PARAS
Paras Defence and Space Technologies share price & financials
- Price
- ₹1,176.3
- Market cap
- ₹11.6k Cr
- Sector
- Capital Goods
What Paras Defence and Space Technologies Limited does
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
Quarterly results
Q1 FY27: revenue up 35.6%, net profit up 40.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 82 | 90 | 87 | 103 +23% | 101 +23% | 126 +40% | 118 +36% |
| EBITDA | 24 | 23 | 23 | 22 | 31 +29% | 27 +17% | 30 +30% | 30 +36% |
| Net profit | 16 | 17 | 17 | 15 | 22 +38% | 20 +18% | 26 +53% | 21 +40% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +116.4% 1Y
1Y: ₹663.4 on 10 Sept 2025 → ₹1,435.6. High ₹1,527.3 (18 Aug 2026), low ₹584.6 (23 Mar 2026).
Financials, as filed
Revenue grew 23.2% a year over 3 years, FY23 to FY26. Operating margin widened to 26.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹223 Cr | ₹233 Cr | ₹334 Cr | ₹417 Cr |
| Operating profit | ₹56 Cr | ₹52 Cr | ₹94 Cr | ₹110 Cr |
| Operating margin | 25.1% | 22.3% | 28.1% | 26.4% |
| Interest | ₹7 Cr | ₹4 Cr | ₹5 Cr | ₹2 Cr |
| Depreciation | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹16 Cr |
| Net profit | ₹36 Cr | ₹34 Cr | ₹66 Cr | ₹83 Cr |
| Net margin | 16.1% | 14.6% | 19.8% | 19.9% |
| Cash from operations | ₹49 Cr | ₹-17 Cr | ₹29 Cr | ₹31 Cr |
| Free cash flow | ₹28 Cr | ₹-42 Cr | ₹-1 Cr | ₹5 Cr |
| ROCE | 13.0% | 11.0% | 17.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹39 Cr | ₹39 Cr | ₹39 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹177 Cr | ₹339 Cr | ₹374 Cr | ₹408 Cr | ₹631 Cr | ₹683 Cr |
| Borrowings | ₹105 Cr | ₹29 Cr | ₹0 Cr | ₹35 Cr | ₹56 Cr | ₹0 Cr |
| Other liabilities | ₹50 Cr | ₹48 Cr | ₹90 Cr | ₹126 Cr | ₹195 Cr | ₹195 Cr |
| Total liabilities | ₹362 Cr | ₹454 Cr | ₹503 Cr | ₹608 Cr | ₹923 Cr | ₹919 Cr |
| Fixed assets | ₹157 Cr | ₹154 Cr | ₹158 Cr | ₹173 Cr | ₹205 Cr | ₹183 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹4 Cr | ₹4 Cr | ₹8 Cr | ₹8 Cr |
| Investments | ₹1 Cr | ₹4 Cr | ₹19 Cr | ₹31 Cr | ₹29 Cr | ₹66 Cr |
| Other assets | ₹203 Cr | ₹296 Cr | ₹322 Cr | ₹400 Cr | ₹681 Cr | ₹661 Cr |
| Total assets | ₹362 Cr | ₹454 Cr | ₹503 Cr | ₹608 Cr | ₹923 Cr | ₹919 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.00 pp while FIIs added +1.44 pp.
- Promoters
- 53.2%
- FIIs
- 8.3%
- DIIs
- 3.0%
- Public
- 35.5%
Since Jun 2025
- Public −2.00 pp
- FIIs +1.44 pp
- DIIs +1.10 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.6% to 8.3% — +7.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.9%, FIIs 0.6%, DIIs 2.7%, Public 37.8%.Dec '23: Promoters 58.9%, FIIs 0.5%, DIIs 2.7%, Public 37.8%.Mar '24: Promoters 58.9%, FIIs 0.1%, DIIs 2.8%, Public 38.2%.Jun '24: Promoters 58.9%, FIIs 3.0%, DIIs 0.1%, Public 38.0%.Sep '24: Promoters 58.9%, FIIs 3.5%, DIIs 0.6%, Public 37.0%.Dec '24: Promoters 57.0%, FIIs 4.8%, DIIs 1.5%, Public 36.6%.Mar '25: Promoters 57.0%, FIIs 5.2%, DIIs 1.5%, Public 36.2%.Jun '25: Promoters 53.7%, FIIs 6.8%, DIIs 1.9%, Public 37.5%.Sep '25: Promoters 53.2%, FIIs 5.7%, DIIs 1.5%, Public 39.6%.Dec '25: Promoters 53.2%, FIIs 4.9%, DIIs 1.3%, Public 40.6%.Mar '26: Promoters 53.2%, FIIs 5.1%, DIIs 1.2%, Public 40.5%.Jun '26: Promoters 53.2%, FIIs 8.3%, DIIs 3.0%, Public 35.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund newly disclosed 1.72% 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 Jun 2026 filing
Every holder of Paras Defence and Space Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Munjal Sharad Shah | 24.47% | unchanged |
| Sharad Virji Shah | 15.43% | unchanged |
| Anish Hemant Mehta | 2.91% | unchanged |
| Kaajal Harsh Bhansali | 2.91% | unchanged |
| Ami Munjal Shah | 2.51% | unchanged |
| Anushka Munjal Shah | 2.48% | unchanged |
| Jiwanshi Munjal Shah | 2.48% | unchanged |
| Abu Dhabi Investment Authority - Monsoon Sovereign | 2.40% | −0.68 pp |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 1.72% | newly disclosed |
| Amit Navin Mahajan | 1.43% | unchanged |
| Shilpa Amit Mahajan | 1.43% | unchanged |
| Niranjana Sharad Shah | 0.00% | unchanged |
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.
What the price assumes
Growth trapTo justify its price of ₹1436, this stock must grow earnings at 54% every year for 7 years. Our analysis caps realistic growth at ~27%. At that growth it is worth ₹407 — downside of 72%.
- Growth the price implies
- 54.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 28.3% a year
- net profit, FY23–FY26 · EPS 26.8%
- The gap
- 0.3 pp
- -72% downside if it only repeats history
Learn to analyse Paras Defence and Space Technologies Limited
Guides on how to read this kind of business and the numbers that matter.