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Paras Defence And Space Technologies Ltd.

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parasdefence.comBSE: 543367NSE: PARAS
Market Cap₹ 11,548 Cr.
Current Price
High / Low₹ 1,585 / 580
Stock P/E122.3
Book Value₹ 87
Price to Book7.04
Dividend Yield0.07 %
ROCE18.7 %
ROE14.0 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Defence Engineering: 58.2% • Optics & Optronic Systems: 41.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence
72%
View full sector analysis →

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 122.3 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

Capital GoodsCapital GoodsAerospace & Defense
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.HAL4898.7535.15327616.150.921589.6614.885515.1714.4531.9927.89
2.BEL405.5048.23296411.530.621054.538.825546.9824.9436.6825.22
3.BDL1190.5083.8043639.270.41118.79547.36572.24147.6313.9114.52
4.DATAPATTNS4832.903517.8127056.490.21220.60765.101160.301068.1323.1827.04
5.ASTRAMICRO1677.9584.2715931.300.1412.35-24.12176.66-11.5520.2920.40
6.APOLLO421.95129.2415679.640.06252.161325.842512.931781.1714.5221.38
7.ZENTEC1722.8586.3515556.120.0631.85-39.99141.64-10.4816.8327.13
8.AEQUS226.05304.4315160.400.00-532.28-6067.263955.451486.691.504.47
9.PARAS1433.00122.2711548.160.0720.7445.34127.9137.2618.6824.95
10.UNIMECH1609.30113.748191.660.0027.8645.70107.6270.8512.1036.35
11.AXISCADES1831.10214.347788.310.00-14.76-170.76183.35-24.7714.564.73
12.CENTUM4210.75125.276215.920.1210.55135.70204.15-22.5326.0211.54
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4861648084878610893106106171128
3746526759646480717680129102
Operating Profit11161212242322282230264326
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%
11151224222122
Interest1122231211121
Depreciation3333444444444
Profit before Tax812812201819272027234828
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 Profit0000141314211419173921
1.542.421.712.563.811.781.872.453.692.562.264.272.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
143154147143183222253365477511
10211110799130165200265355387
Operating Profit41434044525854100121125
OPM %28.78%27.98%27.01%30.75%28.73%25.93%21.11%27.29%25.49%24.37%
332138882018
Interest7101013888975
Depreciation791010101113151717
Profit before Tax3027222337474084118126
Tax %17.53%29.24%9.80%30.18%25.96%23.28%25.77%26.45%23.98%24.01%
Net Profit25192016273630618996
EPS44.936.746.925.557.789.258.2215.7510.93—
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

Corporate actions

2026

Aug 28

₹ 0.20

Rs.1.0000 per share(20%)Final Dividend

2025

Aug 8

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2026

Aug 10

₹ 0.20

Rs.1.0000 per share(20%)Final Dividend

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital6628303939394040
Minority Interest000000-1-3-0
118147144177339374406599683
607697963115652326
Trade Payables235327151526615557
50484645336683155189
Total Liabilities257330342363458521652870996
171168158157136153186190190
Capital Work in Progress135105489
0001412222833
446560756793150151160
000000198295363
Cash & Bank3248764011111119
38921151211752188087123
Total Assets257330342363458521652870996

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
45-54112355-464525
Cash from Investing-49-10-5-6-7710-2-87-17
Cash from Financing8219563-413374-17
-1-013-215-1431-9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58.9458.9457.0557.0553.7453.2053.2053.2053.20
2.973.464.845.246.855.704.925.068.29
0.070.631.481.541.941.461.281.233.04
Government0.000.000.000.000.000.000.000.000.00
38.0236.9636.6236.1737.4539.6540.6040.5135.46

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Shareholders meeting

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
Shareholders meeting

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
Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Paras Defence And Space Technologies Limited has informed the Exchange about Schedule of meet

2026-08-19
Copy of Newspaper Publication

2026-08-19 - Paras Defence And Space Technologies Limited has informed the Exchange about Newspaper Advertisement for 17th Annual General Meeting.

2026-08-18
Shareholders 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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Copy of Newspaper Publication

2026-08-08 - Submission of Newspaper Publication of Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended June 30, 2026

News

Recent coverage and analyst commentary for PARAS

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