Paras Defence Q4 FY26 Results: Date, Estimates, Targets

Why Paras Defence’s Q4 FY26 print matters

Paras Defence and Space Technologies (NSE: PARAS) is preparing to announce its Q4 FY26 financial results for the quarter ended March 31, 2026. The company operates across defence optics, drone technology, space solutions, EMP protection systems, and defence electronics. With the stock being tracked closely within the Defence and Space theme, the Q4 outcome is expected to shape investor views on execution, margins, and the next phase of growth.

The stock has been volatile in April, with commentary pointing to a single-session fall of around 6.5% even as exchange end-of-day data also showed a close near Rs 705-706 on April 13, 2026. Against this backdrop, the upcoming board meeting and audited results are a key near-term trigger. Investors are also watching whether the company reiterates its growth outlook and how it frames FY27 visibility.

Stock snapshot before the Q4 FY26 announcement

As of early April 2026, Paras Defence was trading at around Rs 680. That level is well below its 52-week high of Rs 1,050 and above the 52-week low of Rs 545. The market cap was reported at about Rs 1,680 crore, while the 1-year return stood at -32%, reflecting both sector-level headwinds and company-specific concerns around timelines.

The drawdown from the 52-week high is meaningful. At Rs 680, the stock was described as about 35% below that peak, with market focus on execution and the pace of recovery in earnings.

Q4 FY26 results date and board agenda

Paras Defence has scheduled its Q4 FY26 results for May 2026 (expected). The board of directors is set to meet to approve audited financial statements for the quarter ended March 31, 2026. The same meeting is also expected to consider a final dividend recommendation.

A confirmed calendar date was not provided in the text, but the May 2026 window has been repeatedly flagged as the expected timing. For investors, the board meeting matters not only for the quarterly numbers, but also for any commentary around FY27 growth visibility.

Street expectations: revenue, profitability, and margins

Analyst estimates for Q4 FY26 revenue are placed in a range of Rs 95-115 crore. Profit after tax (PAT) expectations are Rs 14-20 crore. EBITDA margin projections sit at 18-24%.

The estimates were described as factoring in seasonal strength in Q4 and continuing improvements in the business. Even so, the market is likely to interpret the results through two filters: whether the company meets the high end of the margin band, and whether the order book and pipeline translate into revenue conversion.

Order book signals and growth visibility

Two different sets of order book figures appear in the provided material. One part of the text cites an order book range of Rs 450-500 crore. Separately, management commentary referenced an order book of around Rs 900-950 crore, with expectations that major order inflows over the next three to four months could take the year-end order book to Rs 1,100-1,200 crore to carry forward.

In addition, a brokerage note cited an order book of around Rs 1,000 crore as of December 2025, along with an order pipeline of Rs 2,000-3,000 crore over the next 18-24 months. Taken together, the disclosures highlight that the market will scrutinise the company’s definitions and timing of executable orders versus pipeline, alongside the pace of delivery.

What recent quarterly numbers showed (Q3 FY26 context)

Nirmal Bang Institutional Equities highlighted that Paras Defence reported year-on-year growth in revenue, EBITDA and PAT of 24%, 19% and 21% respectively for the December quarter. The same note listed revenue at Rs 106.40 crore, EBITDA at Rs 26.20 crore and PAT at Rs 18.20 crore.

However, the brokerage also flagged that the performance was below its own estimates. It said EBITDA margin declined to 24.7% in Q3 FY26 from 25.7% in Q3 FY25, attributing the move primarily to a 93% increase in raw material costs. The note also mentioned a one-time incremental gratuity impact of Rs 1.74 crore following labour code changes effective November 21, 2025.

Segment mix: optronics vs defence engineering

The Nirmal Bang note stated that growth during the quarter was driven mainly by the optronics segment, which grew 31% YoY and accounted for 55% of total revenue. Defence engineering grew 16% YoY and contributed the remaining 45%.

Profitability across segments remained sharply different. Optronics was cited with an EBITDA margin of 57%, while defence engineering reported an EBITDA margin of 2%. Management guidance referenced in the note suggested the revenue mix could shift over time from 40:60 (optronics:engineering) to 60:40, which would mechanically support stronger blended margins if achieved.

Valuation and brokerage views into FY27

Nirmal Bang said the stock had corrected 13% since its January 7, 2025 preview note and was trading at 44 times FY27 earnings per share, below its three-year average P/E of 57 times. The brokerage maintained a ‘Buy’ rating but reduced its target price by 16% to Rs 820 from Rs 976.

Separately, brokerage targets cited ahead of Q4 FY26 included MOFSL with a ‘Buy’ and target of Rs 850, YES Securities with a ‘Buy’ and target of Rs 900, and Kotak Institutional Equities with a ‘Neutral’ and target of Rs 780. The spread in targets underscores differing comfort levels on execution timelines and how quickly earnings can compound.

Key facts at a glance

Broker targets referenced in the material

Market and sector context

The broader defence sector backdrop remains mixed. A note in the text said defence companies were expected to post mixed Q4 FY26 results despite strong order books, with growth momentum anticipated to moderate. It also flagged that defence stocks fell on Budget day even after a sizeable increase in capital outlay, as the hike was below expectations and sentiment weakened, with references to higher STT and a risk-off shift.

These sector-level pushes and pulls matter because Paras Defence is often traded as part of a theme basket alongside other defence names. As a result, Q4 results can influence not only company-specific valuation, but also its positioning within the broader defence allocation decisions.

Conclusion

Paras Defence’s Q4 FY26 results, expected in May 2026, arrive at a time when the stock is well off its 52-week high and investors are watching for clearer execution signals. The market will likely focus on whether revenue lands within the Rs 95-115 crore estimate band, how margins track against the 18-24% EBITDA range, and what the company indicates on order book conversion and dividend. The next concrete step is the board meeting in May 2026 (expected) to approve audited financials and consider a final dividend recommendation.