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Arihant Capital IPO report on Paras Defence and Space Technologies

Paras Defence and Space Technologies Ltd (Paras Defence) was incorporated in June, 2009. Paras Defence has primarily engaged in designing, developing, manufacturing and testing of a variety of defence and space engineering products & solutions. The company caters into 5 major product category offerings – 1) Defence & Space Optics, 2) Heavy Engineering, 3) Defence Electronics, 4) Electro Magnetic Pulse (EMP) protection solution, 5) Niche Technologies. Its only Indian company having designing capability for space optics and opto-mechanical assemblies. It’s a leading optics provider for Indian defence and space programs. The company employed 341 workforces as on June, 2021.

Valuation and Outlook

At the upper band of INR 175, the issue is valued at 31x its FY21 EPS of INR 5.6. We believe Paras Defence is a robust business model with Wide range of portfolio of products and services, one of the key player for high precision optics manufacturing, strong R&D capabilities, strong relationship with customers, benefits from Govt initiatives, better position in competition, paying off debts, experienced management team, continues expansion and increasing presence in international markets would lead the profitability and margin levels in going forward. We are recommending “Subscribe for long term” for this issue .

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