Kwick Forensic Solutions Ltd. IPO

Kwick Forensic Solutions Limited is a Chennai-based company engaged in providing forensic science, evidence management, cyber and digital forensics, DNA forensics and law-enforcement solutions across India. The company was incorporated on 4 March 2005 as Kwick Soft Solutions Private Limited and subsequently expanded its business into forensic technologies and solutions.

The company initially focused on software development, including 3D rendering, animation and simulation for construction-sector applications. It later expanded into forensic training technologies and, from FY2015, began providing end-to-end products, solutions, tools and technologies for forensic sciences, fingerprint science, cyber and digital forensics, social-media analytics, big-data analytics and Total Evidence Management.

Kwick Forensic Solutions operates across several specialised areas of forensic technology. Its product and solution portfolio includes fingerprint and physical evidence kits, evidence collection kits, handheld forensic devices, digital forensic tools, DNA forensic solutions and mobile Crime Scene Investigation vehicles.

The company also provides services connected with its products and solutions, including installation, training, product demonstrations and technical support. Its focus is primarily on law-enforcement and forensic investigation applications.

Its customers include police departments, central and state forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies, universities and other government and private-sector institutions. This gives the company exposure to government and institutional demand for forensic technology and evidence-management solutions.

Kwick Forensic Solutions sources products from both international and domestic original equipment manufacturers. The company has progressively increased domestic procurement with the objective of supporting supply continuity and cost efficiency.

The company also has R&D and quality-management capabilities. Its branch facility is used for research and development, product demonstrations and proof-of-concept forensic laboratory activities.

The company's quality systems are supported by ISO 9001:2015, ISO 14001:2015, ISO/IEC 20000-1:2018 and ISO/IEC 27001:2022 certifications. It also has registrations with MSME, DSIR and NSIC.

The company's business is divided across multiple forensic technology segments. Its FY2026 revenue mix included forensic science and physical evidence solutions, cyber and digital forensics, DNA forensics, mobile Crime Scene Investigation vehicles and rental and AMC services.

Kwick Forensic Solutions has developed relationships with global forensic technology providers and OEMs. These relationships support its ability to offer specialised products and solutions in the forensic science and law-enforcement market.

As of 31 July 2026, the company had 33 employees on payroll and 12 employees on contract. Employees were deployed across administration, finance, legal and compliance, operations, R&D, sales and marketing, tendering and management functions.

The company reported strong growth in its financial performance during FY2026. Total income increased from ₹65.08 Cr in FY2025 to ₹105.80 Cr in FY2026, while PAT increased from ₹8.56 Cr to ₹13.51 Cr.

For FY2024, FY2025 and FY2026, the company reported total income of ₹30.26 Cr, ₹65.08 Cr and ₹105.80 Cr respectively. PAT for the same periods was ₹2.83 Cr, ₹8.56 Cr and ₹13.51 Cr. 

EBITDA increased from ₹5.45 Cr in FY2024 to ₹12.25 Cr in FY2025 and ₹19.06 Cr in FY2026. Net worth increased from ₹9.86 Cr in FY2024 to ₹27.90 Cr in FY2025 and ₹41.41 Cr in FY2026.

Total assets increased from ₹19.19 Cr in FY2024 to ₹46.79 Cr in FY2025 and ₹60.53 Cr in FY2026. Total borrowings stood at ₹3.24 Cr in FY2024, ₹3.26 Cr in FY2025 and were reported at nil for FY2026 in the available restated financial data.

The company proposed to use ₹31.42 Cr of the fresh issue proceeds towards funding its working-capital requirements. The balance is intended for general corporate purposes.

The working-capital requirement is important because the company deals in specialised forensic equipment and products, where procurement and inventory cycles can require significant funding. The IPO is therefore intended to strengthen the company's operating liquidity and support business growth. 

Kwick Forensic Solutions had also raised ₹14.43 Cr from anchor investors before the public issue opened. The anchor allocation was made on 25 August 2026.

The company operates in a specialised niche where forensic science, digital investigation and evidence-management requirements can support demand for technology and equipment. However, the business also depends on institutional and government customers, tender processes, OEM relationships and continued investment in forensic technologies.

Kwick Forensic Solutions operates in a specialised forensic technology market covering physical evidence, fingerprint science, cyber and digital forensics, DNA forensics and evidence management. The company also provides mobile crime-scene investigation vehicles, forensic equipment and related services.

The company's key differentiator is its broad portfolio of forensic products and solutions. It provides products and technologies across multiple forensic applications instead of depending on a single product category.

The company has a long operating history, having been incorporated in 2005. Its transition from software development to forensic science and law-enforcement solutions has allowed it to build a specialised business serving police departments, forensic laboratories and other institutional customers.

The financial performance has been strong in recent years. Total income increased from ₹30.26 Cr in FY2024 to ₹65.08 Cr in FY2025 and ₹105.80 Cr in FY2026. PAT increased from ₹2.83 Cr to ₹8.56 Cr and then ₹13.51 Cr over the same period.

EBITDA increased from ₹5.45 Cr in FY2024 to ₹12.25 Cr in FY2025 and ₹19.06 Cr in FY2026. Net worth also increased significantly from ₹9.86 Cr in FY2024 to ₹41.41 Cr in FY2026.

The company also reported no borrowings for FY2026 in the available restated financial information, compared with ₹3.26 Cr in FY2025. This indicates a stronger reported balance-sheet position entering the IPO.

The IPO's main fresh-issue objective is working capital. The company has earmarked ₹31.42 Cr, making working-capital funding the principal use of the fresh proceeds. This is relevant because the business involves specialised products and equipment that can require inventory and procurement funding.

The company has also developed R&D and quality-management capabilities and holds several ISO certifications. These capabilities can support its ability to serve specialised forensic and law-enforcement requirements.

At the upper issue price of ₹90, the reported pre-IPO EPS was ₹8.00 and the pre-IPO P/E was 11.25x. Based on the post-issue share capital, post-IPO EPS was ₹6.30 and post-IPO P/E was 14.29x.

There is no listed industry peer with a directly comparable business profile, according to the available IPO information. Therefore, a direct peer valuation comparison is not available. (kotakneo.com

The IPO received exceptionally strong demand. The final reported overall subscription was 272.50 times, with QIBs excluding anchors subscribed 227.85 times, NIIs 237.01 times and Retail Individual Investors 318.52 times.

The strong subscription indicates substantial investor demand for the issue, but subscription levels and GMP should not be treated as substitutes for fundamental analysis.

The company has a niche business with diversified forensic offerings, improving financial performance and a strong reported balance sheet. At the same time, investors should consider its dependence on institutional customers, tender-based business, OEM suppliers, specialised employees and working-capital requirements.

Overall, Kwick Forensic Solutions offers exposure to a specialised forensic technology and law-enforcement solutions business. Its strong revenue and profit growth, diversified product portfolio, R&D capabilities and improving financial position are positive factors. However, the company's dependence on government and institutional demand, supplier relationships, specialised technology and working capital remain important risks to evaluate before investing.

Listing Performance

Kwick Forensic Solutions IPO had not yet listed as of 1 September 2026. The tentative listing date is 3 September 2026 on the BSE SME platform. Therefore, actual listing price and listing gain/loss are not available yet.

Kwick Forensic Solutions IPO applications could be made through the ASBA facility and eligible online IPO application mechanisms. The lot size was 1,600 shares, while the minimum retail application was 2 lots, or 3,200 shares, at the upper price band of ₹90.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Kwick Forensic Solutions IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. If shares are allotted, the applicable amount is debited; otherwise, the blocked amount is released as per the IPO process.