The leading defence engineering major Paras Defence and Space Technologies (NS: PRAF ) has bagged a contract worth Rs 53 crore from DRDO.

The small-cap company has won an order from the Instrument Research & Development Establishment (IRDE), Ministry of Defence, DRDO, for realization of Optronic Periscopes including installation support.

The domestic order is for the supply of Optronic Periscopes.

As per the details of the contract won Paras Defence is required to make partial delivery in the ongoing financial year 2024, along with a balance delivery by the upcoming financial year 2025 or earlier.

The order was secured on June 15 from the Instrument Research and Development Establishment (IRDE), a laboratory of the Defence Research and Development Organisation (DRDO).

Paras Defence and Space Technologies offers high-precision products and turnkey solutions to the defence and space sector.

The company's current order book stands at over Rs 550 crore and will start building further in the next quarter (June), Paras Defence and Space Technologies' Director for Business Development Amit Mahajan said.

In May, the company announced that it entered into a pact with the research and development (R&D) laboratory of the Ministry of Electronics and Information Technology (MeiTY).

In April, Paras Aerospace, a subsidiary of Paras Defence and Space Technologies Ltd, obtained Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Government of India, for its Agri Drone – “Paras-Agricopter”.

The certification will enable the execution of existing contracts received by Paras Aerospace for “Paras-Agricopter” and open up new opportunities for the company in the agricultural drone segment.