Highness Microelectronics Limited is an ISO 9001:2015 and ISO 13485:2016 certified Company, engaged in the Design, Development, Integration, Assembly and Manufacture of Digital-Imaging Solutions. The Company operates in two main categories namely ‘Off the Shelf Products’ and ‘Market Specific Solutions / Project’. Under ‘Products’ category, they offer Flat Panel Displays like Thin Film Transistor (‘TFT’) and Liquid Crystal Display (‘LCD’) module, Display Controllers, Electrolumiscent Displays, Vacuum Fluorescent Displays, Touch Screens, Cable Assembly & Harness, Backlight Drivers & Inverters and ‘Display-Enhancement solutions. Further under ‘Display-Enhancement Solutions’, they undertake value addition process to ruggedize Commercial off the Shelf (‘COTS’) displays; these value addition processes include- Backlight enhancement for High-Brightness for Outdoor & Direct-Sunlight readability, Wide-Operating Temperature for extreme-climatic conditions, Electro-Magnetic Interference (‘EMI’) shielding for mission critical operations, Night Vision Compatibility (‘NVIS’), Optical-Bonding , Vandal-Proofing as well as outdoor visibility, Adding cover glass to achieve Anti-Reflective, Anti-Glare, AntiFingerprint/Smudge etc. Company carries out its operations from its registered office and manufacturing unit situated at P. No. 1658, Phase I, Sector 38, Industrial Estate Rai Distt., Sonepat, Haryana, covering an approximate area of 1,012.50 Sq. Mtrs and Plot No. 1689, HSIIDC, Sec-38, Ph-I, Rai, Distt. Sonipat, Haryana covering an approximate area of 1,012.50 Sq. Meters. Majority of their operations are carried out in-house with a team of skilled workforce and engineers. In addition to the manufacturing activities, the Company is engaged in trading of ancillary products aligned with its core manufacturing operations, including procurement and supply of such items to clients. They also offer comprehensive Services which includes Construction, Erection and Dismantling Work, Installation & Commissioning Charges etc. The ‘Market-specific solution/ Project’ category includes Display-monitors in form factors such as Open-Frame Displays, Panel-Mount Displays, Industrial Grade Displays and Medical Grade Display Monitors. The industry verticals for these display monitors are Industrial Automation, Medical & Healthcare, Railways (Trains & Metros and Automobiles) and Defence & Aerospace. Company provides custom products based on the specific needs and technical requirements of the Original Equipment Manufacturer (OEM) customers. They work closely with them to deliver solutions that match each project's requirements. The focus on customization helps them meet the needs of every client. As per financial performance, Highness Microelectronics Limited has posted total income / net profits of Rs 9.90 / 0.44 Cr (FY23), Rs 10.99 / Rs 2.38 Cr (FY24), Rs 14.17 Cr / 2.52 Cr (FY25) and Rs 14.41 Cr / 3.41 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also higher inventory level (around 40% of FY25 total sales value) and higher trade receivables (around 30% of FY25 total sales) generates red flag. As on December 31, 2025, the Order Book was around Rs 10/- Cr. Company has an average EPS of Rs 6.07 and average RoNW of 55.96% for last three fiscals. Issue is priced at a P/BV of 4.20 as per NAV of Rs 28.57/- as on 31.12.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 25.95, 24.56 and 13.63 respectively. As per RHP, there are no listed peers in the Indian market. On BRLM's front, Fintellectual Corporate Advisors Private Limited is associated with this IPOs, and has handled 3 IPOs in last three fiscal years. From last 3 IPOs, one opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 3 IPOs, all are trading below issue price or at par. (as on 19.03.26 ) As per financials, Highness Microelectronics Limited has shown good growth, RoNW is 47.09% and P/E is 25.95, 24.56 and 13.63 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. But, sudden rise in net-profit just before IPO, higher inventory level and trade receivables raises doubts. Company engaged in the Design, Development, Integration, Assembly and Manufacture of Digital-Imaging Solutions, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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