Paras Defence and Space TechnologiesNSE:PARAS
Current view Q4 2026
India's near-monopoly maker of military-grade optics for defence and space. Order book keeps growing and profits rose 46%, but the share is priced extremely high and founders are trimming stake.
Latest exchange filings last 5 · 5 after Q4 2026
- 11 Sep ’26Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 11 Sep ↗
- 11 Sep ’26Paras Defence held its 17th AGM on September 11, 2026, covering dividend, financials and related party transactions. ↗
- 22 Aug ’26Shareholder notice on dividend TDS for FY26; AGM September 11, 2026, record date August 28, 2026. ↗
- 19 Aug ’26Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug ↗
- 19 Aug ’26Newspaper Advertisement for 17th Annual General Meeting. ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +58.3% | +61.3% | +29.0% | +27.2% |
| Operating profit | ▲ +53.6% | +65.4% | +28.8% | +25.7% |
| EPS | ▲ +74.3% | +88.9% | +33.3% | +33.0% |
| PAT | ▲ +85.7% | +129.4% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +58.3%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average60/100
Cheap, and growing fast. Profit per share grew 33% a year, while the price-tag on its earnings actually got smaller. That gap — real growth nobody has paid up for — is exactly what this score looks for.
₹1,315 → ₹2,630 needs the P/E at 102× — it is 120× today, and has ranged 48× to 176× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 153× — it has traded there — high was 176×.
At ₹894 the price-tag on its earnings reaches the 82× it is being projected toward — the point where being cheap against that yardstick is used up.
Unpaid, but the growth quality is thin. Verify before acting.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mid-cap at ₹10,608 cr, so the odds of a re-rate are not fighting its own size.
Growth rate used: 33.3% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.
How it compares with its rivals Defence · 6 of 33 listed
It earns 17% on its capital, fifth of 6, and it is the most expensive of those shown.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Paras Defence | ₹1,375 | 119.8× | ₹11,081 Cr | 17.2% | +42.7% | +37.3% |
| Hind.Aeronautics | ₹4,862 | 34.8× | ₹3.25 L Cr | 32.0% | +14.9% | +14.4% |
| Bharat Electron | ₹398 | 47.3× | ₹2.91 L Cr | 36.4% | +8.7% | +24.9% |
| Bharat Dynamics | ₹1,176 | 82.8× | ₹43,089 Cr | 13.9% | +547.4% | +130.8% |
| Garden Reach Sh. | ₹2,390 | 34.2× | ₹27,377 Cr | 42.8% | +43.8% | +38.5% |
| Data Pattern | ₹4,533 | 93.9× | ₹25,377 Cr | 21.9% | −13.5% | +16.8% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | yes — a little wider than 3 years earlier | operating margin 22% → 25% over 3 years |
|---|---|---|
| Did the profit turn into cash? | very little of it arrived as cash | 48% last year, 16% over three · free cash flow −₹10 cr, positive in 3 of 5 years |
| Is the growth borrowed? | essentially debt-free | ₹27 cr — 0.04× its own equity (was 0.04×) |
| Is it being collected? | customers are paying faster | 278 days to collect, down 17 in a year · cash cycle 435 days |
| Who has been buying? | the promoters have held steady | promoters 53.2% (−0.5 in a year), 58.9% → 53.2% over 2.8 years · FIIs 8.3% (+1.4) · DIIs 3.0% (+1.1) · shareholders 2,58,613 → 3,36,442 |
| What does it earn on its capital? | earns a fair return on its capital | ROCE 17.2% · ROE 12.4% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- 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
Against it
- Stock is trading at 15.2 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%
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.