Paras Defence And Space Technologies Limited (PARAS)

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Paras Defence And Space Technologies Limited (PARAS) · mywealthgrid

About

Paras Defence And Space Technologies Limited manufactures and supplies components for aerospace and defense in India. At ₹11,102.65 Cr market cap, it operates with a 25.28% operating margin and minimal debt (D/E 0.04).

Face value: ₹5

Market cap

₹10,285 Cr

P/E

108.9×

P/B

14.2×

Dividend yield

0.1%

ROE

12.9%

ROCE

16.9%

Debt / equity

0.04

OPM

25.3%

EPS (TTM)

₹11.7

Book value

₹90.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE of 117.55 is extreme relative to ROE of 12.9%; after 112% one-year return, limited room remains for earnings to disappoint without sharp repricing.
Profit conversion: OPM of 25.28% contrasts with recent net profit margins of 15.8–22.7%, suggesting tax, finance, or working-capital challenges; verify tax rate and cash conversion.
Demand visibility: Verify defense procurement order backlog, customer concentration, and whether long procurement cycles constrain revenue growth.
Capital intensity: Aerospace & defense manufacturing typically demands heavy capex; verify whether minimal debt (D/E 0.04) reflects choice or if scale-up will force leverage.

Generated analysis · source review pending

Growth drivers

OPM of 25.28% provides reinvestment capacity; verify if scale can preserve margins and fund organic growth.
D/E of 0.04 enables future capex borrowing if defense sector demands capacity; verify planned capex roadmap and return targets.
FII stake increased from 5.06% to 8.29% between Mar and Jun 2026, signaling institutional confidence; verify if driven by order wins, sector momentum, or valuation.
India's defense spending and Make-in-India policies create tailwinds; verify company's role in government procurement roadmaps and export readiness.

Generated analysis · source review pending

1,232 historical price candles were omitted because the exchange source has not been verified.

₹1,276.0-3.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 25.3%
+Profit CAGR of 41% over the last 5 years
+Revenue CAGR of 27.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 25.6×

Cons

−Low return on equity of 10.7% (3-yr avg)
−Expensive at 108.9× trailing earnings
−Trading at 14.2× book value
−Low dividend payout of 8.5% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 67
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Bharat Dynamics LimitedBDLBDL	₹39,882 Cr	₹39,882 Cr	₹2,766 Cr	₹352 Cr	9.2%	₹521 Cr	17.2%	7.5%	10.2%	598
Garden Reach Shipbuilders & Engineers LimitedGRSEGRSE	₹24,193 Cr	₹24,193 Cr	₹7,507 Cr	₹833 Cr	11.4%	₹801 Cr	10.7%	41%	31.8%	205
Data Patterns (India) LimitedDATAPATTNSDATAPATTNS	₹23,807 Cr	₹23,807 Cr	₹941 Cr	₹373 Cr	40.4%	₹268 Cr	29.3%	22.6%	16.7%	499
Sigma Advanced Systems LimitedSIGMAADVSIGMAADV	₹18,975 Cr	₹19,275 Cr	₹843 Cr	₹121 Cr	9.7%	₹163 Cr	54.5%	73.1%	87.6%	271
Aequs LimitedAEQUSAEQUS	₹18,448 Cr	₹18,851 Cr	₹1,230 Cr	₹89 Cr	7.2%	₹-113 Cr	-9.2%	1.1%	-10.3%	259
Astra Microwave Products LimitedASTRAMICROASTRAMICRO	₹15,417 Cr	₹15,704 Cr	₹1,140 Cr	₹326 Cr	28.7%	₹189 Cr	16.6%	23.1%	16%	537
Apollo Micro Systems LimitedAPOLLOAPOLLO	₹14,558 Cr	₹15,091 Cr	₹1,022 Cr	₹231 Cr	24.1%	₹122 Cr	11.9%	18.2%	11.8%	443
Zen Technologies LimitedZENTECZENTEC	₹14,232 Cr	₹14,236 Cr	₹671 Cr	₹221 Cr	36%	₹186 Cr	31.7%	16.3%	10.8%	425
Paras Defence And Space Technologies LimitedPARASPARAS	₹10,285 Cr	₹10,311 Cr	₹511 Cr	₹130 Cr	25.3%	₹94 Cr	18.8%	16.9%	12.9%	435
Axiscades Technologies LimitedAXISCADESAXISCADES	₹9,806 Cr	₹10,082 Cr	₹1,099 Cr	₹152 Cr	15.3%	₹36 Cr	6.2%	17.7%	10.4%	31
Unimech Aerospace And Manufacturing LimitedUNIMECHUNIMECH	₹9,025 Cr	₹9,137 Cr	₹285 Cr	₹95 Cr	31.2%	₹72 Cr	26.3%	12.8%	9%	137
Mishra Dhatu Nigam LimitedMIDHANIMIDHANI	₹8,121 Cr	₹8,405 Cr	₹1,278 Cr	₹240 Cr	19.7%	₹135 Cr	10.9%	9.1%	8.9%	1,022

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	143	183	222	254	365	477
COGS	65	82	105	121	170	239
Gross profit	78	101	117	133	194	238
	35	49	60	82	97	118
	43	52	57	51	97	120
OPM %	30.3%	28.4%	25.5%	20.1%	26.7%	25.3%
Depreciation	10	10	11	13	15	17
Interest	12	8	7	5	7	5
	1	3	8	8	8	19
Profit before tax	23	37	47	40	84	118
Tax	7	9	11	10	22	28
Tax %	30.2%	26%	23.3%	25.8%	26.5%	24%
	16	27	36	30	61	89
PAT margin %	11%	14.8%	16.2%	11.9%	16.9%	18.8%
EPS (₹)	5.6	7.8	9.3	8.2	16	10.9
EPS adjusted (₹)	2.6	3.5	4.6	4.1	7.9	10.9
	0%	0%	0%	0%	3.1%	9.1%
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	30	39	39	39	40	40
Reserves	177	339	374	406	600	685
Minority interest	0	0	0	—	—	—
	106	31	15	65	23	27
	50	48	92	131	189	213
Total equity & liabilities	363	458	521	640	852	965
	157	136	153	186	190	190
CWIP	1	1	5	4	8	9
Investments	1	21	28	22	29	34
	204	300	335	427	626	732
Total assets	363	458	521	640	852	965

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Defence Engineering	277.47	56.71	405.22	142.87	262.35	21.62
Optics and Optronic Systems	199.1	88.13

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	54.4%	55.2%	52.6%	52.4%	53.3%	49.9%
EBITDA margin %	30.3%	28.4%	25.5%	20.1%	26.7%	25.3%
EBIT margin %	23.5%	22.7%	20.4%	14.9%	22.6%	21.7%
PAT margin %	11%	14.8%	16.2%	11.9%	16.9%	18.8%
Working capital
Receivable days	242	246	247	285	295	278
Inventory days	417	297	324	455	323	244
Payable days	86	68	90	185	117	88
NWC days	573	475	480	555	501	435
Leverage
Current ratio	1.87	5.24	3.8	2.35	3.13	3.23
Debt to EBITDA	2.44	0.6	0.26	1.27	0.24	0.22
Debt to equity	0.51	0.08	0.04	0.15	0.04	0.04
Interest coverage	2.8	5.7	8	8.5	13.6	25.6
Asset turnover	0.4	0.4	0.43	0.4	0.43	0.49
Return ratios
Return on assets %	4.4%	5.9%	6.9%	4.7%	7.2%	9.3%
Return on capital employed %	13.6%	13.5%	12.8%	10.1%	16%	16.9%
Return on equity %	7.6%	7.2%	8.7%	6.8%	9.6%	12.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.94%	58.94%	58.94%	58.94%	58.94%	57.05%	57.05%	53.74%	53.2%	53.2%	53.2%	53.2%
	0.55%	0.49%	0.13%	2.97%	3.47%	4.85%	5.24%	6.85%	5.69%	4.92%	5.06%	8.29%
	2.72%	2.74%	2.75%	0.07%	0.63%	1.48%	1.55%	1.95%	1.47%	1.29%	1.24%	3.05%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.79%	37.83%	38.18%	38.02%	36.96%	36.62%	36.16%	37.46%	39.64%	40.59%	40.5%	35.46%
No. of shareholders	—	—	—	—	—	—	—	—	3,70,508	3,69,101	3,76,813	3,36,442

Promoter holding down 5.74 percentage points since Sep 2023.

262 deals · 20 Oct 2021 – 19 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	9,89,611	₹1,392.52	₹137.81 Cr
19 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	9,86,265	₹1,393.21	₹137.41 Cr
19 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	8,84,637	₹1,394.06	₹123.32 Cr
19 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	8,33,154	₹1,395.55	₹116.27 Cr
19 Jun 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	7,55,182	₹1,395.37	₹105.38 Cr
19 Jun 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	7,55,182	₹1,392.77	₹105.18 Cr
19 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	7,28,697	₹1,396.69	₹101.78 Cr
19 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	7,28,697	₹1,397.56	₹101.84 Cr
19 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	4,76,322	₹1,392.55	₹66.33 Cr
19 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	4,76,322	₹1,391.97	₹66.30 Cr

1–10 of 262

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Mr. Sharad Virji ShahNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Munjal Sharad ShahExecutive Director-MD
Mrs. Shilpa Amit MahajanExecutive Director
Mr. Manmohan HandaNon-Executive - Independent Director
Mrs. Hina Amol GokhaleNon-Executive - Independent Director
Mr. Suresh KatyalNon-Executive - Independent Director
Ms. Minal BhateCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

1.58%

of the company's equity

All mutual funds

2.98%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

14 schemes · 5 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	4.88 L	69.86	1.26%	0.605%	+12,348
TRUSTMF Small Cap Fund	Trust Mutual Fund	1.82 L	26.04	0.76%	0.225%	-0
ACTIVE MOMENTUM FUNDNEW	Samco Mutual Fund	1.39 L	19.93	2.65%	0.173%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.2 L	17.13	1.26%	0.148%	-645
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	92,379	13.24	0.53%	0.115%	-2,022
TRUSTMF Flexi Cap Fund	Trust Mutual Fund	84,953	12.17	1.17%	0.105%	+17,474
TRUSTMF Multi Cap Fund	Trust Mutual Fund	56,004	8.02	0.99%	0.069%	-0
TRUSTMF Mid Cap Fund	Trust Mutual Fund	35,731	5.12	0.87%	0.044%	+10,825

1–8 of 14

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend28 Aug 2026 · ex-date₹1
Final dividend8 Aug 2025 · ex-date₹0.5

1

Board meeting to consider results7 Aug 2026

1

Face value ₹10 → ₹54 Jul 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

30 Sept 2026, 6:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

28 Sept 2026, 1:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

19 Sept 2026, 5:22 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

11 Sept 2026, 6:57 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

11 Sept 2026, 6:51 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

22 Aug 2026, 1:38 pmCompany Update

Communication To Shareholders - Intimation Of Tax Deduction On Dividend

General PDF

19 Aug 2026, 6:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

19 Aug 2026, 4:19 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
30 Sept 2026, 6:05 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
28 Sept 2026, 1:07 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	54.4%	55.2%	52.6%	52.4%	53.3%	49.9%
EBITDA margin %	30.3%	28.4%	25.5%	20.1%	26.7%	25.3%
EBIT margin %	23.5%	22.7%	20.4%	14.9%	22.6%	21.7%
PAT margin %	11%	14.8%	16.2%	11.9%	16.9%	18.8%
Working capital
Receivable days	242	246	247	285	295	278
Inventory days	417	297	324	455	323	244
Payable days	86	68	90	185	117	88
NWC days	573	475	480	555	501	435
Leverage
Current ratio	1.87	5.24	3.8	2.35	3.13	3.23
Debt to EBITDA	2.44	0.6	0.26	1.27	0.24	0.22
Debt to equity	0.51	0.08	0.04	0.15	0.04	0.04
Interest coverage	2.8	5.7	8	8.5	13.6	25.6
Asset turnover	0.4	0.4	0.43	0.4	0.43	0.49
Return ratios
Return on assets %	4.4%	5.9%	6.9%	4.7%	7.2%	9.3%
Return on capital employed %	13.6%	13.5%	12.8%	10.1%	16%	16.9%
Return on equity %	7.6%	7.2%	8.7%	6.8%	9.6%	12.3%

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	12	46	-46	45	25
	-6	-77	10	-2	-87	-17
	5	63	-40	33	74	-17
Net cash flow	3	-3	15	-14	31	-9
Free cash flow	-1	3	20	-72	10	-13
CFO / Operating profit %	9.9%	22.2%	80.6%	-89.2%	46.1%	20.4%

Paras Defence And Space Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

2

1

1

Announcements

Not in the F&O segment

2

1

1

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Defence & Space Optics · revenue

Paras Defence And Space Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends2

Board meetings1

Stock splits1

Announcements

Ratio timeline

Not in the F&O segment

Dividends2

Board meetings1

Stock splits1

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Defence & Space Optics · revenue

2

1

1

2

1

1