Kwick Forensic Solutions Limited

Technology — Scientific & Technical Instruments · BSE

₹211.00−₹10.05 (−4.55%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Kwick Forensic Solutions Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Kwick Forensic Solutions Limited provides end-to-end forensic products, solutions, tools and technologies, and services for forensic science and physical evidence solutions, mobile CSI vehicles, cyber and digital forensics, and DNA forensics in India.

IndustryScientific & Technical Instruments

SectorTechnology

Annual revenue₹106 Cr

How does it make money?

Turns over ₹106 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹18 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 44.0%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 39.0% against a peer median of 32.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE32.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 2 years revenue moved +250% while net margin moved +36% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+250%

Margin effect+36%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

47/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

33.5x

Sector Median

16.5x

median of 4 sector peers

⚠️Against its sector it trades 102% above the peer median of 16.5x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

16.5x median of 4 peers · +102%

vs. generic bands

Fair

15x–35x

EV/EBITDA

23.3x

PEG

0.28

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 2 years.
Return on equity is rising
ROE has improved from 28.7% to 32.6%.
High return on capital employed
ROCE of 44.0% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 49.5% to 44.0% — often a sign of competition or overexpansion.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 44.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 102% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 65% a year✓ 87.2% CAGR
Latest reported year was 62.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 16%✓ 17.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹5 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 41%✓ 44.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 9 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹452 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

33.5x

Fair

Fairly valued against the generic band

P/B Ratio

8.60x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹6.3

Profitable

Profitable on a per-share basis

ROE

39.0%

Strong

Strong capital efficiency

ROCE

44.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

62.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

57.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

ROA

21.6%

Good

Assets are working hard

Operating Margin

17.5%

Good

Healthy core-business profitability

Net Margin

12.8%

Good

Strong bottom-line conversion

Current Ratio

2.90

Comfortable

Healthy short-term liquidity

52W Range Position

70%

Mid-range

Technical Snapshot

RSI (14)

64.4

Neutral momentum

Financial Trend (3-Year)

Metric	FY24	FY25	FY26	2Y CAGR
Revenue	₹30 Cr	₹65 Cr	₹106 Cr	+87.2%
EBITDA	₹5 Cr	₹12 Cr	₹19 Cr	+89.3%
EBITDA Margin	17.5%	18.3%	17.9%	—
PAT (Net Profit)	₹3 Cr	₹9 Cr	₹14 Cr	+118.3%
EPS	₹1.32	₹3.99	—	—
ROE	28.7%	30.7%	32.6%	—
ROCE	49.5%	41.0%	44.0%	—
Total Debt	₹3 Cr	₹3 Cr	—	—
Free Cash Flow	-₹3 Cr	₹4 Cr	₹5 Cr	—

🟢 Revenue has grown at 87.2% a year over 2 years.

🟢 EBITDA has grown at 89.3% a year over 2 years.

🟡 EBITDA Margin has held roughly flat at 17.9% over 2 years.

🟢 PAT (Net Profit) has grown at 118.3% a year over 2 years.

🟢 ROE has risen from 28.7% to 32.6% over 2 years (+3.9 pts).

🔴 ROCE has fallen from 49.5% to 44.0% over 2 years (-5.4 pts).

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹5 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹61 Cr

Total Liabilities

₹19 Cr

Cash & Equivalents

₹13 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

1.4%

Insider Holding

70.8%

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

6 general

KWICK FORENSIC SOLUTIONS LIMIT Share Price

Upstox, 16 Oct

Kwick Forensic Solutions Ltd. Share Price Live Today

CNBC TV18, 15 Oct

Compare INTENSIV AIR with

Equitymaster, 17 Oct

Kwick Forensic Solutions SME IPO opens today: GMP at 71%; check price band, lot size and key details

The Economic Times, 27 Aug

Kwick Forensic Solutions (BSE:544895) - Stock Analysis

Simply Wall Street, 10 Sept

Kwick Forensic Solutions IPO Date, Review, Price, Allotment Details

IPO Watch, 07 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself.

All 4 tripwires holding · see Key things to watch ↑