A two-decade-old, India-focused forensic-science and digital-evidence company opens its Rs 50.77 crore BSE SME issue on August 27 — end-to-end forensics from DNA to cyber, a debt-free balance sheet, marquee OEM tie-ups, and a grey market pointing to a solid listing premium, but heavy government and single-supplier concentration.
Kwick Forensic Solutions Ltd sits in a specialised, high-barrier niche — forensic science and digital-evidence technology for India’s law-enforcement and investigation ecosystem. Since FY2015, the company has developed and supplied end-to-end forensic products, tools, technologies and solutions spanning crime-scene investigation, fingerprint science, cyber forensics, DNA forensics, social-media analytics and evidence management.
The customer base is the machinery of criminal investigation: police departments, forensic laboratories, fingerprint bureaus, investigation agencies, training institutions and other government and private-sector customers. The product portfolio runs from forensic kits and consumables, handheld forensic devices and controlled-environment chambers to Mobile CSI Vehicles, digital forensic imaging and extraction tools, DNA collection kits, genetic-analysis solutions and DNA database software.
Alongside product sales, the company earns service revenue from the rental and sub-leasing of forensic equipment, often bundled with manpower support.
The revenue is diversified across forensic verticals. In FY26, Forensic Science & Physical Evidence Solutions contributed Rs 3,910.84 lakh, Cyber & Digital Forensics Rs 3,522.83 lakh, DNA Forensics Rs 1,137.57 lakh, Mobile CSI Vehicles Rs 1,056.76 lakh, Renting of Forensic Equipment Rs 925.41 lakh and AMC & other services Rs 17.87 lakh, for total revenue of Rs 10,571.28 lakh. The sharp growth across Forensic Science (up ~2.1x) and Cyber & Digital Forensics (up ~2.3x) underlines the demand tailwind.
Two structural strengths stand out. The company operates in a specialised, niche market with limited listed peers, and its established relationships with government departments and law-enforcement agencies — combined with technical expertise and execution experience — create entry barriers and customer stickiness.
Strategic relationships with global OEMs such as Sirchie, Thermo Fisher Scientific, Invitrogen and Rapiscan Systems further strengthen its product portfolio and procurement. The company is also moving toward a more asset-light model, supplying forensic and digital kits to local dealers and vehicle manufacturers rather than directly funding complete CSI vehicles — which helps reduce working capital.
It is led by Founder and Managing Director Mr. Shammer Saralal Shah, who has 40+ years of experience across electronics, forensics and IT, and who steered the company’s evolution from software development into an end-to-end forensic solutions provider. The promoters are Shammer Saralal Shah, Sejal Shammer Shah and Tulsidas Hinduja Ashok Kumar.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 27, 2026 |
| Issue Closes | August 31, 2026 |
| Listing | BSE SME |
| Listing Date | September 3, 2026 |
| Price Band | Rs 85 – Rs 90 per share |
| Issue Size | Rs 50.77 crore |
| Fresh Issue | 45,61,600 shares |
| Offer for Sale | 10,80,000 shares |
| Market Maker | 2,83,200 shares |
| QIB / NII / Retail | 26,73,600 / 8,06,400 / 18,78,400 shares |
| Min. Application (Retail) | 2 lots / 3,200 shares / Rs 2,88,000 |
| Lead Manager | Corporate Capital Ventures Pvt. Ltd. |
| Market Maker | R.K. Stock Holding Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The objects of the issue are funding the working-capital requirement of the company (Rs 3,142.00 lakh) and general corporate purposes. Ahead of the opening, the company raised Rs 14.43 crore from anchor investors, with the anchor bid on August 25.
Post-issue, promoters’ holding falls from 88.53% to 64.65%.
Price Band Analysis
At the upper price band of Rs 90, Kwick Forensic Solutions is valued at a post-issue P/E of 14.28x and a P/B of 3.67x based on FY26 earnings, which appears reasonable given its presence in the growing forensic-science, digital-forensics and law-enforcement solutions industry. On pre-issue earnings, the P/E works out to about 11.25x, with a NAV of Rs 24.54 and EPS of Rs 8.00.
GMP Watch
Grey-market interest has been healthy and positive. In tracked data, (cite index=”39-1″>the GMP recorded a high of ₹37 on August 21 and a low of ₹15 on August 20,</cite> and more recent readings have run higher still, with one tracker showing a premium of around ₹64 — implying a listing gain in the region of 40–70% over the Rs 90 upper band.
As always, treat GMP as one unofficial, unregulated, SEBI-unendorsed data point rather than a listing forecast.
Financial Performance
| Particulars (Rs lakh) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 3,018.33 | 6,502.69 | 10,571.28 |
| EBITDA | 544.51 | 1,224.89 | 1,906.49 |
| EBITDA Margin (%) | 18.04 | 18.84 | 18.03 |
| PAT | 283.47 | 855.94 | 1,350.77 |
| PAT Margin (%) | 9.39 | 13.16 | 12.78 |
| RoE (%) | 41.43 | 45.34 | 38.98 |
| RoCE (%) | 39.07 | 38.15 | 44.88 |
| EPS (Rs) | 8.57 | 5.41 | 8.00 |
| Debt to Equity | 0.33 | 0.12 | 0.00 |
Revenue has grown explosively — more than tripling from Rs 3,018.33 lakh in FY24 to Rs 10,571.28 lakh in FY26, a 62.57% year-on-year jump in FY26 alone. PAT moved in step, from Rs 283.47 lakh to Rs 1,350.77 lakh, while the EBITDA margin held remarkably steady in the 18% band across all three years — a reassuring sign that the growth has not come at the cost of profitability.
The return profile is strong, with RoE consistently in the high-30s to mid-40s and RoCE climbing to 44.88% in FY26. The balance sheet is a clear positive: debt-to-equity has fallen from 0.33x in FY24 to effectively zero in FY26, making this a debt-free business heading into listing.
The one wrinkle is the EPS path (Rs 8.57 → Rs 5.41 → Rs 8.00), which reflects equity expansion rather than any profit dip — PAT itself has risen every year.
Risks to Consider
Government concentration is the headline risk. Government entities contributed 55.22% of revenue in FY26, creating significant exposure to policy changes, government transitions and delays in payment recovery — the tender-driven, lumpy cash-flow profile typical of public-sector-heavy businesses.
Single-supplier concentration is notable. The top supplier accounted for 40.86% of material procurement costs in FY26, creating high supplier-concentration risk, with any disruption potentially affecting operations and profitability. Given the reliance on global OEMs like Sirchie, Thermo Fisher and Rapiscan, this also carries import and forex exposure.
Geographic concentration adds another layer — Bihar and Gujarat together contributed 38.41% of revenue in FY26, exposing the business to regional economic or regulatory disruptions.
Working-capital intensity is meaningful — the entire fresh-proceeds allocation (Rs 3,142 lakh) goes to working capital, underscoring how capital-hungry the tender-and-supply model is, and receivables from government customers can stretch collection cycles.
SME-platform risks apply — thinner post-listing liquidity, the large Rs 2.88 lakh minimum retail ticket, and a grey market that can swing on low volume all add to the risk profile.