufacturing and distribution capabilities across multiple states(p.262)
- • Comprehensive regulatory compliance and manufacturing licenses(p.280)
Weaknesses
- • Concentrated manufacturing footprint in North India(p.29)
- • Heavy reliance on top 3 customers for revenue(p.31)
- • Significant dependence on few key suppliers for raw materials and instruments(p.26)
- • Negative operating cash flows in recent periods(p.30)
- • High working capital requirements(p.30)
- • Elevated credit period extended to customers strains working capital(p.33)
- • Significant outstanding indebtedness with covenants(p.32)
- • Credit rating downgrade recent(p.34)
- • Past regulatory non-compliance with Companies Act provisions(p.32)
- • Reliance on leased premises with renewal uncertainties(p.35)
- • Heavy dependence on volume achievement for profitability due to fixed cost structure(p.41)
- • Significant contingent liabilities and corporate guarantees(p.42)
- • Outstanding litigation involving promoters with material financial exposure(p.42)
- • Most directors lack prior experience managing a listed company(p.43)
- • Significant unsecured borrowings that can be recalled at any time(p.41)
- • High dependence on top 10 customers(p.135)
- • Concentration in Northern region (81.75% of revenue)(p.136)
- • Rising debt-to-equity ratio trend(p.132)
- • Declining Return on Equity(p.132)
- • Declining Return on Capital Employed(p.132)
- • Heavy reliance on two distributors for majority of sales(p.141)
- • Concentration of manufacturing facilities in limited geographic locations (Lucknow and Delhi)(p.158)
- • Associate company Q-Line Iris Private Limited has negative net worth(p.162)
- • High financial leverage with debt-to-equity ratio of 1.06(p.259)
- • Significant concentration of revenue in Uttar Pradesh(p.259)
- • Declining profitability metrics with PAT margin compression(p.259)
- • Multiple pending charge registrations with regulators(p.249)
- • Declining ROCE from 22.14% to 13.32% over three years(p.259)
- • High dependence on few customers for revenue(p.266)
- • Significant finance costs and debt burden(p.267)
- • Pending promoter tax investigation(p.271)
- • Rising depreciation and capital expenditure requirements(p.264)
Opportunities
- • Expansion into high-growth diagnostic market segments(p.87)
- • Enhanced working capital capacity from IPO proceeds(p.91)
- • Improved financial leverage and debt servicing position(p.95)
- • Enhanced corporate visibility and liquidity from listing(p.87)
- • India IVD market projected to grow at 12.2% CAGR to reach USD 2,978 million by CY30(p.115)
- • Expansion into new geographic markets(p.136)
- • CMO/CDMO services opportunity aligned with Make in India(p.136)
- • Government support through Make in India and Atmanirbhar Bharat(p.136)
- • Expanding product portfolio including new instruments(p.137)
- • Growing geriatric population driving IVD demand(p.124)
- • Increasing demand for point-of-care testing(p.124)
- • Expansion into radiology and imaging lab operations through associate company(p.161)
- • 100% FDI permitted in medical device manufacturing under automatic route(p.157)
- • Government push for Make in India and healthcare reforms(p.167)
- • Recognition as 'Most Promising Company in IVD for Make in India initiative'(p.160)
- • Indigenization of diagnostic equipment manufacturing under Make in India initiative(p.258)
- • Portfolio expansion into high-throughput and specialized analyzers(p.258)
- • Expansion into emerging segments including coagulation and electrolyte analysis(p.258)
- • Geographic expansion beyond Uttar Pradesh base(p.259)
- • Strategic partnerships for technology transfer and manufacturing(p.257)
- • Expansion in diagnostic reagents and in-vitro diagnostic (IVD) manufacturing(p.280)
- • International market penetration(p.262)
- • Expansion of product portfolio through new manufacturing capabilities(p.315)
- • Growth potential in emerging diagnostic segments(p.286)
Threats
- • Operational disruption risks from manufacturing facility concentration(p.24)
- • Supply chain disruption from distributor termination(p.25)
- • Dependence on regulated approvals for manufacturing and sales(p.26)
- • Foreign currency exposure from imports and royalties(p.30)
- • Government-imposed pricing controls reduce profitability(p.38)
- • Competitive pricing pressure from low-cost alternatives(p.38)
- • Interest rate fluctuations increase borrowing costs(p.31)
- • Quality control failures and product liability risks(p.40)
- • Intense competition from organized and unorganized industry players(p.44)
- • Dependence on third-party utility supply with disruption risks(p.41)
- • Manufacturing capacity and production volatility risks(p.41)
- • Regulatory changes and compliance uncertainties(p.47)
- • Global and domestic economic slowdown impacts(p.46)
- • Technology obsolescence and rapid innovation risks(p.43)
- • Cyber security and data protection compliance risks(p.43)
- • Absence of listed peer comparables limiting valuation benchmarking(p.43)
- • Supply chain disruptions from geopolitical tensions(p.125)
- • Iran conflict impact on logistics and input costs(p.127)
- • Stringent regulatory approval processes delay market entry(p.125)
- • Rapid technological obsolescence(p.125)
- • Intense market competition and price pressure(p.125)
- • Accessibility and affordability barriers in rural regions(p.125)
- • Stringent regulatory framework for medical devices and drugs(p.148)
- • Proposed consolidation of multiple drug laws through Drugs Bill 2022(p.149)
- • Price regulation through DPCO limits pricing flexibility(p.149)
- • Complex environmental and biomedical waste compliance requirements(p.154)
- • Regulatory changes and policy shifts affecting IVD industry(p.259)
- • Customer concentration and potential loss of key customers(p.259)
- • Raw material supply chain disruptions(p.260)
- • Rapid technological obsolescence in diagnostic sector(p.260)
- • Macroeconomic headwinds and sector volatility(p.260)
- • Rising debt servicing obligations with declining debt service coverage ratio(p.260)
- • Competitive pressures in diagnostics industry(p.266)
- • Raw material cost volatility and supply chain risks(p.264)
- • Regulatory compliance and licensing renewal requirements(p.316)
- • Concentration risk from associate company losses(p.264)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saurabh Garg | Promoter | — | — |
| Amita Garg | Promoter | — | — |
| Ayush Garg | Promoter | — | — |
| Ajay Kumar Mahanty | Promoter | — | — |
| Abhay Agrawal | Promoter | — | — |
| Saurabh Garg | Promoter, Managing Director and Chairman | 59.68% | 43.69% |
| Amita Garg | Promoter and Non-Executive Director | 23.06% | 16.88% |
| Ajay Kumar Mahanty | Promoter and Whole-Time Director | 4.39% | 3.21% |
| Abhay Agrawal | Promoter and Non-Executive Director | 4.43% | 3.24% |
| Ayush Garg | Promoter and Non-Executive Director | 0.18% | 0.14% |
| Saurabh Garg | Promoter | — | — |
| Ajay Kumar Mahanty | Promoter | — | — |
| Saurabh Garg | Promoter/Chairman & Managing Director | 59.68% | — |
| Amita Garg | Promoter/Non-Executive Director | 23.06% | — |
| Ajay Kumar Mahanty | Promoter/Whole Time Director | 4.39% | — |
| Abhay Agrawal | Promoter/Non-Executive Director | 4.43% | — |
| Ayush Garg | Promoter/Non-Executive Director | 0.18% | — |
| Saurabh Garg | Promoter | 62.62% | — |
| Amita Garg | Promoter | 24.19% | — |
| Abhay Agarwal | Promoter | 4.65% | — |
| Ajay Kumar Mahantany | Promoter | 4.61% | — |
| Saurabh Garg | Promoter/Promoter Group | — | — |
| Amita Garg | Promoter/Promoter Group | — | — |
Leadership
Saurabh Garg · Chairman & Managing Director
Meenal Gupta · Chief Financial Officer
Akhand Pratap Singh · Company Secretary & Compliance Officer
Kuldeep Chowdhry · Whole-Time Director
Ajay Kumar Mahanty · Whole-Time Director
Yethadka Subraya Prabhakara · Whole-Time Director
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.