Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 30 Sep - ICRA upgraded Paras Defence ratings from A- to A with stable outlook.
Source: Bse
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.
₹1,265.1
-33.80 · -2.60%
Market cap ₹10,384 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:51 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 -8.8% / mo · MACD −
Stock trend: 46
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PARASD candles · FIT view+58.0%Latest close ₹1265.10 on 2026-10-19
Bar
-2.4%
RSI
43
MACD hist
-0.24
52W pos
68%
2026-10-19O ₹1296.30H ₹1298.00L ₹1260.50C ₹1265.10Vol 4.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PARASNifty India ManufacturingNifty 500
- PARAS
- +4.8%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +10.4 pp
Chart stats
19 Oct 2026- From 52W high
- -20.2%
- 52W range position
- 68%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.71x
- Avg traded value
- ₹75.8 Cr
- 20D price channel
- ₹1,215.2 - ₹1,444.9
₹1,585
₹580.5 - ₹1,585
₹53.7
Latest completed session
20-session average
35.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +37.6% · PAT +50.0% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-174.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +38% YoY · PAT +50% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 112.00
- P/B
- 14.27
- EV/EBITDA
- 70.82
- Market Cap
- 10384.00Cr
Profitability
- ROE
- 12.40%
- ROCE
- 17.20%
- ROA
- 9.96%
- Dividend Y
- 0.08%
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
- 0.08%
- FCF Positive Y
- 2/5
- OCF
- 25.00 Cr
- EPS TTM
- 11.72
Shareholding
- Promoter Hold
- 53.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 477+30.7% vs prev
Net Profit
₹ CrLatest: 89.0+45.9% vs prev
Return on Equity
%Latest: 12.3+28.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~9.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 118% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
92
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.8%
3M return
+4.8%
6M return
+54.8%
1Y return
+78.0%
RS 1D
0
RS 20D
-2
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 15.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
30 Apr 2026
S2 age
121 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 187.63-1.59%
RS vs Nifty 500188
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality7/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
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 -174.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
112.0
PB
14.3
EV/EBITDA
70.8
ROE
12.4%
ROCE
17.2%
FCF Yield
0.1%
Debt/Equity
0.0
MoS
-174.7%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-174.7%
Previous: -174.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
42
42
42
42
42
42
42
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹154.06
-721.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹460.6
-174.7% MoS
PEG
3.01
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KAVDEFENCE
Small
Kavveri Defence & Wireless Technologies Limited
IT Services / Digital
match 141
24
—
1.3%
—
OVERVALUED
AXISCADES
Micro
AXISCADES Technologies Limited
Engineering R&D Services
match 104
32
271.0
11.5%
-524%
WATCHLIST
DYNAMATECH
Micro
Dynamatic Technologies Limited
Aerospace & Defence
match 100
24
162.0
6.7%
-418%
OVERVALUED
APOLLO
Micro
Apollo Micro Systems Limited
Defence Electronics
match 97
34
125.0
11.8%
-215%
WATCHLIST
SIKA
Micro
Sika Interplant Systems Limited
Aerospace & Defence
match 93
61
62.6
25.1%
-43%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-10T07:53:57.065Z
Management commentary snapshot
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.
Current business mix
Consolidated Revenue Split FY26
Latest issuer-disclosed distribution across 3 reported categories.
Optics & Optronic Systems42.0%
Defence Engineering46.0%
Subsidiaries12.0%
Growth engines
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.
Capacity and execution
OSAT Facility
Setting up a state-of-the-art Advanced Heterogeneous Packaging (OSAT) facility to support chiplet & system-level integration.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
16 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Micro: 86th pctile, median 73
Evidence depth
Financial-only
16 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Paras Defence and Space Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Newspaper Advertisement for 17th Annual General Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Jun - The management of Paras Defence and Space Technologies Limited ('PARAS') will be meeting Analyst / Institutional Investor- Astute Investment Management ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun - Paras Defence will meet analysts and institutional investors in London on June 15-16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Dividend Updates 13 May - Board approved FY26 audited results, recommended Rs.1 final dividend, and reappointed internal and cost auditors.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.