Kwick Forensic Solutions IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Kwick Forensic Solutions

Price band

₹85 – ₹90

Lot size

1600 shares

Min investment

₹1,44,000

Issue size

₹50.77 Cr

About the company

Kwick Forensic Solutions supplies the products, tools and technology used in forensic science. Its work covers fingerprint analysis, cyber and digital forensics, social media analytics and big data analytics. On the product side it sells forensic and physical evidence kits, including fingerprint kits, footprint and impression kits, evidence collection kits, ballistics kits and crime scene documentation equipment. It supplies Mobile CSI vehicles, which are fully equipped forensic vans and mobile laboratories, and even motorcycles fitted with scientific kits. It also sells cyber and digital forensic tools used to take out, preserve and study digital evidence from mobiles and computers, and DNA forensic products such as DNA sample collection kits and genetic analysers. On the service side it rents out handheld scanners. Its customers are mainly government bodies, including police stations, state and central forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies and universities that teach forensic science. Most sales are made through the Government e-Marketplace and other government portals, along with direct quotations and referrals. It has tie ups with global suppliers including Sirchie of the USA, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems.

Kwick Forensic Solutions supplies forensic science products and technology to police and government agencies, covering fingerprint and evidence collection kits, mobile crime scene vans, cyber and digital forensics tools and DNA forensics. It sells mainly through GeM and other government portals.

IPO details

Issue price: ₹90
Price band: ₹85 – ₹90
Face value: ₹10
Lot size: 1600
Min investment: ₹1,44,000
Issue size: ₹50.77 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7913
NSE symbol: KWICK.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,44,000
Retail (Max)	1	1,600	₹1,44,000
HNI (Min)	2	3,200	₹2,88,000

Investor reservation

CATEGORY	RESERVED
QIB	26,73,600 shares (49.90% of the Offer)
NII	8,06,400 shares (15.05% of the Offer)
Retail	18,78,400 shares (35.06% of the Offer)

Objects of the issue

1Funding the working capital requirements of the Company31.42

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	60.53	46.79	19.19
Total Income	105.80	65.08	30.26
Profit After Tax	13.51	8.56	2.83
EBITDA	19.06	12.25	5.45
NET Worth	41.41	27.90	9.86
Reserves and Surplus	24.53	25.79	7.93
Total Borrowing		3.26	3.24

Key performance indicators

P/E Ratio

14.29

EPS (₹)

6.30

RoCE

38.15%

RoNW

30.68%

PAT Margin

13.16%

✓ Strengths

• Sales have more than tripled in two years. Total income went from Rs 30.26 crore in FY2024 to Rs 65.08 crore in FY2025 and Rs 105.80 crore in FY2026.

• Profit after tax has grown almost five times over the same period, from Rs 2.83 crore in FY2024 to Rs 8.56 crore in FY2025 and Rs 13.51 crore in FY2026.

• EBITDA improved from Rs 5.45 crore in FY2024 to Rs 12.25 crore in FY2025 and Rs 19.06 crore in FY2026.

• The margin is healthy for a products business. Profit after tax of Rs 13.51 crore on total income of Rs 105.80 crore works out to about 12.8%.

• The company is practically debt free. Borrowing was nil as on 31 March 2026, down from Rs 3.26 crore a year earlier, while net worth rose from Rs 27.90 crore to Rs 41.41 crore.

• It works in a niche area. Forensic equipment is a specialised field with far fewer suppliers than general trading lines.

• It has tie ups with established global names including Sirchie of the USA, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems.

• Its customers are government bodies such as police departments, state and central forensic laboratories and fingerprint bureaus, where the risk of not being paid at all is low.

• Demand is supported by the push to modernise policing and by the greater use of forensic evidence required under the new criminal laws.

• It earns from both product sales and equipment rentals rather than from a single stream.

⚠ Risks

• The growth is from a very small base and is unusually fast. Income went up about three and a half times in two years, from Rs 30.26 crore to Rs 105.80 crore, and such a pace is difficult to keep up.

• Almost the whole business depends on government buyers. Orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.

• Selling mainly through the Government e-Marketplace means competing largely on the lowest price, which puts constant pressure on margin.

• The company depends on tie ups with foreign suppliers such as Sirchie, Thermo Fisher Scientific and Rapiscan. If any of these arrangements ends, the product range would be affected.

• A large part of the business is reselling imported equipment, which brings currency risk and dependence on imports.

• Government customers usually pay slowly, which blocks working capital. Rs 31.42 crore of the issue money is going into working capital, which shows how much cash the business ties up.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Valuation ratios such as P/E and EPS are not stated in the available offer document data, so the issue cannot be compared with peers on earnings.

• Promoter holding will come down from 88.54% to 64.65% after the issue.

• This is an SME issue listing on the BSE SME platform. One lot is 1,600 shares, which is about Rs 1.44 lakh at the upper band of Rs 90, and SME shares usually trade in low volume after listing.

Promoters & holding

Shammer Saralal Shah, Sejal Shammer Shah and Tulsidas Hinduja Ashok Kumar

Pre-issue promoter holding

88.54%

Post-issue promoter holding

64.65%

Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.