Kwick Forensic Solutions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 15.03×
- Big non-institutionalbNII · above ₹10 lakh
- 190.50×
- Small non-institutionalsNII · ₹2–10 lakh
- 145.29×
- Retail individualRII · up to ₹2 lakh
- 225.94×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Sept 2026 | ₹78 | +86.67% | ₹94,800 | ₹168 | ₹1,24,800 |
| 02 Sept 2026 | ₹78 | +86.67% | ₹94,800 | ₹168 | ₹1,24,800 |
| 01 Sept 2026 | ₹75 | +83.33% | ₹91,200 | ₹165 | ₹1,20,000 |
| 31 Aug 2026 | ₹85 | +94.44% | ₹1,03,400 | ₹175 | ₹1,36,000 |
| 30 Aug 2026 | ₹70 | +77.78% | ₹85,100 | ₹160 | ₹1,12,000 |
| 29 Aug 2026 | ₹70 | +77.78% | ₹85,100 | ₹160 | ₹1,12,000 |
| 28 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 27 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 26 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 25 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 24 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 23 Aug 2026 | ₹61 | +67.78% | ₹74,200 | ₹151 | ₹97,600 |
| 22 Aug 2026 | ₹51 | +56.67% | ₹62,000 | ₹141 | ₹81,600 |
| 21 Aug 2026 | ₹43 | 0.00% | ₹0 | ₹133 | ₹68,800 |
| 20 Aug 2026 | ₹15 | 0.00% | ₹0 | ₹105 | ₹24,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 10,70,400 | 24,01,10,400 | ₹2,161 Cr | 224.32× |
| Non-institutional | 8,06,400 | 25,68,65,600 | ₹2,312 Cr | 318.53× |
| Big non-institutionalwithin NII | 5,37,600 | 18,69,47,200 | ₹1,683 Cr | 347.74× |
| Small non-institutionalwithin NII | 2,68,800 | 6,99,18,400 | ₹629 Cr | 260.11× |
| Retail individual | 18,78,400 | 58,82,75,200 | ₹5,294 Cr | 313.18× |
| Total | 37,55,200 | 1,08,52,51,200 | ₹9,767 Cr | 289.00× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 31 Aug, 06:55 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 27 Aug 2026 – 31 Aug 2026
- Listing date
- 03 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹85 – ₹90
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹50.77 Cr
- Fresh issue
- ₹38.51 Cr 42,78,400 shares
- Offer for sale
- ₹9.72 Cr 10,80,000 shares
- Market cap at offer price
- ₹193 Cr
- Promoter holding
- 88.54% → 64.65% pre-issue → post-issue
- ISIN
- INE1SFA01019
- CIN
- U72200TN2005PLC055566
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capital Ventures Pvt.Ltd.
- Registered office
- New No 12 Old No 11 East Park Road, Shenoy Nagar, Chennai, Tamil Nadu, India, 600030
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,70,400 | 28.50% | 26.51% |
| Anchor investor · within QIB | 16,03,200 | — | 39.70% |
| NII (HNI) | 8,06,400 | 21.47% | 19.97% |
| bNII > ₹10L · within NII | 5,37,600 | — | 13.31% |
| sNII < ₹10L · within NII | 2,68,800 | — | 6.66% |
| Retail (RII) | 18,78,400 | 50.02% | 46.51% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,83,200 | — | 7.01% |
| Total issue | 40,38,400 | — | 100.00% |
Net offer to the public of 37,55,200 shares, out of a total issue of 40,38,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.00 | 6.30 |
| P/E (×) | 11.25 | 14.29 |
| Price to book (×) | 5.44 | — |
| Market cap | — | ₹193 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 30.68%
- ROCE
- 38.15%
- Debt / equity
- 0.12
- PAT margin
- 13.16%
- EBITDA margin
- 18.84%
- NAV per share
- ₹16.53
- Price to book
- 5.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 105.8 | 65.08 | 30.26 |
| Revenue from operations | 105.71 | 65.03 | 30.18 |
| Other income | 0.09 | 0.05 | 0.08 |
| Total expenses | 87.59 | 53.86 | 26.48 |
| Operating profit | 18.21 | 11.22 | 3.78 |
| Operating margin | 17.21% | 17.24% | 12.49% |
| Profit before tax | 18.21 | 11.21 | 3.79 |
| Profit after tax | 13.51 | 8.56 | 2.83 |
| PAT margin | 12.77% | 13.15% | 9.35% |
| Balance sheet | |||
| Total assets | 60.53 | 46.79 | 19.19 |
| Current assets | 54.72 | 43.72 | 17.2 |
| Current liabilities | 18.85 | 18.68 | 9.14 |
| Total liabilities | 19.12 | 18.89 | 9.33 |
| Net worth | 41.41 | 27.9 | 9.86 |
| Current ratio | 2.90× | 2.34× | 1.88× |
| Return on equity | 32.62% | 30.68% | 28.70% |
| Cash flow | |||
| Operating cash flow | 7.62 | 4.65 | -2.61 |
| Investing cash flow | -2.73 | -0.97 | -0.4 |
| Financing cash flow | -3.8 | 8.36 | -0.87 |
| Net cash flow | 1.1 | 12.03 | -3.87 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding the Working Capital requirement of the company ₹31.42 Cr
The company intends to utilize the net proceeds to fund working capital requirements including trade receivables, inventory, and vendor advances. The company operates in a tender-based business model serving government and institutional clients with extended receivable cycles requiring substantial funds to support operations and ensure smooth business continuity.
2 General Corporate Purposes —
The company will deploy net proceeds towards general corporate expenses to drive business growth including business development, marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors. The amount will not exceed fifteen percent of the amount being raised or ten crores, whichever is less.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Kwick Forensic Solutions
Kwick Forensic Solutions Limited, incorporated in 2005 and converted to a public limited company in April 2025, operates in the forensic solutions sector across four key business segments: Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles (mini/macro mobile crime scene investigation vehicles), Cyber & Digital Forensics, and DNA Forensics. The company also provides services including rental of forensic equipment and Annual Maintenance Contracts (AMC). The company derives 55.22% of its revenue from government entities and 44.78% from non-government entities as of FY 2026. Revenue from operations grew from ₹3,018.33 lakhs in FY 2024 to ₹10,571.28 lakhs in FY 2026. The company is tender-led and supplies, integrates, deploys and services forensic products and solutions for government and private sector customers. Operations are concentrated in Bihar (9.02% of FY 2026 revenue) and Gujarat (29.39% of FY 2026 revenue), with the remainder from other states (61.59%).
Management
Mr. Shammer Saralal Shah
Director
Mr. Neeraj Bakulesh Jhaveri
CEO
Strengths
As stated in the offer document
Strategic tie-ups and relationships with Global Leaders
The company has established strong long-term relationships with leading OEMs including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, Smallpond, MHC Hardware Software Trading LLC, and Seratec through non-exclusive distribution agreements and purchase orders.
Quality Assurance and Quality Certification
The company holds multiple internationally recognized certifications including ISO 9001:2015, ISO 14001:2015, ISO 200001:2018, ISO 27001:2022, and is registered with MSME, DSIR, and NSIC, maintaining quality standards from procurement to delivery.
Niche Market Segments with No Listed Competitors
The company operates in a specialized segment with no competitors in the listed space offering similar end-to-end solutions, serving government departments and law enforcement agencies with established trust and decade-long experience creating significant barriers to entry.
Risk factors
As stated in the offer document
Geographic Revenue Concentration in Bihar and Gujarat
The company's revenue is significantly concentrated in Bihar (9.02% in FY2026) and Gujarat (29.39% in FY2026), making operations highly exposed to local and regional risks including policy changes, economic conditions, natural disasters, and civil unrest in these specific geographies. Any adverse developments in these key states could disproportionately affect business performance.
Customer Concentration Risk
The company derives 58.04% of revenue from its top 5 customers and 77.64% from top 10 customers in FY2026, with most customers operating without long-term agreements. Loss of significant customers or reduction in business from key accounts could severely impact revenue and financial performance.
Heavy Dependence on Government Entities
The company derives 55.22% of revenue from government entities in FY2026, making business operations significantly dependent on government procurement policies, budget allocations, and payment schedules. Changes in government policies or delays in payments could materially affect revenue and cash flows.
Working Capital Intensive Business Model
The company requires substantial working capital of ₹3,587.14 lakhs as of March 31, 2026, with requirements estimated at ₹4,442.00 lakhs for FY2027. The tender-led business model involves extended receivable cycles and significant funds for inventory, which could strain cash flows and require additional financing.
Supplier Concentration and Import Dependencies
The company procures 67.74% of materials from top 5 suppliers in FY2026 and relies on imports for 8.65% of purchases. Disruption from key suppliers or adverse developments in international markets (currency fluctuations, trade policies) could impact supply chain and operational costs.
Company Analysis
from RHPKwick Forensic Solutions Limited provides end-to-end forensic products and services across Crime Scene Investigation, Mobile CSI Vehicles, Cyber & Digital Forensics, and DNA Forensics, serving primarily government agencies and law enforcement in India.
Kwick Forensic Solutions Limited, incorporated in 2005 and converted to a public limited company in April 2025, operates in the forensic solutions sector across four key business segments: Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles (mini/macro mobile crime scene investigation vehicles), Cyber & Digital Forensics, and DNA Forensics. The company also provides services including rental of forensic equipment and Annual Maintenance Contracts (AMC). The company derives 55.22% of its revenue from government entities and 44.78% from non-government entities as of FY 2026. Revenue from operations grew from ₹3,018.33 lakhs in FY 2024 to ₹10,571.28 lakhs in FY 2026. The company is tender-led and supplies, integrates, deploys and services forensic products and solutions for government and private sector customers. Operations are concentrated in Bihar (9.02% of FY 2026 revenue) and Gujarat (29.39% of FY 2026 revenue), with the remainder from other states (61.59%).
Objects of the Issue
- Funding Working Capital Requirements of our Company ₹3,142.00 Lakhs p.29
- Funding the Working Capital requirement of our Company ₹3,142.00 Lakhs p.89
- General Corporate Purposes [●] p.88
- Not specified in this part of the document
Issue Structure
- Total Issue
- Upto 56,41,600 Equity Shares aggregating to ₹ [•] Lakhs
- Fresh Issue
- Upto 45,61,600 Equity Shares aggregating to ₹ [•] Lakhs
- Offer for Sale
- Upto 10,80,000 Equity Shares aggregating to ₹ [•] Lakhs
- Price Band
- ₹ [●] to ₹ [●] PER EQUITY SHARE OF FACE VALUE OF ₹ 10/- EACH
- Lot Size
- 1600 Equity Shares and in multiples of 1600 Equity Shares thereafter
- Face Value
- ₹ 10 per Equity Share
Business Model
The company operates through a tender-led model, serving government and private customers with forensic products and services. Revenue is derived from Sales of Goods (91.08% in FY 2026) comprising Forensic Science & Physical Evidence Solutions (36.99%), Mobile CSI Vehicles (10.00%), Cyber & Digital Forensics (33.32%), and DNA Forensics (10.76%), and Sales of Services (8.92%) including rental of forensic equipment (8.75%) and AMC & other services (0.17%). The company procures products from OEM partners and domestically, with imports reduced from 34.58% of purchases in FY 2024 to 8.65% in FY 2026. Purchases of goods constituted 70.44% of revenue from operations in FY 2026.
Business Segments
SWOT Analysis
- • Strong financial performance with revenue growth(p.54)
- • Healthy profitability and margins(p.105)
- • Strong return on equity and capital employed(p.105)
- • Debt-free balance sheet(p.105)
- • Improved collections and working capital management(p.92)
- • Strategic partnerships with global OEM leaders strengthening procurement and market position(p.149)
- • Multiple internationally recognized quality certifications and accreditations(p.130)
- • In-house R&D capability for developing forensic devices and software solutions(p.135)
- • Niche market positioning with minimal competition in listed space(p.149)
- • Strong established relationships with government forensic laboratories and law enforcement(p.149)
- • Increasing domestic sourcing capability reducing import dependency(p.131)
- • Revenue growth driven by government forensic investment policy(p.265)
- • Strong double-digit profitability with improving margins(p.248)
- • Debt-free capital structure as of March 31, 2026(p.257)
- • High ROCE indicating efficient capital deployment(p.257)
- • ISO-backed quality systems with OEM partnerships(p.256)
- • Diversified product portfolio across four forensic segments(p.256)
- • Geographic revenue concentration in Bihar and Gujarat(p.23)
- • Lack of long-term customer agreements creates order cancellation risk(p.23)
- • High customer concentration with top 10 customers representing 77.64% of revenue(p.24)
- • Heavy dependence on top supplier accounting for 40.86% of material costs(p.27)
- • Past compliance failures in regulatory filings (Advance Tax, EPF, GST, TDS)(p.25)
- • Negative operating cash flows in FY 2024(p.29)
- • Trademark applications pending registration with no current statutory IP protection(p.36)
- • Working capital intensive business with rising requirements(p.29)
- • High purchase costs representing 85.01% of total expenditure in FY 2026(p.31)
- • Pending adjudication and penalties related to Objects Clause non-compliance(p.27)
- • High dependence on government clients with long payment cycles(p.92)
- • Significant working capital requirement(p.90)
- • Large contingent liabilities from performance guarantees(p.56)
- • Limited scale with only 42 shareholders(p.81)
- • High revenue concentration risk with limited customer base(p.160)
- • Geographic revenue concentration historically dependent on two states(p.150)
- • No power backup arrangements for uninterrupted supply at facilities(p.154)
- • Limited scale with only 33 employees on payroll as of July 2026(p.155)
- • Dependency on third-party outsourcing for software development and device assembly(p.135)
- • Newly commercialized products with limited market validation and adoption(p.138)
- • Significant customer concentration risk(p.270)
- • High customer churn as evidenced by declining customer count(p.259)
- • Deteriorating operating efficiency reflected in mobile van sales decline(p.259)
- • Working capital management challenges with increasing receivables(p.257)
- • Related party transaction dependencies(p.250)
- • Litigation involving independent director(p.272)
- • Expansion of client base beyond government to private entities(p.92)
- • Utilization of IPO proceeds for working capital to support scaling(p.89)
- • Potential for increased revenue from expanded operations(p.96)
- • Enhanced market visibility through public listing(p.87)
- • Government's major forensic infrastructure investment programs with budgeted allocations(p.150)
- • Expansion of DNA forensics capacity following BNSS 2023 mandate(p.150)
- • Rising demand for digital forensics and cyber investigation capabilities(p.124)
- • Legal framework shift mandating digitization of criminal investigation processes(p.151)
- • Government modernization initiatives targeting district-level forensic capabilities(p.125)
- • Rapid expansion opportunity across geographies reducing state concentration(p.152)
- • Mandatory forensic evidence requirements in new criminal justice acts(p.265)
- • Government's ₹30,000 crore five-year forensic infrastructure investment plan(p.265)
- • Expansion in DNA forensics driven by BNSS requirements(p.267)
- • Rapid growth in cyber forensics segment(p.265)
- • Strong government procurement channels via GeM and e-procurement(p.256)
- • Training and after-sales support as revenue and retention driver(p.256)
- • Revenue heavily dependent on government entities (55.22% in FY 2026)(p.29)
- • Significant reliance on imports despite recent reduction, exposed to supply chain and geopolitical risks(p.28)
- • Dependence on limited OEM partners for product sourcing(p.39)
- • Business dependent on third-party transporters without formal agreements(p.41)
- • Rapidly evolving regulatory environment and compliance requirements(p.41)
- • Rental premises without assurance of renewal on acceptable terms(p.31)
- • Incomplete insurance coverage exposes company to uninsured losses(p.43)
- • Extended collection cycles from government clients impact cash flow(p.93)
- • Global economic slowdown affecting demand(p.112)
- • Supplier credit period constraints limiting operational flexibility(p.96)
- • Dependence on tender-based procurement model(p.94)
- • Underutilization of forensic services in Indian law enforcement remains significant challenge(p.118)
- • Limited forensic infrastructure and capacity constraints across the country(p.119)
- • Inadequate training and awareness among law enforcement officers on evidence handling(p.119)
- • Cost and accessibility barriers limiting forensic service adoption particularly in rural areas(p.119)
- • Global tariff uncertainty impacting exports and domestic investment outlook(p.117)
- • Dependency on government tender cycle creating revenue volatility and unpredictability(p.142)
- • Dependency on government budget allocation and policy priorities(p.259)
- • Regulatory and procurement policy changes affecting market access(p.259)
- • OEM supply continuity and pricing risks(p.259)
- • Training throughput and technology adoption constraints(p.259)
- • Macro-economic and regulatory policy changes affecting finance(p.259)
- • Intense competitive pressures in forensic solutions market(p.270)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Shammer Saralal Shah | Promoter Selling Shareholder | — | — |
| Mrs. Sejal Shammer Shah | Promoter Selling Shareholder | — | — |
| Mr. Tulsidas Hinduja Ashok Kumar | Promoter Selling Shareholder | — | — |
| Mr. Shammer Saralal Shah | Promoter | 53.76% | [●] |
| Mrs. Sejal Shammer Shah | Promoter | 17.78% | [●] |
| Mr. Tulsidas Hinduja Ashok Kumar | Promoter | 6.54% | [●] |
| Shammer Saralal Shah | Promoter/Founder | — | — |
| Mr. Shammer Saralal Shah | Promoter | 53.76% | — |
| Mrs. Sejal Shammer Shah | Promoter | 17.78% | — |
| Mr. Tulsidas Hinduja Ashok Kumar | Promoter | 6.54% | — |
| Shammer Saralal Shah | Promoter | 53.76% | — |
| Sejal Shammer Shah | Promoter | 17.78% | — |
| Ashok Hinduja (Tulsidas Hinduja Ashok Kumar) | Promoter | 6.54% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.