String Metaverse Ltd Q2 FY26 – ₹232 Cr Sales, ₹21.6 Cr PAT, ROE 25.8%: Web3 Madness Hits Indian Markets
1. At a Glance
If you thought Web3 was just memes and NFT profile pictures, String Metaverse Ltd (BSE: 534535) is here to prove you spectacularly wrong—or wonderfully right, depending on your tolerance for digital chaos. Sitting at a market cap of ₹2,969 Cr and trading at ₹255, this Web3 juggernaut just delivered a quarterly sales spurt of ₹232 Cr (up 165% YoY!) and PAT of ₹21.64 Cr (+217% YoY). EPS clocks in at ₹4.58, and the ROE is a respectable 25.8%. The stock’s been doing its own rollercoaster ride: a 6-month return of 63.4%, 1-year insane return of 1,165%, and trading at 11.7 times book value.
Debt? Practically zero. Dividend? Don’t hold your breath. P/E? 47.5, making traditional analysts weep quietly. Promoter holding is 81.8%, locked in for 2 years post-merger, and liquidity flows like a Metaverse river.
In short: String Metaverse is basically a digital amusement park on steroids with AI agents, blockchain games, and global ambitions, and yes, the rollercoaster has just left the station.
2. Introduction
Imagine a company that says: “We’ll do Web3, blockchain gaming, AI poker, digital asset liquidity, and still have time to run a Web3 browser.” That’s String Metaverse for you. Formerly Bio Green Papers Ltd, incorporated in 1994, the company has pivoted from conventional software development to full-blown Metaverse domination.
Q2 FY26 results are in, and the numbers scream, “We mean business.” ₹232 Cr in sales, ₹21.64 Cr in PAT, and operating margins holding at 10–11% despite hypergrowth. For investors, it’s like watching Iron Man juggling cryptocurrencies while riding a unicycle—thrilling, confusing, and slightly terrifying.
The company has global offices in Hong Kong and UAE, licenses for AI, blockchain nodes, proprietary trading, and eSports tournaments. If you blinked, you might miss a new subsidiary, an AI project, or a blockchain game. Did we mention IdleMine already has over 7.10 lac active users and String Games 11+ lac? The scale-up is real.
So, if you’re into Web3, AI, and gaming, and have a mild addiction to high-growth stocks, buckle up. String Metaverse is here to redefine “digital chaos” in your portfolio.
3. Business Model – WTF Do They Even Do?
Let’s break it down for lazy investors:
Gaming + Blockchain: IdleMine, String Games, Arc8, String Poker, and Rummy. Some are Telegram-based, some on-chain. All designed to make you learn blockchain while spending hours.
AI Agents: Poker and Rummy powered by AI agents. If your last chess game with AI made you feel stupid, imagine poker.
Web3 Financial Services: Liquidity & Market Making for digital assets. Essentially, they’re the party planners for crypto cash flows.
eSports & Communities: Competitive gaming meets digital community management. Think of it as Clubhouse, but everyone’s wearing VR helmets.
Miscellaneous: Bills on Chain lets you upload bills and earn digital assets. String Browser is an AI-powered Web3 browsing experience. IdlePrice gamifies pricing. Mid Earth dives into decentralized AI-powered communities (DePIN).
Basically, if it can be gamified, tokenized, or automated by AI, String Metaverse is already doing it—or planning to. They’ve created a multi-pronged Web3 empire where your digital avatar might earn more than your day job.
Are you still following? Good. Because this is just the appetizer.
4. Financials Overview
Quarterly Snapshot Q2 FY26 (Consolidated, ₹ Cr)
Metric
Latest Qtr
YoY Qtr
Prev Qtr
YoY %
QoQ %
Revenue
232
88
199
164.78%
16.58%
EBITDA
25
11
22
127.27%
13.64%
PAT
21.64
6.8
18
217%
20.2%
EPS (₹)
4.58
1.55
3.78
195%
21.2%
Commentary: Revenue and PAT growth are through the roof. Investors, remember to hold onto your hats. The YoY PAT surge of 217% is basically a rocket launch. QoQ growth is solid, indicating consistent scaling rather than one-off wins.
P/E based on current price (₹255 / 18.32) ≈ 13.9 on annualized EPS—not bad if you discount the Web3 hype. But conventional P/E says 47.5, because markets love their quarterly volatility drama.
5. Valuation Discussion – Fair Value Range
We’ll do a sanity check using three methods (educational purposes only):
