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Makes optical/electro-optic systems, defense electronics and space equipment for India's military and space programs.
Makes optical/electro-optic systems, defense electronics and space equipment for India's military and space programs.
Is paid on defence and space contracts, supplying both government-owned firms and the armed forces directly, so revenue arrives in lumps as orders are delivered and depends on Indian defence procurement policy. Its niche optics and electronics are small beside the larger defence contractors.
Moat: narrow (customer qualification, process know-how). Niche optics/electronic-warfare qualification with the Indian military, but it is small versus larger defense primes.
Headquarters: Navi Mumbai, India · Founded: 2009 · Employees: 617
Size Paras Defence & Space Technologies (PARAS.NS) is an India Industrials company (Aerospace & Defense) with a market value of $1.06B, the 575th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,243 on 6 Nov 2026.
Performance Over six months the shares gained 43.0%, against -25.8% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 41.7% over the last twelve months (peer median +16.6%); the operating margin is 22.8% (peer median 6.1%).
Valuation It trades at 85.7× forward earnings against a peer median of 26.1× (2nd most expensive of 11).
Capital Return on invested capital runs 4.1 points below its cost of capital (19.7% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹5.57B | ₹4.77B | ₹3.65B | ₹2.53B | ₹2.22B |
| Revenue growth | — | +31% | +44% | +14% | — |
| Gross profit | ₹1.97B | ₹1.41B | ₹1.18B | ₹692M | ₹705M |
| EBITDA | ₹1.45B | ₹1.25B | ₹1.02B | ₹548M | ₹589M |
| Net income | ₹1.04B | ₹881M | ₹635M | ₹321M | ₹361M |
| Free cash flow | n/a | -₹93.3M | ₹78.7M | -₹731M | ₹183M |
| Capital expenditure | n/a | ₹378M | ₹352M | ₹260M | ₹253M |
| Total debt | ₹306M | ₹271M | ₹240M | ₹658M | ₹146M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Paras Defence & Space Technologies PARAS.NS | $1.06B | +43% | +42% | 23% | 85.7× | n/a |
| Bharat Electronics BEL.NS | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% |
| MTAR Technologies MTARTECH.NS | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% |
| Data Patterns (India) DATAPATTNS.NS | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% |
| Astra Microwave Products ASTRAMICRO.NS | $1.56B | +34% | +4% | 25% | 61.8× | 53.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PARAS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -2.7% | 9th lowest of 20 |
| 6-month return | +43.0% | -25.8% | 2nd highest of 20 |
| Distance from 52-week high | -21.6% | -47.7% | 3rd highest of 20 |
| Revenue growth (TTM) | +41.7% | +16.6% | 6th highest of 21 |
| Operating margin | 22.8% | 6.1% | highest of 21 |
| Forward P/E | 85.7× | 26.1× | 2nd most expensive of 11 |
| ROIC minus cost of capital | -4.1 pp | -5.9 pp | 8th highest of 20 |
| EV / EBITDA | 67.9× | 20.6× | 3rd most expensive of 9 |
| Net debt / EBITDA | -1.1× | 0.4× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Paras Defence & Space Technologies PARAS.NS | India | $1.06B | +43% | +42% | 23% | 85.7× | n/a | n/a |
| Guanglian Aviation Industry 300900.SZ | China | $1.07B | -51% | +1% | -10% | 57.5× | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 43.9× | n/a | n/a |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | n/a | n/a | n/a |
| National Presto Industries NPK | United States | $1.02B | 0% | +21% | 9% | n/a | 8.3% | +7.4% |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 54.6× | n/a | n/a |
| Vincorion V1NC.DE | Germany | $982M | -5% | +18% | 12% | 24.6× | 38.0% | +47.5% |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| Streamax Technology 002970.SZ | China | $951M | -51% | +3% | 11% | 12.3× | n/a | n/a |
| Avon Technologies AVON.L | United Kingdom | $933M | +45% | +5% | 12% | 22.8× | 16.3% | +7.4% |
| Xi'an ChenXi Aviation Technology 300581.SZ | China | $906M | -13% | 0% | -78% | n/a | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| Kraken Robotics PNG.V | Canada | $896M | -53% | +21% | -2% | 27.6× | n/a | n/a |
| Tonbo Imaging India TONBO.NS | India | $895M | n/a | -23% | 21% | n/a | n/a | n/a |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Jiangxi Xinyu Guoke Technology 300722.SZ | China | $870M | -26% | +14% | 14% | n/a | 38.8% | +12.9% |
| Nanjing LES Information Technology 688631.SS | China | $863M | -38% | -31% | -5% | 90.2× | 36.9% | -1.1% |
| York Space Systems YSS | United States | $860M | -82% | +52% | -15% | n/a | n/a | n/a |
| DroneShield DRO.AX | Australia | $818M | -60% | +153% | -14% | n/a | n/a | n/a |