Kwick Forensic Solutions Ltd.
KWICKSME
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Overview
Kwick Forensic Solutions Limited is an India-based forensic technology and evidence-management solutions provider supplying end-to-end products and services to law enforcement, forensic laboratories, fingerprint bureaus and training institutions. The company operates across four major segments—physical/forensic evidence kits and consumables, mobile crime scene investigation (CSI) vehicles and kit integration, cyber & digital forensic tools, and DNA forensics solutions (including database software resale with installation/training)—and also earns service revenue from rentals/sub-leasing of certain forensic equipment bundled with manpower support. It complements OEM-sourced offerings with in-house developed/assembled handheld devices and related equipment, supported by certifications (multiple ISO standards) and a tender-driven go-to-market focused on GeM and other e-procurement channels.
Opening Date
Aug 27, 2026
Closing Date
Aug 31, 2026
Listing Date
Sep 03, 2026
IPO Type
SME
IPO Status
Upcoming
Issue Size
—
Fresh Issue
0 Cr
Offer for Sale
0 Cr
Price Band
—
Lot Size
—
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
—
EPS
8
ROE
38.98%
ROCE
44.88%
RONW
32.62%
Debt to Equity Ratio
—
PAT Margin
12.78%
EBITDA Margin
18.03%
P/B
—
Bull vs Bear
Bull case
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The business is tied into government and law-enforcement budgets, which can create large, repeat orders once a vendor is trusted and approved.
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Domestic sourcing rose to 91.35%, which can reduce import shocks and improve delivery reliability—important when tenders penalize delays.
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They span goods plus rentals and support, so they can stay involved after delivery, improving stickiness and learning from real-world usage.
Bear case
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Revenue is concentrated in Bihar and Gujarat, so one state policy shift or tender slowdown can hit cash flows harder than investors expect.
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Most customers buy via purchase orders, not long contracts, so order changes can leave inventory and teams idle, squeezing margins and working capital.
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Sales are concentrated in a few customers, so losing one big account can quickly cut revenue and weaken bargaining power with suppliers.
Net takeaway
This looks like a specialized, tender-led forensic supplier where trust, certifications, and OEM relationships can help win large institutional orders over time. The upside depends on executing reliably and expanding beyond a few states and customers, but the business can still face sudden order pauses because many deals are purchase-order based. The one thing to monitor is concentration—track how much revenue keeps coming from Bihar/Gujarat and the top customers as the company scales.
Subscription Rate
Subscription data will be available once the IPO opens.
