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Nirmal Bang Report
We hosted the management of Paras Defence and Space Technologies Ltd. as part of our investor conference on May 28, 2024.
The management has guided the following:
Absolute revenue of Rs 3.3 billion in FY25 o The company expects its order book to double its revenue in the next few years, with a visibility period of 18 month
capex of Rs 50-100 million in FY25 and FY26 for expanding current facilities
Paras Defence is exploring a partnership with Mitsubishi (Japan) for periscope systems. Japan presently buys periscopes from Thales (France), which represents a significant opportunity for the company.
We maintain our valuation multiple and value the stock at 52 times FY26E earnings per share with a target price of Rs 916.
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