Highness FY26 revenue mix shifts to exports, defence and railways

Highness Microelectronics Limited shifted its FY26 revenue mix toward international markets, which generated Rs 9.0613 crore against domestic revenue of Rs 7.0579 crore, while defence and aerospace became its largest segment at Rs 6.3795 crore. Highness reported total revenue from operations of Rs 16.1192 crore in FY26.

Did Highness’ international revenue exceed domestic sales in FY26?

Yes. Highness reported FY26 international revenue of Rs 9.0613 crore, compared with domestic revenue of Rs 7.0579 crore, making international business the larger geographical contributor during the year.

International revenue increased from Rs 4.3133 crore in FY25 to Rs 9.0613 crore in FY26, while domestic revenue declined from Rs 9.7605 crore to Rs 7.0579 crore. This reversed the FY25 relationship, when domestic revenue exceeded international revenue by Rs 5.4472 crore; in FY26, international revenue was higher by Rs 2.0034 crore.

The geographical totals reconcile with Highness’ reported revenue from operations of Rs 14.0738 crore in FY25 and Rs 16.1192 crore in FY26. Total revenue therefore rose by Rs 2.0454 crore year on year, as the Rs 4.748 crore increase in international revenue more than offset a Rs 2.7026 crore decline in domestic sales.

The presentation also reports FY24 domestic revenue of Rs 10.5863 crore and international revenue of Rs 11.83 lakh, against total revenue of Rs 10.7046 crore. Across the disclosed three-year period, domestic revenue declined from Rs 10.5863 crore to Rs 7.0579 crore, while international revenue increased from Rs 11.83 lakh to Rs 9.0613 crore.

Which Highness segments led FY26 revenue?

Defence and aerospace led Highness’ FY26 segment mix with revenue of Rs 6.3795 crore, representing 39.58% of reported FY26 revenue. Railways followed at Rs 4.3649 crore, or 27.08%, while medical and healthcare generated Rs 4.2986 crore, or 26.67%.

Defence and aerospace increased from Rs 4.2203 crore in FY25, when it accounted for 29.99% of revenue. Its Rs 2.1592 crore increase made it the largest FY26 segment, ahead of railways by Rs 2.0146 crore and medical and healthcare by Rs 2.0809 crore.

Railways recorded a substantial change between the two reported years. Revenue rose from Rs 42.14 lakh in FY25 to Rs 4.3649 crore in FY26, while its stated revenue share increased from 2.99% to 27.08%.

Medical and healthcare revenue rose from Rs 2.4728 crore in FY25 to Rs 4.2986 crore in FY26, and its stated share increased from 17.57% to 26.67%. Industry automation moved in the opposite direction, declining from Rs 6.9593 crore and a 49.45% share in FY25 to Rs 1.0762 crore and a 6.68% share in FY26.

How did Highness’ revenue mix change from FY25?

Highness’ FY26 mix was led by defence and aerospace, railways, and medical and healthcare, whose stated shares together were 93.33%, compared with 50.55% for the same three segments in FY25. Industry automation’s stated share fell from 49.45% to 6.68% over the same period.

The four FY26 segment revenue figures total Rs 16.1192 crore, matching Highness’ revenue from operations for the year. The FY25 segment figures also total Rs 14.0738 crore, matching that year’s reported revenue from operations, subject to rounding in the displayed segment percentages.

The largest absolute increase was in railways, where revenue rose by Rs 3.9435 crore. Defence and aerospace and railways together generated Rs 10.7444 crore in FY26, compared with Rs 4.6417 crore in FY25, while industry automation declined by Rs 5.8831 crore.

The presentation’s FY24 segment revenue amounts do not reconcile with its reported FY24 revenue from operations. It lists FY24 industry automation revenue of Rs 524.036 crore, medical and healthcare revenue of Rs 246.8488 crore, railways revenue of Rs 269.6114 crore, and defence and aerospace revenue of Rs 29.966 crore, while the income statement and geographical table show total FY24 revenue of Rs 10.7046 crore.

What do the FY26 mix changes mean for Highness?

Highness’ FY26 revenue increase of Rs 2.0454 crore was accompanied by a reallocation of sales by geography and end market. International revenue reached Rs 9.0613 crore from Rs 4.3133 crore, while defence and aerospace, railways and medical and healthcare represented 93.33% of the presentation’s stated FY26 segment mix.

The income statement also reported higher profitability in FY26. Highness recorded EBITDA, or earnings before interest, tax, depreciation and amortisation, of Rs 6.6176 crore and an EBITDA margin of 41.05%, compared with Rs 4.5188 crore and 32.11% in FY25.

Net profit rose from Rs 2.4581 crore in FY25 to Rs 4.104 crore in FY26, and net profit margin increased from 17.47% to 25.46%. The presentation provides these company-level results but does not disclose segment-level margins, so it does not identify the profitability contribution of exports, defence and aerospace, railways, or medical and healthcare.

The disclosed figures also do not explain the commercial cause of the industry automation decline or the growth in international sales. Highness does not provide customer concentration, order backlog, contract duration, or a mapping between geographical sales and its four end-market segments, limiting conclusions about the source of the mix shift.

Conclusion

Highness’ FY26 disclosures show that its Rs 16.1192 crore revenue base changed materially from FY25. International sales overtook domestic sales, defence and aerospace replaced industry automation as the largest disclosed segment, and railways rose from Rs 42.14 lakh to Rs 4.3649 crore. At the same time, revenue, EBITDA and net profit increased year on year.

What to watch next is whether Highness provides further disclosure on the sustainability of its international revenue and the segment mix, particularly railways’ 27.08% and defence and aerospace’s 39.58% FY26 shares. Further presentation disclosure could also clarify the unresolved mismatch between the FY24 segment rupee figures and reported FY24 revenue of Rs 10.7046 crore.