QLINEBIOTECH Q4 FY26 earnings call.
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Revenue
₹341.7 Cr
verification pending
Revenue YoY
9%
reported change
EBITDA
₹98.1 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Qline Biotech delivered a landmark FY26 with revenue of Rs 341.7 crore (9% YoY) but margin expansion was the standout story — EBITDA surged 39% to Rs 98.1 crore with margins jumping 620bps to 28.7%, driven by manufactured reagents now comprising ~70% of revenue with 60-65% margins. PAT nearly tripled to Rs 55.7 crore though FY25 base was depressed by prior-period expenses. The installed base of 1,550 Selectra Pro analyzers creates durable recurring revenue (Rs 3 lakh per instrument over 10-year life), while Unit 4 at Baddi provides 3-4x capacity headroom. Management guided to 30-35% revenue growth for FY27 while maintaining profitability focus, with exports targeted at 5x (Rs 1.2 crore to Rs 6 crore) and CDMO contributions of Rs 10 crore. The key risks remain geographic concentration (77% from UP via a related-party distributor), B2G dependence (65%), and technology/licensing dependencies on instrument partnerships. Near-term catalysts include Unit 4 utilization ramp (targeting 25-30% in FY27), new product launches (Microlab 300), and export market expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets approximately 30-35% revenue growth for FY27 while maintaining focus on profitability and return ratios, driven by reagent revenue growth of similar magnitude.
- Company expects CDMO business to contribute Rs 10 crore in FY27 from tech transfer and OEM partnerships, with negotiations in advanced stages with a European principal for Selectra Pro exports across 55+ countries.
- International revenue expected to grow from Rs 1.2 crore to over Rs 6 crore in FY27 through distributor appointments in Middle East, Africa, and Mauritius with regulatory compliance completed.
- Manufacturing facility at Baddi expected to achieve 25-30% utilization in FY27 through gradual shift of clinical chemistry reagents from Delhi facility and addition of rapid molecular products.
Risks flagged
- One of the largest distributors showing 77% UP concentration is a related-party (promoter entity) without management proactively disclosing this material related-party relationship.
- 65% of revenue is B2G (government) which creates tender-dependent, cyclic revenue patterns. FY25 instrument revenue was 'exceptional' due to government orders while FY26 saw degrowth in instrument segment.
- Receivable days stood at 134 days in FY26. Management targets 90-120 days going forward but provided no specific timeline for achieving this improvement.
- Company had extended corporate guarantees on behalf of related parties and associate entities. Management confirmed they are 'in the process' of closing these but could not provide timelines when pressed by analysts.
Key quotes
- This financial year 26 was a landmark year in the journey. A successful commissioning and capitalization of our largest manufacturing facility in Baddi marks a major milestone for the company.
- EBITDA increased by 39% to Rs 98.1 crores compared to Rs 70.6 crores in FY25. The EBITDA margin improved from 22.5% to 28.7% reflecting the benefits of a manufacturing-led strategy.
- It takes approximately Rs 25,000 of average reagents per machine per month which is about Rs 3 lakhs through the economic life of about 10 years means it's almost about Rs 30 lakhs per analyzer revenue potential.
- We are expecting more than 5x in coming year 2027 but the CDMO business will be totally additional business... it will be around Rs 1 million so around Rs 10 crores.
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