Paras Defence and Space Technologies Limited reported a strong set of consolidated results for the quarter ended March 31, 2026, with net profit jumping 75% year-on-year to ₹38.88 crore from ₹20.83 crore in Q4 FY25, driven by a sharp surge in revenue and continued operational scale-up across its defence optics and space technology businesses.
Revenue from operations for Q4 FY26 rose 58.3% year-on-year to ₹171.31 crore from ₹108.23 crore in Q4 FY25 — a substantial acceleration reflecting India’s accelerating defence indigenisation push and growing order book at the Navi Mumbai-based company. Total income including other income stood at ₹180.36 crore against ₹112.28 crore in Q4 FY25.
EBITDA and margin performance
EBITDA for Q4 FY26 came in at approximately ₹42.6 crore against ₹28.3 crore in Q4 FY25 — a 50.5% year-on-year increase. EBITDA margin stood at 24.9% versus 26.14% in Q4 FY25 — a marginal compression of approximately 124 basis points despite the strong revenue growth, reflecting higher material costs and other expenses as the company scales production. Profit before exceptional items and tax was ₹45.53 crore against ₹26.71 crore in Q4 FY25. An exceptional income of ₹2.91 crore boosted profit before tax to ₹48.44 crore versus ₹26.71 crore in the year-ago quarter.
Total expenses for Q4 FY26 rose to ₹134.83 crore from ₹85.64 crore — a 57.4% increase broadly in line with revenue growth, confirming that operating leverage is being maintained even as the company scales. Cost of materials consumed was ₹79.11 crore, the dominant expense line, while employee benefits expense rose to ₹12.63 crore from ₹9.49 crore.
Full-year FY26 performance
For the full year ended March 31, 2026, Paras Defence delivered revenue from operations of ₹476.57 crore against ₹364.66 crore in FY25 — a 30.7% increase. Total income for the year stood at ₹492.55 crore versus ₹372.58 crore. Full-year net profit rose 45.5% to ₹89.46 crore from ₹61.49 crore in FY25 — a meaningful acceleration in profitability as the company benefits from India’s sustained defence spending ramp-up.
Full-year profit before tax came in at ₹117.67 crore against ₹83.61 crore in FY25, a 40.7% increase, reflecting strong operating momentum across Paras Defence’s defence optics, space technology, and electromagnetic pulse protection product lines.
Strategic context
Paras Defence operates in one of India’s most strategically sensitive and fastest-growing industrial sectors. The company is a key supplier of defence optics including night vision devices and other electro-optic systems to the Indian armed forces, alongside space technology components and EMP protection systems. India’s accelerating defence indigenisation programme under the Make in India framework — which has imposed progressive restrictions on importing defence equipment that can be manufactured domestically — creates a powerful structural tailwind for Paras Defence’s order book and revenue visibility.
The Q4 FY26 revenue surge of 58% year-on-year and the full-year 30.7% revenue growth are consistent with a company executing strongly against a multi-year government-driven demand cycle that shows no signs of moderating.
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