Paras Defence and Space Technologies Acquires 49% Stake in Himanshi Thermal

Paras Defence and Space Technologies Limited has approved the acquisition of a 49% equity stake in Himanshi Thermal Solutions Private Limited from DefSpace Technologies Private Limited, the company said in a regulatory filing on Tuesday.

The Board of Directors cleared the transaction at its meeting held on February 17, 2026, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Structure and Consideration

Paras Defence will acquire 4,900 equity shares of face value ₹10 each in Himanshi Thermal, aggregating to ₹49,000. Post-acquisition, the company will hold 49% of the share capital of the target entity.

The acquisition falls within the ambit of a related party transaction, as the shares are being acquired from DefSpace Technologies Private Limited, a related party of Paras Defence. However, the company clarified that none of the promoter or promoter group entities of Paras Defence have any direct interest in Himanshi Thermal, except to the extent of their shareholding in Paras Defence.

The consideration is yet to be paid. The transaction is expected to be completed on or before March 31, 2026. No governmental or regulatory approvals are required, according to the filing.

About Himanshi Thermal Solutions

Himanshi Thermal Solutions Private Limited operates in the aerospace and defence engineering segment. The company manufactures fabricated metal products and specialises in liquid cold plates for space and airborne applications, along with vacuum heat treatment services.

Incorporated on March 7, 2022, Himanshi Thermal reported nil turnover in FY25, FY24 and FY23. Its profit before tax stood at a loss of ₹8.88 lakh in FY25, ₹16.29 lakh in FY24 and ₹28.06 lakh in FY23.

Upon completion of the transaction, Himanshi Thermal will become an associate company of Paras Defence under the provisions of the Companies Act, 2013.

The company stated that the acquisition aligns with its strategic objective of expansion and is expected to create new growth avenues at the group level.

Market Snapshot

As of 2:40 PM IST on February 17, shares of Paras Defence were trading at ₹642.05 on the NSE, up ₹8.75 or 1.38% compared with the previous close of ₹633.30.

The stock opened at ₹633.30 and has traded between a high and a low of ₹633.30 and ₹653.70, respectively, so far during the session.

At the prevailing price, the company’s market capitalisation stood at approximately ₹5.17K crore. The stock has a 52-week high of ₹972.50 and a 52-week low of ₹404.70. Its price-to-earnings (P/E) ratio is 70.44, according to exchange data.

Source:

• https://www.bseindia.com/xml-data/corpfiling/AttachLive/5ff4067c-7f96-480a-8456-a46daa45a454.pdf
• https://www.bseindia.com/stock-share-price/paras-defence-and-space-technologies-ltd/paras/543367/corp-announcements/