Kwick Forensic Solutions IPO: Check Price Band, Timeline & Key Details
Kwick Forensic Solutions files DRHP for SME IPO opening on 27-Aug-2026. Revenue grew ~250% over two years, reaching ₹105.71 Crore in FY2026. Net proceeds of ₹31.42 Crore will fund working capital requirements. Top risk factors include high customer concentration (77.64% from top 10) and government dependence (55.22%). No listed peers exist for direct valuation comparison.
*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 SME IPO. The Chennai-based forensic sciences provider reported revenue of ₹105.71 crore in FY2026, up from ₹30.18 crore in FY2024. Proceeds will fund working capital and general corporate purposes.
Company Overview
Kwick Forensic Solutions Limited, incorporated in 2005, pivoted to forensic sciences in FY2015. It provides end-to-end products and solutions across forensic sciences, fingerprint science, cyber/digital forensics, social-media analytics, and big-data analytics. The company serves government and private sector customers including police departments, forensic laboratories, fingerprint bureaus, and training institutes across India.
The company operates in a niche market with no listed competitors offering similar end-to-end solutions. It holds multiple internationally recognized quality certifications including ISO 9001:2015, ISO 14001:2015, ISO 200001:2018, and ISO 27001:2022. Kwick maintains strong OEM relationships with global leaders such as Sirchie (USA), Thermo Fisher Scientific, and Rapiscan Systems.
Offer Details
- IPO Opening Date: 27-Aug-2026
- IPO Closing Date: 31-Aug-2026
- Allotment Date: 01-Sep-2026
- Listing Date: 03-Sep-2026
- Price Band: Not Available (NA)
- Issue Size: Net proceeds to be utilized primarily for working capital (₹31.42 Crore) and General Corporate Purposes
- Offer for Sale (OFS): Nil
Objects of the Issue
- Funding the Working Capital Requirement of the Company: ₹31.42 Crore
- General Corporate Purposes: Up to 15% of amount raised or ₹10 Crore, whichever is less
Financial Highlights
Revenue grew significantly from ₹30.18 Crore in FY2024 to ₹105.71 Crore in FY2026. Profit After Tax (PAT) increased from ₹2.83 Crore to ₹13.51 Crore over the same period.
| Particulars | FY2024 (₹ Crore) | FY2025 (₹ Crore) | FY2026 (₹ Crore) |
|---|---|---|---|
| Revenue from Operations | 30.18 | 65.03 | 105.71 |
| Total Revenue | 30.26 | 65.08 | 105.80 |
| Profit Before Tax (PBT) | 3.79 | 11.21 | 18.21 |
| Profit After Tax (PAT) | 2.83 | 8.56 | 13.51 |
| PAT Margin | 9.35% | 13.15% | 12.77% |
| Total Equity | 9.86 | 27.90 | 41.41 |
Risk Factors
- Customer Concentration: Top 5 customers contributed 58.04% of revenue in FY2026; Top 10 contributed 77.64%. Most customers operate without long-term agreements.
- Government Dependence: 55.22% of revenue in FY2026 was derived from government entities, exposing the business to policy changes and payment delays.
- Geographic Concentration: Revenue is significantly concentrated in Gujarat (29.39%) and Bihar (9.02%), representing ~38.41% of total revenue.
- Working Capital Intensity: Working capital requirement was ₹3,587.14 Lakhs as of 31-Mar-2026, with an estimated requirement of ₹4,442.00 Lakhs for FY2027.
- Compliance Risks: Penalties totaling over ₹15 Lakhs were incurred in recent years for delays in filing advance tax, EPF, GST, and TDS returns.
Valuation & Peer Comparison
The company operates in a specialized segment with no competitors in the listed space offering similar end-to-end forensic solutions. Consequently, direct peer comparison data is not available. Price band and issue price are not yet disclosed, preventing precise valuation multiple calculations.
Bottom Line
Kwick Forensic Solutions presents a high-growth profile with revenue tripling over two years. However, investors must weigh this against significant customer and geographic concentration risks, along with heavy dependence on government procurement cycles.
How might the company's heavy reliance on government procurement cycles impact its revenue stability and cash flow in the near term?
What strategies is Kwick Forensic Solutions planning to implement to reduce its high customer concentration risk, where the top 5 clients account for over 58% of revenue?
Given the recent compliance penalties for tax and statutory filings, what internal governance improvements are being introduced to mitigate future regulatory risks post-IPO?
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