1. At a Glance – AI Dreams, Negative Margins & ₹703 Mn Portfolio Fairy Dust
Market Cap: ₹191 Cr
Current Price: ₹129
3-Month Return: -9%
ROE: -13.4%
ROCE: -13.0%
Price to Book: 2.5x
TTM EPS: ₹ -5.20
Xelpmoc Design and Tech Ltd is what happens when a consulting company dreams of becoming a venture capital fund but forgets to make operating profits. In Q3 FY26, revenue came in at ₹11.2 million (₹1.12 Cr), up 34.5% YoY. Sounds nice? Wait. PAT stood at ₹ -20 million (₹ -2.00 Cr). That’s not a typo.
Meanwhile, the fair value of portfolio investments stands at ₹703.4 million (₹70.34 Cr). The company’s operating revenue for 9M FY26 is ₹26.6 million. So yes, the portfolio is 26x larger than revenue.
Are we looking at a tech services firm? A startup incubator? Or a leveraged mutual fund with mood swings?
Welcome to Xelpmoc — where AI meets accounting stress.
2. Introduction – Innovation Catalyst or Innovation Casualty?
Founded in 2015 and listed in 2021, Xelpmoc positioned itself as a “Technology Partner” for startups, corporates, and governments. The CEO even compared the company to a leveraged mutual fund.
Bold. Very bold.
Instead of traditional body-shopping IT services, Xelpmoc works on a “cash + equity” model with startups. Translation: “We’ll build your tech, you give us equity, and hopefully one day we’ll all be rich.”
Problem? Startups don’t pay rent with hope.
The company currently has:
- 12 investee companies
- 65 clients served till date
- Team size of 59
- Portfolio fair value: ₹703.4 million
Revenue split Q3 FY26:
- 100% startups
- 0% corporates
- 0% government
Let that sink in.
For 9M FY26:
- 74.4% international
- 25.6% domestic
The ambition is huge. The execution? Still under construction.
So the big question: Is Xelpmoc early… or just economically confused?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
Xelpmoc earns revenue in three ways:
- Startups (Cash + Equity)
- Corporates
