Kwick Forensic Solutions Ltd IPO
Healthcare
Price Band
₹85 – ₹90
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹288000
Issue Size
₹50.77Cr
Opens
2026-08-27
Closes
2026-08-31
Listing
03-09-2026
Subscription Status
Qualified Institutional Buyers
15.03 x
Non-Institutional Investor
129.83 x
Retail Individual Investor
225.94 x
Total
144.11 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1SFA01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
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 investigation departments, police training academies, and universities offering forensic science courses. The company procures forensic products through a combination of domestic sourcing and imports, while certain forensic kits and handheld devices are assembled or developed in-house. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale. Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be used for the following purposes: Funding the working capital requirement of our company — Rs 31.42 crore General corporate purposes
Pros
- • 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.
Cons
- • 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.
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