01 — At a Glance
The Fintech Warrior Who Forgot How to Make Money
- 52-Week High / Low₹1,130 / ₹524
- Q3 FY26 Revenue₹27 Cr
- Q3 FY26 PAT₹-32 Cr
- TTM EPS₹-7.36
- Book Value / Share₹758
- Price to Book0.70x
- Operating Margin-237% (Q3)
- Sales Growth (5Y)-26%
- Current Ratio9.92x (Very High)
- Debt₹5.3 Cr (Almost Zero)
Flash Summary: 63 Moons reported Q3 FY26 revenue of ₹27 crore with a loss of ₹32 crore. Yes, you read that right. Operating margin of -237%. The company is essentially writing off ₹9.37 for every rupee of revenue. Its 52-week high of ₹1,130 now feels like a fever dream. At P/B of 0.70x, the market is saying “we don’t even want the book value, thanks for the offer though.” NSE and BSE have issued warning letters for “misleading disclosures.” Life comes at you fast when your trading engine announcement gets regulatory tattoos.
02 — Introduction
From Trading Engine King to “That Company with the Warnings”
Let’s rewind to 2015. 63 Moons was the beating heart of India’s fintech infrastructure. Its ODIN platform powered more than half of Indian brokers. DOME exchange software. Tradedart settlement systems. If you were trading equities, commodities, or forex on a platform that didn’t crash during a market surge, you were probably using 63 Moons tech under the hood. Jignesh Shah, the founder, was the golden boy of fintech. The company was worth tens of thousands of crores.
Then came the NSEL scandal of 2013. Spotlights, raids, regulatory nightmares. Shah went down like a sinking ship. The company survived but limped along like a cricketer with a hamstring injury playing in a local tournament. Fast forward to 2025: 63 Moons has pivoted to cybersecurity (63SATS), legal tech (QiLegal), and Web 3.0 ventures. Sounds cool, right? The numbers tell a different story. Revenue declining 26% over five years. The recent NSEL settlement drama eating up capital. And investors voting with their feet — down 32% in a year, trading at 0.70x book value.
Q3 FY26 is a case study in how to make the accountants weep. Revenue of ₹27 crore, losses of ₹32 crore, an operating margin that would make a loss-making startup blush. The only thing keeping this ship afloat is ₹1,166 crore in financial investments (mostly bonds, mutual funds, and historical baggage like IL&FS NCDs and Yes Bank AT1 bonds that went to zero). Cash on hand is high. Debt is near zero. But earnings? MIA. Missing. Gone. Nowhere to be found. The company is not failing fast; it’s failing slow, which is somehow worse.
Regulatory Spice (Feb 2026): NSE and BSE both issued warning letters on Feb 20, 2026, citing “alleged misleading disclosure” about an MSE (Messaging Services Engine) trading-engine upgrade announced on Jan 27. The company replied. The market yawned. For a fintech company, trust is oxygen. When regulators start writing letters, you’re already suffocating.
03 — Business Model: WTF Even Is This Anymore?
Used to Be a Trading Engine. Now It’s Just… Existential?
63 Moons’ core business used to be brutally simple: build trading and clearing software, license it to brokers and exchanges, collect recurring revenue, sleep soundly. ODIN (their flagship brokerage platform) was licensed to Nirmal Bang, Kotak Securities, Angel Securities, PCS Securities, and others. The company had 80% market share in the brokerage software market at one point. That was the moat. That was the mode. That was the way.
Today, it’s a Frankenstein creature. 99% of revenue comes from “STP Technologies / Solutions” (Straight-Through Processing). But revenue itself is ₹27 crore in Q3. Down from ₹112 crore in Mar 2023. Declining. Collapsing. Gone. The company has ₹750 crore in investments sitting on the balance sheet — mostly bonds, mutual funds, and some seriously toxic stuff like ₹200 crore in IL&FS Transportation NCDs (impaired by ₹116 crore, because IL&FS defaulted and downgraded to ‘D’). There’s also ₹300 crore in Yes Bank AT1 bonds that a Bombay High Court said should be un-written-down, but now the Supreme Court is in a stay-mode. Translation: ₹300 crore of “maybe value, maybe not.”
The newer ventures — 63SATS (cybersecurity), QiLegal (legal tech), 3.0 Verse (Web 3.0 stuff) — are loss-making startups within a loss-making parent. The company raised ₹180 crore from 63SATS Cybertech in Sep 2025 at ₹10/share (which is below its own equity book value per share). In Dec 2025, they did another funding round: 60 crore shares at Re.1 + ₹9 premium. Translation: they’re tapping every possible funding source to keep the lights on. Revenue is gone. Growth is gone. What remains is financial investments, regulatory scrutiny, and the quiet hope that something will pivot to profitability before the cash runs out.
STP Tech Revenue99%of total (declining)
Gross Loss₹-32 CrQ3 FY26 PAT
Financial Investments₹750 Crlifeblood of the balance sheet
Cash on HandHighbut burning like a festival diya
Fun fact: 63 Moons’ ODIN platform still powers 80% of Indian brokers according to old disclosures. But revenue from this dominance is so low you’d think they’re gifting licenses to kindergartens for a field trip. This is what happens when your customer base stops growing and you can’t raise prices because the ecosystem has moved on. Dominance without monetization is just expensive nostalgia.
04 — Financials Overview
The Ledger That Looks Like a Broken ATM Screen
Result type: Quarterly Results | Q3 FY26 EPS: ₹-4.29 | Avg Q1–Q3 EPS: (₹2.39+₹0.67+₹-4.29)/3 = ₹-0.41 | Annualised EPS: ₹-1.64 (Meaningless, but here it is.)
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 27 | 12 | 21 | +128% | +28% |
| Operating Profit | -64 | -61 | -87 | +5% | +26% |
| Operating Margin % | -237% | -508% | -423% | Improved | Improved |
| PAT | -32 | -23 | -45 | +39% | +29% |
| EPS (₹) | -4.29 | -3.62 | -6.13 | +18% | +30% |
The “Improvement” Mirage: Yes, losses are shrinking QoQ and YoY. But “shrinking losses” is like celebrating the fact that your house fire is smaller today than yesterday. Revenue at ₹27 crore is down 76% from ₹112 crore in Mar 2023. The operating loss of ₹64 crore is structural, not cyclical. They’re spending ₹91 crore on expenses for ₹27 crore of revenue. That’s the ratio. Jab tum ₹1 kama rahe ho, ₹3.37 kharcha kar rahe ho. Math doesn’t work. Logic doesn’t apply. Only survival mode remains.
💬 A company with ₹750 crore in investments and ₹1,166 crore in total assets is losing money every quarter. When the assets are depleted, what happens? Is this a value trap or a value destroying machine? Drop your gut feel in the comments.
05 — Valuation: The Fair Value of Pain
What Is This Pile of Burning Cash Actually Worth?
