Kwick Forensic Solutions SME IPO

Strengths · 10

• 01Sales 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.
• 02Profit 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.
• 03EBITDA improved from Rs 5.45 crore in FY2024 to Rs 12.25 crore in FY2025 and Rs 19.06 crore in FY2026.
• 04The 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%.
• 05The 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.
• 06It works in a niche area. Forensic equipment is a specialised field with far fewer suppliers than general trading lines.
• 07It has tie ups with established global names including Sirchie of the USA, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems.
• 08Its 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.
• 09Demand is supported by the push to modernise policing and by the greater use of forensic evidence required under the new criminal laws.
• 10It earns from both product sales and equipment rentals rather than from a single stream.

Risks · 10

• 01The 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.
• 02Almost the whole business depends on government buyers. Orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.
• 03Selling mainly through the Government e-Marketplace means competing largely on the lowest price, which puts constant pressure on margin.
• 04The 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.
• 05A large part of the business is reselling imported equipment, which brings currency risk and dependence on imports.
• 06Government 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.
• 07This 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.
• 08Valuation 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.
• 09Promoter holding will come down from 88.54% to 64.65% after the issue.
• 10This 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.

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.

Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.