Kwick Forensic Solutions Limited operates as a highly specialised provider of crime scene investigation (CSI) products, digital forensics, physical evidence solutions, and mobile CSI vehicles.
Based in Chennai, the company caters predominantly to government law enforcement agencies across India. Investors can place bids for the Kwick Forensic Solutions IPO starting August 27, 2026, with the public offer drawing to a close on August 31, 2026.
Shares are priced within a defined band of ₹85 to ₹90 each, requiring a baseline commitment of 3,200 shares per retail application.
The corporate entity plans to generate up to ₹50.77 crores on the BSE SME board by offering a fresh issuance of ₹41.05 crore and an offer for sale worth ₹9.72 crore.
This piece outlines the core details of the Kwick Forensic Solutions IPO, offering a breakdown alongside live updates on today's GMP, subscription activity, price band, and final allotment date.
Briefs of Kwick Forensic Solutions IPO Details
- Price Band: ₹85 – ₹90 per share
- IPO Open / Close Dates: 27 August 2026 / 31 August 2026
- Lot Size: 1,600 shares (Minimum retail investment is 2 lots: 3,200 shares)
- Issue Size: 56,41,600 shares / Up to ₹50.77 crores
- Fresh Issue / OFS: Fresh Issue of ₹41.05 crores / OFS of ₹9.72 crores
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: BSE SME
Shareholders Quota
- Face value: ₹10 per share
- Anchor offer: Up to 16,03,200 Equity Shares
- QIB-shares: Not more than 26,73,600 Equity Shares (Includes Anchor Portion)
- NIIs-Shares offered: Not less than 8,06,400 Equity Shares
- RIIs- Shares offered: Not less than 18,78,400 Equity Shares
What is the Current Grey Market Premium (GMP) for the Kwick Forensic Solutions IPO Today?
To evaluate the latest grey market premiums for this or any alternative public offering, check our core GMP dashboard. Interested investors can also check 62 Mainboard IPOs: GMP vs Actual Listing Performance – A Data Study & IPO GMP vs Listing Accuracy Study 2026 to learn more about GMP and listing behaviours.
Because these rates adjust daily based on investor interest, they remain unofficial benchmarks outside the formal oversight of SEBI, NSE, or BSE.
What is the Scheduled Timeline and Allotment Dates for the Kwick Forensic Solutions IPO?
- IPO Open & Close Date: 27 August 2026 to 31 August 2026
- Basis of Allotment Date: 1 September 2026
- Refund Initiation Date: 2 September 2026
- Credit of Shares: 2 September 2026
- Listing Date: 3 September 2026
What Are The Core Objectives of Kwick Forensic Solutions IPO?
The executive team at Kwick Forensic Solutions plans to assign the net capital from the new share issuance to the following primary business targets:
- Working Capital Requirements: A massive allocation of ₹31.42 crores is designated to fund incremental working capital needs, enabling the firm to manage extended government receivables and stockpile critical CSI consumables.
- General Corporate Purposes: The leftover funds, limited to either 15% of the gross new issue proceeds or ₹10.00 crores, will be allocated to general corporate overhead and strategic expansion goals. (Note: The proceeds generated from the Offer for Sale component, totaling ₹9.72 crore, will go entirely to the selling shareholders rather than the company).
How is The Financial Performance of Kwick Forensic Solutions?
The following section provides an overview of the financial statements of Kwick Forensic Solutions, denominated in rupees crores.
Period Ended | 31 Mar 26 | 31 Mar 2025 | 31 Mar 24 |
Total Income | 105.80 | 65.08 | 30.26 |
Profit After Tax | 13.51 | 8.56 | 2.83 |
EBITDA | 19.06 | 12.25 | 5.45 |
Total Borrowing | 0.00 | 3.26 | 3.24 |
Assets | 60.53 | 46.79 | 19.19 |
Source: RHP
Financial Observations
Total Income
The company registered a highly robust upward trajectory in its revenue streams over the observed fiscal periods.
- Total income scaled massively from ₹30.26 crores in FY24 to ₹105.80 crores in FY26.
- This surge was propelled by new Indian criminal laws (BNSS) that mandate comprehensive forensic evidence collection.
- Diversification into high-growth verticals like Cyber & Digital Forensics further accelerated this top-line scale-up.
Kwick Forensic Solutions Total Income, FY24–FY26 (₹ crore)
Profit After Tax
Net profitability experienced exceptional multi-fold growth as operational scale widened and capabilities matured.
- PAT surged dramatically from ₹2.83 crores in FY24 to ₹13.51 crores in FY26.
- The PAT margin improved from 9.39% to 12.78% over the same two-year period.
- An asset-light pivot in the Mobile CSI Vehicles segment heavily contributed to this bottom-line momentum.
Kwick Forensic Solutions Profit After Tax, FY24–FY26 (₹ crore)
EBITDA
Core operational earnings advanced significantly, reflecting the firm's strict control over fixed costs and strong pricing power.
- EBITDA more than tripled from ₹5.45 crores in FY24 to ₹19.06 crores in FY26.
- The EBITDA margin remained extremely robust and stable, hovering around 18% across all three fiscal years.
- In-house R&D and local assembly of previously imported devices helped sustain these competitive margins.
Kwick Forensic Solutions EBITDA, FY24–FY26 (₹ crore)
Total Borrowing
The business successfully executed an aggressive debt-repayment strategy, completely de-risking its capital structure.
- Total borrowings stood at ₹3.24 crores in FY24 and were wiped out to absolute zero by FY26.
- Strong operating cash flows in FY26 enabled the firm to fully deleverage its balance sheet.
- This debt-free status significantly lowers finance costs and eliminates near-term insolvency risks.
Kwick Forensic Solutions Total Borrowing, FY24–FY26 (₹ crore)
Assets
The overall resource base of the company widened to accommodate its rapidly expanding order execution capabilities.
- Total assets expanded rapidly from ₹19.19 crores in FY24 to ₹60.53 crores in FY26.
- This build-up is heavily tied to current assets, specifically ₹22.88 crores in trade receivables and ₹10.44 crores in inventories.
- The high current asset ratio highlights the working-capital-intensive nature of executing tender-driven government projects.
What Are the P/E ratio and Peer Comparison of Kwick Forensic Solutions Limited?
Kwick Forensic Solutions trades at a P/E ratio of 11.25x when evaluating the upper price limit of ₹90 against its reported FY26 EPS of 8.00.
Name of the Company | Total Revenue (₹ Cr) | Face Value (₹) | Basic EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) |
Kwick Forensic Solutions | 105.71 | 10 | 8.00 | 11.25 | 38.98 | 19.82 |
Listed Peers | N/A | N/A | N/A | N/A | N/A | N/A |
Analysis:
According to the Red Herring Prospectus, there are no listed companies in India that are directly engaged in the Crime Scene Investigation (CSI) or forensic equipment sector. Consequently, a direct industry peer comparison is not available.
At the upper price band of ₹90, Kwick Forensic Solutions enters the primary market demanding an implied P/E multiple of approximately 11.25x.
Operating as a pure-play pioneer, the firm boasts an exceptional Return on Net Worth (RoNW) of 38.98% and an EBITDA margin of 18.03% in FY26.
Given the absence of listed competitors, the firm enjoys a first-mover advantage and presents a highly efficient capital utilisation profile, potentially allowing it to command a scarcity premium post-listing.
What is The Industry Outlook of Kwick Forensic Solutions Limited?
Growth potential
- The Indian forensic solutions market is experiencing unprecedented, structural tailwinds driven directly by the enactment of the new Bhartiya Nagarik Suraksha Sanhita (BNSS) 2023, which legally mandates forensic visits for crimes punishable by seven years or more.
- Rising incidents of sophisticated cybercrimes are forcing state governments to rapidly upgrade their digital forensic laboratories and mobile crime-scene infrastructure.
- The "Make in India" initiative provides local R&D manufacturers with preferential procurement advantages in state law enforcement tenders over foreign OEMs.
Market trends
- The forensic equipment sector is highly tender-driven and working-capital intensive, as executing government contracts typically involves extended trade receivable cycles.
- There is a distinct operational shift towards asset-light models, where specialised firms focus on integrating high-margin digital and scientific kits rather than manufacturing heavy vehicle shells for mobile CSI units.
- Securing and maintaining proprietary technological components and intellectual property rights remains critical to avoiding unorganised domestic competition.
What Are The Strengths and Risks of Kwick Forensic Solutions IPO ?
Strengths:
- Regulatory Tailwinds: The BNSS 2023 mandate for end-to-end digitisation and forensic visits for heinous crimes dramatically expands the firm's addressable market.
- Superior Return Metrics: The business is entirely debt-free and generates an exceptional Return on Capital Employed (RoCE) of 44.88% in FY26.
- Asset-Light Pivot: Shifting from fabricating vehicles to supplying high-margin digital kits for Mobile CSI Vehicles drastically improved operating leverage and profitability.
Risks:
- Customer Concentration: The firm is heavily reliant on government procurement, with the top 10 customers contributing 77.64% of revenues in FY26.
- Working Capital Strain: Extended payment cycles from state departments have locked significant cash in trade receivables (₹22.88 crores in FY26).
- Geographic Vulnerability: Despite national expansion efforts, 38.41% of FY26 revenues still originated from just two states (Gujarat and Bihar).
Key Considerations for Investors
- Working Capital Allocation: The primary objective of the IPO is to deploy ₹31.42 crores specifically to manage the heavy working capital demands of government tenders, bridging the gap of extended receivable days.
- Customer & Geographic Risk: The firm relies almost entirely on state law enforcement budgets, with the top 10 clients generating 77.64% of FY26 sales, largely clustered in Gujarat and Bihar.
- Zero Debt Profile: A massive deleveraging effort wiped out total borrowings to absolute zero in FY26, offering a clean, highly resilient balance sheet.
- Scarcity Premium Potential: Operating with a robust 38.98% RoNW and 18.03% EBITDA margin, the company enters the market at an ~11.25x P/E with no direct listed peers, offering a unique first-mover advantage.
Important IPO Resources:
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Key Takeaways
- IPO Price Band: ₹85 to ₹90 per equity share
- Lot Size: 1,600 shares (Minimum retail application of ₹2,88,000 for 2 lots)
- Allotment Date: Allotment on 1 September 2026
- Listing Date: Listing on BSE SME on 3 September 2026
FAQs on Kwick Forensic Solutions IPO
Our central GMP hub tracks the latest grey market trends for this SME issue, documenting how these unofficial premium numbers adjust daily based on prevailing market sentiment.
The price range for each equity share has been set between ₹85 and ₹90.
The corporate schedule indicates that the basis of allotment will be finalized on September 1, 2026.
Once the allotment is declared, share status can be verified through the official platform of the registrar, Bigshare Services Pvt. Ltd., using either an application reference or a PAN card.
The equity shares are proposed to be listed on the BSE SME platform on 3 September 2026.
Priced at ₹85 to ₹90 per share, Kwick Forensic Solutions’ IPO implies a highly reasonable valuation of 10.6x to 11.25x P/E on its FY26 EPS. This offers a compelling first-mover opportunity in India's specialized forensics market, driven by new legal mandates (BNSS) and its debt-free balance sheet.
However, investors must balance these impressive growth ratios against their significant working capital pressures, high customer concentration, and highly extended government payment cycles. Market participants should base their decisions on a thorough reading of the prospectus, noting the company's reliance on government tenders, working capital intensity, and lack of listed peers.
Disclaimer: This information is provided strictly for educational purposes and does not constitute formal financial advice. Investors should consult a SEBI-registered professional before making any investment decisions.
