Paras Defence and Space Technologies share price & results
- Jun 2026
- Sept 2026
Makes defence & space optics, EO/IR systems, anti-drone tech and EMP-protection solutions for India.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 128 | +37.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 25.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 21.0 | +50.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.56 | +1.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -2.07 | −4.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 36.63 | −13.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +72.9% 1Y
1Y: ₹725.45 on 24 Oct 2025 → ₹1,254. High ₹1,527.3 (18 Aug 2026), low ₹584.6 (23 Mar 2026).
- Previous close
- ₹1,177.2
- Market cap
- ₹10.1k Cr
- 52-week range
- ₹584.6 – ₹1,527.3
- One year
- +73.07%
- Price to earnings (TTM to Jun 2026)
- 109.20×
- Return on equity (TTM to Jun 2026)
- 13.56%
Overview
- Symbol
- NSE:PARAS
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Paras Defence and Space Technologies Limited does
Based on the company's own presentations, annual report and earnings calls.
Paras Defence and Space Technologies designs, develops and manufactures precision optics, electro-optics, defence electronics, heavy engineering assemblies and electromagnetic (EMP) protection systems for Indian and global defence, space and aerospace customers. It is the only company in Asia-Pacific that designs and manufactures submarine periscopes, and the only Indian company offering turnkey EMP protection solutions. Through majority-owned subsidiaries and joint ventures it also builds military/industrial drones, hydrogen-powered drones, anti-drone radars and jamming systems, quantum communication/sensing technology, avionics, and semiconductor packaging (OSAT). Customers include DRDO, ISRO, the Indian armed forces and shipyards, plus international defence primes such as Israel Aerospace Industries, Elbit Systems and Rafael.
Segments
- Optics & Optronic Systems
- Defence Engineering
- Subsidiaries
- Employee strength
- 600+
- Manufacturing centres
- 2 (Nerul, Navi Mumbai and Ambernath, Thane)
- Subsidiaries and joint ventures
- 8 group companies spanning drones, anti-drone, thermal, semiconductors, quantum and avionics
- Design, integration & after-sales locations
- Navi Mumbai, Thane, New Delhi, Hyderabad, Bengaluru
- Market position — submarine periscopes
- Only company in Asia-Pacific to design and manufacture submarine periscopes
- Market position — EMP protection
- Only Indian company offering turnkey ElectroMagnetic (EMP) Protection solutions
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +50% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 87 | 86 | 108 | 93 | 106 | 106 | 171 | 128 |
| Expenses | 64 | 64 | 80 | 71 | 76 | 80 | 129 | 96 |
| Operating profit | 23 | 22 | 28 | 22 | 30 | 26 | 43 | 32 |
| Operating margin | 26.0% | 26.0% | 26.0% | 23.0% | 28.0% | 25.0% | 25.0% | 25.0% |
| Other income | 2 | 2 | 4 | 2 | 2 | 2 | 12 | 2 |
| Interest | 3 | 1 | 2 | 1 | 1 | 1 | 2 | 1 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 18 | 19 | 27 | 19 | 27 | 23 | 48 | 28 |
| Tax rate | 30.0% | 28.0% | 22.0% | 27.0% | 27.0% | 27.0% | 20.0% | 26.0% |
| Net profit | 13 | 14 | 21 | 14 | 19 | 17 | 39 | 21 |
| EPS (₹ per share) | 1.78 | 1.87 | 2.45 | 1.84 | 2.56 | 2.26 | 4.27 | 2.63 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 223 | 253 | 365 | 476 |
| Expenses | 167 | 203 | 267 | 356 |
| Operating profit | 56 | 51 | 97 | 121 |
| Other income | 8 | 9 | 9 | 18 |
| Interest | 7 | 6 | 8 | 5 |
| Depreciation | 12 | 12 | 16 | 16 |
| Profit before tax | 47 | 40 | 84 | 117 |
| Net profit | 36 | 31 | 62 | 89 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 39 | 39 | 39 | 40 | 40 | 40 |
| Reserves | 339 | 374 | 406 | 600 | 631 | 685 |
| Borrowings | 31 | 15 | 66 | 24 | 56 | 27 |
| Other liabilities | 48 | 93 | 129 | 188 | 195 | 212 |
| Total liabilities | 458 | 520 | 640 | 852 | 923 | 964 |
| Fixed assets | 154 | 170 | 186 | 190 | 205 | 191 |
| Capital work in progress | 0 | 5 | 4 | 11 | 8 | 16 |
| Investments | 4 | 12 | 22 | 28 | 29 | 33 |
| Other assets | 300 | 335 | 427 | 623 | 681 | 725 |
| Total assets | 458 | 520 | 640 | 852 | 923 | 964 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 4 | 12 | 46 | -46 | 45 | 25 |
| Cash from investing | -6 | -77 | 10 | -2 | -87 | -17 |
| Cash from financing | 5 | 63 | -41 | 33 | 74 | -17 |
| Net cash flow | 3 | -2 | 15 | -14 | 31 | -9 |
| Free cash flow | -1 | 6 | 22 | -71 | 10 | -10 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 242 | 246 | 246 | 285 | 295 | 278 |
| Inventory days | 418 | 297 | 324 | 455 | 323 | 244 |
| Days payable | 86 | 68 | 90 | 185 | 117 | 88 |
| Cash conversion cycle | 573 | 475 | 479 | 555 | 501 | 435 |
| Working capital days | 223 | 330 | 315 | 315 | 297 | 273 |
| Return on capital employed | 12.0% | 12.0% | 13.0% | 10.0% | 16.0% | 17.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 6.0% | 5.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Optics and Optronic Systems contributes 53.9% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Optics and Optronic Systems 53.9%
₹68.90 crore
- Defence Engineering 46.1%
₹59.01 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Optics and Optronic Systems | 68.90 | 53.9% |
| Defence Engineering | 59.01 | 46.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹127.91 crore
- Intersegment adjustment
- Not reported
- Net segment revenue
- ₹127.91 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Optics and Optronic Systems grew from 45% to 54% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Optics and Optronic Systems | 45% | 52% | 51% | 46% | 36% | 55% | 35% | 54% | +62.1% |
| Defence Engineering | 55% | 48% | 49% | 54% | 64% | 45% | 65% | 46% | +16.4% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
What the price assumes
Growth trapTo justify its price of ₹1254, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~29%. At that growth it is worth ₹479 — downside of 62%.
- Growth the price implies
- 49.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 29.9% a year
- net profit, FY23–FY26 · EPS 28.5%
- The gap
- 0.2 pp
- -62% downside if it only repeats history
Ownership
Who owns it
Promoters hold 53.20% as of Sept 2026; institutions added 0.77 pts since Jun 2026.
- Promoters 53.20%
- Foreign institutions 7.48%
- Domestic institutions 4.62%
- Public 34.70%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Sovereign newly disclosed 1.12% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Paras Defence and Space Technologies Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 24.47% | unchanged | |
| 15.43% | unchanged | |
| 2.91% | unchanged | |
| 2.91% | unchanged | |
| 2.51% | unchanged | |
| 2.48% | unchanged | |
| 2.48% | unchanged | |
| Sovereign | 2.20% | −0.20 pp |
| Mutual fund | 1.72% | unchanged |
| 1.43% | unchanged | |
| 1.43% | unchanged | |
| Sovereign | 1.12% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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