Paras Defence And Space Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Defence Engineering: 58.2% • Optics & Optronic Systems: 41.8%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 41.5% CAGR over last 5 years
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 45.3% YoY, showing strong momentum
- Company has delivered good sales growth of 27.2% CAGR over last 5 years
CONS
- Promoter holding has decreased over last 2 years: -5.7pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.13x)
- Valuation is stretched - P/E of 123.8 is well above its own 5-year median (37.2)
- Stock is trading at 7.0x its book value
- Operating margins have contracted to 25.5% from 29.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4955.00 | 35.55 | 331378.01 | 0.91 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 403.00 | 47.93 | 294584.09 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1191.00 | 83.83 | 43657.59 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4774.10 | 3475.01 | 26727.31 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1694.95 | 85.13 | 16092.70 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1749.35 | 87.67 | 15795.39 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 230.10 | 309.89 | 15432.02 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 412.90 | 126.47 | 15343.34 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| PARAS | 1451.10 | 123.81 | 11694.03 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1570.20 | 110.97 | 7992.63 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1868.35 | 218.70 | 7946.74 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4212.10 | 125.31 | 6217.91 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 48 | 61 | 64 | 80 | 84 | 87 | 86 | 108 | 93 | 106 | 106 | 171 | 128 | |
| 37 | 46 | 52 | 67 | 59 | 64 | 64 | 80 | 71 | 76 | 80 | 129 | 102 | |
| Operating Profit | 11 | 16 | 12 | 12 | 24 | 23 | 22 | 28 | 22 | 30 | 26 | 43 | 26 |
| OPM % | 22.41% | 25.35% | 19.38% | 15.37% | 28.86% | 26.12% | 25.71% | 26.14% | 23.55% | 28.08% | 24.65% | 24.87% | 20.39% |
| 1 | 1 | 1 | 5 | 1 | 2 | 2 | 4 | 2 | 2 | 2 | 12 | 2 | |
| Interest | 1 | 1 | 2 | 2 | 2 | 3 | 1 | 2 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 8 | 12 | 8 | 12 | 20 | 18 | 19 | 27 | 20 | 27 | 23 | 48 | 28 |
| Tax % | 25.51% | 27.97% | 29.98% | 20.78% | 27.61% | 30.05% | 28.00% | 22.07% | 26.54% | 26.79% | 27.37% | 19.74% | 25.98% |
| Net Profit | 0 | 0 | 0 | 0 | 14 | 13 | 14 | 21 | 14 | 19 | 17 | 39 | 21 |
| 1.54 | 2.42 | 1.71 | 2.56 | 3.81 | 1.78 | 1.87 | 2.45 | 3.69 | 2.56 | 2.26 | 4.27 | 2.63 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 154 | 147 | 143 | 183 | 222 | 253 | 365 | 477 | 511 | |
| 102 | 111 | 107 | 99 | 130 | 165 | 200 | 265 | 355 | 387 | |
| Operating Profit | 41 | 43 | 40 | 44 | 52 | 58 | 54 | 100 | 121 | 125 |
| OPM % | 28.78% | 27.98% | 27.01% | 30.75% | 28.73% | 25.93% | 21.11% | 27.29% | 25.49% | 24.37% |
| 3 | 3 | 2 | 1 | 3 | 8 | 8 | 8 | 20 | 18 | |
| Interest | 7 | 10 | 10 | 13 | 8 | 8 | 8 | 9 | 7 | 5 |
| Depreciation | 7 | 9 | 10 | 10 | 10 | 11 | 13 | 15 | 17 | 17 |
| Profit before Tax | 30 | 27 | 22 | 23 | 37 | 47 | 40 | 84 | 118 | 126 |
| Tax % | 17.53% | 29.24% | 9.80% | 30.18% | 25.96% | 23.28% | 25.77% | 26.45% | 23.98% | 24.01% |
| Net Profit | 25 | 19 | 20 | 16 | 27 | 36 | 30 | 61 | 89 | 96 |
| EPS | 44.93 | 6.74 | 6.92 | 5.55 | 7.78 | 9.25 | 8.22 | 15.75 | 10.93 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.35% | 9.15% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 27%
- 3 Years:
- 29%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 56%
- 1 Year:
- 120%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 11%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 28 | 30 | 39 | 39 | 39 | 40 | 40 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -3 | -0 |
| 118 | 147 | 144 | 177 | 339 | 374 | 406 | 599 | 683 | |
| 60 | 76 | 97 | 96 | 31 | 15 | 65 | 23 | 26 | |
| Trade Payables | 23 | 53 | 27 | 15 | 15 | 26 | 61 | 55 | 57 |
| 50 | 48 | 46 | 45 | 33 | 66 | 83 | 155 | 189 | |
| Total Liabilities | 257 | 330 | 342 | 363 | 458 | 521 | 652 | 870 | 996 |
| 171 | 168 | 158 | 157 | 136 | 153 | 186 | 190 | 190 | |
| Capital Work in Progress | 1 | 3 | 5 | 1 | 0 | 5 | 4 | 8 | 9 |
| 0 | 0 | 0 | 1 | 4 | 12 | 22 | 28 | 33 | |
| 44 | 65 | 60 | 75 | 67 | 93 | 150 | 151 | 160 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 198 | 295 | 363 | |
| Cash & Bank | 3 | 2 | 4 | 8 | 76 | 40 | 11 | 111 | 119 |
| 38 | 92 | 115 | 121 | 175 | 218 | 80 | 87 | 123 | |
| Total Assets | 257 | 330 | 342 | 363 | 458 | 521 | 652 | 870 | 996 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 45 | -5 | 4 | 11 | 23 | 55 | -46 | 45 | 25 | |
| Cash from Investing | -49 | -10 | -5 | -6 | -77 | 10 | -2 | -87 | -17 |
| Cash from Financing | 8 | 21 | 9 | 5 | 63 | -41 | 33 | 74 | -17 |
| -1 | -0 | 1 | 3 | -2 | 15 | -14 | 31 | -9 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Paras Defence And Space Technologies Limited has submitted the Exchange the voting results along with Scrutinizer's report for its 17th Annual General Meeting held on September 11, 2026.
2026-09-11 - Paras Defence And Space Technologies Limited has informed the Exchange regarding Proceedings of the 17th Annual General Meeting held on September 11, 2026
2026-08-22 - Paras Defence And Space Technologies Limited has informed the Exchange regarding 'Communication To Shareholders - Intimation Of Tax Deduction On Dividend'.
2026-08-19 - Paras Defence And Space Technologies Limited has informed the Exchange about Schedule of meet
2026-08-19 - Paras Defence And Space Technologies Limited has informed the Exchange about Newspaper Advertisement for 17th Annual General Meeting.
2026-08-18 - Paras Defence And Space Technologies Limited has informed the Exchange regarding Notice of 17th Annual General Meeting to be held on September 11, 2026
2026-08-17 - Paras Defence And Space Technologies Limited has informed the Exchange about meeting Analysts / Institutional Investors at Manufacturing Forum 2026 organised by Kotak Institutional Equities.
2026-08-14 - We would like to inform you that the management of PARAS will be meeting Analysts / Institutional Investors at Motilal Oswal 22nd Annual Global Investor Conference.
2026-08-08 - Submission of Newspaper Publication of Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended June 30, 2026
News
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