IPO Overview
Kwick Forensic Solutions Limited (KFSL) is a Chennai-based provider of forensic sciences and technology solutions, incorporated in 2005. The company specializes in end-to-end products and tools for forensic sciences, fingerprint science, cyber/digital forensics, and big-data analytics, primarily serving government entities across India. Since FY2015, the company has built an end-to-end portfolio spanning physical evidence collection, mobile crime-scene investigation, cyber and digital forensics, and DNA forensics. Its customers include police departments, forensic laboratories, fingerprint bureaus, investigation agencies, training institutions, and other government and private-sector clients.
The Kwick Forensic Solutions IPO is a book-built issue comprising a fresh issue of 0.46 crore shares aggregating to ₹41.05 crore and an offer for sale of 0.11 crore shares aggregating to ₹9.72 crore, bringing the total issue size to ₹50.77 crore. The price band is fixed at ₹85 to ₹90 per share, with a lot size of 1,600 shares. The IPO opens on 27 August 2026 and closes on 31 August 2026, with listing expected on BSE SME on 3 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Investor Date | 25 August 2026 |
| IPO Open Date | 27 August 2026 |
| IPO Close Date | 31 August 2026 |
| Allotment Date | 1 September 2026 (Expected) |
| Refund Initiation | 2 September 2026 |
| Credit to Demat | 2 September 2026 |
| Listing Date | 3 September 2026 (Tentative) |
| Price Band | ₹85 – ₹90 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,88,000 (2 lots = 3,200 shares) |
| Minimum Investment (HNI) | ₹4,32,000 (3 lots = 4,800 shares) |
| Total Issue Size | ₹50.77 crore |
| Fresh Issue | 0.46 crore shares (₹41.05 crore) |
| Offer For Sale (OFS) | 0.11 crore shares (₹9.72 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The promoters of the company are Shammer Saralal Shah, Sejal Shammer Shah, and Tulsidas Hinduja Ashok Kumar. The OFS portion of 0.11 crore shares (₹9.72 crore) represents a partial exit by the promoter/selling shareholders. The fresh issue proceeds of ₹41.05 crore will flow directly into the company for business purposes.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will be utilized primarily to fund working capital requirements of the company. General corporate purposes will account for up to 15% of the amount raised or ₹10 crore, whichever is less, to be used for business development and marketing.
- Working capital requirements — primary utilization
- General corporate purposes — up to ₹10 crore (for business development and marketing)
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Capital Ventures Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
- Market Maker: R.K. Stock Holding / Corporate Makers Capital Ltd.
Promoters & Management
The promoters of Kwick Forensic Solutions are Mr. Shammer Saralal Shah, Mrs. Sejal Shammer Shah, and Mr. Tulsidas Hinduja Ashok Kumar. The business is led by Mr. Shammer Saralal Shah (Founder & Managing Director) and assisted by Mr. Tulsidas Hinduja Ashok Kumar (Chief Operating Officer).
Company Details
Kwick Forensic Solutions is an India-focused provider of forensic science, crime-scene investigation, and digital evidence management solutions. Its product portfolio includes forensic kits and consumables, handheld forensic devices, controlled-environment chambers, Mobile CSI Vehicles, digital forensic imaging and extraction tools, DNA collection kits, genetic-analysis solutions, and DNA database software. The company also generates service revenue through rental and sub-leasing of forensic equipment, including detection and imaging systems, often bundled with manpower support.
Sectors Served:
- Police Departments & Law Enforcement
- Forensic Laboratories
- Fingerprint Bureaus & Crime Investigation Departments
- Government Training Institutes & Universities
- Private Sector Investigation Agencies
Key Product Segments:
Product sales accounted for 91.08% of FY2026 revenue, led by Forensic Science & Physical Evidence Solutions at ₹39.11 crore and Cyber & Digital Forensics at ₹35.23 crore. DNA Forensics also expanded rapidly, reaching ₹11.38 crore in FY2026 from ₹0.43 crore in FY2024.
Key Capabilities & Partnerships:
- Strategic tie-ups with global OEMs including Sirchie (USA), Thermo Fisher Scientific, and Rapiscan Systems.
- In-house R&D and development of forensic handheld devices and solutions; growing domestic sourcing network supporting supply continuity and cost efficiency.
Certifications:
- ISO 9001:2015, ISO 14001:2015, ISO/IEC 20000-1:2018, and ISO/IEC 27001:2022 certified.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹30.18 | ₹2.83 |
| FY25 | ₹65.08 | ₹8.56 |
| FY26 | ₹105.80 | ₹13.51 |
Key Financial Metrics
- Revenue from operations surged from ₹30.18 crore in FY2024 to ₹105.71 crore in FY2026, representing a 3-year CAGR of approximately 87%.
- Total income increased 63% to ₹105.80 crore in FY26, while PAT grew 58% to ₹13.51 crore. FY26 ROCE stood at 44.88% and RoNW at 32.62%, indicating efficient capital utilisation. Borrowings were only ₹3.26 crore in FY25.
- At the upper price of ₹90, the post-issue P/E stands at 14.29x — appearing reasonable given the company’s growth, return ratios, and niche business positioning.
- Operating cash flows turned positive in FY25 at ₹4.65 crore and further improved to ₹7.62 crore in FY26.
Company Strengths
- Operates in a niche segment of forensic sciences technology with no listed competitors offering comparable end-to-end solutions — providing a unique market positioning advantage.
- Exceptional revenue growth — 3-year CAGR of ~87% from FY24 to FY26, with consistent improvement in profitability
- End-to-end forensic science and evidence-management solutions covering physical, digital, cyber, and DNA forensics — diversified product portfolio reducing segment concentration risk.
- Strategic relationships and tie-ups with global forensic technology providers including Sirchie (USA), Thermo Fisher Scientific, and Rapiscan Systems.
- Strong return ratios — ROCE of 44.88% and RoNW of 32.62% in FY26 — with near-zero debt
- Strong quality management systems supported by multiple ISO certifications.
Key Risks & Challenges
- Top 10 customers accounted for 77.64% of FY2026 revenue — indicating high customer concentration risk.
- Almost the entire business depends on government buyers. Government 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 price, which puts pressure on margins.
- Nearly the entire fresh-issue utilization is directed towards working capital rather than capacity creation — limiting long-term growth infrastructure from IPO proceeds.
- The company depends on tie-ups with foreign suppliers such as Sirchie, Thermo Fisher Scientific, and Rapiscan — creating procurement and currency risks.
- FY26 PAT margin declined marginally to 12.78% from 13.16% in FY25, and the company remains relatively small with limited human resources and operational scale.
- The business model requires substantial working capital — ₹3,587.14 lakhs as of 31 March 2026 — making the company sensitive to payment delays from government clients.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
