String Metaverse Ltd (534535)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, String Metaverse's revenue was ₹392 Cr (+97.2% year on year, +9.3% on the previous quarter), and net profit ₹36.9 Cr (+105.1% year on year); the operating margin was 11.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹392 | +97.2% | +9.3% |
| Operating profit | ₹43.8 | +99.2% | +21.8% |
| Net profit | ₹36.9 | +105.1% | +5.5% |
| EPS (₹) | 0.30 | — | — |
| Operating margin | 11.2% | — | — |
No EPS growth against Q4 FY26 and Q1 FY26: ₹10 to ₹1 split in Apr 2026 and 2:9 bonus in Jun 2026.
📢 Recent Corporate Announcements
String Metaverse Limited has secured in-principle approval from BSE under Regulation 28(1) for a proposed preferential issue of equity shares to non-promoter investors. The approval was granted via BSE letter dated October 14, 2026. The specific issue size, price, and number of shares to be allotted were not disclosed in this intimation. This milestone moves the company closer to completing its capital raise alongside its current market cap of Rs 1,097 Cr.
- Received BSE in-principle approval under letter dated 14th October 2026
- Approval granted under Regulation 28(1) of SEBI LODR Regulations, 2015
- Proposed preferential issue of equity shares targeted at non-promoter investors
- Total issue quantum and allotment pricing were not disclosed in the filing
String Metaverse Limited announced the resignation of Dr. Sethurathnam Ravi from his position as Chairman and Non-Executive Non-Independent Director, effective close of business hours on September 30, 2026. Dr. Ravi cited personal and professional commitments for his departure and confirmed there are no other material reasons. String Metaverse generated TTM revenue of ₹1,261 Cr and net profit of ₹122 Cr as of recent quarters, but has seen its stock decline 59.1% over the past 12 months. The board will need to identify a new Chairperson to lead corporate governance.
- Dr. Sethurathnam Ravi (DIN: 00009790) resigned as Chairman and Non-Executive Non-Independent Director
- Resignation is effective from the close of business hours on September 30, 2026
- Departure confirmed solely due to personal and professional commitments with no other material reasons
- Cessation affects board leadership amid TTM revenue of ₹1,261 Cr and market cap of ₹1,097 Cr
String Metaverse Limited announced the resignation of Dr. Sethurathnam Ravi from his position as Chairman and Non-Executive Non-Independent Director, effective close of business hours on September 30, 2026. Dr. Ravi cited personal and professional commitments for his departure and confirmed there are no other material reasons. String Metaverse generated TTM revenue of ₹1,261 Cr and net profit of ₹122 Cr as of recent quarters, but has seen its stock decline 59.1% over the past 12 months. The board will need to identify a new Chairperson to lead corporate governance.
- Dr. Sethurathnam Ravi (DIN: 00009790) resigned as Chairman and Non-Executive Non-Independent Director
- Resignation is effective from the close of business hours on September 30, 2026
- Departure confirmed solely due to personal and professional commitments with no other material reasons
- Cessation affects board leadership amid TTM revenue of ₹1,261 Cr and market cap of ₹1,097 Cr
String Metaverse Limited has issued an EGM notice seeking shareholder approval to raise up to ₹73.63 crore via a preferential allotment of equity shares. The company plans to issue up to 8,32,03,383 equity shares of face value ₹1 each at an issue price of ₹8.85 per share (including a premium of ₹7.85) to non-promoter investors. This fundraise represents ~6.7% of the company's current market capitalization of ₹1,097 crore and ~44.6% of its net worth. The EGM is scheduled for October 15, 2026, with remote e-voting taking place between October 10 and October 14, 2026.
- Proposed preferential issue of up to 8,32,03,383 equity shares aggregating up to ₹73,63,49,939
- Issue price set at ₹8.85 per share (₹1 face value plus ₹7.85 securities premium)
- Entire issue targeted at non-promoters, led by Altius Global Finance Private Limited (5,42,37,288 shares)
- Relevant date fixed as September 15, 2026, with the EGM scheduled for October 15, 2026
- Remote e-voting open from October 10, 2026 to October 14, 2026; cut-off date is October 08, 2026
String Metaverse Limited released a corrigendum correcting the name of one proposed non-promoter allottee from 'Krishna Commodities & Derivatives Pvt Ltd' to 'Karishma Commodities and Derivatives Private Limited'. The proposed allotment to this entity remains unchanged at 3,38,983 shares. In total, the preferential issue encompasses 8,32,03,383 equity shares to 21 non-promoter investors, with Altius Global Finance Private Limited taking the majority (5,42,37,288 shares). All other terms, pricing, and allotment sizes approved on 17 September 2026 remain unchanged.
- Corrigendum clarifies the name of investor at Sr. No. 14 as Karishma Commodities and Derivatives Private Limited
- Allotment of 3,38,983 shares to Karishma Commodities remains unchanged
- Total proposed preferential issue stands at 8,32,03,383 equity shares across 21 non-promoter entities
- Largest proposed allottee is Altius Global Finance Private Limited with 54,237,288 equity shares
- Original board meeting outcome date was 17th September 2026
String Metaverse Limited announced that its wholly owned subsidiary, String Fintech HK Limited, has received a Dun & Bradstreet (D&B) rating of 3AA1 with a 'Strong (Minimal Risk)' assessment. The D&B report indicated a 12-month financial distress probability of 0.23% and a risk predictor score of 7 (vs. industry median of 6.1 across 1,781 firms). For FY25 (ended March 31, 2025), the HK subsidiary reported US$44.59 million in revenue, US$3.99 million in PAT (8.94% net margin), zero debt, and a current ratio of 16.14.
- D&B assigned 3AA1 rating with a Risk Indicator of 1 (Strong / Minimal Risk)
- Financial distress probability assessed at 0.23% over the next 12 months with a score of 7 vs 6.1 industry median
- String Fintech HK reported FY25 revenue of US$44.59 million and PAT of US$3.99 million
- Reported nil indebtedness, current ratio of 16.14, and zero civil suits across Hong Kong courts over 5 years
String Metaverse Limited announced that its wholly-owned Hong Kong subsidiary, String Fintech HK Limited, has received a '3AA1' rating from Dun & Bradstreet (D&B). The subsidiary achieved a Risk Indicator of '1 – Strong (Minimal Risk)' and a Risk Predictor Score of 7, outperforming the industry median score of 6.1 across 1,781 benchmarked firms. The assessment projects a low 12-month probability of financial distress of 0.23%.
- Wholly-owned subsidiary String Fintech HK Limited assigned a D&B Rating of 3AA1
- Risk Indicator assessed at '1 – Strong (Minimal Risk)'
- Risk Predictor Score stands at 7 versus the industry median of 6.1 across 1,781 firms
- Estimated 12-month probability of financial distress is 0.23%
String Metaverse Limited has submitted its statement of deviation or variation for the quarter ended June 30, 2026. The company confirmed that there has been no deviation in the utilization of the ₹4925.15 Lakhs raised through its Rights Issue on May 5, 2025. The Audit Committee has reviewed the report and confirmed that funds are being used as per the objects stated in the original offer document. This filing is a standard regulatory requirement under SEBI LODR Regulations.
- Total funds raised through Rights Issue amounted to ₹4925.15 Lakhs.
- The funds were raised on May 5, 2025.
- Zero deviation or variation reported for the quarter ended June 30, 2026.
- The Audit Committee has reviewed and approved the utilization statement.
String Metaverse reported a strong start to FY27 with Q1 revenue reaching ₹392.42 Cr, a 101.8% increase over the previous year's period. Profit After Tax (PAT) grew by 101.79% to ₹36.92 Cr, maintaining a consistent net margin profile. The company's EBITDA for the quarter stood at ₹43.85 Cr, reflecting an 11.17% margin. While growth remains high, investors should note that promoter holding decreased from 81.79% to 74.95% in the June 2026 quarter.
- Q1FY27 Revenue reached ₹392.42 Cr, marking a 101.80% YoY growth
- Profit After Tax (PAT) for the quarter stood at ₹36.92 Cr, up 101.79% YoY
- EBITDA reported at ₹43.85 Cr with an operating margin of approximately 11.17%
- Q1FY27 revenue accounts for 36.7% of the total TTM revenue of ₹1068 Cr
- Gaming user base grew 17.5% QoQ to 4.7 million users as per company context
String Metaverse reported a robust Q1 FY27 with revenue jumping 97.13% YoY to ₹392.42 crore. Profit After Tax (PAT) more than doubled to ₹36.92 crore, up from ₹18.30 crore in the previous year. The company also launched "BillsOnChain" in partnership with Hedera to digitize commercial transactions through blockchain verification. This performance follows a high-growth FY26, although the stock has faced a significant 68.3% decline over the past 12 months.
- Revenue surged 97.13% YoY to ₹392.42 crore in Q1 FY27 compared to ₹199.07 crore in Q1 FY26
- Profit After Tax (PAT) increased 101.80% YoY to ₹36.92 crore from ₹18.30 crore
- Q1 FY27 revenue accounts for approximately 36.7% of the total TTM revenue of ₹1068 crore
- Launched BillsOnChain platform in partnership with Hedera for blockchain-verifiable digital records and tokenized receivables
String Metaverse reported a strong Q1 FY27 with consolidated revenue reaching approximately Rs 396.47 Cr, driven almost entirely by its foreign subsidiaries. The Board has approved a massive fundraise of up to Rs 1,000 Cr through various equity instruments, which represents approximately 102% of its current market capitalization of Rs 980 Cr. Consolidated net profit for the quarter stood at Rs 35.73 Cr, maintaining a healthy margin profile. Investors should note the 2:9 bonus issue completed in June 2026, which has restated the earnings per share.
- Proposed fundraise of up to Rs 1,000 Cr via QIP, ADR, GDR, or preferential issue to fuel expansion.
- Consolidated Q1 revenue reached Rs 396.47 Cr, a significant jump from the previous quarter's Rs 359 Cr.
- Foreign subsidiaries contributed Rs 392.40 Cr to the total revenue, representing 99% of operations.
- Consolidated net profit for the quarter reported at Rs 35.73 Cr.
- Bonus share issue in the ratio of 2:9 was successfully completed on June 22, 2026.
String Metaverse has approved a massive fundraise of up to ₹1,000 crore, which represents approximately 102% of its current market capitalization of ₹980 crore. For Q1 FY27, the company reported consolidated revenue of ₹392.40 crore and a net profit of ₹35.92 crore, driven almost entirely by its five foreign subsidiaries. The standalone operations remain small, contributing only ₹4.05 crore to revenue. The fundraise is intended for global expansion in Web 3.0 infrastructure and AI, subject to shareholder approval at the upcoming AGM on September 25, 2026.
- Approved fundraise of up to ₹1,000 crore through QIP, ADR, GDR, or FCCB, nearly doubling the current market cap.
- Consolidated Q1 FY27 revenue reached ₹392.40 crore, with foreign subsidiaries contributing the vast majority of income.
- Consolidated net profit for the quarter stood at ₹35.92 crore, compared to a TTM PAT of ₹103 crore.
- Standalone revenue was significantly lower at ₹4.05 crore, highlighting the company's reliance on international units.
- Annual General Meeting (AGM) scheduled for September 25, 2026, to seek approval for the capital raise.
String Metaverse has scheduled a board meeting on August 11, 2026, to approve its Q1 FY27 financial results and consider a proposal for raising funds through equity, ADRs, GDRs, or FCCBs. This follows a high-growth FY26 where revenue reached Rs 1,069 Cr, up from Rs 407 Cr in FY25. The fundraise is critical as the company targets expansion into the UAE and Singapore and aims to increase validator nodes to 10+ networks. Investors should note the recent decline in promoter holding from 81.79% to 74.95% in the June 2026 quarter.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results.
- Fundraising proposal includes multiple modes: QIP, ADR, GDR, FCCB, and private placement.
- Trading window for designated persons has been closed since July 1, 2026.
- Company reported TTM revenue of Rs 1,068 Cr with a high ROCE of 42.0%.
- Promoter holding decreased by 6.84% in the most recent quarter (June 2026).
String Metaverse Limited has launched the beta version of 'BillsOnChain,' a blockchain-powered digital billing platform developed in collaboration with Switzerland-based The Hashgraph Group. The platform has already achieved significant early traction with over 31,000 wallet-enabled users and 830,000+ receipts recorded on the Hedera network. This initiative aims to modernize global invoice infrastructure through tokenization, AI-driven analytics, and automated reconciliation for governments and enterprises. The launch represents the first major commercial outcome of a strategic partnership initiated in January 2026.
- Onboarded more than 31,000 wallet-enabled users on the Hedera network during the beta phase
- Recorded over 830,000 receipts securely on-chain to date
- Minted more than 430,000 NFTs representing tokenized billing assets
- Platform features include tokenized invoice financing, AI-powered spending analytics, and tax invoice digitization
- Strategic collaboration with The Hashgraph Group originally announced on January 20, 2026
String Metaverse Ltd has announced the launch of the beta version of "BillsOnChain," a digital billing platform developed in collaboration with The Hashgraph Group AG (THG). The platform utilizes blockchain (Hedera network) and AI to create verifiable digital records of invoices and receipts. Key features include tokenized billing records, automated reconciliation, and duplicate-invoice detection. While the launch marks a technological expansion, the company has not yet disclosed the financial investment or projected revenue from this initiative.
- Launch of "BillsOnChain" beta version announced on July 14, 2026.
- Strategic collaboration with The Hashgraph Group AG (THG) for development.
- Platform utilizes the Hedera network for on-chain recording and tokenization.
- Includes AI-enabled features like automated reconciliation and analytics.
Financial Performance
Revenue Growth by Segment
H1 FY26 revenue reached INR 432.34 Cr, a 213.49% YoY increase from INR 137.91 Cr, primarily driven by the digital asset advisory and fintech divisions. Standalone revenue for FY 2024-25 was INR 407.36 Cr.
Geographic Revenue Split
The company operates across multiple geographies including India, UAE (DIFC/ADGM), Singapore, Hong Kong, and the European Union, though specific percentage splits per region are not disclosed.
Profitability Margins
Profit After Tax (PAT) margin improved from 8.80% to 9.26% in H1 FY26. Standalone net profit margin for FY 2024-25 was 2.59%, a significant drop of 82.82% from 15.08% in FY 2023-24 due to initial commercialization phases and infrastructure investments.
EBITDA Margin
Operational EBITDA margin expanded sharply from 2.48% to 7.50% in H1 FY26, reflecting improved cost efficiency and scalability as the company transitioned from revival to active execution.
Capital Expenditure
The company made significant investments in validator infrastructure and HPC trading infrastructure, including colocation servers in LD-4 (Deribit), TY-4 (Binance), and TY-4 (Hyper Liquid). Specific INR Cr figures for total CAPEX are not disclosed.
Credit Rating & Borrowing
The company maintains a very low debt-equity ratio of 0.0012 (Consolidated FY25), down 56.58% YoY. Finance costs are negligible at INR 0.01 Cr, indicating minimal reliance on external borrowing.
Operational Drivers
Raw Materials
As a digital enterprise, primary operational inputs consist of high-performance computing (HPC) infrastructure (servers/validators) and human capital (R&D and engineering talent). Cost of operations for FY 2024-25 was INR 356.41 Cr.
Import Sources
Infrastructure and talent are sourced globally, specifically targeting innovation hubs in the UAE, Singapore, and the European Union to support decentralized platform initiatives.
Key Suppliers
Key infrastructure partners include Deribit (LD-4), Binance (TY-4), and Hyper Liquid (TY-4) for server colocation and transaction processing.
Capacity Expansion
Currently operating validation nodes on Solana and Sui blockchains; planned expansion includes Ethereum, Polygon, Aptos, and Cosmos to reach over 10 high-throughput networks.
Raw Material Costs
Operational expenses grew to INR 384.68 Cr in H1 FY26 from INR 123.29 Cr YoY, representing approximately 89% of revenue as the company scales its validator and AI capabilities.
Manufacturing Efficiency
The company utilizes the 'Rule of 40' metric, achieving a score of 70.97% in H1 FY26 (combined growth and margin), which is considered a high-performance benchmark for tech enterprises.
Strategic Growth
Expected Growth Rate
213.49%
Growth Strategy
Growth will be achieved by doubling the R&D team for validator engineering, launching a Leadership Fellows Program to nurture internal talent, expanding validator nodes to 10+ networks, and commercializing AI-powered digital agents across financial verticals.
Products & Services
Web3 gaming platforms, $IDLE Token, Solana/Sui validation node services, digital asset advisory, and perpetual transaction processing via String Fintech HK Ltd.
Brand Portfolio
String Metaverse, $IDLE Token, String Fintech HK Ltd.
New Products/Services
AI Ethics and Governance Desk, token issuance desk for compliant Web 3.0 projects, and sovereign data applications for India's digital public infrastructure.
Market Expansion
Targeting aggressive expansion in the UAE, Singapore, and the European Union to leverage emerging regulatory sandboxes and token pilot programs.
Market Share & Ranking
String Metaverse is the first Web 3.0 enterprise listed on the Indian Stock Exchange (BSE), providing a unique first-mover advantage in bridging blockchain with mainstream capital.
Strategic Alliances
Partnerships with global innovation ecosystems and colocation providers like Deribit and Binance to process high-volume perpetual transactions.
External Factors
Industry Trends
The industry is shifting from simple staking to complex decentralized identity and oracle solutions; String Metaverse is positioning itself at the convergence of AI and Web 3.0 to lead this transition.
Competitive Landscape
Competes with global blockchain infrastructure providers and fintech firms; maintains an edge through regulatory-aligned partnerships and Indian market exposure.
Competitive Moat
Moat is built on being the first listed Web 3.0 firm in India and its integrated ecosystem where the $IDLE token is used across all platforms, creating high switching costs and network effects.
Macro Economic Sensitivity
Highly sensitive to the digital infrastructure upgrade cycle and global adoption of decentralized finance (DeFi).
Consumer Behavior
Increasing user shift toward Web3 gaming and decentralized finance, evidenced by the 17.5% QoQ growth in the company's gaming user base.
Geopolitical Risks
Fragmented global regulatory environments and divergent tax treatments across jurisdictions pose risks to cross-border digital asset ventures.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI and BSE in India, and international frameworks like DIFC/ADGM in UAE and regulatory sandboxes in Singapore.
Environmental Compliance
Not disclosed; company transitioned away from legacy paper manufacturing to a tech-first model.
Taxation Policy Impact
Subject to evolving digital asset tax treatments globally; standalone net profit margin was 2.59% after tax considerations in FY25.
Legal Contingencies
The Corporate Insolvency Resolution Process (CIRP) was successfully closed in FY 2023-24 by the NCLT; no other pending court cases or values are disclosed.
Risk Analysis
Key Uncertainties
Regulatory uncertainty remains the most significant risk, with potential to halt cross-border operations if mandates from SEBI/RBI or international bodies shift unfavorably.
Geographic Concentration Risk
Revenue is diversified across India, HK, and UAE, reducing single-country risk, though specific % concentrations are not disclosed.
Third Party Dependencies
High dependency on Layer-1 blockchain protocols like Solana and Sui for transaction volume and staking rewards.
Technology Obsolescence Risk
Rapid technological shifts in AI and blockchain could render existing validator setups or AI agents obsolete within 18-24 months if R&D is not sustained.
Credit & Counterparty Risk
Receivables quality is monitored via the Debtors Turnover ratio, which improved significantly to 273.27 in FY25, indicating efficient collection despite higher volumes.
