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
Closed
Issue Size
50.77 Cr
Fresh Issue
41.05 Cr
Offer for Sale
9.72 Cr
Price Band
₹85 - ₹90
Lot Size
1600
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
11.25
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
5.44
Bull vs Bear
Bull case
- •
The business is tied into government and law-enforcement budgets, which can create large, repeat orders once a vendor is trusted and approved.
- •
Domestic sourcing rose to 91.35%, which can reduce import shocks and improve delivery reliability—important when tenders penalize delays.
- •
They span goods plus rentals and support, so they can stay involved after delivery, improving stickiness and learning from real-world usage.
Bear case
- •
Revenue is concentrated in Bihar and Gujarat, so one state policy shift or tender slowdown can hit cash flows harder than investors expect.
- •
Most customers buy via purchase orders, not long contracts, so order changes can leave inventory and teams idle, squeezing margins and working capital.
- •
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.
