Minerva Capital Research Solutions

Kwick Forensic Solutions

ListedListed 3 Sep 2026BSE SMENSE: KWICKCheck allotment
Current price₹ 178.1+97.89% since issue
Listing day+66.67%
Issue price
₹ 90
Issue size
₹ 50.77 Cr.
Min. investment
₹ 1,44,000
Listing price
₹ 150
Subscribed
272.5x
Lot size
1,600 shares
P/E
14.29
RoNW
30.68%
RoCE
38.15%
PAT margin
13.16%
EPS
₹ 6.30
Promoter stake
64.65%

About

Kwick Forensic Solutions supplies the products, tools and technology used in forensic science. Its work covers fingerprint analysis, cyber and digital forensics, social media analytics and big data analytics. On the product side it sells forensic and physical evidence kits, including fingerprint kits, footprint and impression kits, evidence collection kits, ballistics kits and crime scene documentation equipment. It supplies Mobile CSI vehicles, which are fully equipped forensic vans and mobile laboratories, and even motorcycles fitted with scientific kits. It also sells cyber and digital forensic tools used to take out, preserve and study digital evidence from mobiles and computers, and DNA forensic products such as DNA sample collection kits and genetic analysers. On the service side it rents out handheld scanners. Its customers are mainly government bodies, including police stations, state and central forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies and universities that teach forensic science. Most sales are made through the Government e-Marketplace and other government portals, along with direct quotations and referrals. It has tie ups with global suppliers including Sirchie of the USA, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems.

Timeline

  1. Opens
    27 Aug
    done
  2. Closes
    31 Aug
    done
  3. Allotment
    1 Sep
    done
  4. Refunds
    2 Sep
    done
  5. Demat credit
    2 Sep
    done
  6. Listing
    3 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 85 on 31 Aug 2026
Lowest
₹ 15 on 20 Aug 2026
First quoted
₹ 15 on 20 Aug 2026

Subscription

How many times each investor group bid for its share, as of 03 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,600₹ 1,44,000
Retail (Max)11,600₹ 1,44,000
HNI (Min)23,200₹ 2,88,000

Company overview

Financials

Financials by year
Assets60.5346.7919.19
Total Income105.865.0830.26
Profit After Tax13.518.562.83
EBITDA19.0612.255.45
NET Worth41.4127.99.86
Reserves and Surplus24.5325.797.93
Total Borrowing—3.263.24

Strengths

  • Sales have more than tripled in two years. Total income went from Rs 30.26 crore in FY2024 to Rs 65.08 crore in FY2025 and Rs 105.80 crore in FY2026.
  • Profit after tax has grown almost five times over the same period, from Rs 2.83 crore in FY2024 to Rs 8.56 crore in FY2025 and Rs 13.51 crore in FY2026.
  • EBITDA improved from Rs 5.45 crore in FY2024 to Rs 12.25 crore in FY2025 and Rs 19.06 crore in FY2026.
  • The margin is healthy for a products business. Profit after tax of Rs 13.51 crore on total income of Rs 105.80 crore works out to about 12.8%.
  • The company is practically debt free. Borrowing was nil as on 31 March 2026, down from Rs 3.26 crore a year earlier, while net worth rose from Rs 27.90 crore to Rs 41.41 crore.
  • It works in a niche area. Forensic equipment is a specialised field with far fewer suppliers than general trading lines.
  • It has tie ups with established global names including Sirchie of the USA, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems.
  • Its customers are government bodies such as police departments, state and central forensic laboratories and fingerprint bureaus, where the risk of not being paid at all is low.
  • Demand is supported by the push to modernise policing and by the greater use of forensic evidence required under the new criminal laws.
  • It earns from both product sales and equipment rentals rather than from a single stream.

Risks

  • The growth is from a very small base and is unusually fast. Income went up about three and a half times in two years, from Rs 30.26 crore to Rs 105.80 crore, and such a pace is difficult to keep up.
  • Almost the whole business depends on government buyers. Orders come through tenders, are lumpy and can be delayed or cancelled by budget decisions.
  • Selling mainly through the Government e-Marketplace means competing largely on the lowest price, which puts constant pressure on margin.
  • The company depends on tie ups with foreign suppliers such as Sirchie, Thermo Fisher Scientific and Rapiscan. If any of these arrangements ends, the product range would be affected.
  • A large part of the business is reselling imported equipment, which brings currency risk and dependence on imports.
  • Government customers usually pay slowly, which blocks working capital. Rs 31.42 crore of the issue money is going into working capital, which shows how much cash the business ties up.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Valuation ratios such as P/E and EPS are not stated in the available offer document data, so the issue cannot be compared with peers on earnings.
  • Promoter holding will come down from 88.54% to 64.65% after the issue.
  • This is an SME issue listing on the BSE SME platform. One lot is 1,600 shares, which is about Rs 1.44 lakh at the upper band of Rs 90, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding the working capital requirements of the Company31.42
General Corporate Purposes—

Promoters

  • Shammer Saralal Shah
  • Sejal Shammer Shah
  • Tulsidas Hinduja Ashok Kumar
Promoter holding88.54%→64.65%before → after the issue · down 23.89 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Corporate Makers Capital Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.