Kwick Forensic Solutions Limited IPO

Kwick Forensic Solutions Limited IPO closed on 31 Aug 2026. Allotment 1 Sept 2026, listing 3 Sept 2026. Price band ₹85–₹90, lot 1600 shares, GMP +₹78 (86.67%). Track allotment on Allotly.

About Kwick Forensic Solutions Limited

Kwick Forensic Solutions is a provider of products, solutions, and technologies for forensic sciences, fingerprint science, cyber and digital forensics, DNA forensics, social media analytics and big data analytics, primarily for law enforcement and forensic investigation applications. The company supplies forensic science and physical evidence solutions, including fingerprint and evidence collection kits, handheld forensic devices and laboratory equipment, mobile crime scene investigation vehicles, cyber and digital forensic tools, and DNA forensic solutions. The company also provides forensic equipment on a rental or sublease basis, including handheld liquor-detection scanners and other detection, scanning, and imaging systems, along with manpower support where required. Its customers include police stations, central and state forensic laboratories, fingerprint bureaus, crime…

Strengths

• The company claims to have strategic relationships with global forensic equipment and technology OEMs, including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, SmallPond, MHC Hardware Software Trading LLC, and Seratec. It deals with OEMs through non-exclusive distribution agreements or on a purchase-order basis.
• The company has increased its domestic sourcing of forensic products and kits. Locally procured products accounted for 91.35%, 85.72%, and 65.42% of its total purchases in FY26, FY25, and FY24, respectively, amounting to Rs 68.02 crore, Rs 37.74 crore, and Rs 9.48 crore, respectively.
• The company has seen growth across some of its key forensic segments. Revenue from Forensic Science & Physical Evidence Solutions increased from Rs 11.79 crore in FY24 to Rs 18.59 crore in FY25 to Rs 39.11 crore in FY26, while revenue from Cyber & Digital Forensics increased from Rs 6.42 crore to Rs 15.07 crore to Rs 35.23 crore, respectively. Revenue from DNA Forensics increased from Rs 0.43 crore to Rs 6.16 crore to Rs 11.37 crore, respectively.
• The company claims to have developed and commercialised certain forensic evidence collection equipment in-house, including the CSI Pro, Multispectral Tablet, Digital Multipurpose Optical Comparator, and Laboratory Fuming Chambers. It is also developing software solutions for evidence management and forensic applications, although some of these products and platforms are yet to be commercialised.
• The company is ISO 9001:2015 certified for Quality Management Systems, ISO 14001:2015 certified for Environmental Management Systems, ISO/IEC 20000-1:2018 certified for IT Service Management Systems and ISO/IEC 27001:2022 certified for Information Security Management Systems. It is also registered with MSME, DSIR, and NSIC.
• The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 30.18 crore in FY24 to Rs 65.03 crore in FY25 to Rs 105.71 crore in FY26. PAT increased from Rs 2.83 crore in FY24 to Rs 8.56 crore in FY25 to Rs 13.51 crore in FY26

Risks

• The company’s revenue is geographically concentrated in Bihar and Gujarat, which together contributed 38.41%, 41.87%, and 57.30% of revenue from operations in FY26, FY25, and FY24, respectively. Any adverse economic, regulatory, or other developments in these states could hurt its business, financial condition, and results of operations.
• The top 10 customers of the company contributed Rs 82.07 crore, Rs 50.86 crore, and Rs 24.93 crore in FY26, FY25, and FY24, respectively, accounting for 77.64%, 78.22%, and 82.61% of revenue from operations, respectively, while its top five customers accounted for Rs 61.36 crore (58.04%), Rs 36.05 crore (55.43%), and Rs 19.73 crore (65.36%), respectively. Loss of a key customer or reduction or cancellation of orders could adversely affect its revenue, cash flows, and financial condition.
• The company is dependent on a limited number of suppliers for procurement of its products. Its top 10 suppliers accounted for Rs 60.88 crore, Rs 40.07 crore, and Rs 13.68 crore in FY26, FY25, and FY24, respectively, representing 76.11%, 81.70%, and 71.92% of the cost of materials consumed/purchases, respectively, while its top five suppliers accounted for Rs 54.18 crore (67.74%), Rs 33.76 crore (68.83%) and Rs 9.46 crore (49.76%), respectively. Any disruption, delay, or inability of key suppliers to meet their commitments could adversely affect its operations and profitability.
• The company derives a significant portion of its revenue from government entities. Revenue from government entities stood at Rs 58.37 crore, Rs 51.31 crore, and Rs 26.25 crore in FY26, FY25, and FY24, respectively, accounting for 55.22%, 78.91%, and 86.98% of revenue from operations, respectively. Changes in government procurement policies, budget allocations, tendering processes, or delays or cancellations of government orders could adversely affect its revenue, profitability, and cash flows.
• Purchases of goods constitute a significant portion of the company’s revenue from operations. Purchases stood at Rs 74.46 crore, Rs 44.03 crore, and Rs 14.50 crore in FY26, FY25, and FY24, respectively, accounting for 70.44%, 67.72%, and 48.03% of revenue from operations, respectively, and 85.01%, 81.75%, and 54.76% of total expenditure, respectively. A rise in procurement costs or disruption in the availability of products could hurt its margins, profitability, and cash flows.
• The company relies on OEM partners for products and services across forensic science & physical evidence solutions, mobile CSI vehicles, cyber & digital forensics, and DNA forensics. Changes in OEM pricing, policies or terms, discontinuation of products or exclusive arrangements between OEMs and competitors could restrict access to key technologies and adversely affect its operations, revenue and business performance.
• The company had undertaken forensic-product activities since 2015 that were not aligned with the then main object clause of its memorandum of association. While the object clause was subsequently altered and the matter regularised, the RoC imposed penalties of Rs 2 lakh on the company and Rs 0.50 lakh on promoter Shammer Saralal Shah, which have been paid. Similar non-compliances or adverse regulatory findings in the future could affect its reputation, business, and financial condition.
• The company had outstanding performance bank guarantees of Rs 5.93 crore, Rs 3.94 crore, and Rs 1.20 crore as of March 31, 2026, March 31, 2025, and March 31, 2024, respectively, issued in favour of customers against contractual obligations. Although none of these guarantees had been invoked, any invocation due to default or non-performance could adversely affect its financial condition.

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