Summary

Kwick Forensic Solutions Limited is offering a ₹50.77 crore book-built SME IPO at a price band of ₹85 to ₹90 per share, comprising a fresh issue and an offer for sale by its three promoters. Bidding runs from August 27 to August 31, 2026, with the listing on BSE SME tentatively scheduled for September 3.

Key Highlights & IPO Summary Table

Particulars	Details
IPO Date	August 27 to August 31, 2026
IPO Price	₹85 to ₹90 per share
Face Value	₹10 per share
Issue Size	56,41,600 shares (₹50.77 crore)
Fresh Issue	₹41.05 crore
Offer for Sale	10,80,000 shares (₹9.72 crore)
Lot Size	1,600 shares
Minimum Retail Application	2 lots / 3,200 shares / ₹2,88,000
Issue Type	Book-built SME issue
IPO Allotment	September 1, 2026
IPO Listing Date	September 3, 2026 (tentative)
Listing Platform	BSE SME
Lead Manager	Corporate Capital Ventures Pvt. Ltd.
Registrar	Bigshare Services Pvt. Ltd.
Market Maker	R.K. Stock Holding Pvt. Ltd.
Market Cap at Upper Band	₹192.93 crore

About Kwick Forensic Solutions Ltd. & Promoters

Incorporated in March 2005 as Kwick Soft Solutions Private Limited, the Chennai-based company supplies forensic science, evidence management, cyber and digital forensics, DNA forensics and law-enforcement solutions across India. Its origins lie in software development covering 3D rendering, animation and simulation, and it moved into forensic products from FY2015 onward.

The company’s customer base is largely concentrated in the public sector, including police departments, central and state forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies and universities. The company sources products from both international and domestic original equipment manufacturers and has progressively increased its reliance on domestic procurement. The company holds ISO 9001:2015, ISO 14001:2015, ISO/IEC 20000-1:2018 and ISO/IEC 27001:2022 certifications, with registrations under MSME, DSIR and NSIC. As of July 31, 2026, headcount stood at 33 employees on payroll and 12 on contract.

Objects of the Issue

Net proceeds from the fresh issue are allocated as follows:

• Working capital requirements: ₹31.42 crore, representing the substantial majority of identified deployment.
• General corporate purposes: The residual balance, subject to the regulatory cap applicable to such allocation.

The significant allocation towards working capital is consistent with the company’s business model. Sales to government departments and forensic laboratories are typically conducted through tender-based procurement. This can result in longer receivable cycles and higher working-capital requirements between delivery and payment. 

Anchor Investors & Share Reservation

The anchor book was completed on August 25, 2026, raising ₹14.43 crore through the allocation of 16,03,200 shares. Lock-in expires for half those shares on October 1, 2026, and for the remainder on November 30, 2026.

Investor Category	Shares	% of Net Issue
QIB (total)	26,73,600	49.90%
— Anchor portion	16,03,200	—
— QIB excluding anchor	10,70,400	—
NII (HNI)	8,06,400	15.05%
— bNII above ₹10 lakh	5,37,600	—
— sNII below ₹10 lakh	2,68,800	—
Retail	18,78,400	35.06%
Market Maker (firm)	2,83,200	—

The anchor lock-in schedule warrants attention, as the release of half of the anchor allocation approximately four weeks after listing could increase the available supply in a relatively less-liquid SME stock.

Financial Performance & Valuations

Particulars	FY2026	FY2025	FY2024
Total Income	105.80	65.08	30.26
EBITDA	19.06	12.25	5.45
Profit After Tax	13.51	8.56	2.83
Net Worth	41.41	27.90	9.86
Total Assets	60.53	46.79	19.19
Total Borrowings	—	3.26	3.24

However, the margin trends indicate some moderation in profitability. 

• EBITDA margin eased slightly from 18.84% in FY2025 to 18.03% in FY2026.
• PAT margin moved from 13.16% to 12.78% across the same period.
• Return on equity, calculated on average net worth, declined from 45.34% to 38.98%, primarily reflecting the expansion of the equity base rather than a deterioration in profitability.
• Return on capital employed improved from 38.15% to 44.88%. Return on net worth, calculated on closing net worth, rose from 30.68% to 32.62%, with net asset value per share at ₹24.54.

On a valuation basis, the pre-issue EPS of ₹8.00 implies a P/E multiple of 11.25 times, while the post-issue EPS of ₹6.30 implies a P/E of 14.29 times at the upper price band. Enterprise value to EBITDA cannot be computed precisely because net debt for FY2026 is not separately stated, though market capitalization to EBITDA works out to approximately 10.1 times at ₹192.93 crore.

The company’s reserves also changed materially during the period. Reserves declined from ₹25.79 crore to ₹24.53 crore even as net worth rose to ₹41.41 crore, which is consistent with the capitalization of reserves through a bonus issue that lifted paid-up share capital to approximately ₹16.87 crore.

Competitive Strengths & Key Risk Factors

Strengths	Risk Factors
Scaled from ₹30.26 Cr (FY24) to ₹105.80 Cr (FY26).	Revenue vulnerable to public procurement delays.
ROCE expanded to 44.88% in FY26.	High working-capital requirement.
Physical, digital, cyber, and DNA forensics with R&D.	Lower EBITDA and PAT margins despite top-line growth.
Multiple ISO certifications aid public sector bidding.	Foreign OEM sourcing adds FX and supply chain risk.
Reported zero borrowings in FY26.	Subject to lower liquidity and wider spreads.

How to Apply for Kwick Forensic Solutions IPO via Jainam

Investors can apply for the IPO through a demat and trading account using UPI or ASBA:

• Log in to the Jainam trading platform or mobile application.
• Open the IPO section and select Kwick Forensic Solutions from the active issues list.
• Enter the bid, selecting a minimum of two lots (3,200 shares), with the cut-off price option available to retail applicants.
• Provide the UPI ID linked to the bank account holding sufficient funds.
• Approve the UPI mandate before the applicable cut-off time. 
• Verify the block in the bank account, since an unapproved mandate results in a rejected application.

Bidding closes on August 31, 2026, but the UPI mandate approval deadline may be earlier than the exchange’s final-day bidding cut-off. 

How to Check Allotment Status

Once the allotment is finalized, investors can verify their status across multiple channels:

• Registrar Website: Visit the official IPO registrar’s portal and enter your PAN, application number, or Demat account number (DP ID/Client ID).
• Stock Exchange: Access the allotment status page on the relevant stock exchange (such as BSE or NSE), select the issue type, and input your details.
• Broker App: Log in to your trading platform and check the order or application status under the IPO section.
• Bank Account: Monitor your linked account; an unblocking of funds signals that no shares were allotted, while a debit indicates a successful allotment.

Conclusion

The Kwick Forensic Solutions IPO combines strong financial growth, highlighted by tripled revenue over two years, high capital returns, debt repayment, and a reasonable post-issue P/E of 14.29 times—with notable structural risks. These include narrowing EBITDA and PAT margins, dependency on government procurement cycles, heavy working capital demands, and a modest operational scale, alongside a ₹9.72 crore offer for sale by promoters who retain 64.65% post-issue. Investors should review the full prospectus and evaluate their applications in light of SME platform liquidity.

Key Highlights

• Issue structure: A total of 56,41,600 equity shares, comprising a fresh issue of approximately ₹41.05 crore and an offer for sale of ₹9.72 crore.
• Retail entry point: The lot size is 1,600 shares, though the minimum retail application is two lots at ₹2,88,000, reflecting SME threshold requirements.
• Financial trajectory: Total income rose from ₹30.26 crore in FY2024 to ₹105.80 crore in FY2026, with profit after tax reaching ₹13.51 crore.
• Valuation: The post-issue price-to-earnings ratio stands at 14.29 times at the upper band, against a pre-issue figure of 11.25 times.