If Netflix ever makes a show called “Scam 2025: The Sequel Nobody Asked For,” 63 Moons Technologies would be the perfect protagonist. Once a fintech darling under the name Financial Technologies (India) Ltd, it’s now more famous for courtroom cameos than code commits. The stock trades at ₹813, giving it a market cap of ₹3,746 crore, which ironically is higher than the total annual sales of many real tech firms.
This quarter (Q2FY26), the company reported sales of ₹20.5 crore — up 110% YoY — and a net loss of ₹28.9 crore. Operating margins are a spicy –347%, which means for every ₹1 of revenue, ₹3.47 went poof into thin air (probably legal fees or goodwill impairment therapy). EPS stands at –₹6.70, and return ratios look like they were audited by gravity: ROE –1.47%, ROCE –2.31%.
Despite that, the stock has delivered a 60% return in one year, because Indian retail investors treat court cases as if they were growth catalysts. Debt? A mere ₹2.85 crore. Book value? ₹741. So technically, it’s trading near book, which sounds comforting — until you remember some of those “assets” are legal receivables from 2013.
2. Introduction
There’s fintech, there’s regtech, and then there’s case-tech — a category 63 Moons proudly invented. Born as Financial Technologies India Ltd (FTIL), the company was once the brain behind ODIN, the OG trading platform used by half of India’s brokers. Think of ODIN as the “Windows XP” of Indian trading — everyone had it, everyone cursed it, but it somehow worked.
Then came the NSEL fiasco — a Rs. 5,600 crore market scandal that made “settlement” a dirty word. Over a decade later, 63 Moons is still living in the long legal shadow of its own creation. But to its credit, the company has tried to pivot — from trading terminals to cybersecurity, blockchain, and Web3.0. It’s like watching your uncle go from stock tips to crypto Telegram channels: the enthusiasm’s there, the returns aren’t.
And the Q2FY26 numbers? They look less like a P&L and more like a stress test. Operating losses, erratic other income, and a fairy tale about “future technologies” that’s longer than an MCU movie timeline. Yet, investors are glued — partly due to nostalgia, partly due to the delicious possibility of a massive court-ordered payout.
After all, where else will you find a “tech” firm that talks about blockchain, legaltech, and One Time Settlement Schemes in the same breath?
3. Business Model – WTF Do They Even Do?
If Sherlock Holmes ever had to audit this company, he’d retire early. 63 Moons operates somewhere between a fintech museum and a litigation startup. The core revenue comes from STP technologies and solutions (99%), which is basically software for brokers, exchanges, and risk management platforms. Their flagship brand ODIN still powers brokers like Kotak, Angel, and Nirmal Bang — the old guard of Dalal Street.
Then there’s the Exchange Technology vertical — creating backend systems for stock and commodity exchanges, including DOME, Tradedart, and MarketXstream. Once upon a time, this division ran MCX’s trading backbone — until MCX decided they’d rather build it in-house after years of contract extensions and courtroom drama.
And because diversification is the cousin of desperation, they’ve added new tech plays:
CYBX – India’s first “comprehensive mobile security solution.” Fancy words for an antivirus app nobody’s downloaded yet.
63 SATS Cybertech – a cybersecurity subsidiary that recently raised ₹65 crore via private placement.
QiLegal – LegalTech platform. Because why hire lawyers when you can become one?
3.0 Verse – Web3 platform to discuss metaverse, AI, and other futuristic buzzwords. Possibly the only metaverse product that exists purely on PowerPoint.
Basically, they’re building tech for everything — except profit.
4. Financials Overview
Metric (₹ Cr)
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
20.5
9.8
30.0
110%
-31.7%
EBITDA
-87
-60
-55
-45%
-58%
PAT
-28.9
-24.0
-3.0
-20%
-863%
EPS (₹)
-6.13
-4.10
0.67
-49%
N/A
EBITDA so negative it needs therapy; profits missing in action since demonetization.
Commentary: Revenue doubled YoY, but profitability evaporated faster than investor confidence at a forensic audit. The company booked losses despite “other income” saving grace — mostly from investments. Without those, it’d look like a tech NGO. And yet, the share price somehow didn’t get the memo.
5. Valuation Discussion – Fair Value Range Only
Let’s humor ourselves.
Method 1: P/E Based (Educational) Annualized EPS = –₹6.7 × 4 = –₹26.8 → P/E = not meaningful. So, let’s take hypothetical normalized EPS of ₹10 (if they ever make money again). Industry P/E ~ 30 → Fair value = ₹300.
Method 2: EV/EBITDA EV = ₹1,823 Cr, EBITDA (TTM) = –₹265 Cr → negative multiple. If we adjust for normalized EBITDA of ₹100 Cr (historical average pre-NSEL era), EV/EBITDA = 18×, fair EV = ₹1,800 Cr → per share ~₹800.
