Kwick Forensic Solutions IPO is a book-built issue of ₹50.77 crores, consisting of a fresh issue of 0.46 crore shares worth ₹41.05 crores and an offer for sale of 0.11 crore shares aggregating to ₹9.72 crores. The IPO will open for subscription on Aug 27, 2026, and close on Aug 31, 2026. The allotment is expected to be finalized on Sep 1, 2026, with the shares proposed to list on the BSE SME platform on Sep 3, 2026.
The issue has a price band of ₹85 to ₹90 per share, with a lot size of 1,600 shares. At the upper price band, retail investors need to apply for a minimum of 3,200 shares, requiring an investment of ₹2,88,000 (calculated based on upper price band). HNI investors must apply for at least 3 lots, or 4,800 shares, amounting to ₹4,32,000.
Corporate Capital Ventures Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar. R.K. Stock Holding Pvt. Ltd. has been appointed as the market maker for the issue.
For detailed information on the company’s business, financials, risk factors, and the proposed utilisation of proceeds, investors should refer to the Kwick Forensic Solutions IPO Red Herring Prospectus (RHP) before making an investment decision.
Company Overview
Kwick Forensic Solutions Limited is a Chennai-based forensic technology company engaged in developing and supplying products, technologies and solutions for forensic science, crime scene investigation and law enforcement. The company provides a wide range of offerings across fingerprint forensics, physical evidence collection, DNA forensics, cyber and digital forensics, social media analytics and evidence management.
Its product portfolio includes forensic investigation kits, fingerprint fuming chambers, evidence and swab drying cabinets, forensic light sources, portable fingerprint verification devices, CSI vehicles and digital forensic solutions. The company primarily serves police departments, forensic laboratories, fingerprint bureaus, crime investigation departments, government agencies and other law-enforcement institutions.
Kwick Forensic Solutions also focuses on research and development, with an in-house R&D facility recognised by the Department of Scientific and Industrial Research (DSIR). Its solutions are designed to support the collection, preservation, analysis and management of evidence across different stages of forensic investigation.
The company is further expanding its technology capabilities through areas such as artificial intelligence, embedded systems, digitisation and software-based forensic solutions. Through this combination of forensic equipment and technology, Kwick Forensic Solutions aims to strengthen evidence management and investigation processes within the criminal justice ecosystem.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 27 to 31 Aug, 2026 |
| Allotment | Tue, Sep 1, 2026 |
| Listing Date | Thu, Sep 3, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹85 to ₹90 |
| Lot Size | 1,600 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 56,41,600 shares (agg. up to ₹51 Cr) |
| Fresh Issue (Ex Market Maker) | 42,78,400 shares (agg. up to ₹39 Cr) |
| Offer for Sale | 10,80,000 shares (agg. up to ₹10 Cr) |
| Reserved for Market Maker | 2,83,200 shares (agg. up to ₹3 Cr) – R.K.Stock Holding Pvt.Ltd |
| Net Offered to Public | 53,58,400 shares (agg. up to ₹48 Cr) |
| Shareholding Pre-Issue | 1,68,74,840 shares |
| Shareholding Post-Issue | 2,14,36,440 shares |
| Listing Exchange | BSE SME |
(Compiled from RHP and market updates)
Industry Context
- Forensic services are becoming integral to modern investigations, covering DNA profiling, toxicology, fingerprint analysis, ballistics and digital forensics, with AI and automated technologies further improving evidence processing and analysis.
- Forensic capabilities remain uneven across Indian law enforcement due to limited laboratory capacity, shortage of trained professionals, regional disparities and inadequate evidence-handling practices, resulting in investigation delays and case backlogs.
- The rise of cybercrime, financial fraud, organised crime and technology-enabled offences has increased the need for scientific evidence, making modern forensic tools increasingly important for accurate and credible investigations.
- Scientific evidence can improve case quality, support faster investigations and provide stronger evidence for courts. India’s overall conviction rate increased from 42.7% in 2020 to 57.0% in 2022.
- The ₹2,254.43 crore National Forensic Infrastructure Enhancement Scheme (NFIES), along with new NFSU campuses and Central Forensic Science Laboratories, aims to increase forensic capacity, skilled manpower and access to advanced facilities.
Business Strengths
- The company offers solutions across physical, digital, cyber and DNA forensics, enabling it to address varied investigative requirements and serve multiple applications across the broader forensic science ecosystem.
- The company has developed relationships with government agencies and law-enforcement institutions, providing access to specialised forensic requirements and supporting its presence across key institutional customer segments.
- Long-standing relationships with global forensic technology providers provide access to specialised products, technical expertise and advanced technologies, strengthening the company’s ability to offer customised forensic solutions.
- The company serves customers across multiple regions and specialised forensic markets, helping diversify its geographical reach and enabling it to cater to different law-enforcement and forensic investigation requirements.
- Its in-house R&D setup supports the development of forensic devices and solutions, while multiple ISO certifications demonstrate established quality-management processes and operational standards.
Business Risks
- A significant portion of the company’s business is concentrated in states such as Bihar and Gujarat, making its performance vulnerable to changes in demand or business conditions in these markets.
- A majority of customers do not have long-term contractual commitments with the company, which may create uncertainty around recurring business and make future revenue dependent on new orders.
- The company relies on a limited number of suppliers for certain products and components. Any disruption in supply, pricing or business relationships could affect product availability and operating performance.
- The company relies on external transportation providers for product deliveries. Delays, service disruptions or higher transportation costs could affect delivery schedules, customer relationships and operating efficiency.
- The company’s operations require significant working capital to support inventory and receivables. Delays in customer payments or higher funding requirements could place pressure on liquidity and cash flows.
Financial Performance
Kwick Forensic Solutions Limited – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 10,571.28 | 6,502.69 | 3,018.33 |
| Net Worth | 4,140.67 | 2,789.90 | 985.99 |
| EBITDA | 1,906.49 | 1,224.89 | 544.51 |
| Profit / (Loss) After Tax (PAT) | 1,350.77 | 855.94 | 283.47 |
| PAT Margin (%) | 12.78% | 13.16% | 9.39% |
| Return on Capital Employed (ROCE) (%) | 44.88% | 38.15% | 39.07% |
| Return on Equity (%) | 38.98% | 45.34% | 41.43% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 38.98% | 45.34% |
| Return on Capital Employed (ROCE) | 44.88% | 38.15% |
| Debt-to-Equity Ratio | NA | 0.12 |
| Return on Net Worth (RoNW) | 32.62% | 30.68% |
| PAT Margin | 12.78% | 13.16% |
| EBITDA Margin | 18.03% | 18.84% |
| Net Asset Value (NAV per share) | ₹24.54 | ₹16.53 |
Objects of the Offer
- ₹31.42 crore for funding working capital requirements.
- Balance proceeds for general corporate purposes.
Conclusion
Kwick Forensic Solutions operates in a specialised forensic technology segment, offering solutions across physical, digital, cyber and DNA forensics. Its diversified portfolio, established relationships with government and law-enforcement agencies, in-house R&D capabilities and focus on customised forensic solutions provide a foundation for future growth.
However, the company remains exposed to risks such as customer concentration, dependence on key suppliers, limited long-term contracts and fluctuations in institutional and government demand. The company’s ability to maintain order inflows, manage working capital and expand its market presence will remain important for sustained performance.
Overall, investors should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation, and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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