Paras Defence Space Tech logo

Paras Defence Space Tech

PARAS NSE

Key Fundamentals

MicrocapEngineeringAerospace & Defense
Market Cap
₹11,400 Cr
Volatility
Moderate
P/E Ratio
122.49
EBITDA
₹136 Cr
Return on Equity
12.33%
Debt to Equity
0.04
Book Value
₹84.83
52W High
₹1,585
52W Low
₹580.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 40.0% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 16.0 times its book value
  • Company has a low return on equity of 10.8% over last 3 years.
  • Company has high debtors of 278 days.
  • Promoter holding has decreased over last 3 years: -5.74%

Growth Rate

Revenue Growth
32.21% higher than 3Y
Net Income Growth
45.53% higher than 3Y
Cash Flow Change
-45.1% lower than 3Y
ROE
27.64% higher than 3Y
ROCE
19.34% lower than 3Y
EBITDA Margin (Avg.)
-1.84% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Paras Defence and Space Technologies is a nearly debt-free small-cap company (market cap ₹9,988 Cr) operating in India's aerospace and defense sector, trading at a PE of 109.2x and 14.3x book value. The company has delivered 34% compounded profit CAGR over 3 years and 29% sales CAGR over the same period, but carries high debtor days of 278 and a relatively modest ROE of 11% over 3 years.

Bull Case 8
  • Company is almost debt-free, providing financial flexibility and low interest burden in a capital-intensive defense sector
  • Compounded profit growth of 41% CAGR over the last 5 years demonstrates strong earnings momentum
  • Revenue growth of 29% CAGR over 3 years and 27% over 5 years shows sustained top-line expansion
  • TTM sales growth of 31% and TTM profit growth of 38% indicate continued acceleration in recent quarters
  • ROE has improved from 10% (5-year average) to 13% in the last year, showing improving capital efficiency
  • Operating in India's aerospace and defense sector which benefits from government's push for indigenous defense manufacturing and rising defense budget (₹6.2 lakh Cr in FY25)
  • Stock price CAGR of 83% over 1 year and 53% over 3 years reflects strong market confidence in the growth trajectory
  • Expected to deliver a good upcoming quarter based on order pipeline visibility
Bear Case 8
  • PE ratio of 109.2x is extremely elevated, leaving little margin of safety if growth disappoints
  • Price-to-book of 14.29x (13.5x book value) implies heavy premium over tangible asset base
  • Debtor days of 278 indicate severe working capital strain and delayed collections, typical risk in defense contracting
  • 3-year average ROE of only 11% is modest given the rich valuation multiples being paid by investors
  • Promoter holding has decreased by 5.74% over the last 3 years, signaling potential dilution or reduced insider confidence
  • Market cap of ₹9,988 Cr on what appears to be limited absolute profit base (implied EPS yields below 1% at 109x PE) raises sustainability concerns
  • Dividend yield of just 0.04% offers virtually no income return to shareholders
  • Limited 10-year operating history data available makes long-term consistency difficult to assess

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 2
  • Rs 6,200 Cr OSAT plant planned Jul 22

    Paras Defence subsidiary signed MoU with MPSeDC to set up a greenfield OSAT (Outsourced Semiconductor Assembly and Test) facility in Madhya Pradesh with an investment of Rs 6,200 Crores, signaling major expansion into semiconductor manufacturing.

  • New VP Business Development hired Jul 24

    Anushka Munjal Shah appointed as Vice President-Business Development effective July 24, 2026, approved by the Board on NRC recommendation, strengthening the leadership team for growth initiatives.

TL;DR: Paras Defence is making aggressive moves to diversify beyond its core aerospace and defense business, with a massive Rs 6,200 Cr semiconductor OSAT investment signaling long-term ambitions in chip packaging. Leadership additions in business development suggest the company is gearing up for accelerated order capture. No visible headwinds in recent news flow. The trend is clearly expansionary, though execution on the large OSAT capex will be the key monitorable over coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
48
61
64
80
84
87
86
108
93
106
106
171
128
Expenses
38
46
52
67
59
64
64
80
71
76
80
129
96
Operating Profit
11
16
12
12
24
23
22
28
22
30
26
43
32
OPM %
22%
25%
19%
15%
29%
26%
26%
26%
23%
28%
25%
25%
25%
Other Income
1
1
1
6
1
2
2
4
2
2
2
12
2
Interest
1
1
2
2
2
3
1
2
1
1
1
2
1
Depreciation
3
3
3
3
4
4
4
4
4
4
4
4
4
PBT
8
12
8
12
20
18
19
27
19
27
23
48
28
Tax %
26%
28%
30%
21%
28%
30%
28%
22%
27%
27%
27%
20%
26%
Net Profit
6
9
6
10
14
13
14
21
14
19
17
39
21
EPS in Rs
0.77
1.21
0.85
1.28
1.9
1.78
1.87
2.45
1.84
2.56
2.26
4.27
2.63
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
154
147
143
183
222
254
365
477
511
Expenses
111
107
99
130
165
200
265
354
381
Operating Profit
43
40
44
52
58
53
100
122
130
OPM %
28%
27%
31%
29%
26%
21%
27%
26%
26%
Other Income
3
2
1
3
8
8
8
19
18
Interest
10
10
13
8
8
8
9
7
5
Depreciation
9
10
10
10
11
13
15
17
17
PBT
27
22
23
37
47
40
84
118
126
Tax %
29%
10%
30%
26%
23%
26%
26%
24%
—
Net Profit
19
20
16
27
36
30
61
89
96
EPS in Rs
16.64
3.46
2.63
3.47
4.62
4.11
7.87
10.93
11.72
Div. Payout %
0%
0%
0%
0%
0%
0%
6%
5%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
6
28
30
39
39
39
40
40
Reserves
147
144
177
339
374
406
600
685
Borrowings
85
103
106
31
15
66
24
27
Other Liabilities
92
66
50
48
93
129
188
212
Total Liabilities
330
342
363
458
520
640
852
964
Fixed Assets
168
158
157
154
170
186
190
191
CWIP
3
5
1
0
5
4
11
16
Investments
0
0
1
4
12
22
28
33
Other Assets
159
180
204
300
335
427
623
725
Total Assets
330
342
363
458
520
640
852
964
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
-3
4
12
46
-46
45
25
Investing
—
-5
-6
-77
10
-2
-87
-17
Financing
—
9
5
63
-41
33
74
-17
Net Cash Flow
—
1
3
-2
15
-14
31
-9
Free Cash Flow
—
-7
-1
6
22
-71
10
-10
CFO/OP
—
11
25
44
96
-63
63
48
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
197
242
242
246
246
285
295
278
Inventory Days
281
303
418
297
324
455
323
244
Days Payable
232
136
86
68
90
185
117
88
Cash Conversion Cycle
246
410
573
475
479
555
501
435
Working Capital Days
109
162
223
330
315
315
297
273
ROCE %
—
13%
12%
12%
13%
10%
16%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs3.05%Promot.53.20%Others6.37%FIIs8.29%Public29.08%As ofJun 2026

Documents

1
Concall - Feb 2026 Feb 2026
2
Concall - Jun 2025 Jun 2025
3
Concall - Apr 2025 Apr 2025
4
Concall - Jun 2024 Jun 2024
5
Concall - Sep 2023 Sep 2023

Frequently Asked Questions about Paras Defence Space Tech

What does Paras Defence and Space Technologies Ltd do?
Paras Defence and Space Technologies (PDST) is an Private sector company primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - Defence & Space Optics, Defence Ele...
Where is Paras Defence and Space Technologies Ltd (PARAS) listed?
Paras Defence and Space Technologies Ltd trades as PARAS on the NSE and under code 543367 on the BSE.
Which sector does Paras Defence and Space Technologies Ltd belong to?
Paras Defence and Space Technologies Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the market capitalisation of Paras Defence and Space Technologies Ltd?
Paras Defence and Space Technologies Ltd has a market capitalisation of ₹11,400 Cr, which places it in the Mid Cap band.
What is the PE ratio of Paras Defence and Space Technologies Ltd?
Paras Defence and Space Technologies Ltd trades at a PE ratio of 122.49, against a book value of ₹84.83 per share.
What is the 52-week high and low of Paras Defence and Space Technologies Ltd?
Over the last 52 weeks Paras Defence and Space Technologies Ltd has traded between ₹580.5 and ₹1,585.
Does Paras Defence and Space Technologies Ltd pay dividends?
Paras Defence and Space Technologies Ltd has a dividend yield of 0.07%.
What is the Return on Equity (ROE) of Paras Defence and Space Technologies Ltd?
Paras Defence and Space Technologies Ltd reported a return on equity of 12.33%. Its debt-to-equity ratio is 0.04.

Company Information

Paras Defence and Space Technologies (PDST) is an Private sector company primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - Defence & Space Optics, Defence Electronics, Heavy Engineering and Electromagnetic Pulse Protection Solutions.[1]

Website parasdefence.com
Listed 2021-10-01
Face Value ₹ 5
Issued Size 8,05,87,330

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