BSE SME IPO · Mar 24–27, 2026 · Listing: Apr 2
Highness Microelectronics IPO:
₹21.67 Cr Fresh Capital. P/E of 13.63x.
They Make Screens You’ll Never Notice. Yet.
A 19-year-old Mumbai-based display company that pays zero dividends and is listing on BSE SME because, well, they’re not yet important enough for the main board. But they’re profitable, growing fast, and their P/E is starting to look expensive for a firm with ₹61.96 crore market cap. Let’s peek at their balance sheet and ask some uncomfortable questions.
Market Cap (Pre-IPO)₹61.96 Cr
Issue Size₹21.67 Cr
Price Band₹114–₹120
P/E (Pre-IPO)16.7x
ROE (Dec 2025)40.97%
01 — At a Glance
You’ve Never Heard of Them. Their Customers Have. Everyone’s Waiting to Know Why.
- Incorporation2007 (19 years old)
- Latest Revenue (Dec 2025)₹14.41 Cr
- Latest PAT (Dec 2025)₹3.41 Cr
- Latest EPS (Dec 2025)₹7.19
- EBITDA Margin39.26%
- Latest Net Worth (Dec 2025)₹10.03 Cr
- Total Borrowing (Dec 2025)₹8.20 Cr
- Price to Book Value4.20x (Pre-IPO)
- ROE40.97%
- Total Assets (Dec 2025)₹24.03 Cr
Flash Summary: Highness Microelectronics is a teenage company that makes LCD screens and display modules for medical devices, trains, cars, and ATMs. They’re profitable with explosive margins (39.26% EBITDA). They have ₹40.97% ROE, which is stupidly high for a manufacturing company. But here’s the thing — they’re listing on BSE SME (not BSE main), they have ₹61.96 crore pre-IPO market cap (tiny), and the P/E of 16.7x is punchy for a ₹14 crore revenue firm. The IPO itself is tiny: ₹21.67 crore. If this company is so good, why aren’t the big boards fighting for them?
02 — Introduction
The Company Your Commute Depends On But You’ll Never See
Imagine you’re sitting in a Bangalore Metro train, looking at the passenger information display. That display? Probably made by a company you’ve never heard of. You’re withdrawing cash from an ATM in Hyderabad, staring at a black LCD screen that shows your balance. That screen? Made by a different company, also you’ve never heard of. You’re at a hospital, watching a medical monitor showing your vitals. That monitor’s display? Could be made by Highness Microelectronics.
For 19 years, Highness has been quietly building screens for industries that don’t advertise. They make display modules for industrial automation, medical devices, defence, transportation, and surveillance systems. Not sexy. Not consumer-facing. But profitable. Very profitable. EBITDA margins of 39.26% are the kind of numbers that make FMCG companies weep into their portfolio statements.
The company is run by three promoters: Gaurav Manjul Kejriwal, Manjul Kumar Kejriwal, and Shruti Gaurav Kejriwal. They own 99.90% pre-IPO, which means this is a family business. And family businesses listing on BSE SME usually have one of three stories: (a) the bank rejected them, (b) they’re genuinely too niche, or (c) they’re using the IPO as a first step to later migrate to the main board. Highness’s numbers suggest (c) is most likely — but only if execution goes right.
The Elephant in the Room: The IPO subscription status (as of Mar 24, 2026 10:54 AM on Day 1) shows 0.02x subscription overall. NII and retail investors have barely shown interest. This is not a hot IPO. Is it because the market sees structural risks, or because ₹21.67 crore is so small that serious money hasn’t bothered showing up yet? That distinction matters.
03 — Business Model: They Make Screens. You Don’t See Them.
B2B Display Manufacturing: The Invisible Billions.
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