Munjal Sharad Shah, Managing Director of Paras Defence & Space Technologies, exemplifies the spirit of indigenous innovation and technological self-reliance in India’s defence sector. Having joined his father’s small engineering firm in 1997, Shah helped transform it into a major force in defence and space engineering by 2025, with a market cap exceeding INR 6,400 crore. Paras Defence has built a diverse portfolio through sustained R&D and import substitution, becoming a trusted provider of advanced technologies in domains like missiles, space research, naval systems, and electronic warfare. Shah emphasizes that partnering with foreign OEMs, when necessary, allows them to deliver world-class, Made-in-India solutions with high indigenous content.
Paras Defence’s product lineup showcases deep commitment to innovation, including submarine periscopes, laser-based air defence systems, hyper-spectral imaging, anti-drone technologies, and even hydrogen-powered drones. In 2025, the company secured a major INR 142.31 crore contract from DRDO’s CHESS for a high-powered anti-drone laser and entered a joint venture with Israel’s HevenDrones to manufacture logistics drones domestically. Shah’s core entrepreneurial philosophy centers on consistently enhancing customer value through technology investment and self-reliant manufacturing—an approach that aligns with India’s broader Swadeshi and Atmanirbhar Bharat vision.