String Metaverse Q1 FY27: consol. PAT +102% YoY to ₹36.9 Cr as HFT arm swings to loss
PAT +101.8% YoY · revenue +97.33% · margins expanding
₹392.4 Cr
+97.33% YoY
₹36.92 Cr
+101.8% YoY
9.41%
+0.2pp YoY
₹0.3
String Metaverse (formerly Bio Green Papers) posted consolidated revenue of ₹392.40 Cr for Q1 FY27, up 97.3% YoY from ₹198.86 Cr and 9.2% QoQ from ₹359.40 Cr. Consolidated PAT was ₹36.92 Cr, up 101.8% YoY from ₹18.30 Cr and 6.4% QoQ from ₹34.71 Cr, with basic EPS of ₹0.30 (restated for a bonus issue). Consolidated is overwhelmingly the relevant basis here: standalone (parent-only) revenue was just ₹4.05 Cr and PAT ₹0.20 Cr — under 1% of the group's numbers — with the auditor's review report confirming foreign subsidiaries in Hong Kong, Singapore and Dubai alone generated ₹35.93 Cr of the ₹36.92 Cr consolidated profit.
Q1 FY-2027 vs prior quarters
The headline NPM of 9.41% looks roughly flat versus 9.19% a year ago and 9.50% last quarter, but that comparison is skewed by a one-off ₹6.02 Cr "unallocable other income" item in Q4 FY26 that inflated that quarter's margin. Stripping that out, the true operating measure — segment result over revenue — actually expanded to 11.17% from 10.87% YoY and 10.01% QoQ. That expansion was driven entirely by the Gaming-IT services segment, whose margin rose to 12.44% (from 11.43% YoY, 10.51% QoQ) as segment profit grew 143% YoY to ₹48.63 Cr on revenue of ₹390.91 Cr (+123% YoY). Offsetting this, the smaller HFT vertical swung to a ₹4.80 Cr segment loss — its second straight quarterly loss after ₹1.69 Cr in Q4 FY26 — versus a ₹1.59 Cr profit a year ago, while HFT revenue collapsed 93.7% YoY to just ₹1.49 Cr.
The stock went into the print at ₹6.83, up 2.7% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 5 consecutive quarters.
What the summary numbers don't show
Board approved a fundraise of up to ₹1,000 Cr (equity/ADR/GDR/FCCB/QIP) on results day — a dilution overhang
Management gives no formal guidance on record, and no analyst/consensus estimates for this quarter turned up in a search — String Metaverse currently has no visible formal street coverage, so vsStreet and vsGuidance are both unknown rather than a miss. The board used the same meeting to approve a fundraise of up to ₹1,000 Cr via equity/ADRs/GDRs/FCCBs/QIP, and separately completed a 2:9 bonus allotment of 5.55 Cr shares on 22 June 2026 (paid-up capital up to ₹121.99 Cr from ₹116.43 Cr) to meet minimum public shareholding norms. The company also launched a blockchain billing platform, 'BillsOnChain' (beta, on Hedera), during the quarter, consistent with its Web3/DePIN pivot.
W1
HFT segment trajectory — losses have widened for two straight quarters (-₹1.69 Cr Q4 FY26, -₹4.80 Cr Q1 FY27) after a ₹1.59 Cr profit a year ago; watch Q2 FY27 segment revenue/result
W2
Terms and pricing of the up-to-₹1,000 Cr fundraise (QIP/ADR/GDR/FCCB) approved this quarter, and resulting dilution
W3
Durability of the Gaming-IT segment's margin gain to 12.44% as the segment scales further
Figures in ₹ Lakh in source, converted to Crore. No exceptional items in any period shown (row is nil throughout). Tax line is a small net credit (₹0.03 Cr) this quarter, similar magnitude to Q1 FY26's ₹0.08 Cr charge, so YoY isn't materially tax-distorted; QoQ, PAT growth (+6.4%) outpaces PBT growth (+4.0%) partly because Q4 FY26 carried a ₹0.76 Cr tax charge. Standalone (parent-only) PAT of ₹0.20 Cr is negligible against consolidated ₹36.92 Cr — per the auditor's review note, foreign subsidiaries (HK/Singapore/Dubai) alone contributed ₹35.93 Cr of the ₹36.92 Cr consolidated PAT. EPS restated for a 2:9 bonus allotment (5.55 Cr shares) completed 22 Jun 2026. Results are unaudited/limited-review only.