1. At a Glance

Imagine a tech company that sells trading software, owns a giant legacy of legal disputes, and has a balance sheet more complex than Christopher Nolan’s plotlines. That’s63 Moons Technologies, once the crown jewel behind ODIN software and the infamous NSEL. At ₹946 per share and amarket cap of ₹4,360 Cr, it’s giving everyone mixed signals: stock’s up 172% in 1 year, but financials are a murder mystery.

2. Introduction

You know a company’s life is a soap opera when its income statement looks like a crime scene, but the stock chart is up only because the market loves suspense.63 Moons Technologies, formerlyFinancial Technologies India Ltd, is famous — but not for the right reasons.

Their iconic trading softwareODINstill powers broker terminals across India. But ever since theNSEL crisisexploded in 2013, the company’s operating numbers have gone to hell and never fully come back. Legal cases, asset write-downs, settlement impairments — it’s like watching a coder do jail time for someone else’s bug.

Still, investors love a comeback story. The stock is up over 70% in 3 years, probably driven more by hope than revenue. But with ₹1,950 Cr inlegal settlements disclosed this quarter, the courtroom drama continues.

3. Business Model (WTF Do They Even Do?)

The core business istrading and exchange softwareunder the brandODIN, a once-dominant platform used by brokers for executing trades in equities, commodities, derivatives, and currencies. They provide pre-trade to post-trade solutions, including RMS, compliance, and order management systems.

Apart from tech services, 63 Moons is also a holding company for multiple troubled assets — stakes inMetropolitan Stock Exchange,India Energy Exchange, and legacy exposures toIL&FS,Yes Bank, and others that were supposed to be cash cows but turned into financial cows with arthritis.

Add to this a bloated balance sheet, tons of legal investments, and ongoing litigation support — and you’ve