Q- Line Biotech Ltd

About the Company:

Q- Line Biotech Ltd 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.

Company supplies diagnostic equipment and IVD products for different diagnostic healthcare needs since 2013 directly or through our 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 our Company in IVD Industry include Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids).

Company’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.

Company’s Segment wise revenue: (Amount in Rs. Lakhs)

Company’s Collaboration with International Companies:

We are research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. We leverage our R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products.
Further, for our 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, we undertake 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, we employed 19 personnel at our R&D laboratories, which constituted 5.25% of our total permanent employee strength.

Further, for the Make in India instruments, Company is working on the following projects:

• Selectra Pro M: We are currently manufacturing the Selectra Pro M—a medium-throughput, fully automatic clinical chemistry analyser—in India under a technical collaboration with one of the European companies. This instrument has been successfully scaled up for commercial production and is already serving laboratories across multiple regions.

• Selectra Pro XL – Building on our partnership, we are developing “Make in India” prototype of Selectra Pro XL which is a high-throughput, fully automatic clinical chemistry analyser designed for large laboratories and hospital networks. The prototype in advanced stages of development and will undergo internal validation before moving to formal approval.

• Microlab 300 – This device is currently undergoing regulatory review and approval. Once cleared, it will expand our portfolio into the semi-automatic analyser market for clinical chemistry.

• Medonic M20: we have completed the development of the Medonic M20 three-part haematology analyser prototype. This device has passed both the regulatory and quality approval. Currently our staff is undergoing the required training for manufacturing, and we expect the commercial production for this to go live in Q2 FY26-27.

• KC1 Delta: we have also developed a prototype of the KC1 Delta coagulation analyser. This instrument is currently under review with the relevant authorities and is expected to enter the market upon receipt of the requisite approvals.

• Innolyte: Demonstrating our in-house R&D capabilities, we have indigenously developed the Innolyte electrolyte analyser with commercial production started in March 2026.

• Slide Stainer – we have indigenously developed the slide stainer and currently we are in the process of evaluating the reuse of stains and the commercial production of this instrument is expected to go line in Q3 of FY26-27.

• Q-Count 5: Currently under development, will be our indigenous 5-part haematology analyser.

Company Operates on a B2B model:

Company is currently working on a B2B model and supplying most of our proudcts to our customers which includes distributors, diagonostic service providers and hospitals.

Company is committed to providing customers quality product at reasonable prices. We strive to develop a long-term business relationship with our customers by maintaining the industry standards and meeting the customer’s business requirements.

Our operational team keeps close track of each & every consignment, which ensures on time delivery. We provide solutions to our customers, which results in enhanced service quality and cost savings.

Company’s Revenue from Government and Non-Government Sales: (in Lakhs)

Company’s Revenue from Geographical presence: (in Lakhs)

Management Team:

Mr. Saurabh Garg (Designation: Chairman & Managing Director)
Mr. Kuldeep Chowdhry (Designation: Whole Time Director)

Objectives of the Issue:

Fresh issue: (Rs.215 cr).

To meet Working Capital requirements
Repayment of certain borrowing availed by our Company, in part or full
General Corporate Purpose.

Fund Utilization:

Particulars	Amount (Rs. in Crores)
Working Capital requirements	93.50 cr
Repayment of certain borrowing availed by our Company, in part or full	90 cr

Peer Group Comparison:

There are no listed companies in India that are engaged in the business line similar to that of our company, thus it is not possible to provide an industry comparison in relation to our company.

Competition in the Business :

The industry is highly competitive and our principal competitors include IVD reagents, kits and instruments manufacturers, such as
Transasia Bio-Medicals Limited,Molbio Diagnostics Pvt Ltd, Agappe Diagnostics etc as mentioned in the section titled “Industry Overview” beginning from page no 103.

Positives for the Company:

Established manufacturing capabilities with focus on R&D, reverse engineering and quality control.

Company currently operates four manufacturing facilities, three of which are located in Lucknow, Uttar Pradesh and one in the Bawana Industrial Area, Delhi. As on December 31, 2025, our aggregate annual installed capacity stood at approximately 1.4 million kits for Hematology Reagents, Clinical Chemistry Reagents & Rapid/Elisa kits and 1,200 Selectra Machines collectively.
During February 2026, we commissioned our fourth manufacturing unit dedicated to the reagents business, following the commissioning of this facility, our annual installed capacity will increase by approximately 1.5 million for Clinical Chemistry Reagents, 75.5 million for Rapid/Elisa kits, 31200 nos. for glucometer devices and 93.60 million for glucometer strips.
Company’s operations, raw-material sourcing, packaging and transportation practices, and SOP-driven process controls enable us to uphold margins and deliver consistent product quality.

Diversified product portfolio with focus on IVD industry.

Over the years, we have developed a diversified product portfolio in the IVD industry which include reagents, point of care devices and kits used in Clinical Chemistry, Coagulation, Haematology, HPLC, Rapid/Elisa, molecular etc, diagnostic instruments, equipment’s, consumables and services.
We are currently marketing these products in around 26 states and Union Territory with specific focus on Utter Pradesh, Rajasthan, Madhya Pradesh, Kerala and Odisha.

Expanding our existing product portfolio.

Over the years, company has expanded our product portfolio across segments. We have consistently endeavoured to diversify our portfolio of products to cater to changing customer requirements across various segments and geographies.
Company’s experience and expertise of around 15 years in the industry helps us to capitalise on new opportunities offered by our customers. We intend to continue strengthening our existing product portfolio and diversifying into new products with potential for growth and profitability within our existing product groups and across new applications.

Financials of the Company:

(in Crores)	FY 23	FY 24	FY 25	Upto 31st Dec 25
Revenue	184.81	206.44	322.58	236.50
Net Profit	32.09	34.44	28.13	38.69

IPO Details:

Details	Info
Issue Opens on	21st May 2026
Issue Closes on	25th May 2026
Issue Price	Rs. 326-343
Face Value	Rs.10
Minimum Lot	400 Shares
Minimum Investment	Rs.2,74,400
Issue Constitutes	26.80%
Issue Size	Rs.215 cr ($ 22 million )
Market Cap	Rs.800 cr ($ 82 million )
Listing at	NSE SME
Equity Shares Offered (Fresh)	62,53,200 (Rs.215 cr)
Equity Shares Prior to the Issue	1,70,74,999
Equity Shares after the Issue	2,33,28,199 (Rs.800 cr)

IPO Valuation Parameters:

Earnings Per Share (EPS)	Price To Earnings ratio (PE)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt Equity Ratio (D/E)
28.63	11.98	23.74%	120.60	0.87

Also Read: Complete List of NSE/BSE Holidays List>>
Important Dates:

Finalization of Basis of Allotment	on or Before 26th May 2026
Initiation of Refunds	on or Before 27th May 2026
Credit of Equity Shares:	on or Before 27th May 2026
Listing Date:	on or Before 29th May 2026

Company Contact Info:
Q- Line Biotech Ltd 298-281, Transport Nagar, Kanpur Road Adjacent Transport Nagar Metro Station, Lucknow, Uttar Pradesh, India, 226012. Telephone: +91 522-2435570, Email: compliance@qlinebiotech.com Telephone: +91 522-2435570 Website: www.qlinebiotech.com

Registrar to the Issue:
Purva Sharegistry (India) Private Limited Address: 9, Shiv Shakti Industrial Estate, J.R. Boricha Marg Lower Parel (East), Mumbai, Maharashtra, India, 400011 Tel. No.: 91 22 2301 2517 / 8261 Fax No.: +91-022-23012517 Email: newissue@purvashare.com Website: www.purvashare.com