Paras Defence and Space Technologies Ltd
PARAS NSE
Paras Defence and Space Technologies Ltd
Aerospace & DefenseNSE: PARAS BSE: 543367 Engineering
Key Fundamentals
MicrocapEngineeringAerospace & DefenseMarket Cap
₹11,585 Cr
Volatility
Moderate
P/E Ratio
130.32
EBITDA
₹120 Cr
Return on Equity
9.66%
Debt to Equity
0.04
Book Value
₹84.83
52W High
₹1,443
52W Low
₹580.5
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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30 extracted metrics + investor summaries across FY19–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 40.5% CAGR over last 5 years
Weaknesses
4- Stock is trading at 15.4 times its book value
- Company has a low return on equity of 10.9% over last 3 years.
- Company has high debtors of 278 days.
- Promoter holding has decreased over last 3 years: -5.74%
Growth Rate
Revenue Growth
27.90% ↗
Net Income Growth
43.45% ↗
Cash Flow Change
198.44% ↗
ROE
42.48% ↗
ROCE
39.43% ↗
EBITDA Margin (Avg.)
-13.89% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Paras Defence and Space Technologies is a nearly debt-free small-cap company (market cap ₹9,988 Cr) operating in India's aerospace and defense sector, trading at a PE of 109.2x and 14.3x book value. The company has delivered 34% compounded profit CAGR over 3 years and 29% sales CAGR over the same period, but carries high debtor days of 278 and a relatively modest ROE of 11% over 3 years.
Bull Case 8
- Company is almost debt-free, providing financial flexibility and low interest burden in a capital-intensive defense sector
- Compounded profit growth of 41% CAGR over the last 5 years demonstrates strong earnings momentum
- Revenue growth of 29% CAGR over 3 years and 27% over 5 years shows sustained top-line expansion
- TTM sales growth of 31% and TTM profit growth of 38% indicate continued acceleration in recent quarters
- ROE has improved from 10% (5-year average) to 13% in the last year, showing improving capital efficiency
- Operating in India's aerospace and defense sector which benefits from government's push for indigenous defense manufacturing and rising defense budget (₹6.2 lakh Cr in FY25)
- Stock price CAGR of 83% over 1 year and 53% over 3 years reflects strong market confidence in the growth trajectory
- Expected to deliver a good upcoming quarter based on order pipeline visibility
Bear Case 8
- PE ratio of 109.2x is extremely elevated, leaving little margin of safety if growth disappoints
- Price-to-book of 14.29x (13.5x book value) implies heavy premium over tangible asset base
- Debtor days of 278 indicate severe working capital strain and delayed collections, typical risk in defense contracting
- 3-year average ROE of only 11% is modest given the rich valuation multiples being paid by investors
- Promoter holding has decreased by 5.74% over the last 3 years, signaling potential dilution or reduced insider confidence
- Market cap of ₹9,988 Cr on what appears to be limited absolute profit base (implied EPS yields below 1% at 109x PE) raises sustainability concerns
- Dividend yield of just 0.04% offers virtually no income return to shareholders
- Limited 10-year operating history data available makes long-term consistency difficult to assess
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago Positives 2
- Rs 6,200 Cr OSAT plant planned Jul 22
Paras Defence subsidiary signed MoU with MPSeDC to set up a greenfield OSAT (Outsourced Semiconductor Assembly and Test) facility in Madhya Pradesh with an investment of Rs 6,200 Crores, signaling major expansion into semiconductor manufacturing.
- New VP Business Development hired Jul 24
Anushka Munjal Shah appointed as Vice President-Business Development effective July 24, 2026, approved by the Board on NRC recommendation, strengthening the leadership team for growth initiatives.
TL;DR: Paras Defence is making aggressive moves to diversify beyond its core aerospace and defense business, with a massive Rs 6,200 Cr semiconductor OSAT investment signaling long-term ambitions in chip packaging. Leadership additions in business development suggest the company is gearing up for accelerated order capture. No visible headwinds in recent news flow. The trend is clearly expansionary, though execution on the large OSAT capex will be the key monitorable over coming quarters.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 48 | 61 | 64 | 80 | 84 | 87 | 86 | 108 | 93 | 106 | 106 | 171 | 128 |
| Expenses | 38 | 46 | 52 | 67 | 59 | 64 | 64 | 80 | 71 | 76 | 80 | 129 | 96 |
| Operating Profit | 11 | 16 | 12 | 12 | 24 | 23 | 22 | 28 | 22 | 30 | 26 | 43 | 32 |
| OPM % | 22% | 25% | 19% | 15% | 29% | 26% | 26% | 26% | 23% | 28% | 25% | 25% | 25% |
| Other Income | 1 | 1 | 1 | 6 | 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 |
| PBT | 8 | 12 | 8 | 12 | 20 | 18 | 19 | 27 | 19 | 27 | 23 | 48 | 28 |
| Tax % | 26% | 28% | 30% | 21% | 28% | 30% | 28% | 22% | 27% | 27% | 27% | 20% | 26% |
| Net Profit | 6 | 9 | 6 | 10 | 14 | 13 | 14 | 21 | 14 | 19 | 17 | 39 | 21 |
| EPS in Rs | 0.77 | 1.21 | 0.85 | 1.28 | 1.9 | 1.78 | 1.87 | 2.45 | 1.84 | 2.56 | 2.26 | 4.27 | 2.63 |
Profit & Loss
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 154 | 147 | 143 | 183 | 222 | 254 | 365 | 477 | 511 |
| Expenses | 111 | 107 | 99 | 130 | 165 | 200 | 265 | 356 | 381 |
| Operating Profit | 43 | 40 | 44 | 52 | 58 | 53 | 100 | 120 | 130 |
| OPM % | 28% | 27% | 31% | 29% | 26% | 21% | 27% | 25% | 26% |
| Other Income | 3 | 2 | 1 | 3 | 8 | 8 | 8 | 19 | 18 |
| Interest | 10 | 10 | 13 | 8 | 8 | 8 | 9 | 5 | 5 |
| Depreciation | 9 | 10 | 10 | 10 | 11 | 13 | 15 | 17 | 17 |
| PBT | 27 | 22 | 23 | 37 | 47 | 40 | 84 | 118 | 126 |
| Tax % | 29% | 10% | 30% | 26% | 23% | 26% | 26% | 24% | — |
| Net Profit | 19 | 20 | 16 | 27 | 36 | 30 | 61 | 89 | 96 |
| EPS in Rs | 16.64 | 3.46 | 2.63 | 3.47 | 4.62 | 4.11 | 7.87 | 10.93 | 11.72 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% | 9% | — |
Balance Sheet
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 28 | 30 | 39 | 39 | 39 | 40 | 40 |
| Reserves | 147 | 144 | 177 | 339 | 374 | 406 | 600 | 685 |
| Borrowings | 85 | 103 | 106 | 31 | 15 | 66 | 24 | 27 |
| Other Liabilities | 92 | 66 | 50 | 48 | 93 | 129 | 188 | 212 |
| Total Liabilities | 330 | 342 | 363 | 458 | 520 | 640 | 852 | 965 |
| Fixed Assets | 168 | 158 | 157 | 154 | 170 | 186 | 190 | 198 |
| CWIP | 3 | 5 | 1 | 0 | 5 | 4 | 11 | 9 |
| Investments | 0 | 0 | 1 | 4 | 12 | 22 | 28 | 33 |
| Other Assets | 159 | 180 | 204 | 300 | 335 | 427 | 623 | 725 |
| Total Assets | 330 | 342 | 363 | 458 | 520 | 640 | 852 | 965 |
Cash Flow
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | — | -3 | 4 | 12 | 46 | -46 | 45 | 25 |
| Investing | — | -5 | -6 | -77 | 10 | -2 | -87 | -17 |
| Financing | — | 9 | 5 | 63 | -41 | 33 | 74 | -17 |
| Net Cash Flow | — | 1 | 3 | -2 | 15 | -14 | 31 | -9 |
| Free Cash Flow | — | -7 | -1 | 6 | 22 | -71 | 10 | -10 |
| CFO/OP | — | 11 | 25 | 44 | 96 | -63 | 63 | 48 |
Ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 197 | 242 | 242 | 246 | 246 | 285 | 295 | 278 |
| Inventory Days | 281 | 303 | 418 | 297 | 324 | 455 | 323 | 244 |
| Days Payable | 232 | 136 | 86 | 68 | 90 | 185 | 117 | 88 |
| Cash Conversion Cycle | 246 | 410 | 573 | 475 | 479 | 555 | 501 | 435 |
| Working Capital Days | 109 | 162 | 223 | 330 | 315 | 315 | 297 | 273 |
| ROCE % | — | 13% | 12% | 12% | 13% | 10% | 16% | 17% |
Documents
1
Standalone And Consolidated Unaudited Financial Results For The Quarter Ended June 30 2026 7 Aug 2026
2
Standalone And Consolidated Audited Financial Results For The Quarter And Financial Year Ended March 31 2026 13 May 2026
1
Board Meeting Intimation for Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Year Ended March 31, 2026 And Recommend Payment Of Dividend
2d - Board meeting on May 13, 2026 to approve FY26 audited results and consider dividend. 2d - Board meeting on May 13, 2026 to approve FY26 audited results and consider dividend.
2
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
30 Apr - Paras Defence received DRDO order worth Rs. 7.72 Cr for satellite antennas, to complete by 29 April 2028. 30 Apr - Paras Defence received DRDO order worth Rs. 7.72 Cr for satellite antennas, to complete by 29 April 2028.
3
Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Signing Of Memorandum Of Understanding (Mou) With Complus Systems Pvt. Ltd. And JV Micronics.
28 Apr - On Apr 28, 2026, Paras Defence signed an MoU with Complus Systems and JV Micronics for anechoic chambers. 28 Apr - On Apr 28, 2026, Paras Defence signed an MoU with Complus Systems and JV Micronics for anechoic chambers.
4
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
30 Apr - Paras Defence received DRDO order worth Rs. 7.72 Cr for satellite antennas, to complete by 29 April 2028. 30 Apr - Paras Defence received DRDO order worth Rs. 7.72 Cr for satellite antennas, to complete by 29 April 2028.
5
Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Signing Of Memorandum Of Understanding (Mou) With Complus Systems Pvt. Ltd. And JV Micronics.
28 Apr - On Apr 28, 2026, Paras Defence signed an MoU with Complus Systems and JV Micronics for anechoic chambers. 28 Apr - On Apr 28, 2026, Paras Defence signed an MoU with Complus Systems and JV Micronics for anechoic chambers.
Frequently Asked Questions about Paras Defence and Space Technologies Ltd
What does Paras Defence and Space Technologies Ltd do?
Paras Defence and Space Technologies (PDST) is an Private sector company primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - Defence & Space Optics, Defence Ele...
Where is Paras Defence and Space Technologies Ltd (PARAS) listed?
Paras Defence and Space Technologies Ltd is listed on the Indian stock exchanges. It is listed on NSE: PARAS and BSE: 543367. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Paras Defence and Space Technologies Ltd belong to?
Paras Defence and Space Technologies Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Paras Defence and Space Technologies Ltd?
Paras Defence and Space Technologies Ltd has a market capitalisation of approximately ₹11585.23 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Paras Defence and Space Technologies Ltd?
The Price-to-Earnings (PE) ratio of Paras Defence and Space Technologies Ltd is 130.32. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Paras Defence and Space Technologies Ltd?
Over the past 52 weeks, Paras Defence and Space Technologies Ltd has traded between a low of ₹580.5 and a high of ₹1,443. This range helps investors understand the stock's price volatility and recent trading levels.
Does Paras Defence and Space Technologies Ltd pay dividends?
Yes, Paras Defence and Space Technologies Ltd has a dividend yield of 0.07%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Paras Defence and Space Technologies Ltd?
Paras Defence and Space Technologies Ltd has a Return on Equity (ROE) of 9.66%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Paras Defence and Space Technologies Ltd on Tapetide?
On Tapetide, you can view Paras Defence and Space Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Paras Defence and Space Technologies (PDST) is an Private sector company primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - Defence & Space Optics, Defence Electronics, Heavy Engineering and Electromagnetic Pulse Protection Solutions.[1]