Kwick Forensic IPO

Kwick Forensic Solutions supplies the equipment police forces and government forensic laboratories use to collect and examine physical evidence. Its catalogue covers four product lines: fingerprint and physical-evidence kits, including chemicals, light sources and tamper-evident packaging; mobile crime-scene-investigation vehicles fitted out as field units; cyber and digital forensics hardware; and DNA collection and laboratory equipment. It also rents out OEM instruments such as handheld liquor-detection scanners and X-ray imaging systems, and sells annual maintenance contracts and post-sale training. Customers are state and central police departments, fingerprint bureaux, forensic science laboratories and training institutes, reached through Government e-Marketplace listings, state e-tendering portals and direct sales. The company imports some instruments and assembles kits at its Chennai office-cum-warehouse.

Revenue is tender-led. Sales of goods were 91.08% of FY26 revenue from operations of Rs 105.71 crore, and services — equipment rental plus AMC — the remaining 8.92%. Kwick buys or imports instruments and assembles kits rather than manufacturing, so cost of goods sold ran 72.94% of revenue in FY26 against 68.85% in FY25, leaving an 18.03% EBITDA margin. Imports fell to 8.65% of purchases in FY26 from 34.58% in FY24. The structural constraint is government payment cycles: 55.22% of FY26 revenue came from government entities, net working capital ran 124 days, and tenders require performance bank guarantees, of which Rs 592.85 lakh was outstanding at FY26.