At a Glance
What started as a modest paper company in 1994 is now reincarnated as String Metaverse — an alleged Web3 superpower dabbling in digital banking, blockchain gaming, advertising, and DePIN. From zero revenue in FY21 to ₹407 Cr in FY25, the transformation is as sus as it is fascinating. The stock is up 20x in 3 years, trading at 88x P/E and 32x book. Strap in — this is either India’s biggest Web3 success story… or the best-executed tech illusion since Theranos.
1. 🧲 Introduction with Hook
They changed their name, business model, revenue stream, and shareholder base — all in under 3 years.
- 📜 Was a paper company with ₹10 Cr revenue.
- 🧙 Rebranded as Web3 “String Metaverse” in 2023.
- 💰 Posted ₹407 Cr revenue and ₹35 Cr PAT in FY25.
- 🧑🚀 Promoter holding suddenly jumped from 25% to 89% between 2021 and 2024.
- 🤯 Approved a $2 Billion fundraise plan in May 2025. Yes, billion with a B.
Still confused? Same here. Let’s unpack the numbers.
2. ⚙️ WTF Do They Even Do? (Business Model)
According to filings:
“String Metaverse integrates finance, games, and communities (metaverse) into Web3.0 platforms. It builds gaming communities, runs digital asset liquidity programs, and offers Web3 services like DePIN, digital banking, and decentralized advertising.”
Translated to English:
- Web3 gaming & community building ✅
- Digital advertising & DePIN infra ✅
- Fintech ops with Canadian license via STRING PAY X ✅
- Blockchain infra investment of ₹400 Cr+ planned ❓
- $2 Billion fundraise for token projects & digital assets ❗
They also casually mention “liquidity provision” and “market-making as a service” for crypto assets.
3. 💸 Financials – Profit, Margins, ROE, Growth
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 0 | 151 | 407 |
| Net Profit (₹ Cr) | -1 | 11 | 35 |
| OPM (%) | — | 9% | 10% |
| ROCE (%) | — | 15% | 26% |
| ROE (%) | — | ~20% | 26% |
| EPS (₹) | -0.29 | 2.32 | 1.82 |
From zero to ₹400 Cr sales in 2 years, without any physical infra or detailed segment disclosure. Just vibes.
4. 💰 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| Market Cap | ₹3,095 Cr |
| P/E (TTM) | 88x |
| P/B Ratio | 32x |
| Book Value | ₹8.33 |
| CMP | ₹266 |
💸 Absolutely bananas valuation. For context:
- JK Paper trades at 17x P/E, 1.2x BV
- Bio Green (aka String Metaverse) trades at 88x P/E, 32x BV
📉 Fair Value Range (15–20x EPS of ₹1.82) = ₹27–₹36
🤯 CMP is 7–9x above even generous fair value math.
5. 🍿 What’s Cooking – News, Triggers, Drama
- ✅ Name change from Bio Green Papers → String Metaverse
- ✅ Rights issue of ₹60 Cr approved and raised
- ✅ Canadian Fintech License acquired
- ✅ New verticals: DePIN, Web3 Ads, AI, Digital Banking
- 🧾 Approved $2 Billion fundraising over 3 years
- 🚀 Reported 169% revenue growth YoY
- 👨👩👧👦 Promoter stake ballooned to 89%
This isn’t a turnaround. It’s a teleportation.
6. 🏦 Balance Sheet – How Much Debt, How Many Dreams?
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital (₹Cr) | 26 | 97 | 107 |
| Reserves (₹Cr) | 10 | 13 | 54 |
| Borrowings (₹Cr) | 4 | 0 | 0 |
| Total Assets (₹Cr) | 42 | 117 | 163 |
| Fixed Assets (₹Cr) | 11 | 64 | 124 |
💥 Zero debt, asset-light model. But no breakdown of revenue sources or client base. That’s like claiming you opened 50 Domino’s outlets but forgot where.
7. 💵 Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash Flow |
|---|---|---|---|---|
| FY24 | -1 | -26 | 50 | +24 |
| FY25 | 49 | -75 | 12 | -14 |
Capex up, but we don’t know what assets are being built. There’s also no mention of client payments, contracts, or receivables in announcements.
8. 📊 Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 26% |
| ROE | 26% |
| Working Capital | 11 Days ✅ |
| Debtor Days | 1 Day ✅ |
| Inventory Days | Negligible |
Efficiency ratios are impressive… maybe too impressive? 1-day debtor cycle in a global Web3 biz? Hmm.
9. 📈 P&L Breakdown – Show Me the Money
- Revenue: ₹0 in FY23 → ₹151 Cr in FY24 → ₹407 Cr in FY25
- PAT: ₹11 Cr → ₹35 Cr
- EBITDA: ₹13 Cr → ₹41 Cr
- EPS: ₹2.32 → ₹1.82 (fell slightly despite revenue growing)
Company blamed EPS fall on depreciation from fixed asset addition — but no clarity on what was added.
10. 🧢 Peer Comparison – Who Else in the Game?
| Company | P/E | ROE | Sales (Cr) | PAT (Cr) | P/B |
|---|---|---|---|---|---|
| JK Paper | 16.7x | 7.8% | ₹6,718 | ₹410 | 1.27x |
| WCPM | 11.8x | 9.2% | ₹4,062 | ₹311 | 1.05x |
| Bio Green 🧪 | 88x | 26% | ₹407 | ₹35 | 32x |
📉 String Metaverse is 10x more expensive than best-in-class paper peers, and it’s not even a paper company anymore.
11. 🧾 Miscellaneous – Shareholding, Promoters
- Promoters: 25.57% → 89.03% (FY21 to FY25)
- Public Holding: Crashed to 11%
- Rights Issue: Allotted 94.7 lakh shares @ ₹52 (CMP ₹266 now)
- No Institutional Shareholding reported
Notably, shareholder count has dropped since 2022, despite the buzz. Insiders getting rich?
12. 🧑⚖️ EduInvesting Verdict™
Bio Green / String Metaverse is not your average microcap.
It’s a shape-shifter: from paper to fintech, from zero revenue to ₹400 Cr in 24 months, from penny stock to ₹3,000 Cr market cap.
But the red flags are flaming:
🚩 No client list
🚩 No segment-wise revenue
🚩 No institutional coverage
🚩 $2 Billion fundraise on ₹35 Cr PAT? Seriously?
🧠 It could be India’s breakout Web3 play — or it could be an IRL metaverse illusion.
🎯 Fair Value Estimate
- EPS ₹1.82, assuming clean books.
- Assigning generous 15–20x multiple → FV Range: ₹27 – ₹36
- CMP ₹266 = 7–10x over fair value
This isn’t a stock. This is a vibes-based asset class.
✍️ Written by Prashant | 📅 July 10, 2025
Tags: Bio Green Papers, String Metaverse, Web3 India Stocks, Rights Issue, Blockchain, DePIN, Microcap Rally, Smallcap Fraud Risk, EduInvesting, Fintech Token, BSE Metaverse Stock
