String Metaverse: consolidated PAT surges 84% YoY to ₹39.9 Cr as margins expand

String Metaverse Limited (formerly Bio Green Papers Limited) posted consolidated revenue of ₹410.26 Cr for Q2 FY27 (quarter ended September 30, 2026), up 76.5% year-on-year from ₹232.50 Cr and up 4.5% sequentially from ₹392.40 Cr. Consolidated PAT (including non-controlling interests) rose 84.2% YoY to ₹39.86 Cr from ₹21.64 Cr, and grew 8.0% QoQ from ₹36.92 Cr — profit growing faster than revenue on both counts, with no one-off items on either side of the comparison. Net profit margin expanded to 9.72% from 9.28% a year ago and 9.41% last quarter; operating margin (segment result/revenue) rose to 11.50% from 10.78% YoY and 11.17% QoQ. The expansion came chiefly from a sharp fall in 'other expenses' to ₹1.78 Cr from ₹8.79 Cr a year earlier, which more than offset a higher cost-of-operations ratio (87.7% of revenue versus 85.2% a year ago) and higher employee costs (₹1.51 Cr versus ₹0.68 Cr). Management gives no formal guidance on record, and no analyst consensus or brokerage preview for this quarter could be located — this micro-cap carries no identifiable street coverage, so vsStreet and vsGuidance are both unknown rather than estimated. The quarter's growth is almost entirely the Gaming-IT Services segment (₹408.47 Cr revenue, ₹46.19 Cr segment result) — consistent with the filing's own description of the group as engaged in "gaming software development and related services, and high frequency trading" — while the smaller HFT book swung back to a ₹0.98 Cr profit after a ₹4.80 Cr loss last quarter, a reminder it remains a volatile, sub-1%-of-revenue line rather than a stable contributor. Basic EPS (not annualised) was ₹0.33, against ₹0.30 QoQ and ₹0.18 a year ago, on paid-up capital that has grown modestly to ₹121.99 Cr from ₹116.43 Cr; the October 30, 2026 preferential allotment of 1.67 Cr shares at ₹8.85 falls after this quarter's cut-off and will show up in Q3 FY27, not here. On the same day as this result, the board also approved a 25x increase in authorised capital (to ₹5,000 Cr), a Strategic Acquisition, Investment and Business Expansion Framework spanning AI, data centres, power/renewable energy and defense-technology, and a plan to raise up to ₹1,000 Cr via NCDs — board actions not yet reflected in any financial line, but signalling an aggressive inorganic push beyond the current gaming/HFT base. Standalone (parent-only) figures remain token by comparison — ₹4.07 Cr revenue and ₹0.87 Cr PAT — underscoring that essentially all of the group's business and earnings sit in its subsidiaries.