| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 30.18 | 65.03 | 105.71 |
| Expenses | 26.48 | 53.86 | 87.59 |
| Other Income | 0.08 | 0.05 | 0.09 |
| Total Revenue | 30.26 | 65.08 | 105.80 |
| Profit Before Tax | 3.79 | 11.21 | 18.21 |
| Net Profit | 2.83 | 8.56 | 13.51 |
Kwick Forensic Solutions
Kwick Forensic Solutions IPO
₹2,72,000
13.27 xOver-subscribedBidding Dates 27 Aug, 26 -31 Aug, 26
Min Investment ₹2,72,000
Lot Size1,600
Price Range ₹85 – ₹90
Issue Size ₹50.77 Cr.
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IPO Subscription Details
Retail Subscription Details
23.37 x
Non-Institutional Buyers (sHNI)
9.81 x
Non-Institutional Buyers (bHNI)
6.14 x
Qualified Institutional Buyers (QIB)
0 x
Total13.27 x
13.27 x IPO Timeline
IPO Offer Start
27 Aug,26
IPO Offer Ends
31 Aug,26
Allotment Finalisation
01 Sept,26
Refund Initiation
02 Sept,26
Listing of Shares
03 Sept,26
IPO Analysis
Strengths
The company has established strong long-term relationships with leading OEMs including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, Smallpond, MHC Hardware Software Trading LLC, and Seratec through non-exclusive distribution agreements and purchase orders.
The company holds multiple internationally recognized certifications including ISO 9001:2015, ISO 14001:2015, ISO 200001:2018, ISO 27001:2022, and is registered with MSME, DSIR, and NSIC, maintaining quality standards from procurement to delivery.
The company operates in a specialized segment with no competitors in the listed space offering similar end-to-end solutions, serving government departments and law enforcement agencies with established trust and decade-long experience creating significant barriers to entry.
Risks
The company's revenue is significantly concentrated in Bihar (9.02% in FY2026) and Gujarat (29.39% in FY2026), making operations highly exposed to local and regional risks including policy changes, economic conditions, natural disasters, and civil unrest in these specific geographies. Any adverse developments in these key states could disproportionately affect business performance.
The company derives 58.04% of revenue from its top 5 customers and 77.64% from top 10 customers in FY2026, with most customers operating without long-term agreements. Loss of significant customers or reduction in business from key accounts could severely impact revenue and financial performance.
The company derives 55.22% of revenue from government entities in FY2026, making business operations significantly dependent on government procurement policies, budget allocations, and payment schedules. Changes in government policies or delays in payments could materially affect revenue and cash flows.
Objectives
The company intends to utilize the net proceeds to fund working capital requirements including trade receivables, inventory, and vendor advances. The company operates in a tender-based business model serving government and institutional clients with extended receivable cycles requiring substantial funds to support operations and ensure smooth business continuity.
The company will deploy net proceeds towards general corporate expenses to drive business growth including business development, marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors. The amount will not exceed fifteen percent of the amount being raised or ten crores, whichever is less.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 19.19 | 46.79 | 60.53 |
| Current Assets | 17.20 | 43.72 | 54.72 |
| Fixed Assets | 1.98 | 3.07 | 5.81 |
| Total Equity & Liabilities | 19.19 | 46.79 | 60.53 |
| Total Liabilities | 9.33 | 18.89 | 19.12 |
| Current Liabilities | 9.14 | 18.68 | 18.85 |
| Non Current Liabilities | 0.19 | 0.21 | 0.28 |
| Total Equity | 9.86 | 27.90 | 41.41 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -3.87 | 12.03 | 1.10 |
| Investing Activities | -0.40 | -0.97 | -2.73 |
| Operating Activities | -2.61 | 4.65 | 7.62 |
| Financing Activities | -0.87 | 8.36 | -3.80 |
About Kwick Forensic Solutions
Kwick Forensic Solutions Limited was incorporated in 2005, initially focused on software development for the construction sector. From FY2015, the company expanded into forensic sciences, providing end-to-end products, solutions, tools and technologies for forensic sciences, fingerprint science, cyber/digital forensics, social-media analytics and big-data analytics. The company serves government and private...more
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