Paras Defence and Space Technologies Ltd
PARASParas Defence and Space Technologies Ltd's price has outrun its earnings. +107.4% in a year against EPS +38.9% — the market is paying now for delivery later.
The sharpest disagreement: profits are rising, but only 13% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (21 weeks in) while the P/E sits at the 90th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +50.0% year on year, and 13% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Paras Defence and Space Technologies Ltd trades at ₹1,436, in a confirmed uptrend and 21 weeks into that stage. That is +41.5% against its own 200-day average. It sits at 93% of a 52-week range of ₹623 to ₹1,500. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a confirmed uptrend — week 21 of stage 2, confirmed. At ₹1,436 it trades +41.5% versus its 200-day average and sits at 93% of its 52-week range (₹623–₹1,500).
Against the market, two honest reads. Cumulative: over the last 4.9 years the stock moved +483% while the NIFTY 500 moved +51% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Paras Defence and Space Technologies Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: MID_EXPANSION. Still open: Rising material costs compressed Q3 OPM by ~340 bps sequentially; fixed-price defense contracts limit pass-through.
Our read, 17 May 2026. High-growth defence electronics play grappling with execution delays and margin compression at expensive valuations.
From the numbers. PE remains elevated at ~88x, though compressed from early 2025 peaks. Valuation is heavily reliant on sustained 30%+ earnings growth. Institutional buying has been mixed, with promoters maintaining stable holdings.
From the price. Price stage 2, week 21 — above its 200-day line, relative strength rising.
From the research. High-growth defence electronics play grappling with execution delays and margin compression at expensive valuations.
🚨 Where they disagree. PE remains elevated at ~88x, though compressed from early 2025 peaks. Valuation is heavily reliant on sustained 30%+ earnings growth. Institutional buying has been mixed, with promoters maintaining stable holdings.
What is proven. High-growth defence electronics play grappling with execution delays and margin compression at expensive valuations.
What is not proven yet. Rising material costs compressed Q3 OPM by ~340 bps sequentially; fixed-price defense contracts limit pass-through.
The test written in advance. Input Cost Pressures in Fixed-Price Contracts — Input Cost Pressures in Fixed-Price Contracts Q4 FY26 OPM recovery to 28-30% range by the next result.
The test written in advance. Execution Spillovers and Delays — Execution Spillovers and Delays Q4 FY26 order inflow announcements by the next result.
What the company does. Order book remains robust at ₹900-950 Cr, providing strong revenue visibility, but execution spillovers have led to downgraded targets. Sequential margins contracted to 24.6% in Q3 FY26 due to input cost pressures, ESOPs, and one-off gratuity provisions. At a PE of ~95x, valuation leaves no room for error, requiring sharp EBITDA recovery and 30-40% revenue growth delivery.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Order Book Execution | HIGH | — | ₹900-950 Cr order book provides 2x TTM revenue visibility. | Q4 FY26 OPM recovery to 28-30% range |
| Value-Added Product Mix Shift | MEDIUM_HIGH | — | Optics and optronics now contributing ₹58.4 Cr, driving up blended margins. | Q4 FY26 OPM recovery to 28-30% range |
Lever 6 · Order-book wins — BUILDING. ₹900-950 Cr order book provides 2x TTM revenue visibility. What proves it keeps working: Order Book Execution. It stops working if Q4 FY26 OPM recovery to 28-30% range.
Lever 2 · Value-added mix — BUILDING. Optics and optronics now contributing ₹58.4 Cr, driving up blended margins. What proves it keeps working: Value-Added Product Mix Shift. It stops working if Q4 FY26 OPM recovery to 28-30% range.
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Paras Defence and Space Technologies Ltd reported ₹128 Cr of revenue in the Jun 26 quarter, +37.6% year on year. That is the 11th straight quarter of year-on-year growth. Over 7 years it has compounded at 17.5% a year. The last full year, FY26, came in at ₹477 Cr. The last four reported quarters add to ₹511 Cr.
Why this happened. The company's primary driver is the execution of its existing robust order book, heavily weighted towards high-margin optics and optronics. Successfully converting this pipeline into revenue at guided margins is critical to justifying current valuations.
FY26 revenue came in at ₹477 Cr (+30.7% on the year), capping 7 years at 17.5% compound. The latest quarter (Jun 26) printed ₹128 Cr, +37.6% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +35.3% growth against the decade's 17.5% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +36.6% over the last 4 quarters against +33.0%/yr over the last 8 — accelerating; TTM profit +54.8% vs +56.9%/yr — stabilising.
FY26-Q2. A stellar quarter with revenue hitting ₹106 Cr and PAT growing 46% YoY to ₹19 Cr. Margins expanded to 28%, showcasing the benefits of operating leverage and a favorable product mix heavily tilted towards high-precision optics.
Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Paras Defence and Space Technologies Ltd's operating margin is 25.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 21.0% to 31.0%. The current quarter sits inside that band.
Why this happened. A deliberate shift away from heavy engineering towards precision optics and space applications is structurally improving the margin profile, acting as a partial offset to raw material inflation.
The latest quarter's operating margin is 25.0%, +2.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 21.0%–31.0%.
Why the margin moved: operating margin went +1.5 pp year on year while gross margin went +2.6 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q2. A stellar quarter with revenue hitting ₹106 Cr and PAT growing 46% YoY to ₹19 Cr. Margins expanded to 28%, showcasing the benefits of operating leverage and a favorable product mix heavily tilted towards high-precision optics.
Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Paras Defence and Space Technologies Ltd earned ₹21.0 Cr of net profit in the Jun 26 quarter, +50.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹89.0 Cr. The 7-year compound rate is 24.7%. That is 16.4% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.
Jun 26 profit was ₹21.0 Cr, +50.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹89.0 Cr (+45.9%), and the 7-year compound rate is 24.7%.
Why profit moved: revenue contributed +37.6% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +50.8% vs revenue +35.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q2. A stellar quarter with revenue hitting ₹106 Cr and PAT growing 46% YoY to ₹19 Cr. Margins expanded to 28%, showcasing the benefits of operating leverage and a favorable product mix heavily tilted towards high-precision optics.
Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 13% of Paras Defence and Space Technologies Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹25.0 Cr of operating cash against ₹89.0 Cr of profit. After ₹23.0 Cr of capital spending, ₹2.0 Cr was left as free cash.
FY26: operating cash of ₹25.0 Cr against reported profit of ₹89.0 Cr, leaving free cash of ₹2.0 Cr after ₹23.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 13% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 13%: the cash cycle tightened 138 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 1.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Paras Defence and Space Technologies Ltd's cash conversion cycle runs 435 days in FY26, down from 573 days in FY21. Capital spending ran ₹77.0 Cr over the last 3 years. At FY26 sales of ₹477 Cr each day of that cycle holds about ₹1.3 Cr, so roughly ₹568 Cr sits inside the business at any moment.
FY26: debtors at 278 days, inventory at 244 days — roughly 8.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 435 days, tighter than FY21's 573.
The full loop: cash goes out to suppliers and production on day 0; stock waits 244 days to sell; customers pay about 278 days after that; and suppliers themselves are paid at 88 days — netting out to the 435-day cycle.
In money terms: at FY26 sales of ₹477 Cr, each day of the cycle holds about ₹1.3 Cr — so the 435-day loop keeps roughly ₹568 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹77.0 Cr over the last 3 fiscal years against ₹45.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹16.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Paras Defence and Space Technologies Ltd earns a ROCE of 17% in FY26. That is up from a trough of 10% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 18.7% net margin on 0.49× asset turns.
FY26 ROCE is 17%, recovered from a FY24 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 18.7% net margin × 0.49× asset turns × 1.33× balance-sheet leverage ≈ 12.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Paras Defence and Space Technologies Ltd carries ₹27.0 Cr of borrowings against ₹725 Cr of equity in FY26, a debt-to-equity of 0.04. Operating profit covers the interest bill 17×. Over 5 years borrowings went from ₹106 Cr to ₹27.0 Cr. Capital spending ran ₹77.0 Cr across the last 3 of those years.
FY26: borrowings of ₹27.0 Cr against equity of ₹725 Cr — a debt-to-equity of 0.04. Operating profit covers the interest bill 17×. Over 5 years borrowings went from ₹106 Cr to ₹27.0 Cr while capital spending ran ₹77.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 5.7 points of Paras Defence and Space Technologies Ltd over 8 quarters, the biggest move on the register. That takes promoters to 53.2% of the company. Foreign institutions moved +5.3 points over the same window, to 8.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −5.7 points over 8 quarters to 53.2%; Foreign institutions: +5.3 points over 8 quarters to 8.3%; Domestic institutions: +3.0 points over 8 quarters to 3.0%.
🚨 Why the register moved: promoters drove it (−5.7 points), absorbed on the other side by foreign institutions (+5.3 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Paras Defence and Space Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Paras Defence and Space Technologies Ltd trades at 125.0× P/E, at the pricey end of its own range (90th percentile). Its long-run median P/E is 84.1×, measured across 4.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 125.0× is at the pricey end of its own range (90th percentile), against a long-run median of 84.1× measured over 4.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +38.9% against a +107.4% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +42.3%/yr price move, ~+34.3%/yr came from earnings growth and ~+8.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 11% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Paras Defence and Space Technologies Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +30.7% | +29.0% | +27.2% | — |
| Profit | +45.9% | +35.2% | +40.9% | — |
| EPS | +38.9% | +33.2% | +33.0% | — |
| Share price | +107.4% | +52.1% | +42.3% | — |
4-Factor Sector Score
70.7/100 — rank 2 of 25 in Aerospace & Defence - Equipments · 82% evidence confidence
Paras Defence and Space Technologies Ltd scores 70.7 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 2. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 25.8 + 17.1 + 9 + 18.8 = 70.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sigma Advanced System LtdSIGMAADV | 77.9/100Favorable setup82% evidence | LEADER | 28.4/35 Revenue 100% · PAT 20.3% · OPM change 307 pp 95% evidence | 17.2/25 ROCE 60.8% · OPM 16% 76% evidence | 12.5/20 P/E 95.1× · PEG — 50% evidence | 19.8/20 RS sector 113.1% · RS bench 161.3% · 1Y 481.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 17.2 + 12.5 + 19.8 = 77.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Paras Defence and Space Technologies Ltdthis pagePARAS | 70.7/100Favorable setup82% evidence | LEADER | 25.8/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 17.2% · OPM 25% 76% evidence | 9.0/20 P/E 125× · PEG — 50% evidence | 18.8/20 RS sector 29.1% · RS bench 66.5% · 1Y 117.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.8 + 17.1 + 9 + 18.8 = 70.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.2/100Favorable setup90% evidence | TURNING | 30.4/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.3/25 ROCE 15.1% · OPM 24% 100% evidence | 8.0/20 P/E 165× · PEG — 50% evidence | 13.5/20 RS sector 29.8% · RS bench 63% · 1Y 419.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 15.3 + 8 + 13.5 = 67.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 64.0/100Mixed-positive evidence93% evidence | LEADER | 24.2/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 12.8/25 ROCE 11.9% · OPM 37% 100% evidence | 8.2/20 P/E 132× · PEG 2.29 65% evidence | 18.8/20 RS sector 15.1% · RS bench 50.7% · 1Y 80.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 12.8 + 8.2 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rossell Techsys LtdROSSTECH | 62.9/100Mixed-positive evidence83% evidence | BREAKING OUT | 28.8/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.0/25 ROCE 11.5% · OPM 14.4% 100% evidence | 8.9/20 P/E 173× · PEG — 15% evidence | 17.2/20 RS sector 13.1% · RS bench 48.2% · 1Y 69.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 8 + 8.9 + 17.2 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sika Interplant Systems LtdSIKA | 62.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 19.1/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.9/25 ROCE 34.6% · OPM 19.5% 100% evidence | 13.0/20 P/E 66.4× · PEG 1.01 100% evidence | 8.4/20 RS sector -10.2% · RS bench 7.8% · 1Y -4.3%8 of 9 weeks ahead 70% evidence |
| Exact sum: 19.1 + 21.9 + 13 + 8.4 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Vinyas Innovative Technologies LtdVINYAS | 60.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.7/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 19.0/25 ROCE 21.4% · OPM 13% 95% evidence | 10.8/20 P/E 63.1× · PEG — 15% evidence | 8.5/20 RS sector -17.6% · RS bench 31.3% · 1Y 24.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.7 + 19 + 10.8 + 8.5 = 60 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Data Patterns (India) LtdDATAPATTNS | 58.3/100Mixed-positive evidence100% evidence | LEADER | 22.8/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.8/25 ROCE 21.9% · OPM 27% 100% evidence | 3.0/20 P/E 100× · PEG 3.94 100% evidence | 12.7/20 RS sector 7.7% · RS bench 40.5% · 1Y 95%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.8 + 19.8 + 3 + 12.7 = 58.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Jaykay Enterprises LtdJAYKAY | 54.3/100Mixed-positive evidence74% evidence | ASLEEP | 29.0/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.1/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.1/20 P/E 61.2× · PEG — 15% evidence | 6.1/20 RS sector -20.9% · RS bench 1.6% · 1Y 13.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 29 + 8.1 + 11.1 + 6.1 = 54.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Astra Microwave Products LtdASTRAMICRO | 53.5/100Mixed-positive evidence100% evidence | LEADER | 16.0/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.7/25 ROCE 20.3% · OPM 19% 100% evidence | 4.8/20 P/E 84.4× · PEG 3.3 100% evidence | 15.0/20 RS sector 7.8% · RS bench 39.8% · 1Y 66.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 17.7 + 4.8 + 15 = 53.5 · Decision use: Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Hindustan Aeronautics LtdHAL | 52.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 13.9/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.2/20 P/E 35.2× · PEG 3.54 100% evidence | 9.8/20 RS sector -17.1% · RS bench 11.6% · 1Y 11.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 20.4 + 8.2 + 9.8 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Apollo Micro Systems LtdAPOLLO | 51.8/100Mixed-positive evidence100% evidence | FADING | 19.6/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.4/25 ROCE 14.5% · OPM 21% 100% evidence | 7.2/20 P/E 129× · PEG 1.6 100% evidence | 11.6/20 RS sector 6.4% · RS bench 38.8% · 1Y 38.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 13.4 + 7.2 + 11.6 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Dynamatic Technologies LtdDYNAMATECH | 48.5/100Mixed-negative evidence83% evidence | TURNING | 18.3/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10.2% · OPM 13% 100% evidence | 9.2/20 P/E 140× · PEG — 15% evidence | 11.7/20 RS sector -6.1% · RS bench 25% · 1Y 82.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 9.3 + 9.2 + 11.7 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Mishra Dhatu Nigam LtdMIDHANI | 45.5/100Mixed-negative evidence100% evidence | TURNING | 16.6/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.5/25 ROCE 11.3% · OPM 15% 100% evidence | 7.5/20 P/E 62.1× · PEG 5.62 100% evidence | 9.9/20 RS sector -9.5% · RS bench 20.5% · 1Y 18.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 11.5 + 7.5 + 9.9 = 45.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Electronics LtdBEL | 45.0/100Mixed-negative evidence100% evidence | TURNING | 14.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.3/25 ROCE 36.4% · OPM 25% 100% evidence | 7.5/20 P/E 48.1× · PEG 3.54 100% evidence | 3.5/20 RS sector -27.8% · RS bench -2.2% · 1Y 9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 19.3 + 7.5 + 3.5 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ideaforge Technology LtdIDEAFORGE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 26.7/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.3/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 928× · PEG — 15% evidence | 8.0/20 RS sector -3.5% · RS bench 24.1% · 1Y 44.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 1.3 + 8.5 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17High Energy Batteries (India) Ltd504176 | 43.3/100Mixed-negative evidence67% evidence | TURNING | 6.7/35 Revenue 1.5% · PAT -3.5% · OPM change -32.1 pp 95% evidence | 14.2/25 ROCE 20.4% · OPM -26.5% 76% evidence | 12.3/20 P/E 38.9× · PEG — 50% evidence | 10.1/20 RS sector — · RS bench 4.7% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 6.7 + 14.2 + 12.3 + 10.1 = 43.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Zen Technologies LtdZENTEC | 41.4/100Mixed-negative evidence69% evidence | FADING | 5.1/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.7/25 ROCE 16.2% · OPM 27% 76% evidence | 10.2/20 P/E 85.6× · PEG — 15% evidence | 9.4/20 RS sector -6.6% · RS bench 13.1% · 1Y 16.5%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.1 + 16.7 + 10.2 + 9.4 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19BEML LtdBEML | 40.5/100Mixed-negative evidence91% evidence | BREAKING OUT | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.5/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.7/20 P/E 94.4× · PEG 1.18 100% evidence | 10.4/20 RS sector -17% · RS bench 12% · 1Y -0.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.5 + 10.7 + 10.4 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Bharat Dynamics LtdBDL | 35.2/100Mixed-negative evidence93% evidence | TURNING | 12.1/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.3/25 ROCE 13.8% · OPM 15% 100% evidence | 5.9/20 P/E 83.8× · PEG 4.44 65% evidence | 3.9/20 RS sector -35.7% · RS bench -12.4% · 1Y -17.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 13.3 + 5.9 + 3.9 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21AXISCADES Technologies LtdAXISCADES | 33.1/100Adverse evidence93% evidence | ASLEEP | 11.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 3.9/25 ROCE 3.6% · OPM 4.7% 100% evidence | 10.9/20 P/E 238× · PEG 1.39 65% evidence | 6.4/20 RS sector -12% · RS bench 17% · 1Y 27.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 3.9 + 10.9 + 6.4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Avantel LtdAVANTEL | 32.1/100Adverse evidence83% evidence | ASLEEP | 9.9/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.2/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 3.4/20 RS sector -26.5% · RS bench -1.1% · 1Y -11.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.2 + 8.6 + 3.4 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 24.1/100Adverse evidence66% evidence | FADING | 3.0/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -29.8% · RS bench 4.7% · 1Y 7.1%7 of 11 weeks ahead 70% evidence |
| Exact sum: 3 + 5.4 + 10 + 5.7 = 24.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 24.0/100Adverse evidence71% evidence | BASING | 5.9/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.9/20 RS sector -27.1% · RS bench -12.3% · 1Y -37.9%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 4.2 + 10 + 3.9 = 24 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Aequs LtdAEQUS | 39.1/100Thin evidence · provisional35% evidence | BREAKING OUT | 14.9/35 Revenue — · PAT — · OPM change -7.3 pp 45% evidence | 4.2/25 ROCE 1.7% · OPM 3.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 14.9 + 4.2 + 10 + 10 = 39.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Paras Defence and Space Technologies Ltd's share price today?
Paras Defence and Space Technologies Ltd trades at ₹1,436, +107.4% over the past year. The company is valued at ₹11,569 Cr. The stock sits at 93% of its 52-week range of ₹623–₹1,500, +41.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 21 weeks in. — as of 11 September 2026.
What were Paras Defence and Space Technologies Ltd's latest quarterly results?
Paras Defence and Space Technologies Ltd reported revenue of ₹128 Cr and net profit of ₹21.0 Cr for the Jun 26 quarter. Revenue rose 37.6% and profit rose 50.0% year on year. Earnings per share were ₹2.63. The operating margin was 25.0%, 2.0 pp higher than a year earlier. — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's revenue?
Paras Defence and Space Technologies Ltd reported revenue of ₹128 Cr in the Jun 26 quarter, +37.6% year on year. For the full FY26 fiscal year, revenue was ₹477 Cr (+30.7%). Over the last 7 years revenue compounded at 17.5% a year. — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's profit?
Paras Defence and Space Technologies Ltd earned ₹21.0 Cr of net profit in the Jun 26 quarter, +50.0% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹89.0 Cr. The operating margin ran 25.0% in the latest quarter. — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's market cap?
Paras Defence and Space Technologies Ltd's market capitalisation is ₹11,569 Cr at a share price of ₹1,436. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's P/E ratio?
Paras Defence and Space Technologies Ltd trades at a P/E of 125.0×, at the 90th percentile of its own 5-year range, against a long-run median of 84.1×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Paras Defence and Space Technologies Ltd pay a dividend?
Yes — Paras Defence and Space Technologies Ltd's dividend payout was 5% of profit in FY26, and it recorded a payout in 2 of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd overvalued?
On its own history, Paras Defence and Space Technologies Ltd looks expensive: its P/E of 125.0× sits at the 90th percentile of its 5-year range (long-run median 84.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd growing?
Yes — Paras Defence and Space Technologies Ltd is growing: latest-quarter revenue +37.6% year on year, profit +50.0%, and the margin +2.0 pp at 25.0%. The 7-year compound rates are 17.5% (revenue) and 24.7% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Paras Defence and Space Technologies Ltd performing?
Paras Defence and Space Technologies Ltd is in a confirmed uptrend, 21 weeks in. Its latest quarter's revenue rose 37.6% and profit rose 50.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. — as of 11 September 2026.
What stage is Paras Defence and Space Technologies Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +36.6% latest, profit growth +54.8% latest, eps growth +47.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 21 of stage 2), trading +41.5% versus its 200-day average and at 93% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd beating the market?
On recent form, yes — Paras Defence and Space Technologies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.9 years the stock moved +483% against the NIFTY 500's +51% — ahead of the index over the full window. — as of 11 September 2026.
Will Paras Defence and Space Technologies Ltd's share price go up?
This page publishes no price forecast for Paras Defence and Space Technologies Ltd. What it measures instead: the share price is ₹1,436, the price is in a confirmed uptrend 21 weeks in. Its P/E of 125.0× sits at the 90th percentile of its own 5-year range. — as of 11 September 2026.
Who owns Paras Defence and Space Technologies Ltd?
Promoters hold 53.2% of Paras Defence and Space Technologies Ltd, foreign institutions 8.3%, domestic institutions 3.0% and the public 35.5% (latest quarter). The biggest move on the register over the last two years: Promoters cut 5.7 points over 8 quarters. — as of 11 September 2026.
Does Paras Defence and Space Technologies Ltd have too much debt?
No — Paras Defence and Space Technologies Ltd's debt-to-equity is 0.04, and operating profit covers the interest bill 17×. FY26 borrowings were ₹27.0 Cr against equity of ₹725 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's capex?
Paras Defence and Space Technologies Ltd spent ₹77.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹23.0 Cr, with ₹16.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Paras Defence and Space Technologies Ltd's cash flow?
Paras Defence and Space Technologies Ltd generated ₹25.0 Cr of operating cash flow in FY26 and ₹2.0 Cr of free cash flow after ₹23.0 Cr of capital spending. Reported profit that year was ₹89.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 13% of Paras Defence and Space Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹25.0 Cr against reported profit of ₹89.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Paras Defence and Space Technologies Ltd in its business cycle?
Paras Defence and Space Technologies Ltd's FY26 operating margin was 26.0%, against a 8-year band of 21.0%–31.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 25.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Paras Defence and Space Technologies Ltd story?
The sharpest disagreement: profits are rising, but only 13% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Paras Defence and Space Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: Paras Defence and Space Technologies Ltd's price has outrun its earnings. +107.4% in a year against EPS +38.9% — the market is paying now for delivery later. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!