Paras Defence and Space Technologies Limited (PARAS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-140.7%

-₹497.32

vs ₹1,221.50 price

Levered DCF

-₹139.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

20.08

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	54.46×	61×	78.83×	50.79×	80.42×	88.89×	71.16×	72.85×
P/B	6.61×	6.05×	5.68×	4.44×	5.76×	6.78×	8.11×	9.09×
P/S	10.07×	10.62×	9.97×	8.25×	11.93×	9.77×	9.52×	8.97×
EV / EBITDA	39.3×	39.72×	45.15×	27.76×	41.57×	33.73×	37.38×	34.8×
Gross margin	36.5%	53.3%	27.3%	31.7%	45.3%	45.6%	43.9%	40.8%
Operating margin	22.1%	23.9%	16.5%	40.6%	23.5%	25.0%	20.7%	21.3%
Net margin	18.5%	17.4%	12.6%	16.2%	14.8%	11.0%	13.4%	12.3%
Current ratio	3.23×	3.13×	2.35×	3.8×	5.27×	1.9×	1.65×	1.44×
Debt / equity	0.04×	0.04×	0.15×	0.04×	0.08×	0.51×	0.6×	0.56×
Interest coverage	22.57×	13.15×	5.7×	11.66×	5.1×	2.85×	3.18×	3.87×
Dividend yield	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	4.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.1%	9.9%	7.2%	8.7%	7.2%	7.6%	11.4%	12.5%
Return on invested capital	10.3%	9.4%	5.8%	15.4%	7.4%	7.4%	9.1%	8.7%
Return on assets	9.1%	7.4%	5.0%	6.9%	5.9%	4.3%	5.7%	5.8%
Free cash flow yield	-0.2%	0.2%	-2.8%	1.4%	0.1%	-0.1%	-0.5%	-1.6%
Earnings yield	1.8%	1.6%	1.3%	2.0%	1.2%	1.1%	1.4%	1.4%
Enterprise value	₹48B	₹38.6B	₹25.9B	₹18.3B	₹22.1B	₹15B	₹15B	₹14.7B
Net debt / EBITDA	0.01×	-0.11×	1.09×	-0.04×	0.54×	2.28×	2.54×	2.01×
Cash conversion cycle (days)	406	513	522	409	437	522	393	244