Paras Defence Q2 FY27: consol PAT +57% YoY to ₹30.6 Cr, margins expand on Optics surge

Paras Defence and Space Technologies reported consolidated revenue of ₹151.12 Cr for Q2 FY27 (quarter ended September 30, 2026), up 42.9% YoY from ₹105.72 Cr and 18.1% QoQ from ₹127.91 Cr. Consolidated PAT (profit for the period) came in at ₹30.56 Cr, up 57.0% YoY from ₹19.46 Cr and 47.3% QoQ from ₹20.74 Cr — profit attributable to owners was ₹30.30 Cr with EPS of ₹3.76, against ₹2.56 a year ago. There were no exceptional items in either the current or year-ago quarter, so the growth is clean and requires no adjustment. We found no verified analyst or brokerage consensus estimate for this specific quarter in public previews, so the print cannot be scored against Street expectations (vsStreet: unknown); the company also carries no formal prior guidance or outlook on record, so there is nothing to grade it against on that front either.

Profitability improved alongside growth: EBITDA margin (OPM) expanded to 29.46% from 28.08% a year ago and 24.95% last quarter, while net margin rose to 19.93% from 18.02% YoY and 15.97% QoQ. The expansion was driven entirely by a mix shift toward the Optics and Optronic Systems segment, whose revenue nearly doubled YoY to ₹74.65 Cr (from ₹38.44 Cr) and whose segment profit more than doubled to ₹45.01 Cr (from ₹18.65 Cr) — it now accounts for roughly 87% of total segment profit. That strength masks a sharp deterioration in Defence Engineering: segment revenue grew a modest 13.6% YoY to ₹76.47 Cr, but segment profit fell 59% to ₹6.88 Cr from ₹16.86 Cr, pointing to margin pressure within that business even as its topline held up.

The stock went into the print at ₹1,295.7, down 1.5% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Standalone PAT grew a comparatively slower 36.7% YoY to ₹30.43 Cr versus the consolidated 57.0%, a meaningful divergence that reflects a growing contribution from subsidiaries (the Group's eight subsidiaries and three associates, including OPEL Technologies in Singapore) rather than any standalone-versus-consolidated inconsistency in the underlying print. On the corporate-activity side, the company secured a ₹26.59 Cr order from DRDO for a hyperspectral mission on September 28, 2026 — a direct tie-in to the Opto-Electronic Systems line within the Optics & Optronic segment that is currently driving growth. Capex continued at pace, with consolidated gross block (Property, Plant & Equipment plus CWIP) rising to ₹21,908 Lakhs from ₹19,297 Lakhs at FY26-end, consistent with ongoing capacity additions in that segment. No separate management press release accompanied this filing, so there is no additional management commentary to reconcile against the numbers beyond the results themselves and the segment notes.