Company Overview

AGM Details

  • Date: Thursday, September 10, 2026
  • Time: 12:00 noon IST
  • Mode: Video Conferencing/Other Audio-Visual Means (VC/OVAM)
  • Cut-off date for e-voting: Thursday, September 3, 2026
  • E-voting period: September 7, 2026 (9:00 AM) to September 9, 2026 (5:00 PM)
  • Scrutinizer: Mr. Chetan T. Mandlia

Document Distribution

  • Annual report sent electronically to members with registered email addresses
  • Physical copies available upon request for shareholders without email registration
  • Documents available on company website: https://highnessmicro.com/

Financial Performance Highlights (FY 2025-26)

Key Financial Metrics (₹ in Lakhs)

| Particulars | FY26 | FY25 | YoY Growth |

| Revenue from Operations | 1,611.92 | 1,407.38 | 14.53% |

| EBITDA | 661.76 | 451.88 | 46.45% |

| EBITDA Margin | 41.05% | 32.11% | 894 bps |

| Profit Before Tax (PBT) | 534.57 | 326.60 | 63.68% |

| PBT Margin | 33.16% | 23.21% | 995 bps |

| Profit After Tax (PAT) | 410.39 | 245.82 | 66.95% |

| PAT Margin | 25.46% | 17.47% | 799 bps |

| EPS (₹) | 7.95 | 7.19 | 10.57% |

Segment-wise Revenue Performance (₹ in Lakhs)

| Segment | FY26 | % Contribution | FY25 | % Contribution |

| Defense & Aerospace | 637.95 | 39.58% | 422.03 | 29.99% |

| Railways & Transportation | 436.49 | 27.08% | 41.78 | 2.99% |

| Healthcare | 429.86 | 26.67% | 244.32 | 17.57% |

| Industrial | 107.62 | 6.68% | 694.71 | 49.45% |

Balance Sheet Highlights (as of March 31, 2026)

  • Total Assets: ₹4,587.70 Lakhs
  • Share Capital: ₹516.36 Lakhs (51,63,600 equity shares of ₹10 each)
  • Reserves and Surplus: ₹2,200.08 Lakhs
  • Cash and Cash Equivalents: ₹2,180.64 Lakhs
  • Trade Receivables: ₹1,036.56 Lakhs
  • Inventories: ₹843.33 Lakhs
  • Total Borrowings: ₹794.34 Lakhs (Long-term: ₹187.70 Lakhs, Short-term: ₹606.64 Lakhs)

IPO Details

  • IPO Completion Date: March 30, 2026
  • Listing Date: April 2, 2026 on BSE SME
  • Issue Size: ₹21.67 crore
  • Issue Price: ₹120 per share
  • Issue Composition: Fresh issue of up to 16,53,600 shares + OFS of up to 1,52,400 shares
  • Subscription: 193.9 times
  • Listing Performance: Opened at ₹125 (4.17% premium), touched upper circuit of ₹130 (8.33% premium)
  • Utilization of Proceeds: Funding capital expenditure, working capital requirements, and general corporate purposes

Operational Highlights

Business Segments

1. Off the Shelf Products: TFT-LCD modules, display controllers, electroluminescent displays, vacuum fluorescent displays, touch screens, cable assembly & harness, backlight drivers & inverters, display enhancement solutions

2. Market Specific Solutions/Projects: Open-frame displays, panel-mount displays, industrial grade displays, medical grade display monitors serving defense, medical, railways, and industrial automation

Manufacturing Facilities

  • Factory Unit I: R-364, TTC Industrial Area, Rabale, Mumbai-400701
  • Factory Unit II: Pap - R 486, TTC Industrial Area, Rabale, Mumbai-400701
  • Goa Greenfield Facility: Electronics Manufacturing Cluster, Tuem, Pernem, Goa (commenced during FY26)

Certifications and Recognition

  • ISO 9001:2015 and ISO 13485:2016 certified
  • India's only CDSCO approved manufacturer of medical-grade displays
  • Recognized by Society for Information Display (SID) USA and SPIE

Corporate Governance

Board of Directors

1. Mr. Gaurav Manjul Kejriwal - Managing Director (DIN: 01506981)

2. Mr. Manjul Kumar Kejriwal - Non-executive Non-independent Director (DIN: 01507039)

3. Mrs. Shruti Gaurav Kejriwal - Whole-time Director (DIN: 10593550)

4. Mr. Keval Mahendra Shah - Independent Director

5. Mrs. Jaya Ankur Singhania - Independent Director

6. Mr. Sanjiv Swarup - Independent Director

7. Ms. Kavita Kailash Bohra - Independent Director

Key Managerial Personnel

  • Mr. Mayurkumar Gori - Chief Financial Officer
  • Ms. Gouri Apoorva - Company Secretary & Compliance Officer (joined June 2026)

Board Committees

1. Audit Committee: Mr. Keval M. Shah (Chairperson), Ms. Kavita K. Bohra, Mr. Gaurav M. Kejriwal

2. Nomination and Remuneration Committee: Mrs. Jaya A. Singhania (Chairperson), Mr. Keval M. Shah, Mr. Manjul K. Kejriwal

3. Stakeholder Relationship Committee: Mr. Keval M. Shah (Chairperson), Mr. Gaurav M. Kejriwal, Mrs. Shruti G. Kejriwal

Capital Structure Changes

  • Bonus Issue: August 2024 - 350:1 ratio (35,00,000 equity shares issued)
  • IPO: March 2026 - 16,53,600 equity shares issued
  • Post-IPO Paid-up Capital: ₹5,16,36,000 (51,63,600 equity shares of ₹10 each)

Dividend and Reserves

  • Dividend: No dividend recommended for FY 2025-26 to conserve reserves
  • Reserves: No amount transferred to reserves; entire profit maintained in profit and loss account

Related Party Transactions

Loans from directors/relatives during the year:

  • Mr. Gaurav Kejriwal: Opening ₹34,524, Advances ₹49,822, Closing ₹(48,175)
  • Mrs. Shruti Kejriwal: Opening ₹9,408, Advances ₹10,266, Closing ₹(9,600)

Legal and Regulatory Matters

  • GST Dispute: ₹29.23 lakh dispute for period April 2020-March 2021 (Order U/S 73) - under appeal
  • Customs Duty: ₹50.19 lakh outstanding, goods lying in customs warehouse
  • No material orders from judicial bodies/regulators affecting going concern status

Risk Factors

  • Working Capital Intensity: DSO of 235 days due to government/defense customer payment cycles
  • Customer Concentration: Reliance on limited set of large defense and railways customers
  • Component Supply Risk: Dependence on globally sourced electronic components
  • Execution Risk: Goa greenfield facility approval and execution under ECMS scheme

Future Outlook

  • Focus on improving working capital efficiency and reducing cash conversion cycle
  • Expansion through Goa manufacturing facility under ECMS scheme
  • Continued growth across defense, railways, healthcare, and industrial segments
  • Investment in R&D and technology enhancement for next-generation IoT-enabled systems