Q3 FY26 Results · Quarterly Results (Dec 2025)
63 Moons Technologies:
₹-32 Cr Loss. -292% OPM.
A Masterclass in Losing ₹1 For Every 25 Paisa You Earn.
Once the darling of fintech infrastructure, 63 Moons is now an object lesson in how to turn dominance into irrelevance, one NSE warning letter at a time. The stock is down 32% in a year, losing money like it owes a gambling debt to the mafia, and somehow still has a market cap of ₹2,449 crore. Charitability level: generational trauma with a ticker.
Market Cap₹2,449 Cr
CMP₹531
P/E RatioN/A (Negative)
1-Yr Return-32.4%
OPM-292%
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?
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