Once upon a time, there was a humble paper company named Bio Green Papers. Fast-forward to 2025, and it’s now flexing as String Metaverse Ltd, a ₹3,395 crore Web 3.0 juggernaut — a Cinderella story where paper turned into pixel dust. At ₹292 per share (as of Nov 3, 2025), the stock trades at a P/E of 54.3, having skyrocketed 1,750% in just one year — yes, that’s not a typo.
In Q2FY26, the company clocked ₹232 crore in revenue (up 165% YoY) and ₹21.4 crore in PAT (up 217% YoY). ROE and ROCE hover around 26%, putting several “veteran” IT firms to shame. With virtually zero debt (₹0.14 crore only) and promoters holding 81.8%, String Metaverse seems to have taken the Web3 hype and turned it into cold hard rupees.
But here’s the kicker — the same company once sold eco-friendly paper. Now it sells idle mining, AI poker, and blockchain browsers. Somewhere, Warren Buffett is muttering, “What the hell is a String Browser?”
2. Introduction
Let’s be honest: very few transformations in India’s corporate history have been this wild. Bio Green Papers’ metamorphosis into String Metaverse makes HDFC-HDFC Bank merger look like a routine weekend chore.
From a dusty paper mill to a global Web3 enterprise with gaming, AI agents, metaverse integrations, and crypto trading volume touching nearly ₹8,000 crore in a month — this is corporate reincarnation with steroids.
The Q2FY26 numbers scream scale: ₹232 crore revenue, ₹21.4 crore profit, OPM of 11%, and zero debt. Meanwhile, the promoters went from 25.57% to 93% ownership, post a dramatic NCLT resolution plan that wiped out 95% of the earlier public shareholders. (Ah, capitalism — where dilution is sometimes called “rebirth.”)
String Metaverse today operates across India, Hong Kong, and UAE, and flaunts licenses for everything from AI agents to eSports tournaments. The cherry on the crypto cake? Its gaming communities like IdleMine and String Games boast 18+ lakh active users.
And while most IT peers are grinding for single-digit growth, this one boasts a 409% YoY sales jump. Question is — miracle or mania?
3. Business Model – WTF Do They Even Do?
String Metaverse calls itself a Web 3.0 enterprise integrating finance, games, and communities. Translation: they’re building an ecosystem where users can earn, play, invest, and trade — all in one digital universe.
Here’s the buffet:
IdleMine – A “play-to-learn” blockchain game (think crypto mining disguised as a classroom).
String Games – Telegram-based casual games that mint digital tokens for fun and profit.
String Arc8 – A blend of retro nostalgia and blockchain economy.
Bills on Chain – Upload bills, earn rewards — the Indian jugaad version of “Proof of Spend.”
String Poker & Rummy – Because what’s more Indian than cards, cash, and now, crypto?
String Browser – A Web3 browser powered by AI agents.
The company also provides Liquidity & Market Making as a Service for digital assets — basically acting as a market stabilizer in the crypto world. And it’s not stopping there. Through its subsidiaries — Kling Blockchain IFSC Pvt Ltd (India), Kling Fintech HK Ltd (Hong Kong), and Torus Kling Fintech Pvt Ltd (Hyderabad) — the firm runs fintech and blockchain trading operations globally.
If Infosys is your dad’s IT company, String Metaverse is your gamer cousin who mines NFTs, runs an AI poker room, and trades Bitcoin on his phone while sipping Red Bull.
🧠 Commentary: That’s a growth curve steeper than your last semester’s panic study chart. Revenue up 165%, profit up 217% — the kind of numbers you usually see in fake WhatsApp stock tips. But these are real, backed by zero debt and expanding operations.
5. Valuation Discussion – Fair Value Range (Educational Use Only)
Method 1: P/E Multiple Approach
Annualised EPS: ₹7.36
Industry P/E: 33.8
Apply range: 30x–60x → Fair Value = ₹220 – ₹440
Method 2: EV/EBITDA
EV = ₹3,362 Cr
EBITDA (TTM) = ₹73 Cr → EV/EBITDA = 46x If we assume fair industry range = 25x–45x → FV Range = ₹260 – ₹470
