PARAS

Paras Defence and Space Technologies Limited

Defence and space technology products for land, air and naval platforms

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

parasdefence.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1298.90
Market cap
10,480 Cr
Stock P/E
111.0
P/B
14.42
Dividend yield
0.0%
ROE (FY26)
12.1%
ROCE (FY26)
16.3%
Operating margin (FY26)
21.7%
Debt / equity (FY26)
0.04
OCF / EBITDA (FY26)
20.4%
OCF / EBITDA (3Y)
8.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Paras (Paras Defence and Space Technologies) makes optics and optronic systems and defence engineering products, plus counter-drone systems, mainly for Indian defence buyers such as the Defence Research and Development Organisation (DRDO) and the Ministry of Defence, and it also takes export orders.

Company snapshot

11thBy market cap

Ranked among 25 companies in Aerospace & Defense.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 51.8% of revenue

SegmentRevenue shareRevenuePBTAssets
Defence Engineering
48.2%
41 Cr0.19 Cr312 Cr
Optics and Optronic Systems
51.8%
44 Cr26 Cr304 Cr

What we see

Positives
  • ✓Net margin of 18.8% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 9% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales61 Cr64 Cr80 Cr84 Cr87 Cr86 Cr108 Cr93 Cr106 Cr106 Cr171 Cr128 Cr
Operating expenses (approx.)46 Cr52 Cr67 Cr59 Cr64 Cr64 Cr80 Cr71 Cr76 Cr80 Cr129 Cr96 Cr
EBITDA16 Cr12 Cr12 Cr24 Cr23 Cr22 Cr28 Cr22 Cr30 Cr26 Cr43 Cr32 Cr
OPM %25.3%19.4%15.4%28.9%26.1%25.7%26.1%23.6%28.1%24.7%24.9%24.9%
Other income1 Cr0.75 Cr5 Cr0.58 Cr2 Cr2 Cr4 Cr2 Cr2 Cr2 Cr9 Cr2 Cr
Interest0.96 Cr2 Cr2 Cr2 Cr3 Cr0.63 Cr2 Cr0.83 Cr1 Cr0.90 Cr2 Cr1 Cr
Depreciation3 Cr3 Cr3 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr
Profit before tax12 Cr8 Cr12 Cr20 Cr18 Cr19 Cr27 Cr19 Cr27 Cr23 Cr48 Cr28 Cr
Tax %28.0%29.9%20.7%27.6%30.1%28.0%22.0%26.6%26.8%27.4%19.7%26.0%
Net profit9 Cr6 Cr10 Cr14 Cr13 Cr14 Cr21 Cr14 Cr19 Cr17 Cr39 Cr21 Cr
EPS (₹)₹2.42₹1.71₹2.56₹3.81₹3.55₹3.74₹4.89₹3.69₹2.56₹2.26₹4.27₹2.63

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales154 Cr147 Cr143 Cr183 Cr222 Cr254 Cr365 Cr477 CrSign in free for the trailing twelve months
Operating expenses (approx.)112 Cr108 Cr100 Cr131 Cr166 Cr202 Cr267 Cr356 CrSign in free for the trailing twelve months
EBITDA43 Cr39 Cr43 Cr52 Cr57 Cr51 Cr97 Cr120 CrSign in free for the trailing twelve months
OPM %27.7%26.7%30.3%28.4%25.5%20.1%26.7%25.3%Sign in free for the trailing twelve months
Other income3 Cr2 Cr1 Cr3 Cr8 Cr8 Cr8 Cr16 CrSign in free for the trailing twelve months
Interest9 Cr10 Cr12 Cr8 Cr7 Cr5 Cr7 Cr5 CrSign in free for the trailing twelve months
Depreciation9 Cr10 Cr10 Cr10 Cr11 Cr13 Cr15 Cr17 CrSign in free for the trailing twelve months
Profit before tax27 Cr22 Cr23 Cr37 Cr47 Cr40 Cr84 Cr118 CrSign in free for the trailing twelve months
Tax %29.2%9.8%30.2%26.0%23.3%25.8%26.5%24.0%Sign in free for the trailing twelve months
Net profit19 Cr20 Cr16 Cr27 Cr36 Cr30 Cr61 Cr89 CrSign in free for the trailing twelve months
EPS (₹)₹6.75₹6.92₹5.55₹7.78₹9.25₹8.22₹16.02₹10.93Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%0.0%4.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital6 Cr28 Cr30 Cr39 Cr39 Cr39 Cr40 Cr40 Cr
Reserves147 Cr144 Cr177 Cr339 Cr374 Cr406 Cr600 Cr685 Cr
Borrowings76 Cr97 Cr94 Cr31 Cr15 Cr65 Cr23 Cr27 Cr
Other liabilities101 Cr73 Cr62 Cr48 Cr92 Cr132 Cr192 Cr213 Cr
Total liabilities330 Cr342 Cr363 Cr458 Cr521 Cr640 Cr852 Cr965 Cr
Fixed assets (net)166 Cr156 Cr155 Cr135 Cr145 Cr178 Cr179 Cr184 Cr
CWIP3 Cr5 Cr0.51 Cr0.50 Cr5 Cr4 Cr8 Cr9 Cr
Investments0.05 Cr0.05 Cr1 Cr21 Cr28 Cr22 Cr29 Cr34 Cr
Loans & advances———0.07 Cr11 Cr4 Cr12 Cr3 Cr
Inventories65 Cr60 Cr75 Cr67 Cr93 Cr150 Cr151 Cr160 Cr
Trade receivables83 Cr98 Cr95 Cr123 Cr150 Cr198 Cr295 Cr363 Cr
Cash & bank0.18 Cr1 Cr5 Cr2 Cr17 Cr3 Cr34 Cr25 Cr
Other assets13 Cr22 Cr32 Cr109 Cr70 Cr80 Cr144 Cr187 Cr
Total assets330 Cr342 Cr363 Cr458 Cr521 Cr640 Cr852 Cr965 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-12 Cr-3 Cr4 Cr12 Cr46 Cr-46 Cr45 Cr25 Cr
Cash from investing-10 Cr-5 Cr-6 Cr-77 Cr10 Cr-2 Cr-87 Cr-17 Cr
Cash from financing21 Cr9 Cr5 Cr63 Cr-40 Cr33 Cr74 Cr-17 Cr
Net cash flow-0.19 Cr1 Cr3 Cr-2 Cr15 Cr-14 Cr31 Cr-9 Cr
Free cash flow (OCF − Capex)-22 Cr-7 Cr-0.98 Cr3 Cr20 Cr-72 Cr10 Cr-13 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.8%11.7%11.7%10.8%12.5%9.0%13.7%16.3%
ROE %12.5%11.4%7.6%7.2%8.7%7.2%10.0%12.1%
Debtor days196242241245246285294277
Inventory days246298454315341434432273
Days payable20313393729517615698
Cash conversion cycle239407602488492543570453
OCF / EBITDA %-28.1%-6.6%9.9%22.2%80.6%-89.2%46.1%20.4%
OCF / EBITDA % (3 years)——-8.3%9.8%40.5%7.3%22.0%8.9%
Debt / equity0.500.560.450.080.040.150.040.04
Current ratio1.441.651.905.243.802.353.133.23
Net debt / EBITDA1.772.442.050.56-0.041.21-0.120.01