Kwick Forensic Solutions IPO
Kwick Forensic Solutions IPO is an SME IPO raising ₹51 Cr at ₹85 – ₹90 a share. It listed on 3 Sept 2026 at ₹150, +66.7% against its issue price of ₹90, and trades at ₹156 today (+72.9% since issue). It was subscribed 267× in total.
267.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Kwick Forensic Solutions Limited (formerly Kwick Soft Solutions Pvt Ltd), incorporated in 2005, supplies forensic investigation products, equipment and Mobile CSI Vehicles to India's law enforcement and forensic science agencies. Its offerings include forensic kits (fingerprinting, evidence collection, ballistics), mobile forensic laboratories built into vans, cyber/digital forensics tools, DNA profiling equipment and kits, plus in-house-developed handheld forensic devices. It also rents out handheld liquor-detection scanners to enforcement bodies, bundled with manpower support.
How it earns
Two revenue streams: (1) Sale of Goods across four forensic product segments, and (2) Sale of Services comprising rental/sub-leasing of forensic equipment (mainly liquor-detection scanners to the Government of Bihar) and Annual Maintenance Contracts. Government tenders via GeM and direct quotations are the primary order channels.
Who buys
Primarily government and law-enforcement bodies: police stations, central and state forensic laboratories, central and state fingerprint bureaus, crime investigation departments, police training academies, and universities running forensic science courses. Specific named end-user disclosed is the Government of Bihar for liquor-detection scanner rentals. No individual customer concentration percentages are disclosed in the text.
Scale
Total revenue grew from ₹30.18 crore (FY2024) to ₹65.03 crore (FY2025) to ₹105.71 crore (FY2026) — figures converted from lakhs (1 crore = 100 lakh). Sold 93 Mobile CSI Vehicles over FY2024–FY2026 (21 + 47 + 25 units) across 11 states. Domestic sourcing rose to 91.35% of raw material in FY2026. R&D team of 5, sales team of 6, AMC team of 4.
What it says sets it apart
- Long-standing non-exclusive distribution tie-ups with global forensic OEMs including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, Smallpond and Seratec, with representation rights in India.
- Rapid shift from imported to domestically sourced raw materials: 65.42% (FY2024) to 85.72% (FY2025) to 91.35% (FY2026), reducing import cost and improving gross margins.
- In-house R&D-led handheld device portfolio: 6 devices designed in-house, 4 commercialized (Kwick Vision Pro/CSI Pro, Multispectral Tablet, Optical Comparator, Laboratory Fuming Chambers) and 2 under demonstration (Kwick Smart Handheld 8D, Kwick Fingerprint 4D).
- Operates in a niche end-to-end forensic segment where the company states no listed player offers a similar full range of goods and services.
- Multiple international certifications/registrations: ISO 9001:2015, ISO 14001:2015, ISO/IEC 20000-1:2018, ISO/IEC 27001:2022, plus MSME, DSIR and NSIC registrations; recognised as Top Performing Partner by Thermo Fisher Scientific and Winner of the Forensic Technology Challenge organised by the Ministry of Home Affairs.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs90 / stated EPS Rs8 (FY2025-26 (year ended March 31, 2026) Adjusted Basic & Diluted EPS (post-bonus, retrospectively adjusted for the 7:1 bonus issue on 16-Sep-2025); restated consolidated/standalone per Restated Financial Statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹106 Cr+63% | ₹14 Cr+58% | 12.8% | ₹41 Cr | ₹0 Cr |
| FY2025 | ₹65 Cr+115% | ₹9 Cr+202% | 13.2% | ₹28 Cr | ₹3 Cr |
| FY2024 | ₹30 Cr | ₹3 Cr | 9.4% | ₹10 Cr | ₹3 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 12 Oct 2026.
What to watch
- The asking multiple is 11.2× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: ROC penalty for past operations outside MoA objects (prospectus page 27).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track KWICK FORENSIC SOLUTIONS LIMIT
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.