63 Moons Technologies Q1 FY26 — From ODIN Glory to NSEL Hangover and Blockchain Buzz, Can This Phoenix Really Fly?
1. At a Glance
If corporate India had a reality TV show, 63 Moons Technologies (BSE: 526881, NSE: 63MOONS) would be the drama queen. Once hailed as the “fintech pioneer” behind ODIN (the software backbone of half of Dalal Street brokers), today it’s a strange mix of courtroom sagas, blockchain promises, and financial engineering gymnastics.
The company has a market cap of ₹3,992 Cr at CMP ₹865, but here’s the twist: FY25 saw sales of just ₹66 Cr and a PAT of -₹81 Cr TTM. Yes, the stock has given a 128% return in one year, but that’s like your neighbor doubling his wealth after selling kidney stones on OLX. On paper: Book value ₹741, RoE -1.47%, RoCE -2.31%, and P/E meaningless (negative EPS -₹4.67).
Question for you: Is this a turnaround story or just a speculative party where someone forgot to call the cops?
2. Introduction
Remember when every broker in India swore by ODIN terminals? That was 63 Moons in its prime. A desi Bloomberg for brokers. But then came regulatory heat, MCX-NSEL fiasco (₹1,950 Cr settlement ring a bell?), legal disputes, and a spectacular business collapse.
Today, 63 Moons is like that old Bollywood hero who lives on past glory but keeps trying comebacks in different costumes — blockchain, cybersecurity, legal tech, Web 3.0, and even agri-tech. If there’s a buzzword, they’ve probably issued a press release about it.
And yet, despite revenue drops of -79% YoY, the stock trades at 1.17x book, powered by its ₹750 Cr+ financial investments, legacy software brand recall, and sheer drama value.
3. Business Model – WTF Do They Even Do?
Three words: Legacy + Experiments + Lawsuits.
Legacy: Their ODIN and exchange solutions once powered brokers like Kotak, Angel, and Nirmal Bang, plus MCX itself. But MCX has moved on, and ODIN was sold off in Jan 2025.
Experiments: CYBX mobile security (Feb 2024), 63SATS cybersecurity, QiLegal (legal tech), 3.0Verse (Web3/Metaverse/Blockchain playground). Basically, if ChatGPT can generate a startup pitch, 63 Moons has already tried it.
Lawsuits: Investments stuck in Yes Bank AT1 bonds (₹300 Cr), IL&FS bonds (₹200 Cr, impaired ₹116 Cr), plus NSEL-related litigations.
99% of FY24 revenue came from STP (straight-through processing) solutions. The rest (1%) is random side hustles like process management, IT infra sharing, and NBFC crumbs.
So yes, they’re a “tech company” — but mostly in press releases, not in P&L.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun 25)
YoY Qtr (Jun 24)
Prev Qtr (Mar 25)
YoY %
QoQ %
Revenue (₹ Cr)
30.4
11.6
13.6
162%
123%
EBITDA (₹ Cr)
-55
-55
-62
0%
-11%
PAT (₹ Cr)
-2.6
-11.1
11.1
77%
NA
EPS (₹)
0.67
-1.86
2.39
136%
-72%
Commentary: Revenues revived from single digits to ₹30 Cr this quarter (yay!), but operating margins are still worse than Bollywood movie sequels (-180% OPM). PAT flipped between positive, negative, positive, negative — like a drunk DJ changing tracks every 2 minutes.
5. Valuation Discussion – Fair Value Range Only
Method 1: P/B
CMP: ₹865
BV: ₹741
P/B = 1.17
Reasonable fair range: ₹700 – ₹950
Method 2: EV/EBITDA
EV: ₹2,070 Cr
EBITDA (TTM): -₹74 Cr (negative, so EV/EBITDA meaningless).
