Krasny Defence Technologies Ltd
Navy-veteran-founded specialist in refits and lifecycle support of Russian-origin naval systems, with ₹107 Cr of FY25 revenue and a ₹743 Cr order book — quoted at ₹125.
Market cap
₹1,382 Cr
11.52 Cr shares
P/E ratio
95.24
Sector average 60
Book value
₹7.77
P/B 15.44
1-year return
+0.00%
52w ₹120 – ₹125
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹120 → ₹120
52-week band in this window: ₹120.00 – ₹120.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Founded 1995 by Navy veterans; Tier-I contractor for refits and Russian-origin naval systems support.
- FY25 revenue about ₹107 Cr at 20–23% EBITDA margin; order book ₹742.8 Cr (Dec 2025).
- 11.5 Cr shares of ₹1 after a 10:1 split; Altius quote ₹115 bid / ₹125 ask (~₹1,440 Cr market value).
About Krasny Defence
Krasny Defence Technologies Limited was incorporated on 17 February 1995 in Navi Mumbai by Indian Navy veterans (the Jayaprakasan family). It is a Tier-I private defence contractor for the integrated lifecycle support, repair, modernisation and refit of naval platforms, and holds an unusual position in servicing, overhauling and supplying spares for Russian-origin electronics, weapons, control systems and sensors on Indian Navy and Coast Guard ships.
Beyond services it is building indigenous import-substitute equipment through subsidiaries and joint ventures — Krasny Marine Services (100%), Keltron Krasny Defence Systems (51%) with the Kerala state electronics company, and Vimal Fire Krasny Defence (50%). In 2025 Paras Defence agreed to sell its stake in a Krasny joint venture back to the company.
Revenue reached about ₹107 Cr in FY25 with EBITDA margins of 20–23%; management projects ₹160 Cr for FY26. The signed order book was about ₹742.8 Cr in December 2025 with a tender pipeline near ₹2,250 Cr. After a 10-for-1 face-value split the company has 11.5 Cr equity shares of ₹1 plus 21.5 lakh CCPS (paid-up ₹33.02 Cr); promoters hold about 86–88%. At ₹125 the equity is valued around ₹1,440 Cr — roughly 13 times sales and about 100 times estimated FY25 profit.
Figures preliminary; verify from MCA filings. Profit, net worth and balance-sheet lines are estimates around the disclosed revenue and margins; the CCPS conversion terms should be checked.
Where the revenue comes from
- Refits, repairs & lifecycle support65%
Overhaul and refit of naval platforms and Russian-origin systems for the Navy and Coast Guard
- Spares & systems supply25%
Spare-parts logistics and import-substitute equipment
- Manufacturing JVs10%
Keltron Krasny Defence Systems, Vimal Fire Krasny Defence and other ventures
Products & services
Naval refits & lifecycle support
Repair, modernisation and wholesale refits of Navy and Coast Guard platforms.
Russian-origin systems support
Overhaul and spares for electronics, weapons, control systems and sensors.
Indigenous defence equipment
Import-substitute systems built through Keltron Krasny and other ventures.
What works
- • Near-monopoly niche: few private firms are cleared to service Russian-origin systems that still make up a large share of the Navy's fleet.
- • Order book of about ₹743 Cr (seven times FY25 revenue) and a ₹2,250 Cr pipeline give multi-year visibility.
- • Government-linked JV with Keltron and 30 years of naval relationships support the shift into indigenous manufacturing.
What to watch
- • Valuation is steep — about 13 times FY25 sales and a triple-digit earnings multiple — so the price already assumes the order book converts smoothly.
- • Naval refit contracts are lumpy and depend on dockyard schedules and government budgets; Russia-related sanctions can complicate spares sourcing.
- • Promoter holding of 86–88% leaves a thin float; the 21.5 lakh CCPS will dilute equity on conversion.
- • Financial line items on this page are estimates until the FY25 annual report is read.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Krasny DefenceThis page | ₹120.00 | ₹1,382 Cr | 95.24 | 15.44 | +31.37% |
| Sagar Defence | ₹112.50 | ₹2,475 Cr | 28.13 | 7.03 | +155.50% |
| 63SATS | ₹27.00 | ₹2,730 Cr | — | 13.04 | +751.47% |
Latest reported year: FY25 ending 31 Mar 2025.