At a Glance
String Metaverse Ltd, formerly Bio Green Papers, just served investors a cocktail of mind-bending growth and Web3 buzzwords. Q1 FY26 revenue rocketed 298% YoY to ₹199 Cr, and PAT jumped 240% to ₹18 Cr. EPS surged to ₹1.55, while the stock trades at a lofty P/E of 64x. The company is riding high on Web3, metaverse gaming, and a fintech expansion (with a Canadian license in hand). But beneath the hype, fundamentals are still catching up, and the stock trades at 31x book value. Is this the next Infosys or another blockchain “to the moon” story waiting to crash?
Introduction
What happens when a paper company decides to reinvent itself as a Web3 gaming-fintech powerhouse? You get String Metaverse, a company that pivoted so hard it left its old identity in the dust. Investors are cheering the transformation, as revenues have exploded 10x in two years.
However, the story isn’t all glittery NFTs and metaverse avatars. The company’s valuations are in nosebleed territory, tax rates are suspiciously low, and cash flows are… well, let’s just say not metaversal yet. Despite these concerns, the stock has risen like a crypto token during a bull run. So, is this Web3 phoenix flying or just setting itself up for a rug pull?
Business Model (WTF Do They Even Do?)
String Metaverse runs on a Web3-meets-fintech model that combines multiple futuristic buzzwords:
- Gaming Communities in Metaverse – Building and monetizing Web3 gaming ecosystems.
- Liquidity & Market Making for Digital Assets – Providing DeFi-like services to crypto projects.
- Investments in Web3 Projects – Early-stage bets on blockchain ventures.
- Digital Banking Expansion – With a Canadian fintech license, they’re pushing digital banking services under “String Pay X.”
In short, they’re everywhere in the Web3 chain – from gaming to DeFi to payments – but actual revenue still heavily depends on gaming and services, not yet on large-scale
