Highness Microelectronics Ltd

BSE: 544741

₹ 306.65-2.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 158 crWebsite: www.highnessmicro.comUpdated: 24 Oct 2026

About

Highness Microelectronics Limited is a vertically integrated electronics company with 19+ years of experience specialising in advanced display and imaging solutions for defence & aerospace, railways, healthcare, and industrial sectors. The company reported FY26 revenue of INR 16.11 crores, growing 14.5% year-on-year. It is recognised as India's only CDSCO-approved manufacturer of medical-grade displays.^[1][2]

Business segments

Defence & Aerospace was the largest segment at ~39% of FY26 revenue (INR 6.38 crores), supplying ruggedised display solutions and avionics-grade backlight systems to system integrators.^[2][1]
Railways & Transportation contributed 27.08% of FY26 revenue (INR 4.36 crores), covering ticket vending machines, dynamic route map displays, and passenger information systems.^[1]
Healthcare contributed 26.67% of FY26 revenue (INR 4.30 crores), covering medical-grade display monitors.^[1]
Industrial was the smallest segment at 6.68% of FY26 revenue (INR 1.08 crores), serving industrial automation applications.^[1]

Products

Off-the-shelf products include TFT and LCD modules, display controllers, electroluminescent displays, vacuum fluorescent displays, touch screens, cable assembly & harness, backlight drivers & inverters, and display-enhancement solutions.^[1]
Market-specific solutions cover open-frame displays, panel-mount displays, industrial-grade displays, and medical-grade monitors for industrial automation, healthcare, railways, and defence & aerospace.^[1]
Display-enhancement capabilities include high-brightness backlighting, wide-temperature operation, EMI shielding, Night Vision Compatibility (NVIS), optical bonding, vandal-proofing, and anti-reflective cover glass.^[1]

Operations

Manufacturing is based at Rabale, Navi Mumbai, comprising Unit I and Unit II.^[1]
Capacity utilisation stood at approximately 20% in FY26, indicating significant headroom at the existing Rabale facility.^[2]
The company holds ISO 9001:2015, ISO 13485:2016 certifications and a Medical Device Manufacturing License (CDSCO/MDR).^[1]

Key operating numbers

Unexecuted purchase orders stood at approximately INR 8 - 10 crores as of the June 2026 earnings call, expected to be delivered within Q1 FY27.^[2]
Confirmed order projection for the 18 months from the June 2026 call stood at INR 30 crores.^[2]
Value addition in the defence & aerospace product range was 40 - 50% in FY26.^[2]
Days sales outstanding was approximately 235 days and overall cash conversion cycle approximately 323 days as of FY26, driven by elongated receivable cycles from government and defence customers.^[1]

Customers and distribution

The customer base is concentrated among established players in the defence and railways ecosystem, with government agencies and institutional clients as primary customers.^[1]
Three design wins were secured from Australia (railways and aerospace mix) generating over INR 5 - 6 crores in revenue; three further Australian railway design wins are in pipeline for FY27.^[2]
A domestic order worth approximately INR 6 crores for medical monitors, industrial displays, and accessories was received from Premia Solutionz Private Limited, with a 16 - 20-week execution timeline.^[3][4]

Expansion and capex

Land acquisition at the Goa Electronics Manufacturing Cluster (Tuem, Pernem) is complete; a greenfield chip-on-glass and film-on-glass facility is planned under the ECMS scheme, with first commercial production targeted around July - August 2027.^[2][1]
Phase 1 machine capex for the Goa facility is estimated at INR 10 - 12 crores; Phase 2 at INR 8 - 10 crores, totalling approximately INR 20 crores across both phases.^[2]
The Goa COG/FOG facility is intended to replace open-cell glass imports from China and Taiwan, targeting an initial input cost reduction of 8 - 10% rising to approximately 15% at maturity.^[2]
Advanced glass-cutting machines for customised stretched bar displays (railways and metro) have been ordered for the existing Rabale facility, with operations expected by end of July or mid-August 2026.^[2]

Recent developments

An MoU was signed with Axiom Manufacturing (USA) for mutual market access; under the arrangement, Highness designs products in India and Axiom manufactures in the US to meet US local-content requirements. A Canadian railway business is already being pursued.^[2]
As of September 2026, export proceeds from shipments made since September 2024 remain unrealised beyond the FEMA 9-month deadline; management was in discussion with the debtor to resolve collection hurdles.^[1]
The company is evaluating preference share issuance and structured debt instruments including NCDs alongside internal accruals to fund its working-capital-intensive operations.^[1]

Market Cap

₹158 Cr

High / Low

₹295 / 108

Stock P/E

-1966.3

Price / Book

0.0

Book Value

₹51

EPS

₹-0.1

No. of Shares

0.54 Cr

ROCE

0.9%

ROE

-0.2%

OPM

5.0%

Debt / Equity

0.29

Sales

₹6 Cr

Net Profit

₹0 Cr

Promoter holding

65.0%

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