Paras Defence And Space Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Defence Engineering: 52.2% • Optics & Optronic Systems: 47.8%
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 40.7% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 38.8% YoY, showing strong momentum
- Company has delivered good sales growth of 25.7% CAGR over last 5 years
- Institutional investors have been accumulating - FII+DII up 2.5pp
CONS
- Promoter holding has decreased over last 2 years: -5.7pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.23x)
- Valuation is stretched - P/E of 133.0 is well above its own 5-year median (34.9)
- Stock is trading at 7.1x its book value
- Operating margins have contracted to 26.9% from 30.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 5007.00 | 35.92 | 334855.64 | 0.90 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 406.20 | 48.31 | 296923.22 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1217.10 | 85.67 | 44614.32 | 0.40 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4881.25 | 3553.00 | 27327.17 | 0.20 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1704.95 | 85.63 | 16187.65 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1762.35 | 88.33 | 15912.78 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| APOLLO | 422.20 | 129.32 | 15688.93 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| AEQUS | 230.35 | 310.22 | 15448.78 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| PARAS | 1471.25 | 125.53 | 11856.41 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1585.90 | 112.08 | 8072.55 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1878.15 | 219.84 | 7988.43 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4249.80 | 126.43 | 6273.56 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 45 | 60 | 63 | 65 | 78 | 84 | 82 | 90 | 87 | 103 | 101 | 126 | 118 | |
| 34 | 44 | 49 | 54 | 53 | 60 | 59 | 67 | 66 | 72 | 74 | 95 | 92 | |
| Operating Profit | 11 | 16 | 14 | 11 | 24 | 24 | 23 | 23 | 22 | 31 | 27 | 30 | 26 |
| OPM % | 23.52% | 26.94% | 21.52% | 17.11% | 31.24% | 28.34% | 28.24% | 25.26% | 25.00% | 30.28% | 26.79% | 24.10% | 21.81% |
| 1 | 1 | 1 | 6 | 1 | 3 | 3 | 5 | 3 | 3 | 3 | 10 | 3 | |
| Interest | 0 | 1 | 1 | 2 | 1 | 2 | 0 | 2 | 0 | 1 | 0 | 1 | 1 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 |
| Profit before Tax | 8 | 14 | 10 | 13 | 21 | 21 | 22 | 23 | 21 | 29 | 26 | 35 | 29 |
| Tax % | 24.11% | 25.46% | 26.64% | 17.64% | 25.32% | 25.61% | 24.54% | 24.76% | 25.13% | 24.13% | 24.30% | 25.59% | 24.90% |
| Net Profit | 6 | 10 | 8 | 10 | 16 | 16 | 17 | 17 | 15 | 22 | 20 | 26 | 21 |
| 1.59 | 2.59 | 1.95 | 2.65 | 4.07 | 2.00 | 2.06 | 2.11 | 3.83 | 2.76 | 2.42 | 3.22 | 2.66 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 154 | 147 | 133 | 180 | 214 | 232 | 334 | 417 | 447 | |
| 102 | 111 | 107 | 90 | 128 | 158 | 179 | 238 | 304 | 333 | |
| Operating Profit | 41 | 43 | 40 | 43 | 52 | 56 | 53 | 96 | 112 | 114 |
| OPM % | 28.78% | 28.02% | 27.16% | 32.55% | 28.89% | 26.17% | 22.95% | 28.84% | 26.90% | 25.52% |
| 3 | 3 | 2 | 1 | 3 | 8 | 10 | 12 | 18 | 18 | |
| Interest | 7 | 10 | 10 | 13 | 8 | 7 | 6 | 8 | 4 | 3 |
| Depreciation | 7 | 9 | 10 | 10 | 10 | 11 | 12 | 14 | 15 | 16 |
| Profit before Tax | 30 | 27 | 22 | 22 | 36 | 47 | 45 | 87 | 111 | 119 |
| Tax % | 17.53% | 29.17% | 9.64% | 31.00% | 26.06% | 23.11% | 23.28% | 25.04% | 24.82% | 24.78% |
| Net Profit | 25 | 19 | 20 | 15 | 27 | 36 | 34 | 65 | 83 | 89 |
| EPS | 44.93 | 6.76 | 7.03 | 5.30 | 7.73 | 9.21 | 8.78 | 16.15 | 10.32 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.19% | 9.69% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 26%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- 32%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 53%
- 1 Year:
- 119%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 12%
- Last Year:
- 13%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 118 | 147 | 145 | 177 | 339 | 374 | 408 | 603 | 682 | |
| 60 | 76 | 97 | 95 | 29 | 0 | 35 | 0 | 0 | |
| Trade Payables | 23 | 53 | 27 | 15 | 15 | 25 | 58 | 52 | 47 |
| 50 | 48 | 46 | 44 | 32 | 65 | 80 | 153 | 182 | |
| Total Liabilities | 257 | 330 | 342 | 362 | 454 | 503 | 620 | 848 | 951 |
| 171 | 168 | 158 | 157 | 136 | 141 | 157 | 162 | 168 | |
| Capital Work in Progress | 1 | 3 | 5 | 1 | 0 | 4 | 4 | 7 | 8 |
| 0 | 0 | 0 | 1 | 4 | 19 | 31 | 39 | 66 | |
| 44 | 65 | 60 | 74 | 66 | 91 | 141 | 145 | 150 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 180 | 282 | 327 | |
| Cash & Bank | 3 | 2 | 4 | 8 | 74 | 37 | 9 | 104 | 101 |
| 38 | 92 | 114 | 121 | 173 | 210 | 98 | 109 | 130 | |
| Total Assets | 257 | 330 | 342 | 362 | 454 | 503 | 620 | 848 | 951 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 47 | -5 | 5 | 11 | 25 | 59 | -17 | 29 | 31 | |
| Cash from Investing | -49 | -10 | -5 | -6 | -77 | 10 | -20 | -78 | -27 |
| Cash from Financing | 6 | 21 | 8 | 5 | 62 | -45 | 23 | 78 | -18 |
| -1 | -0 | 1 | 3 | -2 | 14 | -14 | 28 | -14 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-08-22 - 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
2026-08-07 - Paras Defence And Space Technologies Limited has informed the Exchange regarding 17th Annual General Meeting ( AGM ) of the Company will be held on Friday, September 11, 2026.
2026-08-07 - Paras Defence And Space Technologies Limited has informed the Exchange that Record date for the purpose of Dividend is 28-Aug-2026.
News
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