Paras Defence and Space Technologies Limited (PARAS)
Micro CapIndustrials stocks · Micro cap · NSE
Paras Defence & Space Technologies Limited is a premier Indian defence and space engineering company. It specializes in high-end optical systems, defence engineering, electromagnetic protection, anti-drone systems, and various aerospace and quantum technologies, serving domestic and global markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +38% YoY · PAT +50% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹128 Cr | +37.6% | -25.1% |
| EBITDA | ₹32 Cr | +45.5% | -25.6% |
| Operating margin | 25.0% | +200 bps | +0 bps |
| PAT | ₹21 Cr | +50.0% | -46.1% |
| PAT margin | 16.4% | +136 bps | -640 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 Consolidated Revenue grew 30.5% YoY to Rs 476.57 Cr, with EBITDA up 23.9% to Rs 120.46 Cr and PAT up 45.5% to Rs 89.46 Cr. Q4 FY26 Consolidated Revenue was Rs 171.31 Cr, EBITDA Rs 42.6 Cr, and PAT Rs 38.88 Cr.
The company delivered robust FY26 growth across revenue and profitability, driven by its diverse defence and space portfolio. Strong order book and strategic JVs position it for continued expansion, though execution on new technologies and large funnels needs close monitoring.
Consolidated Revenue Split FY26
Latest issuer-disclosed distribution across 3 reported categories.
High-End Optical Systems
Aims to become India’s No. 1 High-End Optical Systems Company catering to Domestic & World Market.
Anti-Drone Technologies
Strives to become India’s No. 1 company developing and producing cutting-edge Anti-Drone Technologies.
Hydrogen Powered Drones
JV with Heven Drones, Israel, to manufacture India’s first Ready-to-Fly Hydrogen Powered Drones.
OSAT for Advanced Packaging
Setting up a state-of-the-art Advanced Heterogeneous Packaging (OSAT) focused on Defence, HPC, Networking.
OSAT Facility
Setting up a state-of-the-art Advanced Heterogeneous Packaging (OSAT) facility to support chiplet & system-level integration.
Make In India Initiative
JV with Controp, Israel, to manufacture world class EO/IR Systems in India (Under Make In India).
Growing Drone Market
High Domestic & Export Business Potential with growing Drone Market in India and the World.
Indigenous Development Focus
India’s first Indigenously Developed MRI Machine by SAMEER, Paras developing the Magnet, Gradient Coil & Associated Systems.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual results (FY26) provide a comprehensive view of full-year performance and growth trends, while Q4 FY26 results offer insight into recent operational momentum and execution.
Submarine Periscope Production
Paras is delivering 1 Periscope every 3 Months.
Submarine Periscope Funnel
Current funnel of 36+ Nos. for new and existing platforms, indicating yearly revenue of 200+ Cr.
EMP Solutions Business Potential
Huge Business Potential with Funnel of 350+ Cr. Over the next 2 to 3 Years.
Optical Systems Funnel (Sight-25HD)
Extensive Funnel of over 5000 Units in the next 3 to 7 Years for only Sight – 25HD.
Revenue Growth Guidance
Aim to grow our revenues by 30 – 40 % for FY27 & FY28.
Profitability Guidance
Maintain or slightly better our profitability as compared to previous years for FY27 & FY28.
Strategic Vision
Aims to become India’s No. 1 in High-End Optical Systems, Laser Based Air Defence, Anti-Drone, and ElectroMagnetics.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book | Rs 986.0 Cr (Mar-26) | Continued growth and conversion of large funnels into firm orders. |
| Revenue Growth | FY26 Revenue growth 30.5% | Achievement of 30-40% revenue growth guidance for FY27 & FY28. |
| EBITDA Margin | FY26 EBITDA margin 25.3% | Maintenance or slight improvement in profitability as guided. |
| New Technology Commercialization | Quantum Technologies, OSAT, Hydrogen Drones in development | Timely commissioning and revenue contribution from these new ventures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +15.2% / mo · MACD − · near 52W high
Technical chart
PARASdaily · 1Y · AUTO+97.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~13.2% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 144% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -204.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Micro: 86th pctile, median 73
16 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸Debt/equity is 0.04.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 123.00
- P/B
- 15.72
- EV/EBITDA
- 77.75
- Market Cap
- 11402.00Cr
Profitability
- ROE
- 12.40%
- ROCE
- 17.20%
- ROA
- 9.96%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 26.00×
- Altman Z
- 8.24
- Book Value
- 90.00
Cash Flow
- FCF Yield
- 0.07%
- FCF Positive Y
- 2/5
- OCF
- 25.00 Cr
- EPS TTM
- 11.72
Shareholding
- Promoter Hold
- 53.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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