When the parabola \( y = x^2 \) is scaled vertically by a factor of \( 7 \), the equation is modified by multiplying the output \( y \) by \( 7 \).
The new equation becomes: \[ y = 7 \cdot x^2 \]
Thus, the equation of the new parabola is: \[ y = 7x^2 \]