Kwick Forensic Solutions Limited was originally incorporated in 2005 as "Kwick Soft Solutions Private Limited" by Mr. Shammer Saralal Shah. The company initially focused on software development, specifically 3D rendering, animation, and simulation for the construction sector. In 2008, recognizing the potential for technology-enabled training, the company developed an Interactive Virtual Reality Crime Scene Simulator to train personnel in police academies and forensic science colleges. This project received substantial backing and funding from the Ministry of Science & Technology, the Directorate of Forensic Science, and TIFAC (Technology Information, Forecasting and Assessment Council). Since FY2015, Kwick Forensic has systematically expanded its focus into fingerprint sciences, physical evidence collection kits, cyber and digital forensics, and social media big data analytics. Today, the company specializes in Total Evidence Management and Law-Enforcement solutions, providing turnkey systems that help investigators detect, collect, and digitize evidence at crime scenes in a tamper-evident manner to ensure admissibility in courts.
The company’s business model and revenue are divided into two main streams: Sales of Goods (representing approximately 91.08% of FY26 revenues) and Sales of Services (representing approximately 8.92% of FY26 revenues). Within the Sales of Goods vertical, Kwick Forensic operates across four core segments:
Forensic Science & Physical Evidence Solutions: Turnkey forensic and scientific kits (e.g., fingerprint powder, ballistics, narcotics, and blood testing) along with controlled-environment fuming chambers.
Mobile Crime Scene Investigation Vehicles (MCSIV): Fully customized, vehicle-mounted mobile forensic laboratories and motorcycle-mounted kits that enable on-site preliminary analysis.
Cyber & Digital Forensics: Hard-to-acquire computer retrievers, write-blockers, and analytics software utilized to extract and preserve electronic evidence.
DNA Forensics: Biological sample-collection solutions, genetic analyzers, and secure DNA databasing and profile-matching software via an authorized non-exclusive distribution agreement with SmallPond.
The Sales of Services division primarily covers the renting of forensic equipment—specifically handheld x-ray scanners used by enforcement agencies for liquor detection—which are leased from international OEMs and sub-leased to local governments along with contracted support staff.
Kwick Forensic’s key customer segment comprises Indian law enforcement and judicial institutions. Its focused client base includes central and state police departments, forensic science laboratories (FSLs), fingerprint bureaus, crime investigation departments (CIDs), police training academies, and universities. Over the last three fiscal years, the company has successfully diversified its geographical base16. While state agencies in Bihar and Gujarat have historically been their largest clients, Kwick Forensic has established a nationwide presence. In FY26, the company generated meaningful revenues across multiple states, including Gujarat (29.39%), Tamil Nadu (10.59%), Bihar (9.02%), Karnataka (8.20%), and other regions including Maharashtra, Rajasthan, Karnataka, West Bengal, Kerala, Delhi, Punjab, and Haryana. The company acquires its public sector clients primarily through competitive government tenders, e-procurement portals, and the Government e-Marketplace (GeM).
In terms of manufacturing infrastructure, Kwick Forensic operates as a supply, assembly, and integration enterprise rather than a primary manufacturer. Consequently, the company does not own any heavy plant or machinery, and installed capacity or capacity utilization figures are not applicable to its business model [104, multimodal_33]. The company operates a highly flexible, asset-light assembly division at its Registered Office and Chennai branch office. For its specialized offerings, such as Mobile CSI Vehicles, the company shifted its operational strategy in FY25 to outsource vehicle procurement and structural fabrication to local dealers. KfSL’s internal operations team directly supervises the final electrical, IT, and software-hardware integration, as well as the installation of scientific kits on-site20. Similarly, raw materials, components, and single-use supplies are procured from leading domestic and global suppliers and assembled into customized, target-specific kits at the company’s facilities.
The company's core technological and operational advantage lies in its specialized research and development center. Kwick Forensic maintains an active branch office in Kilpauk, Chennai, which houses its R&D division, product demonstration center, and a dedicated proof-of-concept private forensic laboratory. This division is formally recognized by the Department of Scientific and Industrial Research (DSIR). The R&D team has successfully designed and commercialized several proprietary devices (such as the Kwick Vision Pro "CSI Pro" device, multispectral fuming chambers, and optical comparators), which has significantly lowered the company's reliance on imported forensic equipment. Under active development is an "E-Forensics" software suite comprised of 10 proprietary mobile applications. These applications are strategically tailored to digitally document every step of the investigation process—from the initial crime scene to final court proceedings—ensuring strict alignment with the new BNSS (Bharatiya Nagarik Suraksha Sanhita) framework.
As per financial performance, Kwick Forensic Solutions Limited has posted total income / net profits of Rs 30.26 Cr / Rs 2.83 Cr (FY24), Rs 65.08 Cr / Rs 8.56 Cr (FY25) and Rs 105.80 Cr / Rs 13.51 Cr (FY26). So as per previous financials data, the company has shown stellar top-line and bottom-line growth, with total income expanding at an exceptional CAGR of 87.15% and restated Profit After Tax growing at a CAGR of 118.29%, while also reducing its leverage to become completely debt-free as of March 31, 2026. Company has an average EPS of Rs 7.24 and average RoNW of 31.33% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.67 as per NAV of Rs 24.54 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.34. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 68.06, 22.54, and 14.28 respectively. As per RHP, a comparison between listed peers shows that there are no comparable listed peer companies engaged in the exact same line of forensic business in India, positioning the company as a unique first-mover play on listing.
On BRLM's front, Corporate Capital Ventures Private Limited is associated with this IPO, and has handled 25 IPOs in the past. om last 10 IPOs, one opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, four are trading below the issue price and the remaining six are trading above the issue price or at par. (As On 22.08.26)
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