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Paras Defence and Space Technologies Limited (PARAS)

₹1,298.90 +3.00% last close, 16 Oct

📊 NSE: PARAS 🏢 Aerospace & Defense 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Paras Defence's revenue was ₹128 Cr (+37.3% year on year, -25.3% on the previous quarter), and net profit ₹20.7 Cr (+45.3% year on year); the operating margin was 24.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹128	+37.3%	-25.3%
Operating profit	₹31.9	+45.4%	-25.1%
Net profit	₹20.7	+45.3%	-46.7%
EPS (₹)	2.63	+42.5%	-38.4%
Operating margin	24.9%	—	—

EPS restated for the ₹10 to ₹5 split of Jul 2025: Q1 FY26 ₹3.69 to ₹1.84.

Full quarterly financials → Results calendar →

PARAS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 31.36% of the PARAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 27.2%. That is close to its usual level.

31.36%Delivery, 16 Oct

27.2%Own 20-session average

0.8×Volume vs its average

₹1,298.90NSE close · +3.00%

Delivery in the last 5 sessions: 27.9% · 22.8% · 24.9% · 26.6% · 31.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

ICRA Upgrades Paras Defence Long-Term Credit Rating to [ICRA]A (Stable) from [ICRA]A-

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 30 Sep 2026, 06:05 PM

Paras Defence and Space Technologies received a credit rating upgrade from ICRA Limited on September 30, 2026. The long-term rating for its fund-based Cash Credit and Overdraft facilities has been upgraded to [ICRA]A (Stable) from [ICRA]A- (Positive). Additionally, the non-fund based facilities (Bank Guarantee & Letter of Credit) were upgraded to [ICRA]A (Stable) and reaffirmed at [ICRA]A2+, with ratings also assigned for enhanced limits. This upgrade reflects improved creditworthiness for a company that maintains a zero-debt balance sheet and a strong TTM revenue base of Rs 511 Cr.

ICRA upgraded long-term Cash Credit facilities to [ICRA]A (Stable) from [ICRA]A- (Positive)
Long-term Overdraft rating upgraded to [ICRA]A (Stable) from [ICRA]A- (Positive)
Non-fund based Bank Guarantee & Letter of Credit upgraded to [ICRA]A (Stable) / reaffirmed at [ICRA]A2+
Ratings assigned for enhanced credit facility amounts on September 30, 2026

💡 Track the upcoming quarterly results to see if the upgraded ratings translate into lower borrowing costs or reduced bank guarantee commissions, supporting the execution of its Rs 928 Cr order book.

PARAS Wins ₹26.59 Cr DRDO Order for Hyperspectral Mission Space Payload

🟢 POSITIVE ⭐ 5/10

OTHER 📅 28 Sep 2026, 01:25 PM

Paras Defence and Space Technologies has secured a contract valued at approximately ₹26.59 crore (including taxes) from DRDO, Ministry of Defence. Under the contract, PARAS will act as the Lead System Integrator for the complete design, analysis, fabrication, manufacturing, and assembly of an Optics and Opto-Mechanical Unit for a Hyperspectral Mission. The order represents ~5.2% of the company's TTM revenue of ₹511 crore. The project is scheduled for completion on or before September 27, 2027.

Received contract valued at approximately ₹26.59 crore (including taxes) from DRDO
Company to serve as Lead System Integrator for Space-Borne Hyperspectral Mission payload
Performance Security amount set at ₹79,76,427
Execution timeline specified as on or before September 27, 2027

💡 Monitor execution milestones leading up to the September 2027 deadline and track optics segment revenue growth in quarterly earnings.

Paras Defence: Trading Window Closed from Oct 1, 2026 for Q2 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 19 Sep 2026, 05:22 PM

Paras Defence and Space Technologies Limited has informed the exchanges that its trading window will close on October 01, 2026. This closure applies to Designated Persons and their immediate relatives pursuant to SEBI Insider Trading regulations. The window will remain shut until 48 hours after the declaration of unaudited financial results for the quarter ended September 30, 2026. This is a mandatory and standard regulatory compliance procedure ahead of quarterly earnings.

Trading window closes effective October 01, 2026
Pertains to financial results for the quarter ended September 30, 2026
Trading reopens 48 hours after the declaration of the unaudited financial results
Applies to Designated Persons and their immediate relatives

💡 Track the upcoming board meeting date announcement for the consideration and approval of Q2 FY27 financial results.

Paras Defence Concludes 17th AGM; Transacts 6 Ordinary Resolutions

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 06:57 PM

Paras Defence and Space Technologies Limited concluded its 17th Annual General Meeting on September 11, 2026, conducted via video conferencing with 55 members attending. A total of 6 ordinary resolutions were placed for shareholder voting, including the adoption of FY26 financials, equity dividend declaration, and approval of material related-party transactions with Controp-Paras Technologies and Paras Anti-Drone Technologies. Managing Director Munjal Sharad Shah chaired the meeting in place of Non-Executive Chairman Sharad Virji Shah. Scrutinizer voting results are expected within 48 hours of the meeting.

17th AGM held on September 11, 2026, attended by 55 members virtually
6 ordinary resolutions transacted covering FY26 financials, dividend, and cost auditor remuneration
Two material related-party transactions presented for approval (Controp-Paras Technologies and Paras Anti-Drone Technologies)
Scrutinizer to submit official e-voting results within 48 hours of the AGM

💡 Track the formal scrutinizer voting report on the exchange to verify shareholder approval of the dividend and related-party transaction resolutions.

Paras Defence Concludes 17th AGM; Transacts 6 Resolutions Including Related Party Deals

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Sep 2026, 06:52 PM

Paras Defence and Space Technologies Limited concluded its 17th Annual General Meeting on September 11, 2026, with 55 members attending virtually. Shareholders voted on 6 ordinary business resolutions, including the adoption of FY26 financial statements, dividend declaration, and ratification of cost auditors. Notably, approvals for material related party transactions with Controp-Paras Technologies and Paras Anti-Drone Technologies were also put to vote. Voting results and the Scrutinizer's report will be declared within 48 hours.

17th Annual General Meeting held virtually on September 11, 2026, attended by 55 members
Total of 6 ordinary resolutions transacted via remote e-voting and AGM e-voting
Material related party transactions transacted with associate Controp-Paras Technologies and subsidiary Paras Anti-Drone Technologies
Scrutinizer to submit official voting report within 48 hours of meeting conclusion

💡 Track the upcoming disclosure of voting results within 48 hours to confirm shareholder approval of the material related party transactions.

Paras Defence: TDS Intimation on FY26 Dividend of Rs 1/Share; Record Date Aug 28, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 22 Aug 2026, 01:37 PM

Paras Defence and Space Technologies has issued an intimation to shareholders regarding Tax Deduction at Source (TDS) on its recommended dividend of Rs 1 per equity share (face value Rs 5, or 20%) for FY26. The record date to determine eligible shareholders and the deadline for tax document submission is August 28, 2026. The dividend remains subject to shareholder approval at the 17th AGM scheduled for September 11, 2026. Standard TDS is 10% for resident individuals with valid PAN for payouts exceeding Rs 10,000, rising to 20% without PAN or unlinked Aadhaar.

Recommended dividend of Rs 1 per equity share of face value Rs 5 (20%) for FY26
Record date set for Friday, August 28, 2026
17th Annual General Meeting scheduled for Friday, September 11, 2026
TDS exemption threshold for resident individual shareholders set at Rs 10,000 dividend income

💡 Shareholders seeking lower or nil withholding tax should submit necessary declarations (such as Form 121) via the RTA portal by August 28, 2026.

Paras Defence to Host Plant Visit for 7 Institutional Investors on August 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 06:34 PM

Paras Defence and Space Technologies Limited announced a scheduled plant visit and group meeting for analysts and institutional investors on Saturday, August 22, 2026, starting at 10:00 a.m. IST at its Nerul, Navi Mumbai facility. A total of 7 institutional investors are slated to attend, including Birla AMC, ABSL, PNB Metlife, and Fortress Group. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared during the visit.

Plant visit scheduled for Saturday, August 22, 2026, from 10:00 a.m. IST onwards
Meeting venue set at the company's manufacturing facility in Nerul, Navi Mumbai
7 institutional investors and funds participating, including Birla AMC, ABSL, and PNB Metlife
Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared

💡 Monitor any investor presentation updates filed on the exchange following the visit, while tracking core order execution in upcoming earnings.

Paras Defence Convenes 17th AGM on Sept 11, 2026; Seeks Approval for ₹1 Dividend & ₹600 Cr RPTs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Aug 2026, 11:57 AM

Paras Defence and Space Technologies has released the notice for its 17th Annual General Meeting scheduled for September 11, 2026, through video conferencing. The company has fixed September 04, 2026, as the cut-off date for e-voting eligibility. Key resolutions include the adoption of FY26 financials and declaration of a final dividend of ₹1 per share (FV ₹5). Additionally, shareholder approval is sought for material related-party transactions of up to ₹450 Cr with associate Controp-Paras Technologies and ₹150 Cr with subsidiary Paras Anti-Drone Technologies.

17th Annual General Meeting scheduled for Friday, September 11, 2026, via Video Conferencing.
Cut-off date for determining e-voting eligibility is Friday, September 04, 2026.
Proposed final dividend of ₹1 per equity share of face value ₹5 each for FY26.
Enabling resolution for material related-party transactions up to ₹450 Cr with associate Controp-Paras Technologies.
Enabling resolution for material related-party transactions up to ₹150 Cr with subsidiary Paras Anti-Drone Technologies.

💡 Eligible shareholders should track the September 04, 2026 cut-off date for voting and monitor the post-AGM voting results disclosure on September 11, 2026.

Paras Defence to Meet 48 Institutional Investors at Kotak Forum on Aug 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 07:17 PM

Paras Defence and Space Technologies Limited has informed the exchanges that its management will participate in the 'Manufacturing Forum 2026' organised by Kotak Institutional Equities in Mumbai on August 20, 2026. The engagement includes one-on-one and group meetings with 48 institutional investors and fund managers such as HSBC Global AM, GIC, Nippon Life India AM, and DSP Investment. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the sessions.

Meeting scheduled for August 20, 2026, starting at 9:00 a.m. IST in Mumbai
48 institutional investors and funds participating across 1-on-1 and group formats
Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared

💡 Track the exchange filings or the company website for any updated investor presentations or commentary uploaded following the meet.

Paras Defence to Meet 43 Institutional Investors on August 19, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 01:12 PM

Paras Defence and Space Technologies has scheduled meetings with 43 institutional investors and funds at the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026. The participant list includes major domestic and international entities such as ICICI Prudential MF, Nippon India Asset Management, and Franklin Templeton. The meetings will be held in one-on-one and group formats at Grand Hyatt, Mumbai. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these interactions.

Scheduled meetings with 43 distinct institutional investors and funds.
Event date set for August 19, 2026, starting from 1:00 p.m. IST.
Participation in the Motilal Oswal 22nd Annual Global Investor Conference.
Company currently maintains an order book of ₹928 Cr, representing a 1.8x book-to-bill ratio against TTM revenue.

💡 Investors should monitor the company's website for any updated investor presentations or post-conference transcripts that may provide insights into the execution timeline of the ₹928 Cr order book.

17th AGM Scheduled for September 11, 2026; Cut-off Date Set for September 04

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 03:18 PM

Paras Defence and Space Technologies has announced its 17th Annual General Meeting (AGM) will be held on September 11, 2026, via video conferencing. The company has established September 04, 2026, as the cut-off date to determine shareholder eligibility for voting on resolutions. Remote e-voting is scheduled to take place between September 08 and September 10, 2026. This follows a strong FY26 performance where the company reported a net profit of Rs 89.46 Cr on a revenue of Rs 476.57 Cr.

17th Annual General Meeting to be held on September 11, 2026
Cut-off date for voting eligibility fixed as September 04, 2026
Remote e-voting period spans 3 days from September 08 to September 10, 2026
Company is managing an order book of Rs 928 Cr as per latest financial context
FY26 revenue stood at Rs 476.57 Cr with an operating profit margin of 25.28%

💡 Investors should monitor the upcoming AGM notice for specific resolutions and use the e-voting window to participate in corporate governance. The meeting will likely provide updates on the execution of the current order book which is 2.5x the TTM revenue.

Rs 1 Dividend: Paras Defence Sets August 28, 2026, as Record Date

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 07 Aug 2026, 03:05 PM

Paras Defence and Space Technologies has fixed August 28, 2026, as the record date for its final dividend of Rs 1 per equity share for FY 2025-26. This follows the board's recommendation made on May 13, 2026, and is subject to shareholder approval at the upcoming 17th Annual General Meeting (AGM). The dividend represents a 20% payout on the face value of Rs 5 per share. At the current market price of Rs 1318.1, the dividend yield stands at approximately 0.076%.

Final dividend of Rs 1 per equity share recommended for the financial year 2025-26.
Record date for determining shareholder eligibility is fixed as Friday, August 28, 2026.
Dividend payment will be processed within 30 days from the date of the 17th AGM.
The dividend is applicable to equity shares with a face value of Rs 5 each.

💡 Investors interested in the dividend must hold the shares in their demat account by the close of business hours on August 28, 2026. Monitor the announcement of the AGM date for the final approval and payment schedule.

Paras Defence to Divest 47.50% Stake in Associate Krasny Paras Defence Technologies

🟡 NEUTRAL ⭐ 4/10

M&A 📅 07 Aug 2026, 02:56 PM

Paras Defence has approved the divestment of its entire 47.50% stake (5,22,500 shares) in its associate company, Krasny Paras Defence Technologies Private Limited. The associate is a non-material entity, contributing only Rs 0.59 crore (0.12%) to the company's FY26 consolidated turnover. The buyer is Krasny Defence Technologies Limited, and the transaction is expected to conclude by December 31, 2026. While the final consideration is pending due diligence, the small scale of the associate suggests minimal financial impact on Paras Defence's consolidated balance sheet.

Divestment of 100% of the company's 47.50% equity stake in Krasny Paras Defence Technologies.
Associate contributed only 0.12% (Rs 0.59 Cr) to the consolidated turnover in FY 2025-26.
Net worth of the associate stood at Rs 0.63 Cr as of March 31, 2026, vs company net worth of Rs 723 Cr.
Transaction is expected to be completed by December 31, 2026.
Buyer is Krasny Defence Technologies Limited, which is not a related party.

💡 Investors should treat this as a routine cleanup of non-core assets. Watch for the final consideration amount in future filings to confirm any minor one-time gains or losses.

Paras Defence Q1 PAT Grows 50% YoY to ₹21.4 Cr; Divests Krasny Paras Stake

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 02:48 PM

Paras Defence reported a strong start to FY27 with consolidated revenue growing 37.3% YoY to ₹127.91 Cr. Net profit (PAT) surged 50% YoY to ₹21.41 Cr, driven by a 62% revenue jump in the high-margin Optics and Optronic Systems segment. The company also announced the divestment of its entire 47.50% stake in associate Krasny Paras and the incorporation of two new subsidiaries in semiconductors and avionics. A final dividend of ₹1 per share was confirmed with a record date of August 28, 2026.

Consolidated Revenue for Q1 FY27 reached ₹127.91 Cr, up from ₹93.19 Cr in Q1 FY26.
Net Profit (PAT) increased to ₹21.41 Cr, a 50% growth compared to ₹14.27 Cr in the previous year's quarter.
Optics and Optronic Systems segment revenue grew significantly to ₹68.90 Cr from ₹42.50 Cr YoY.
Board approved divestment of 47.50% stake (5,22,500 shares) in associate Krasny Paras Defence Technologies.
Fixed August 28, 2026, as the record date for the ₹1 per share (20%) final dividend.

💡 Investors should monitor the operational progress of the newly formed semiconductor and avionics subsidiaries and the execution timeline of the ₹928 Cr order book.

Management to Meet 25+ Global Institutional Investors in Singapore and Hong Kong

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 01:23 PM

Paras Defence management is scheduled to attend Citi's 2026 India Industrials Access Day from August 11 to August 13, 2026. The roadshow includes meetings in Singapore and Hong Kong with over 25 major institutional investors, including Goldman Sachs, Wellington Management, and T Rowe Price. These sessions will consist of one-on-one and group meetings to discuss the company's business, which is currently supported by a Rs 928 Cr order book. While no unpublished price-sensitive information will be shared, the scale of the event highlights significant global institutional interest in the company's defense and space optics portfolio.

Management meeting with 25+ institutional investors and funds across two international financial hubs.
Three-day schedule: August 11-12 in Singapore and August 13, 2026, in Hong Kong.
Participation from high-profile global entities including Goldman Sachs Asset Management, T Rowe Price, and Wellington Management.
Company is currently executing an order book of Rs 928 Cr, representing approximately 1.9x its TTM revenue of Rs 477 Cr.

💡 Monitor the company's website for any updated investor presentations or transcripts following the meet to gauge management's outlook on the execution of the current order book.

View All PARAS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 43.6% YoY to INR 364.7 Cr in FY25 from INR 253.9 Cr in FY24. Standalone revenue grew 43.6% to INR 333.85 Cr, with the 'optics and optronics' segment being a primary driver of margin accretion.

Geographic Revenue Split

Domestic sales account for approximately 88% of revenue, while exports to Israel, Singapore, and the USA contribute ~12% (INR 39.62 Cr in foreign exchange earnings).

Profitability Margins

Operating margins improved significantly to 28.5-29% in FY25 from 21.2-22.5% in FY24. PAT margin stood at 16.9% in FY25. The improvement is attributed to a better product mix and quicker delivery of high-margin periscopes.

EBITDA Margin

EBITDA margins are expected to remain healthy in the range of 27-30% over the medium term, driven by the execution of a robust order book and margin-accretive product segments.

Capital Expenditure

Minimal large debt-funded capex is planned for FY26. The company maintains a strong cash balance of INR 110 Cr (INR 85-90 Cr unencumbered) to support operations.

Credit Rating & Borrowing

Crisil A-/Positive (upgraded from Stable) and Crisil A2+. Interest coverage ratio improved to 10.7 times in FY25 from 9.35 times in FY24. Standalone finance costs were INR 5.52 Cr.

⚙️ Operational Drivers

Import Sources

Israel, Singapore, and the USA are identified as key export and operational regions, with a foreign exchange outgo of INR 115.52 Cr in FY25, suggesting significant imports of specialized components.

Capacity Expansion

The company operates two manufacturing facilities in Thane and Navi Mumbai. While specific unit capacity is not disclosed, the company is scaling to execute an order book of INR 928 Cr.

Raw Material Costs

Cost of materials consumed increased by 10.49% to INR 125.05 Cr in FY25, representing approximately 34% of consolidated revenue.

Manufacturing Efficiency

Manufacturing efficiency is improving as reflected by the reduction in inventory days and faster realization of payments for periscopes.

📈 Strategic Growth

Expected Growth Rate

44%

Growth Strategy

Growth will be achieved through the execution of the INR 928 Cr order book (2.5x book-to-bill ratio), focus on high-margin optics/optronics, and capital infusion from a INR 135 Cr QIP. The company is also divesting non-core assets like Paras Green UAV (100% stake) and Ayatti Innovative (58.02% stake) to focus on core defence verticals.

Products & Services

High-precision products including periscopes, MK-46 and MK-48 Belt-fed Light Machine Guns, space optics, defence electronics, and heavy engineering turnkey solutions.

Brand Portfolio

Paras Defence and Space Technologies Limited (PDSTL).

New Products/Services

MK-46 and MK-48 Belt-fed Light Machine Guns under license from the Arms Act, 1959.

Market Expansion

Targeting increased exports to Israel, Singapore, and the USA, which currently account for 12% of sales.

Strategic Alliances

Established relationships with DRDO, BEL, ISRO, Tata Group, and L&T.

🌍 External Factors

Industry Trends

The industry is shifting toward indigenization with defence licenses extended from 3 to 15 years. Components were de-licensed in 2019 to encourage investment, and digital export systems have issued 1,500+ authorizations.

Competitive Landscape

Competes with major players like Bharat Electronics Limited (BEL), Tata Group, and L&T in the defence engineering space.

Competitive Moat

Durable moat built on 40+ years of experience, high entry barriers in defence optics, and established relationships with government entities like ISRO and DRDO.

Macro Economic Sensitivity

Highly sensitive to the Indian Defence Budget and 'Make in India' policy shifts.

Consumer Behavior

Demand is driven by government procurement cycles and tender-based awards rather than traditional consumer behavior.

Geopolitical Risks

Exposure to Israel (export market) and global supply chains for high-tech components.

⚖️ Regulatory & Governance

Industry Regulations

Governed by the Arms Act 1959, Factories Act 1948, and Industries (Development & Regulation) Act 1951. Defence license validity recently extended to 15-18 years.