Paras Defence and Space Technologies Ltd
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]
- Market Cap ₹ 6,521 Cr.
- Current Price ₹ 809
- High / Low ₹ 972 / 508
- Stock P/E 88.8
- Book Value ₹ 83.4
- Dividend Yield 0.03 %
- ROCE 15.6 %
- ROE 11.5 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 26.0% CAGR over last 5 years
Cons
- Stock is trading at 9.71 times its book value
- Company has a low return on equity of 9.56% over last 3 years.
- Company has high debtors of 295 days.
- Promoter holding has decreased over last 3 years: -5.74%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 154 | 147 | 143 | 183 | 222 | 254 | 365 | 413 | |
| 111 | 107 | 99 | 130 | 165 | 200 | 265 | 307 | |
| Operating Profit | 43 | 40 | 44 | 52 | 58 | 53 | 100 | 106 |
| OPM % | 28% | 27% | 31% | 29% | 26% | 21% | 27% | 26% |
| 3 | 2 | 1 | 3 | 8 | 8 | 8 | 11 | |
| Interest | 10 | 10 | 13 | 8 | 8 | 8 | 9 | 5 |
| Depreciation | 9 | 10 | 10 | 10 | 11 | 13 | 15 | 16 |
| Profit before tax | 27 | 22 | 23 | 37 | 47 | 40 | 84 | 96 |
| Tax % | 29% | 10% | 30% | 26% | 23% | 26% | 26% | |
| 19 | 20 | 16 | 27 | 36 | 30 | 61 | 71 | |
| EPS in Rs | 16.64 | 3.46 | 2.63 | 3.47 | 4.62 | 4.11 | 7.87 | 9.11 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 6% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 26% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 32% |
| TTM: | 37% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 47% |
| 1 Year: | 56% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 9% |
| 3 Years: | 10% |
| Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 28 | 30 | 39 | 39 | 39 | 40 | 40 |
| Reserves | 147 | 144 | 177 | 339 | 374 | 406 | 600 | 631 |
| 85 | 103 | 106 | 31 | 15 | 66 | 24 | 56 | |
| 92 | 66 | 50 | 48 | 93 | 129 | 188 | 195 | |
| Total Liabilities | 330 | 342 | 363 | 458 | 520 | 640 | 852 | 923 |
| 168 | 158 | 157 | 154 | 170 | 186 | 190 | 205 | |
| CWIP | 3 | 5 | 1 | 0 | 5 | 4 | 11 | 8 |
| Investments | 0 | 0 | 1 | 4 | 12 | 22 | 28 | 29 |
| 159 | 180 | 204 | 300 | 335 | 427 | 623 | 681 | |
| Total Assets | 330 | 342 | 363 | 458 | 520 | 640 | 852 | 923 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -3 | 4 | 12 | 46 | -46 | 45 | ||
| -5 | -6 | -77 | 10 | -2 | -87 | ||
| 9 | 5 | 63 | -41 | 33 | 74 | ||
| Net Cash Flow | 1 | 3 | -2 | 15 | -14 | 31 | |
| Free Cash Flow | -7 | -1 | 6 | 22 | -71 | 10 | |
| CFO/OP | 11% | 25% | 44% | 96% | -63% | 63% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 197 | 242 | 242 | 246 | 246 | 285 | 295 |
| Inventory Days | 281 | 303 | 418 | 297 | 324 | 455 | 323 |
| Days Payable | 232 | 136 | 86 | 68 | 90 | 185 | 117 |
| Cash Conversion Cycle | 246 | 410 | 573 | 475 | 479 | 555 | 501 |
| Working Capital Days | 109 | 162 | 223 | 330 | 315 | 315 | 297 |
| ROCE % | 12% | 12% | 12% | 13% | 10% | 16% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Closing Order Book INR Crores |
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| Export Contribution to Revenue % |
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| Gross Current Assets (GCA) Days |
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| Permanent Employee Strength Number |
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| Revenue Share - Defence and Space Optics % |
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| Revenue Share - Defence Electronics % |
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| Number of iDEX Challenge Wins Number |
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Extracted by Screener AI
Documents
Announcements
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Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Signing Of Agreement With Bandak Aviation Inc. DBA Northstar, USA ('NORTHSTAR')
15 Apr - Paras Defence signs 10-year exclusive agreement with Northstar USA to support Indian Armed Forces refueling systems.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026.
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Appointment of Company Secretary and Compliance Officer
6 Apr - Ms. Minal Bhate appointed Company Secretary and Compliance Officer effective April 6, 2026.
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Announcement under Regulation 30 (LODR)-Diversification / Disinvestment
30 Mar - PARAS sold its entire 58.02% stake in Ayatti on March 30, 2026 for Rs.6,99,20,000.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
24 Mar - The management of PARAS will be meeting Niveshaay Investment Advisors, Analyst / Institutional Investor on Monday, March 30, 2026.
India’s Leading Defense Company
The company is one of India’s leading players in the defense and space sector. It is the sole Indian supplier of critical imaging components for space applications including large-size optics and diffractive gratings. [1] [2]