BSE: 534535
STRING METAVERSE LIMITED
Operates as a Web3 enterprise that monetises the on-chain economy through gaming, tokenised real-world assets (RWA), Web3 infrastructure, high-frequency trading (HFT), and global payment rails. In FY26, the Gaming - IT Services segment carried the bulk of revenue, with the segment trend showing quarterly gaming revenue rising from ₹175.20 crore in Q1 FY26 to ₹358.30 crore in Q4 FY26. A separately tracked HFT line recorded ₹1.10 crore in Q4 FY26, with HFT revenues of ₹23.67 crore in Q1 FY26 and ₹28.29 crore in Q2 FY26. The company's cost structure is dominated by materials at 87.2% of revenue, while employee cost is just 0.7% of revenue. Beyond gaming, the company has launched BillsOnChain — a blockchain billing platform on the Hedera network built with Switzerland-based Hashgraph Group — and is rolling out the String Pay X Visa-backed debit card. It is licensed across Canada, UAE, Hong Kong, Singapore, India and the UK, and has flagged plans to build a 100MW AI data centre. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gaming - IT Services (100%), HFT. Web3 / blockchain-focused, asset-light on staff but heavy on tech infrastructure and processing costs.
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY21 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10 | 0 | 151 | 407 | 1,069 |
| EBITDA (ex other income) | 2 | (30) | 12 | 41 | 114 |
| margin % | 19.0 | — | 8.0 | 10.1 | 10.7 |
| Owners' profit | 1 | (30) | 11 | 35 | 102 |
| EPS, as reported (₹) | 0.46 | (4.12) | 1.12 | 3.37 | 0.89 |
| ROE % · ROCE % | 1.0 · 1.1 | (6.8) · (7.3) | 10.5 · 9.7 | 21.8 · 21.9 | 30.9 · 30.7 |
| Debt / equity (x) | 0.03 | 0.08 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | 4 | (1) | 49 | 144 |
| Capex | — | 0 | (3) | (11) | (20) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50 | 88 | 116 | 154 | 199 | 232 | 278 | 359 |
| Profit before tax | 5 | 7 | 10 | 13 | 18 | 22 | 28 | 35 |
| Net profit | 5 | 7 | 10 | 13 | 18 | 22 | 28 | 35 |
| EPS (₹) | 0.55 | 0.68 | 0.94 | 1.20 | 1.60 | 1.84 | 2.38 | 0.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Gaming - IT Services | 358 | 33.5 |
| HFT | 35 | 3.3 |
| Gaming | 477 | 44.6 |
| Gaming Revenue | 175 | 16.4 |
| HFT Revenue | 24 | 2.2 |
| Total, before eliminations | 1,069 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 33,596 | 25.4 | 5.17 | 15.3 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,916 | 38.4 | 10.68 | 27.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 28,174 | 50.6 | 7.18 | 30.6 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 26,967 | 103.2 | 37.28 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 20,285 | 20.4 | 2.10 | 11.5 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,743 | 41.3 | 5.41 | 26.9 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 15,133 | 64.9 | 11.76 | 30.1 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 14,903 | 338.8 | — | — | — | — | — | 82.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.1 | 18.5 | 3 of 76 | 97% |
| P/B | 2.5 | 2.1 | 40 of 70 | 44% |
| ROCE | 30.6 | 9.6 | 5 of 86 | 95% |
| ROE | 30.9 | 9.2 | 3 of 70 | 97% |
| Debt / Equity | 0.0 | 0.0 | 20 of 70 | 73% |
| EBITDA margin | 11.7 | 13.0 | 38 of 69 | 46% |
| Revenue growth | 133.6 | 20.8 | 6 of 67 | 92% |
| Profit growth | 168.9 | 14.6 | 7 of 64 | 91% |
| Market cap | 812 | 275 | 32 of 88 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · String Metaverse Chairman Dr S Ravi resigns from board | management changes | high | — | — |
| 30 Sept 2026 · Chairman Dr S Ravi resigns from String Metaverse board | management changes | high | — | — |
| 30 Sept 2026 · Trading window closed pending Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · All 8 resolutions passed at String Metaverse 32nd AGM | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 32nd AGM held via video conferencing; 8 resolutions tabled | board shareholder meetings | low | — | — |
| 23 Sept 2026 · EGM on Oct 15 for preferential issue of 8.32 crore shares to raise about Rs 73.63 crore | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Corrigendum: Name correction in preferential issue investor list | fund raising | medium | — | — |
| 17 Sept 2026 · Board approves preferential issue of 8.32 crore shares at Rs 8.85 | fund raising | high | — | — |
| 17 Sept 2026 · Board approves Rs 73.6 cr preferential share issue; EGM on Oct 15 | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Trading window closed ahead of board meet on 17 Sep 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.