Paras Defence - Guides For A Revenue Of Rs 3.3 Billion In FY25: Nirmal Bang

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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