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Paras Defence— Valuation Attractive Post Correction; Nirmal Bang Projects 47% Upside On Strong Optics Pipeline
Upside drivers include strong multi-year revenue visibility, margin expansion from higher-value products, improving working capital, and attractive valuations post-correction.
11 Dec 2025, 07:00 AM IST 
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Paras’s move to tier-1 supplier status is improving working capital cycles through higher customer advances.
(Photo: Paras Defence website)
Paras Defence’s current order book stands at Rs 10 billion, with optics contributing over 60% (Rs 5.5–6 billion) and defence engineering accounting for Rs 4 billion. The optics segment, which includes periscopes and space optics programs, is expected to drive long-term growth, while engineering orders offer faster execution cycles.
