Kwick Forensic Solutions IPO announced: ₹31.42 crore issue, what you need to know
Kwick Forensic Solutions files DRHP for ₹31.42 crore fresh issue IPO. FY2026 revenue stood at ₹105.71 crore with PAT of ₹13.51 crore. Top 10 customers accounted for 77.64% of FY2026 revenue. IPO opens on 27-Aug-2026 and closes on 31-Aug-2026. Proceeds will fund working capital and general corporate purposes.
*this image is generated using AI for illustrative purposes only.
Kwick Forensic Solutions Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering. The Chennai-based forensic technology provider is raising ₹31.42 crore through a fresh issue to fund working capital requirements.
Company Overview
Kwick Forensic Solutions Limited, incorporated in 2005, provides end-to-end forensic science products and solutions. The company operates in four primary segments: Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles, Cyber & Digital Forensics, and DNA Forensics. It serves government and private sector clients, including police departments and forensic laboratories across India. The company claims no listed competitors offer comparable end-to-end solutions in this niche segment.
Offer Details
The IPO is structured as a fresh issue of ₹31.42 crore. There is no Offer for Sale (OFS) component. The net proceeds are primarily intended to fund working capital requirements, including trade receivables, inventory, and vendor advances, given the tender-based business model with extended receivable cycles. Up to 15% of the amount raised or ₹10 crore, whichever is less, may be used for general corporate purposes.
| Parameter | Details |
|---|---|
| Issue Size | ₹31.42 Crore (Fresh Issue) |
| Opening Date | 27-Aug-2026 |
| Closing Date | 31-Aug-2026 |
| Allotment Date | 01-Sep-2026 |
| Listing Date | 03-Sep-2026 |
Financial Highlights
The company has demonstrated strong revenue growth and improving profitability over the last three years. Revenue from operations grew from ₹30.18 crore in FY2024 to ₹105.71 crore in FY2026. Net profit surged from ₹2.83 crore in FY2024 to ₹13.51 crore in FY2026.
| Financial Year | Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) |
|---|---|---|---|
| FY2024 | 30.18 | 2.83 | 9.35% |
| FY2025 | 65.03 | 8.56 | 13.16% |
| FY2026 | 105.71 | 13.51 | 12.78% |
Operating cash flows turned positive, moving from negative ₹2.61 crore in FY2024 to positive ₹7.62 crore in FY2026.
Risk Factors
Investors should note several material risks disclosed in the DRHP:
- Customer Concentration: Top 5 customers contributed 58.04% of FY2026 revenue, and top 10 customers contributed 77.64%. Most customers operate without long-term agreements.
- Government Dependency: 55.22% of FY2026 revenue was derived from government entities, exposing the company to policy changes and payment delays.
- Geographic Concentration: Significant revenue concentration in Gujarat (29.39%) and Bihar (9.02%) in FY2026 creates regional risk exposure.
- Working Capital Intensity: The business model requires substantial working capital, with a requirement of ₹3,587.14 lakhs as of 31-Mar-2026.
Valuation & Peer Comparison
Price band details are not yet available. The company states there are no listed competitors offering similar end-to-end forensic solutions, making direct peer comparison challenging. Valuation metrics such as P/E will be assessable once the price band is finalized.
Bottom Line
Kwick Forensic Solutions presents a high-growth profile in a niche market with no listed peers. While revenue and profit trends are strong, investors must weigh these against high customer concentration, government dependency, and working capital intensity. The IPO opens on 27-Aug-2026.
How might the company mitigate the risk of payment delays from government clients, which constitute over 55% of its revenue?
What strategies will Kwick Forensic Solutions employ to reduce its heavy reliance on the top five customers, who account for nearly 60% of FY2026 revenue?
Given the lack of listed peers, what valuation benchmarks or comparable transactions will analysts likely use to assess the IPO's price band?
19
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
