Manufacturing & industry
Paras Defence and Space Technologies
Navi Mumbai optics and optronics company supplying ISRO and DRDO; it reported FY26 revenue of Rs 476.57 crore and a closing order book of Rs 986 crore.
Paras Defence and Space Technologies designs and builds optics, optronics and defence electronics from Navi Mumbai. Business India traces the company to 1979, when Sharad Shah started a small engineering setup; Forbes India dates the start to the late 1970s, when the same founder ran it as Paras Engineering Limited doing import-substitution work for public sector units. His son Munjal Shah, who joined in the late 1990s, is managing director. The company listed in 2021 after an offering that raised Rs 170 crore and was subscribed 304.26 times, the second most subscribed Indian IPO of that year, with the shares opening 185 percent above the issue price. It split its stock one for two, cutting the face value from Rs 10 to Rs 5, on a record date of 4 July 2025.
Its space exposure runs through the optics business. The company describes itself as the sole Indian supplier of vital imaging components for space applications and the only company in India making infrared optics in large quantities, and its catalogue covers space mirrors, zerodur mirrors, optical domes, diffractive gratings, multi-fold lenses and optical reflectors. In June 2022 NewSpace India Limited executed a letter of intent to transfer an ISRO optical imaging system to Paras for development, manufacture and sale in India and abroad. Its 2026 investor presentation lists high-resolution hyperspectral cameras for ISRO, private companies and export, sub-metre-resolution optical cameras, oceanography and resource-management payloads, ground-to-space telescopes for space debris monitoring, and free-space optical communication among the space work it is pursuing. In March 2026 it signed a memorandum of understanding with Green Optics of South Korea to jointly develop and manufacture optics and optical systems for space and defence.
The hyperspectral camera is the piece the company presents as unique. Paras says it is the only Indian private company to develop and manufacture a hyperspectral camera for defence and space, that the camera is entirely designed and built in India, and that it will be jointly launched by DRDO and ISRO. Business India reported in January 2026 that the launch was scheduled within the then-current financial year; no source retrieved for this profile records the camera having flown. The company's product page describes HyperSIGHT as a push-broom hyperspectral camera offering up to 867 frames per second at full resolution, depending on the detector chosen. In November 2025 Indian Defence News reported the opening of an optical systems development park in Navi Mumbai, put at Rs 500 crore and inaugurated by former ISRO chairman S. Somanath, aimed at hyperspectral and optical systems for space and defence.
Defence work still carries the accounts. Consolidated revenue rose from Rs 364.66 crore in FY25 to Rs 476.57 crore in FY26, with EBITDA of Rs 120.46 crore and profit after tax of Rs 89.46 crore, and, according to the company's investor presentation, the closing order book grew from Rs 928 crore in March 2025 to Rs 986 crore in March 2026. Recent awards include a Rs 80.28 crore DRDO contract in March 2026 for high-precision optical systems for air defence, to be delivered in 18 months, and a Rs 52.82 crore Bharat Electronics order in June 2026 for electro-optics to be completed on or before September 2027. The market has been less settled than the order book: the shares fell 6.93 percent on 11 June 2026 to Rs 969, 9.10 percent below the 52-week high of Rs 1,066 set the previous session, and slipped 2.9 percent after first-quarter results on 7 August 2026 that showed profit up 42.7 percent to Rs 21.22 crore. Screener flags high debtors at 278 days, a return on equity of 10.8 percent over the last three years, and promoter holding down 5.74 percent over three years.
What they build and operate
- Space optics · Component · Operational
Space mirrors, zerodur mirrors, optical domes, diffractive gratings, multi-fold lenses and optical reflectors; the company calls itself the sole Indian supplier of vital imaging components for space applications.[1][8] - HyperSIGHT hyperspectral camera · Component · In development
Push-broom hyperspectral camera offering up to 867 frames per second at full resolution depending on the detector; the company says the defence and space version will be jointly launched by DRDO and ISRO.[2][3] - Submarine optronic periscope · Component · Operational
Optronic periscopes for naval submarines; the company says it is the only company in the Asia Pacific to develop and manufacture them and is delivering one every three months.[3][8] - Air defence optical systems · Component · In development
High-precision optical systems for target detection, tracking and surveillance on mobile air defence platforms, under an Rs 80.28 crore DRDO contract with an 18-month delivery schedule.[10][11] - Electromagnetic pulse protection · Service · Operational
Shielded rooms, anechoic chambers, protection filters and hardened cabinets; the company says it is the only Indian company offering turnkey electromagnetic protection solutions.[1][3]
Milestones
- 1979
Sharad Shah started the engineering business that became Paras Defence and Space Technologies.[8][5] - 2021
Listed after an initial public offering that raised Rs 170 crore and was subscribed 304.26 times, the second most subscribed Indian IPO of the year, with the shares opening 185 percent above the issue price.[5] - 28 June 2022
NewSpace India Limited executed a letter of intent to transfer ISRO's optical imaging system technology to the company for development, manufacture and sale in India and abroad, with the transfer agreement still in draft.[4] - 04 July 2025
Shares turned ex-split on a one-for-two split that cut the face value from Rs 10 to Rs 5; unadjusted quotes on some trading apps briefly showed an apparent 50 percent fall.[6] - November 2025
An optical systems development park in Navi Mumbai, reported at Rs 500 crore and inaugurated by former ISRO chairman S. Somanath, was described as focused on hyperspectral and optical systems for space and defence.[7] - 04 March 2026
Signed a memorandum of understanding with Green Optics of South Korea covering joint development, manufacturing and business development of optics and optical systems for space and defence.[9] - 09 March 2026
Won an Rs 80.28 crore DRDO contract to design and develop high-precision optical systems for air defence, with an 18-month delivery timeline.[10][11] - 02 June 2026
Received an Rs 52.82 crore order from Bharat Electronics for electro-optics equipment, to be completed on or before September 2027.[12] - 11 June 2026
Shares fell 6.93 percent to Rs 969, leaving them 9.10 percent below the 52-week high of Rs 1,066 set in the previous session.[13] - 07 August 2026
First-quarter profit rose 42.7 percent to Rs 21.22 crore and a Rs 1 dividend was declared, yet the stock fell 2.9 percent; subsidiary Paras Semiconductors said it planned to put about Rs 6,200 crore into an advanced integrated-circuit packaging plant in Madhya Pradesh.[14]
Facilities
- Navi Mumbai plant · Navi Mumbai, Maharashtra
Headquarters and main optics plant, covering optics manufacturing, opto-mechanical integration, electronics design and system integration.[1] - Ambernath plant · Ambernath, Thane district, Maharashtra
Heavy engineering manufacturing, mechanical system integration and test facilities.[1][8] - Bengaluru centre · Bengaluru, Karnataka
Optics design, advanced electronics system design, projects and customer interface.[1] - Optical systems development park · Navi Mumbai, Maharashtra
Development park reported at Rs 500 crore for hyperspectral and optical systems for space and defence, inaugurated by former ISRO chairman S. Somanath.[7]
Leadership
- Munjal Shah
Managing Director (as of 24 January 2026)[8][7] - Sharad Shah
Founder and Chairman (as of 24 January 2026)[8] - Amit Mahajan
Director (as of 21 March 2024)[5] - Harsh Bhansali
Chief Financial Officer (as of 21 March 2024)[5]
Sources
Paras Defence and Space TechnologiesParas Defence & Space Technologies Ltdparasdefence.com
Paras Defence and Space TechnologiesHyperspectral Imaging Systemparasdefence.com
Paras Defence and Space TechnologiesInvestor Presentation 2026parasdefence.com
GlamshamNewSpace India to transfer ISRO's Optical Imaging System of Paras Defenceglamsham.com
Forbes IndiaHow Paras Defence is building itself to become India's one stop shop for everything criticalforbesindia.com
India TVParas Defence and Space Technologies Share Price: Multibagger stock falls 50% on some platforms - Here's whyindiatvnews.com
Indian Defence NewsParas Defence's Strategic Leap: From ISRO Optics To Anti-Drone Dominanceindiandefensenews.in
Business IndiaParas poised to shape the future of defencebusinessindia.co
The Free Press JournalParas Defence Signs MoU With South Korea's Green Optics For Space & Defence Optical Systemsfreepressjournal.in
Defence StarParas Defence & Space Secures Rs 80.28-Crore DRDO Contract To Develop High-Precision Optical Systemsdefencestar.in
Construction WorldParas Defence Secures Rs 800 mn DRDO Contractconstructionworld.in
The Free Press JournalParas Defence Bags ₹52.82 Crore BEL Order, Electro-Optics Supply To Be Completed By Sept 2027freepressjournal.in
Business TodayParas Defence shares slip 9% from recent 52-week high; should you buy?businesstoday.in
NewsBytesParas Defence and Space Technologies posts Q1 profit ₹21.22crnewsbytesapp.com
ScreenerParas Defence and Space Technologies Ltdscreener.in
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