63 Moons Technologies Ltd: Fintech Dinosaur Turns Blockchain DJ, But Courts Keep Playing Old Tracks
1. At a Glance
63 Moons Technologies Ltd – once the fintech arms dealer for brokers and exchanges – is now trying to cosplay as a blockchain–AI–cybersecurity–Web3 unicorn. But the numbers? They look like a horror movie with sequels nobody asked for. FY24 revenue was just ₹65.6 Cr, while PAT showed a loss of ₹80.8 Cr. Meanwhile, the stock still gave a 174% return in 1 year, proving once again that Indian investors love a good courtroom drama more than financial statements.
2. Introduction
If Dalal Street was a Bollywood movie, 63 Moons would be the side character that keeps coming back in every sequel, usually because of unresolved legal cases and surprise cameos in fintech. Once upon a time, they ruled broker terminals with ODIN (the software, not the Norse god). If you ever traded in the early 2000s, chances are you clicked buy/sell on their platform without knowing who they were.
But somewhere between MCX breakups, IL&FS bad debt hangovers, and Yes Bank AT1 bond courtroom drama, the company slowly drifted from being a fintech power player to a litigation-heavy family soap opera.
Now, management wants to convince us that it’s becoming a “next-gen tech company” with Web3, blockchain, cybersecurity, and even “SpaceTech.” Basically, they are throwing buzzwords like ladoos at a wedding, hoping one sticks.
Investors, meanwhile, are scratching their heads: is this a comeback story, or just another “RIP in advance” meme stock kept alive by court orders and other income?
What do you think—should fintech veterans rebrand as “AI pioneers,” or just stick to collecting old royalty cheques?
3. Business Model – WTF Do They Even Do?
At its core, 63 Moons has always been a software plumber for financial markets:
Brokerage Trading Solutions (ODIN): The OG of stock broking software. Back in the day, every broker from Kotak to Angel used it. Now? Most brokers are flirting with their in-house platforms or cheaper SaaS kids on the block.
Exchange Technology (DOME, PowerARMS, MarketXstream): Basically, they build software for exchanges, clearing houses, and depositories. Once MCX was the crown jewel. Now, MCX has been actively breaking up with them more times than Ross and Rachel.
Risk Solutions: Products like Riskalculator and DataCollector—sounds fancy but are mostly compliance and reporting software for BFSI. Think of it as Excel with steroids.
Other random stuff (1% of business): NBFC activities, telecom services, IT infra sharing—basically the corporate version of a side hustle nobody cares about.
And now comes the spicy pivot: Blockchain, Web3, AI, Cybersecurity, LegalTech, and even AgriTech. Imagine your uncle who once sold pagers suddenly pitching himself as a drone pilot. That’s the vibe.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹30.4 Cr
₹11.6 Cr
₹13.6 Cr
+162%
+123%
EBITDA
-₹54.9 Cr
-₹55.4 Cr
-₹61.9 Cr
Flat-ish
-11%
PAT
-₹2.6 Cr
-₹11.1 Cr
₹11.1 Cr
+76%
N/A
EPS (₹)
-0.67
-1.86
2.39
N/A
N/A
Commentary: Revenue growth looks like a rocket, but EBITDA is still falling through the floor like a broken lift. PAT is less negative this time, which the CFO probably celebrated like India winning a bronze medal in hockey. EPS is still meaningless—like a Tinder bio with “sapiosexual.”
5. Valuation – Fair Value Range Only
P/E Method: EPS is negative (₹ -4.67), so P/E is as useful as “P/E not meaningful.”
EV/EBITDA: EV = ₹2,322 Cr. EBITDA is negative (-₹74 Cr TTM). Again, can’t
