Kwick Forensic Solutions Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an SME IPO. The Chennai-based firm, specializing in forensic sciences and digital solutions, plans to raise ₹31.42 crore through a fresh issue. The IPO is scheduled to open on 27-Aug-2026, marking the company’s entry into the public markets.

Company Overview

Kwick Forensic Solutions Limited, incorporated in 2005, operates in the niche segment of forensic sciences products, solutions, tools, and technologies. Initially focused on software development for the construction sector, the company pivoted to forensic sciences in FY2015. It serves government and private sector clients, including police departments, forensic laboratories, fingerprint bureaus, and training institutes across India.

The company operates across four primary segments:

• Forensic Science & Physical Evidence Solutions
• Mobile CSI Vehicles
• Cyber & Digital Forensics
• DNA Forensics

Key management includes Mr. Shammer Saralal Shah (Director) and Mr. Neeraj Bakulesh Jhaveri (CEO). The company holds multiple ISO certifications and maintains exclusive distribution relationships with global OEMs such as Sirchie, Thermo Fisher Scientific, and Rapiscan Systems.

Offer Details

The IPO is structured as a fresh issue with no Offer for Sale (OFS). The total fresh issue proceeds amount to ₹31.42 Crore, primarily intended for working capital requirements. General Corporate Purposes are capped at the lower of 15% of the total issue size or ₹10 Crore.

Financial Highlights

Kwick Forensic has demonstrated significant revenue growth over the past three years. Revenue from operations surged from ₹30.18 Cr in FY2024 to ₹105.71 Cr in FY2026. Profit After Tax (PAT) also improved, rising from ₹2.83 Cr in FY2024 to ₹13.51 Cr in FY2026.

Objects of the Issue

The proceeds from the IPO will be utilized for the following purposes:

• Funding Working Capital Requirements: ₹31.42 Crore to fund trade receivables, inventory, and vendor advances.
• General Corporate Purposes: Up to 15% of total issue size or ₹10 Crore, whichever is less, for business development and marketing.

Risk Factors

Investors should consider the following material risks disclosed in the DRHP:

• Geographic Concentration: Significant revenue exposure to Gujarat (29.39%) and Bihar (9.02%) in FY2026.
• Customer Concentration: Top 10 customers contributed 77.64% of revenue in FY2026, with no long-term agreements.
• Government Dependency: 55.22% of FY2026 revenue was derived from government entities, subject to payment delays and policy changes.
• Working Capital Intensity: The tender-based model requires substantial working capital, estimated at ₹44.42 Crore for FY2027.
• Supplier Concentration: 67.74% of materials were procured from the top 5 suppliers in FY2026.

Valuation & Peer Comparison

Kwick Forensic Solutions operates in a specialized niche with no listed competitors offering comparable end-to-end forensic solutions in India. Consequently, direct peer comparison data is not available. The company claims a first-mover advantage in the organized forensic solutions market. Valuation metrics such as P/E ratio cannot be determined as the price band is not yet disclosed.

Bottom Line

Kwick Forensic Solutions presents a high-growth profile with an 87.18% revenue CAGR over three years. However, investors must weigh this against significant risks related to customer concentration, geographic dependency, and working capital intensity. The final investment decision should consider the undisclosed price band and subscription dynamics upon the IPO opening on 27-Aug-2026.