NSE: PARAS · BSE: 543367
PARAS DEF AND SPCE TECH L
Designs and manufactures defence engineering products and optics/optronic systems, with the two segments contributing roughly equally to FY26 segment revenue. Defence Engineering accounted for Rs 217.44 crore (52.2% of segment revenue) and Optics and Optronic Systems for Rs 199.10 crore (47.8%). Optics and Optronic Systems was the more profitable segment on an EBIT basis, generating Rs 88.13 crore against Rs 49.27 crore from Defence Engineering. The product range spans electro-optics for defence and surveillance, and the company has a subsidiary (Paras Semiconductors) that signed an MoU for an OSAT semiconductor packaging facility with a proposed investment of Rs 6,200 crore. Customers include defence public-sector undertakings such as Bharat Electronics Limited (a recent order of Rs 52.82 crore for electro-optics), India's Ministry of Defence ecosystem, and a US-based private space company that placed orders for large cryogenic tanks for submarine applications. Materials are the largest cost component at 44.6% of revenue, followed by other operating expenses at 14.5% and employee costs at 10.2%. The business reported FY26 consolidated revenue of Rs 476.57 crore with a net profit of Rs 89.46 crore and an EBITDA margin of 29.24%, and the Board recommended a Rs 1 per share dividend after completing a stock split. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence Engineering (52%), Optics and Optronic System (48%). Aerospace and defence manufacturer with engineering and optronics capabilities, plus a planned semiconductor packaging (OSAT) expansion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 183 | 222 | 254 | 365 | 477 |
| EBITDA (ex other income) | 52 | 57 | 51 | 97 | 123 |
| margin % | 28.4 | 25.5 | 20.1 | 26.7 | 25.9 |
| Owners' profit | 0 | 36 | 32 | 63 | 88 |
| EPS, as reported (₹) | 7.78 | 9.25 | 8.22 | 16.02 | 10.93 |
| ROE % · ROCE % | 7.2 · 11.1 | 8.7 · 12.3 | 6.8 · 9.8 | 9.7 · 13.6 | 12.3 · 16.3 |
| Debt / equity (x) | 0.08 | 0.04 | 0.15 | 0.04 | 0.04 |
| Cash from operations | 12 | 46 | (46) | 45 | 25 |
| Capex | (9) | (25) | (26) | (35) | (38) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87 | 86 | 108 | 93 | 106 | 106 | 171 | 128 |
| Profit before tax | 18 | 19 | 27 | 20 | 27 | 23 | 48 | 28 |
| Net profit | 13 | 14 | 21 | 14 | 19 | 17 | 39 | 21 |
| EPS (₹) | 3.55 | 3.74 | 4.89 | 3.69 | 2.56 | 2.26 | 4.27 | 2.63 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Optics and Optronic Systems | 199 | 41.8 |
| Defence Engineering | 277 | 58.2 |
| Total, before eliminations | 477 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 109.7 | 70.8 | 17 of 23 | 27% |
| P/B | 14.3 | 9.9 | 21 of 23 | 9% |
| ROCE | 15.7 | 13.6 | 11 of 26 | 60% |
| ROE | 12.3 | 10.9 | 10 of 23 | 59% |
| Debt / Equity | 0.0 | 0.0 | 12 of 23 | 50% |
| EBITDA margin | 26.5 | 22.3 | 9 of 23 | 64% |
| Revenue growth | 37.3 | 24.9 | 8 of 23 | 68% |
| Profit growth | 45.3 | 14.9 | 7 of 21 | 70% |
| Market cap | 10362 | 6484 | 10 of 26 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting set for October 29, 2026 | results | low | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) compliance filing for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · ICRA upgrades Paras Defence credit rating to A from A minus | credit debt | high | — | — |
| 28 Sept 2026 · Paras Defence bags Rs 26.59 cr DRDO order for Hyperspectral Mission | business updates | high | — | — |
| 24 Sept 2026 · Paras Defence to meet 30 institutional investors at Nuvama forum on Sep 28 | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Trading window closed from Oct 1 until Q2 FY27 results announcement | compliance | minimal | — | — |
| 11 Sept 2026 · AGM Results: 5 of 6 Resolutions Passed; Dividend Approved for FY26 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Paras Defence 17th AGM held on Sept 11, 2026; 6 resolutions went to e-voting | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Paras Defence informs shareholders on TDS deduction for Rs 1 dividend | general | low | — | — |
| 19 Aug 2026 · Paras Defence to host analysts and investors at Nerul plant on Aug 22 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.