63 moons technologies ltd | Aamara Capital Research

Snapshot

63 moons technologies limited

NSE: 63MOONS · BSE: 526881 · Report date 16 Oct 2026 · Prices as of 16 Oct 2026 (Screener, 4:01 pm)

63 moons (formerly Financial Technologies (India) Ltd, FTIL) is no longer a broker-technology company. It sold ODIN, MATCH and STP-Gate to Synapsewave Innovations for about Rs 135 cr (closed 20 Jan 2025 and 9 Sep 2025), and MCX moved its trading platform to TCS on 16 Oct 2023. What is left is a holding company with five parts: 60.43% of 63SATS Cybertech (fast-growing, loss-making cybersecurity; about 97% of its FY26 revenue is resale of software and IT products); exchange technology for its only exchange client, MSE; small risk-solutions and LegalTech lines; 65.80% of Ticker Ltd (market data and Web3, near-zero revenue, Rs 35.8 cr FY26 loss); and a large treasury, part of which is attached or restricted. Over all of this sits the 2013 NSEL default. A Rs 1,950 cr one-time settlement (OTS) is now legally final, but no cash has been paid yet and the payment sequence has not been disclosed.Fact

BusinessWeak

ManagementWeak

FinancialMedium

ValuationFair

OverallNeutral

FY26 revenue (consol.)Rs 210.6 cr+352% YoY; Rs 211.6 cr incl. other op. income

FY26 PAT to owners-Rs 22.4 cr-Rs 53.9 cr pre-NCI; SA +Rs 174.7 cr

FY26 EBITDA margin (ex OI)-133%EBITDA -Rs 281.7 cr

FY26 RoE / RoCE-0.6% / -3.8%SA RoE 5.91% (co.)

Market data

Item	Value
CMP	Rs 920 (Screener); Rs 919.55 close (MarketScreener); 15 Oct close Rs 920.85
Market cap	Rs 4,222 cr (Screener); calc. 4,60,78,537 sh × 920 = Rs 4,239 cr
52-week high / low	Rs 958 (957.95) / Rs 466 (467, 30 Mar 2026)
Book value / share	Rs 771 consol.; Rs 660 SA
P/B	1.19x consol.; 1.39x SA
P/E	NM consol. (TTM attrib. -Rs 65.2 cr); SA ~26x incl. NTT gain, >60x ex-exceptionals
EV	~Rs 2,384 cr (StockAnalysis) / ~Rs 1,660 cr (all treasury as cash + NCI) / <Rs 3,644 cr (market module, excl. encumbered cash)
Dividend yield	0.22% notional (Rs 2 FY26); not paid since FY15 (court restraint)
Beta (5y)	0.64
Shares outstanding	4,60,78,537 (Rs 2 FV); unchanged FY22–Q1 FY27
Returns	1Y +15%; 3Y CAGR 51%; 5Y CAGR 56%; ~+97% from 30 Mar 2026 low
Surveillance	ST-ASM from 4 Aug 2026; 8+ ASM stints since 2023
Sell-side coverage	None (StockAnalysis analyst count n/a)
Credit rating	None obtained (AR FY26 §17.16)
Index membership	Not available — no index membership was reported in any input

Company overview

Item	Detail
Registered office	Shakti Tower-II, 4th Floor, 766 Anna Salai, Chennai 600 002
Operating HQ	FT Tower, CTS 256 & 257, Suren Road, Chakala, Andheri (E), Mumbai 400 093
Founded	12 Apr 1988 by Jignesh Shah; first IPO 1995; renamed 27 May 2016
CIN	Conflict: L29142TN1988PLC015586 (business module) vs L29142MH1988PLC046760 (governance module)
Employees	Standalone 378 at 31 Mar 2025 (after 473 moved with ODIN/MATCH); 414 per FY26 AR (+10%); 63SATS 177 (H1 FY27)
Promoter	Jignesh Shah family, 45.63% (La-Fin 26.76%, Jignesh 14.19%, Rupal 4.30%); zero pledge
Chairman / MD & CEO	Venkat Chary (non-exec., non-independent) / S. Rajendran (1-year term to 31 May 2027)
Auditor	Chaturvedi Sohan & Co. (FY25–FY29); opinion qualified every year since FY13
Sector	IT software and services / cybersecurity holding / special situation
Shareholders	44,996 (Jun 2026); peak 51,235 (Jun 2024)

What the company is made of (Oct 2026)

Piece	Stake	Key numbers	Read
63SATS Cybertech	60.43%	FY26 rev Rs 87.2 cr; H1 FY27 billed Rs 218.21 cr; FY27 guide Rs 600 cr billed; EBITDA negative until FY28	The growth engine; resale-heavy
Treasury (group)	—	Gross Rs 2,677 cr consol.; parent free ~Rs 1,826 cr; restricted Rs 327.6 cr	Earns ~6%; funds the burn
Exchange technology (MSE)	100% (vendor)	MSE equity cash relaunched 27 Jan 2026; contract value undisclosed	Sub-scale, single client
Risk Solutions / QiLegal	100%	HFC data validation; no QiLegal revenue disclosed	Small
Ticker Ltd (+3.0 Verse, Three O Verse, 9Point)	65.80%	FY26 turnover Rs 0.27 cr; loss Rs 35.8 cr SA / Rs 90.4 cr consol.	Value leakage risk
NSEL	99.99%	Accumulated losses Rs 428.8 cr; party to Rs 1,950 cr OTS	Run-off; settlement vehicle
Real estate (FT Tower)	100%	Investment property FV Rs 121 cr + PPE ~Rs 204 cr	Partly MPID-attached historically

Data caveats. Three of the five research modules (business, governance, market) could not text-extract the FY26 Annual Report PDF; BSE copies returned 403 and NSE iXBRL timed out. The financials module reports that it read the FY26 AR in full (notes 1–71) from 63moons.com, and Tabs 5–6 rest on that reading. No module could read the Q1 FY27 results PDF (NSE timeout, BSE 403). All Q1 FY27 and 63SATS H1 FY27 numbers are therefore secondary-sourced (ScanX, Whalesbook, TradeBrains, JM Financial, Sahi, DSIJ, TipRanks, Unlistedzone). Where the inputs disagree, both figures are shown; see the conflict register in Tab 14.

Data freshness: market data as of 16 Oct 2026; financials to Q1 FY27 (Jun 2026); 63SATS to H1 FY27 (provisional billing, 11 Oct 2026); legal to SC order of 13 Oct 2026.

Analyst Notes

What just happened. In ten days 63 moons cleared the last legal hurdles on a 13-year overhang. On 8 Oct 2026 a Special PMLA Court allowed the ED to monetise about Rs 3,464 cr of attached assets and route up to Rs 1,950 cr to 63 moons, as assignee of 5,682 NSEL creditors, once a "Settlement Trigger Event" occurs. On 13 Oct the Supreme Court dismissed MMTC's appeal, so the NCLT sanction of 28 Nov 2025 is now final. Between those dates, on 11 Oct, 63SATS raised its FY27 billing guidance from Rs 350 cr to Rs 600 cr. The stock is at Rs 920, about 97% above its 30 Mar 2026 low of Rs 467 and just under its 52-week high. Fact

What the market is pricing. At Rs 4,222 cr the market cap is 1.19x consolidated book, against a 3-year average of 0.74x. Take out the parent's free liquidity (about Rs 1,826 cr) and you are left with about Rs 2,400 cr. The identifiable assets that should fill that gap come to roughly Rs 1,600 cr: restricted deposits Rs 328 cr, bonds and InvIT about Rs 286 cr, FT Tower about Rs 325 cr, and the 63SATS stake at its last Rs 10 round about Rs 660 cr. The market is therefore paying a premium of at least Rs 800 cr for Ticker, for 63SATS growth beyond its last priced round, and for the settlement recovery rights. Mark 63SATS at its grey-market price instead (Rs 24–28 a share, so Rs 1,584–1,848 cr for the parent's stake) and the premium mostly disappears. The price already assumes a benign settlement and grey-market value for 63SATS. Est.

The swing factor is the order in which the settlement cash moves, and nobody outside the company knows it. The filings say 63 moons pays Rs 1,950 cr to creditors. The PMLA order says up to Rs 1,950 cr comes back to 63 moons after a trigger that no accessible document defines. The amount is not provided for in the accounts. There are two paths:

If ED's proceeds fund the payout, the cost to 63 moons is close to zero. It also gets released assets, the end of the civil suits, and assigned claims against defaulters (decrees securing about Rs 4,295 cr).
If 63 moons pays first, the Rs 1,950 cr exceeds parent free liquidity (about Rs 1,826 cr) by Rs 124–137 cr. About Rs 130 cr a year of standalone interest income would largely disappear, and the money would come back only as distressed, contested assets are sold over what could be years.

On the second path the implied premium the market pays rises from about Rs 800 cr to about Rs 2,750 cr. Analyst View

63SATS is real growth, but low quality so far. It billed Rs 218 cr in H1 FY27, enterprise clients went from 72 to 107, and CYBX has 5.35 lakh paid subscribers. The quality markers point the other way:

96.6% of FY26 revenue was "sale of software and IT products".
Consolidated Q1 FY27 cost of goods sold was 61% of revenue.
Recurring revenue is about 10%.
"Billed" revenue includes GST and is unaudited; Rs 600 cr billed is about Rs 508 cr ex-GST.
The Apr 2026 FY27 EBITDA target of Rs 40 cr was quietly dropped.

Reaching Rs 600 cr needs about Rs 382 cr in H2, 75% more than H1. Analyst View

The operating group burns cash. FY26 EBITDA excluding other income was -Rs 282 cr, operating cash flow was -Rs 293 cr and free cash flow was -Rs 336 cr. Recurring standalone interest is about Rs 114 cr annualised on Q1 FY27 (Rs 131 cr in FY26). That covers only about 40% of the burn. The losses sit mostly in legacy and venture units (NSEL -Rs 102.9 cr, the Ticker group -Rs 90.4 cr), not in 63SATS (-Rs 5.0 cr). That is the clearest place where capital allocation could improve, but treasury is still being put into Ticker at about 24x book. Analyst View

Governance tempers everything.

The founder is a criminal accused in pending NSEL cases and still carries the title "Chairman Emeritus & Mentor".
Criminal cases survive the settlement (Bombay HC, 9 Mar 2026).
63SATS shares went at Re 1 to undisclosed allottees four months before outsiders paid Rs 10. An unnamed investor, most likely the promoter-linked Jupiter Metaverse LLP, converted 8.10 cr shares at Re 1 in Oct 2026.
A 33-to-99-year technology contract was signed with Shah-mentored India Gold Metaverse.
NSE and BSE issued warning letters in Feb 2026 over the MSE disclosure.
There is no institutional holder: DIIs and mutual funds hold 0% and FIIs 1.61%, down from 8.02%.

Analyst View

Bottom line: Neutral. The legal path is cleaner than at any time since 2013, and a debt-free company with about Rs 1,800 cr of free parent liquidity at 1.19x book is not reckless at first sight. But the stock has already run about 97%, the main value driver is an undisclosed cash sequence, and the operating businesses burn about Rs 290 cr a year. I would wait for three things before committing capital:

disclosure of the Settlement Trigger Event and the first ED/MPID asset sale;
audited 63SATS FY27 revenue on an Ind AS basis;
evidence that the treasury flow into Ticker has stopped.

Analyst View

Settlement path scenarios (parent level)

Item (Rs cr)	Path A: ED proceeds fund payout	Path B: 63 moons pays first, recovers later	Path C: pays, no recovery
Parent free liquidity (31 Mar 2026)	~1,826	~1,826	~1,826
OTS outflow from parent	~0 (net)	1,950	1,950
Liquidity after payout	~1,826 + released deposits up to 328	~-124 before restricted release; ~204 if Rs 327.6 cr is released	Same as B
Treasury interest (~Rs 130 cr/yr SA)	Intact	Largely lost during the bridge	Lost
Recovery as assignee	Upside beyond Rs 1,950 cr (decrees ~Rs 4,295 cr)	Up to Rs 1,950 cr over time	Nil
Implied market premium over identifiable assets	~800	~800–2,750 depending on timing	~2,750

Sources: financials §9, §12; business §8; narrative §0, §6. Path figures are [Est.].

Business Deep-Dive

63 moons does not manufacture anything. It has no plants, no physical raw materials and no capacity measured in units. Its inputs are people, third-party (OEM) security software and hardware that it resells, cloud and data-centre capacity, and treasury capital. Fact

Continuing products and businesses

#	Product	Entity	What it does	Status (Oct 2026)
1	CSF (Cyber Security Force)	63SATS	B2B security: network, endpoint, cloud and identity, VAPT, red teaming, anti-Pegasus mobile defence, incident response, OT security, cloud posture management (CSPM), forensics. Largely resold or integrated partner products	Core B2B line
2	CYBX DNA (AI CyberOps)	63SATS	AI SOC orchestration. Management claims it cuts reliance on human SOC staff by up to 60%. The in-house IP product	About Rs 88 cr of H1 FY27 billing (~40%), up from about Rs 13 cr in Q1. FY26 press figures do not reconcile: ~Rs 30 cr (B2B) vs Rs 54 cr ("IP product revenue")
3	CYBX Super App	63SATS	Consumer protection against scam calls, phishing, UPI fraud and risky apps. Bundles up to Rs 10 lakh of ICICI Lombard cyber insurance. Publicis marketing partnership	2.5 mn+ downloads (18.87 lakh at FY26); 5.35 lakh paid (2.32 lakh at FY26); H1 billing Rs 18.09 cr
4	CyberDome	63SATS	Government "defence-grade" framework for critical infrastructure, states, smart cities and defence	First win: Tamil Nadu prisons (OT/IoT)
5	DPDP compliance-as-a-service	63SATS + a cyber-law firm partner	Compliance under the Digital Personal Data Protection Act	About Rs 1.7 cr billed; Rs 13.7 cr advanced pipeline; 105 enterprises (Tata Capital, HDFC Securities, Godrej Capital)
6	IronDroid	63SATS	De-Googled, privacy-first Android ecosystem	Certification targeted Nov 2026; FY27 launch
7	CYBX Coin	63SATS	Rewards token	In development (announced for FY27)
8	CYBX Fingerprint	63SATS	Digital identity and KYC verification	Early stage
9	GRC and consulting	63SATS	Helps clients with ISO 27001/22301/27701, SOC 2, PCI DSS, GDPR, HIPAA, DPDP, third-party risk and training. These are services sold to clients, not the company's own certifications	Ongoing
10	Exchange Technology	63 moons SA	Trading, clearing and surveillance stack. Only client is MSE, which relaunched equity cash trading on 27 Jan 2026 on an upgraded 63 moons engine. "Market Place Technology" had one client onboarded with revenue in FY25	Continuing
11	Risk Solutions	63 moons SA (legacy of Riskraft)	Data-validation utility (12 more HFCs in FY25); DataCollector; Riskalculator (AI/ML and blockchain upgrades explored); LMS proof of concept. FY26 AR: about 6 HFCs on the platform built for the HFC regulator, a data migration for the "National Financial Regulator", and a global data warehouse for a foreign bank. Riskraft Consulting was liquidated w.e.f. 20 Nov 2023	Small
12	QiLegal	Group	LegalTech, announced Dec 2023 alongside 63SATS and 3.0 Verse	No revenue disclosed
13	Ticker / TickerPlant	Ticker Ltd (65.80%), Ticker Data	Ticker MVT desktop terminal, Ticker Market (free app), MVM mobile, data feed/API; CryptoWire (Dec 2021)	Turnover Rs 15.37 cr (FY24), 0.68 (FY25), 0.27 (FY26). Merging with Baron Infotech (CIRP, NCLT Hyderabad)
14	3.0 Verse / Three O Verse	Under Ticker; Dubai LLC	Web3, blockchain, tokenisation of real-world and financial assets	Dubai unit got Rs 10.08 cr (3,843 shares of AED 1,000) on 6 Jul 2026; no revenue disclosed; FY26 loss Rs 31.8 cr
15	"Others" segment	Group	Process management, risk consultancy, shared business support, IT infrastructure sharing, NBFC activity (likely 9Point Capital Est.)	Q1 FY27 revenue Rs 9.05 cr, result -Rs 30.11 cr
16	Treasury	63 moons + FTSPL (100%)	Bank FDs, debt MFs, bonds, ICDs	Produces most of reported profit

Divested and legacy businesses

Business	What it did	Exit
ODIN	Multi-asset front-office trading and OMS for brokers. Self-reported, undated claims: ~70% (2020) to 80%+ share of retail-broking terminals; ~1 mn licensees; 1,000+ broker clients in 400–600 cities	Sold to Synapsewave for Rs 98 cr (~USD 11.8 mn). Special resolution effective 28 Nov 2024 after an MPID Court order of 18 Nov 2024. Closed 20 Jan 2025. Proceeds deposited with the MPID Competent Authority. About 473 staff moved
MATCH	Broker back office and settlement	Rs 36 cr to Synapsewave. Agreed 13 Aug 2024, closed 20 Jan 2025. Combined ODIN+MATCH gain Rs 142.70 cr
STP-Gate	Post-trade STP messaging hub (revenue ~Rs 4 cr in 2020; Rs 1.45 cr in FY24, 0.31% of revenue). Lost its SEBI renewal on fit-and-proper grounds (SAT 15 Apr 2021; SC stay)	Rs 1 cr; closed 9 Sep 2025; gain Rs 1.27 cr; JSA advised
MCX exchange technology	Support for MCX's platform since 2003	Agreement ended 30 Sep 2022. Bridge extensions at Rs 60 cr, then Rs 81 cr, then Rs 125 cr a quarter (Jul–Dec 2023). MCX went live on the TCS CDP on 16 Oct 2023 and paid through Dec 2023
MCX, IEX, NSEL and overseas exchanges	Built by Jignesh Shah	FMC "not fit and proper" order of 17 Dec 2013 led to forced sales in 2013–16 (see Tab 7)
Atom Technologies (NTT Data Payment Services)	Payment gateway	55.35% sold to NTT Data in Nov 2018 for USD 9.24 mn. Residual 21,00,86,610 shares (29.15%) sold 13–18 Feb 2026 for USD 18.43 mn. SA gain Rs 145.66 cr; proceeds held by the MPID Competent Authority
IBS Forex Ltd	Forex	Voluntary liquidation pending
MCCIL	Clearing corporation stake	Capital reduction; Rs 2.44 cr received 18 Jun 2024; SEBI earlier penalised the company over the MCCIL divestment

How the work is done

People and inputs

Standalone headcount was 378 at 31 Mar 2025, down 473 after the ODIN/MATCH transfer; 64 people moved to 63SATS
63SATS had 144 staff at FY26 end (190 planned) and 177 in H1 FY27
Parent attrition fell from 17% (FY25) to 13%
Inputs: OEM licences for resale, cloud and data-centre capacity, ICICI Lombard insurance capacity

Own IP vs spend (63SATS FY26)

IP claimed: CYBX DNA, the CYBX app, IronDroid, Fingerprint, Coin
R&D spend: only Rs 2.43 cr
Advertising, branding and sponsorship Rs 13.2 cr, plus sales promotion Rs 15.1 cr: about 32.5% of revenue
Marketing spend was 11.6x R&D (Unlistedzone)
No granted patents disclosed. ODIN, MATCH and STP-Gate IP went to Synapsewave

63SATS FY26 revenue mix (63SATS annual report)

Line	Rs lakh	Share
Sale of software and IT products	8,417.89	96.6%
Security services and support charges	283.07	3.2%
Franchisee fees	15.18	0.2%
Total	8,716.13	100%

63SATS purchases of traded goods were Rs 40.1 cr, a gross margin of about 54%. Consolidated Q1 FY27 COGS was Rs 83.14 cr on Rs 136.32 cr of revenue, a gross margin of about 39.0%. That points to a heavier mix of resold products. Est.

Facilities, certifications and footprint

Location	Use	Notes
FT Tower, Chakala, Andheri (E), Mumbai	Corporate office; main base for 63 moons and 63SATS	Ownership and floor area not verified. Investment-property floors carried at Rs 96.1 cr (FV Rs 121 cr). Rent income from NSEL and Ticker. Historically EOW-attached (2016)
Shakti Tower-II, Anna Salai, Chennai	Registered office	Previously Shakti Tower-1, 7th floor
Singapore	FTSPL (100%)	Treasury and holding vehicle; funded the Ticker purchases
Mauritius	FT Group Investments (100%)	Overseas holding; FTGIPL investment of Rs 723.4 cr written off against an existing provision in FY26
Dubai	Three O Verse Global IT Services LLC	Web3 venture
SOC / data centres	Not disclosed	No location, area or capacity published

Certifications: the company's own ISO 27001 and CERT-In empanelment are not disclosed or verified. 63SATS is not on the CERT-In empanelled-auditor list that was checked. Manufacturing standards (IATF 16949, ISO 13485, AS9100) do not apply.
Exports: 63SATS FY26 revenue was 100% India. Consolidated FY26 export revenue was Rs 10.7 cr (5%).
Group: 17 subsidiaries (including step-downs) and 1 associate at 31 Mar 2025.

USP and moat

The real moat today is the exchange-technology know-how: the team built MCX, IEX, NSEL, DGCX, SMX, GBOT and BFX. That know-how serves one sub-scale client, MSE.

63SATS's moat is unproven:

recurring revenue is about 10%;
R&D is about Rs 2.4 cr;
its differentiation rests on the CYBX insurance bundle, the AI CyberOps claims and the board credentials of Lt Gen (Retd) M.U. Nair, former National Cyber Security Coordinator.

Analyst View

Segment Analysis

The company reports three segments: Software Services / Solutions (now mostly 63SATS, plus MSE technology and risk solutions); Trading (appeared only in Q4 FY26 and is not described publicly); and Others (process management, risk consultancy, shared support, IT infrastructure sharing, NBFC). Segment EBITDA is not disclosed. The tables show segment results, which are before unallocable items and other income.

Consolidated segment table (Rs cr)

Item	FY22	FY23	FY24	FY25	FY26	Q1 FY27
Revenue from operations	160	290	369	46.6	210.6	136.3
Software Services revenue	156.9	286.5	368.5–368.7	40.5	159.9	128.2
Trading revenue	–	–	–	–	41.7 (Q4 only)	– (did not recur)
Others revenue	5.1	5.1	0.6	7.1	12.1	9.05
Software result	n/a	n/a	+253.9	-75.6	-55.7	-5.03
Trading result	–	–	–	–	+1.60 (3.8%)	–
Others result	n/a	n/a	-63.5	-72.4	-115.6	-30.11
Unallocable expenses	n/a	n/a	135.7	122.1	147.2	n.d.
Software segment margin	n/a	n/a	68.9%	-186.6%	-34.9%	-3.9%

FY26 segment revenue sums to about Rs 213.7 cr before eliminations of Rs 21.06 cr, against Rs 210.63 cr from operations. Vendors show Rs 211.6–215.7 cr depending on whether other operating income is included. Segment margins are derived Est..

Q1 FY27 segment mix

Segment	Revenue	Result	Share of revenue
Software / IT solutions	128.17	-5.03	93.4%
Others (NSEL, Ticker, NBFC)	9.05	-30.11	6.6%
Consolidated	136.32	PBT -46.29	+349.5% YoY; +2.3% QoQ

FY26 consolidated revenue by nature (financials module)

Stream	Rs cr
Software services	103.1
Software products (IPR licences)	62.8
Traded goods (the Trading segment)	39.8
IT infrastructure	5.4
Business support services	0.7
NBFC	0.3
of which export revenue	10.7 (5%)

63SATS Cybertech: the key operating subsidiary

Metric	FY25	FY26	Q1 FY27	Q2 FY27	H1 FY27	FY27 guidance
Revenue / billing (Rs cr)	2.4 (AR) vs 3.6 (press)	87.2	102.57 (limited review)	115.64 (provisional)	218.21	600 (raised from 350 on 11 Oct 2026)
Growth	—	36x on AR base / 24x on press base	—	+12.7% QoQ	2.5x FY26	Needs Rs 381.8 cr in H2 (+75% vs H1)
EBITDA	n/a	about -3.9 to -4.0	negative	negative	negative "by design"	Rs 40 cr target (Apr 2026) dropped; meaningful from FY28; 40%+ long run
PAT	-16.1	-5.0 (PBT -6.4; OI 8.0)	—	—	—	—
Total income	—	95.15	—	—	—	—
Order book (Rs cr)	—	45	288	—	400 (~55% billed)	All orders execute within 12 months
Enterprise clients	—	72	87	—	107	—
CYBX paid subscribers	—	2.32 lakh	3.25 lakh	—	5.35 lakh (5,35,405)	—
Employees	—	144	152	—	177	190 planned
OEM / alliance partners	12	—	—	—	55	Rs 200 cr from OEM alliances targeted
DPDP clients	—	—	65+	—	105 (pipeline)	—

Conflict: 63SATS FY25 base. The 63SATS annual report shows Rs 2.4 cr (business module); the company's Apr 2026 update and press coverage show Rs 3.6 cr (narrative and heard modules). FY26 growth is 36x on the first base and 24x on the second. "Billed" is not revenue: it includes taxes (per the Q1 disclosure) and is unaudited. At 18% GST, Rs 600 cr billed is about Rs 508 cr ex-GST. Cross-check: Q1 billed Rs 102.57 cr is about Rs 87 cr ex-GST; add standalone Rs 36 cr and Others, and it broadly reconciles to Rs 136 cr consolidated. Est.

63SATS revenue / billing (Rs cr)

63 moons' stake in 63SATS (%)

63SATS share build (ties to 101.12 cr shares at 31 Mar 2026)

Date	Event	Shares (cr)	Cumulative (cr)	Parent stake
Before May 2025	Held by 63 moons	5.99 (derived)	5.99	100%
5 May 2025	Issued at par (Re 1) to 14 allottees, Rs 10.62 cr; ceased to be a "subsidiary"	10.62	16.61	~36.1% Est.
9 Sep 2025	Issued at Rs 10 (Rs 180 cr) to 27–32 allottees	18.00	34.61	~17.3% Est.
10 Oct 2025 (filed 13 Oct)	Issued at Rs 10 (Rs 65.05 cr) to 5 allottees	6.51	41.12	~14.6% Est.
12 Dec 2025	63 moons converts 6,000 ZOFCDs (Rs 60 cr; Rs 45 cr called in FY26) at Re 1	60.00	101.12	65.27% (~66.0 cr sh)
6/7 Oct 2026	8.10 cr shares on ZOFCD conversion "to its Investor" (unnamed; Jupiter Metaverse LLP is the only disclosed ZOFCD holder)	8.10	109.22	60.43% (-4.84 pp)

63 moons kept management control through the Articles, so 63SATS stayed consolidated. Its economic stake was about 14–36% for most of FY26, which is why NCI absorbed Rs 31.46 cr of FY26 losses.
FY26 cash raised from these issues: Rs 255.67 cr.
Conflict: the "Rs 245 cr Series B, Feb 2026, Rs 1,161 cr post-money". The business module reads it as the Sep and Oct 2025 placements combined (180 + 65.05 = 245.05). The governance and heard modules (Ventureintelligence, Planify, Unlistedzone) treat it as a separate round. Named investors: Mathew Cyriac, Mukul Agarwal (Param Capital), Siddarth Mehta (Bay Capital), KIFS Finstock, the Kothari family office and Aarii Ventures.
Jupiter Metaverse LLP (promoter-influenced) holds 1,500 partly-paid ZOFCDs (Rs 3.75 cr paid, liability Rs 2.57 cr), convertible into 15 cr shares.
A 12 cr-option ESOP was approved in May 2026 (about 12% dilution).

63SATS balance sheet (31 Mar 2026)

Item	Value
Equity / net worth	Rs 297.5 cr (contradicts Planify's "negative book value")
Liquid assets	Rs 204.6 cr incl. Rs 40 cr of ICDs (Rs 25 cr past due, rolled over for 6 months)
Receivables	Rs 58.2 cr; turnover down from 10.88x to 2.97x
Debt	Zero
Auditor	CVB & Associates; unmodified opinion

Fastest grower and segments under pressure

Fastest grower: 63SATS. AI CyberOps billing went from about Rs 13 cr in Q1 to about Rs 75 cr in Q2 FY27 (derived). CYBX subscribers rose about 2.3x in six months. Revenue rose from Rs 46.6 cr consolidated in FY25 to Rs 210.6 cr in FY26 and Rs 136.3 cr in Q1 FY27 alone.

Under pressure:

Others: Q1 loss Rs 30.11 cr on Rs 9.05 cr of revenue.
Ticker: revenue down about 98% since FY24.
63SATS gross margin: about 39% in Q1 FY27 vs about 54% in FY26; receivable days lengthening.
Standalone legacy: only MSE, risk and legal remain.

Management's stated focus: cybersecurity across CSF (enterprise), CyberDome (critical infrastructure) and CYBX (citizens), plus Web3, AI, blockchain and LegalTech (Chairman, FY26 AR). At 63SATS, the focus has "shifted from demand generation to delivery execution" (10 Jul 2026).

Financials: P&L

Consolidated, Rs cr. FY24 is restated for discontinued operations. FY26 is from the audited AR as read by the financials module. PAT is shown both before minority interest (Screener "Net Profit") and attributable to owners.

Rs cr	FY22	FY23	FY24 (restated)	FY25	FY26
Revenue from operations	160.3	290.1	368.8	46.8	211.6
YoY growth	0%	+81%	+27%	-87%	+352%
COGS	nil	nil	nil	nil	38.5
Gross profit	160.3 (NM)	290.1 (NM)	368.8 (NM)	46.8 (NM)	173.1
Gross margin	NM	NM	NM	NM	81.8%
EBITDA (ex other income)	-116.6	-26.8	84.1	-238.2	-281.7
EBITDA margin	-72.8%	-9.2%	22.8%	-509%	-133.1%
EBITDA ex non-cash NSEL write-off	—	—	—	—	-215.8
Other income (treasury)	69.6	111.7	148.0	189.3	182.9
Depreciation and amortisation	12.5	23.4	27.7	29.2	32.6
EBIT (incl. OI, pre-exceptional)	-59.5	61.5	204.4	-78.2	-131.4
EBIT margin	-37.1%	21.2%	55.4%	-167%	-62.1%
Finance cost	0.47	0.63	0.55	0.67	1.40
PBT before exceptional items	-60.0	60.9	203.8	-78.9	-132.8
Exceptional items	-13.8	-41.4	0	+23.5	+96.0
PBT (continuing)	-73.7	19.5	203.8	-55.4	-36.8
PBT margin	-46.0%	6.7%	55.3%	-118%	-17.4%
Tax	0.6	41.4	-1.4	0.9	16.1
Share of associate (NTT DPS, 29.15%)	+18.7	-4.8	-2.6	+1.2	-0.9
Discontinued operations PAT	–	–	+7.1	+7.8	-0.04
PAT before NCI	-55.7	-26.6	209.8	-47.3	-53.9
NCI share of loss (added back)	+2.5	+10.3	+12.7	+14.1	+31.5
PAT attributable to owners	-53.2	-16.3	222.5	-33.2	-22.4
PAT margin	-33.2%	-5.6%	60.3%	-70.8%	-10.6%
EPS (Rs)	-11.54	-3.54	48.29	-7.20	-4.87
DPS declared (Rs)	nil	2.00	2.00	1.20	2.00

Reconciling figures across modules.

FY26 revenue is Rs 210.6 cr (filing, 21,062.98 lakh) or Rs 211.6 cr including other operating income.
FY25 revenue is Rs 46.6 or 46.8 cr.
Screener's "other income" (56/70/155/221/279 for FY22–26) includes exceptional items; for FY26, 279 ≈ 182.9 + 96.0.
The heard module cites FY24 revenue of Rs 489.66 cr and FY25 of Rs 183.41 cr. These are pre-restatement or total-income figures and are not comparable with the restated Rs 368.8 cr.
The directors'-report FY24 EBITDA of Rs 245.2 cr and FY26 EBITDA of -Rs 98.9 cr include other income.
FY26 total expenses were Rs 527.3 cr.

Revenue, other income and core EBITDA, FY22–FY26 (Rs cr)

One-time items

Year	Exceptional detail (Rs cr)
FY22	ITNL NCD impairment -27.1; gain on deemed disposal of associate +13.3
FY23	ITNL impairment -41.4 (plus DHFL NCD write-off of Rs 102.1 cr)
FY25	ODIN/MATCH +142.7; Yes Bank AT-1 -100.0; ITNL -19.2; net +23.5
FY26	NTT DPS stake +94.7 (SA +145.7); STP-Gate +1.3; net +96.0
Q1 FY27 (SA)	NSEL investment ECL -15.0

FY26 other expenses (Rs 288.2 cr) incl.	Rs cr
Legal and professional	92.5 (SA 43.8)
Bad debts written off (NSEL defaulters 65.16)	65.9
Advertising, branding, events (CYBX)	30.2 (FY25 3.6)
Software licences	24.9
Sales promotion	17.4 (FY25 4.6)
Employee cost (separate line)	166.5

The FY25 tie-out is ODIN+MATCH gain Rs 142.70 cr less Rs 119.21 cr of bond write-offs, giving +23.49 consolidated. On a standalone basis, less the Rs 45 cr NSEL investment, it gives about -21.5. A gain above the Rs 134 cr consideration implies the undertakings went across at negative net book value Est.. Implied ODIN/MATCH revenue in FY25 was about Rs 90.8 cr over about 9.7 months (118.16 - 27.32) Est.. FY26 tax of Rs 16.1 cr on a loss reflects tax on the NTT gain at the parent and unrecognised subsidiary losses (unrecognised DTA Rs 110.7 cr).

FY26 attributable loss by entity

Entity	FY26 (Rs cr)	Note
NSEL (consol.)	-102.9	AOC-1 PAT -102.4 incl. Rs 65.2 cr write-off
Ticker group (consol.)	-90.4	Ticker SA -35.8; Three O Verse Dubai -31.8; Ticker Data -14.3
FTSPL	-10.5	Singapore treasury vehicle
63SATS	-5.0	On Rs 87.2 cr turnover
Parent (SA)	+174.7	NTT gain and interest
Eliminations / adjustments	-19.2
Attributable	-22.4	Sum of rows ≈ -53.3 before NCI attribution

Treasury vs operating income

Rs cr	FY22	FY23	FY24	FY25	FY26
Revenue from operations	160.3	290.1	368.8	46.8	211.6
OI: interest	56.7	93.7	127.2	142.7	147.0
OI: fair-value gain	5.1	6.0	9.4	24.1	17.3
OI: dividend/rent/write-backs/misc	7.8	12.1	11.4	22.4	18.6
Total other income	69.6	111.7	148.0	189.3	182.9
OI as % of total income	30%	28%	29%	80%	46%
Treasury income + core EBITDA	-47.0	+84.9	+232.1	-48.9	-98.8

FY26 interest breakdown: bank FDs 130.0, IT refunds 9.4, ICDs 3.5, investments 2.9. Misc: rent 9.4, write-backs 4.1, misc 2.8, dividend 2.2.

Standalone (parent) FY26 and quarterly other income

SA FY26	Rs cr
Revenue	109.0 (FY25 restated continuing 27.32; FY25 reported 118.16; FY24 455.27)
Other income	157.3
– interest	131.2 (bank 117.3; IT refunds 9.3)
– rent / FV gain / InvIT	11.7 / 8.6 / 1.8
Exceptional, net	+116.9 (NTT +145.7; NSEL -30; STP +1.3)
PAT / EPS	174.7 / Rs 37.90
EBITDA incl. OI	88.1
Net worth	3,041.3

SA quarter	Other income	Exceptional	PAT
Q1 FY26	42.2	-7.43	17.3
Q2 FY26	40.9	-6.34	2.3
Q3 FY26	36.5	-7.50	1.0
Q4 FY26	37.7	+138.16	154.1
Q1 FY27	35.0 (interest 28.4 vs 32.7 YoY)	-15.00	3.15 (-81.7%)

Conflict: standalone interest of Rs 131 cr vs Rs 114 cr. Rs 131.2 cr is the FY26 actual (financials, narrative). Rs 114 cr is the Q1 FY27 run-rate, Rs 28.4 cr × 4 (market module). These are different periods. The fall reflects lower FD balances (-13% YoY) as cash goes into NSEL, Ticker and opex. Use about Rs 114 cr as the forward run-rate. Est.

Last 8 quarters (consolidated)

Rs cr	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	~10	11.75	13.54	30.33	~20.4	~27 (26.6)	133.24	136.32
Revenue YoY	-94%	-91%	+41%	+153%	~+104%	~+130%	+884%	+349%
Revenue QoQ	-17%	+18%	+15%	+124%	-33%	+32%	+393%	+2.3%
EBITDA ex OI	-60	-61	-62	-55	-87	-64	-76	-72
OPM	NM	NM	NM	-180%	-423%	-237%	-57%	-52%
Other income (Q4 incl. exceptional)	42	44	83	64	55	41	119	35
PBT	-26	-28.1	16.0	~1	-40.6	-31.3	33.7	-46.3
PAT pre-NCI	-24	-23.2	11.1	-3	-44.7	-31.7	25.1	~-47.6 to -48
PAT attributable	-18.9	-16.7	11.0	3.08	-28.26	-19.75	22.50	-39.68
EPS (Rs)	-4.10	-3.62	2.39	0.67	-6.13	-4.29	4.88	-8.61

Q4 FY26 PBT includes about +94.7 of NTT gain; excluding it, PBT was -61.1. Q1 FY27: total expenses 218.36; COGS 83.14; employee cost 44.63; legal Rs 29.45 cr (+46% YoY). Q2 and Q3 FY26 revenue and Q1 FY26 PBT are aggregator figures. Q2 FY26 -28.26 is attributable (Arihant); -44.7 is pre-NCI (Kotak). Sahi's "Q4 PAT Rs 150 cr" is the standalone 154.1. TTM PAT: -Rs 65.2 cr attributable (financials) vs -Rs 98.8/-99 cr pre-NCI (Screener).

Quarterly revenue vs EBITDA ex-OI (Rs cr)

Earnings quality: are profits backed by cash?

No. Over FY22–FY26 attributable PAT summed to +Rs 97.4 cr, but OCF was -Rs 419.7 cr and core EBITDA -Rs 579.2 cr. Interest income (Rs 57–157 cr a year) sits in PAT but in investing cash flow, and the exceptional gains are non-operating. The only cash-positive years (FY23, FY24) came from the expired MCX contract. The burn was funded by treasury, about Rs 546 cr of minority equity raised in subsidiaries, and asset sales. See Tab 6 for the FY26 bridge.

Financials: Balance Sheet, Cash Flow & Ratios

Rs cr (year-end)	FY22	FY23	FY24	FY25	FY26
PPE (incl. ROU, CWIP)	212.0	211.6	212.9	210.8	235.1 (land +11.4, buildings +8.0)
Investment property (FT Tower; FV Rs 121 cr)	104.5	102.4	100.3	98.2	96.1
Other intangibles	65.1	73.0	56.6	40.7	32.2
Goodwill	nil	nil	nil	nil	nil
Inventory	nil	nil	nil	nil	nil
Trade receivables	40.4	44.1	13.2	3.0	66.2
Cash and equivalents	232.0	211.7	60.6	65.0	66.6
Other bank balances (current FDs)	1,093.6	1,225.9	1,222.2	1,860.3	1,610.2
Current investments (debt MFs)	216.2	136.9	140.6	158.9	279.2
Non-current investments	580.3	520.8	501.6	381.0	304.1
Non-current FDs	n.d.	n.d.	n.d.	207.4	416.6
Gross treasury	≥2,122	≥2,095	≥1,925	2,672.6	2,676.7
Restricted deposits (MPID CA + Bombay HC)	n.d.	n.d.	n.d.	214.2	359.7
ICDs / loans	–	–	–	0.9	60.4 (ICD 55)
Total debt (lease + ZOFCD liability)	0.3	4.2	5.2	2.8	5.4
Trade payables	29.3	23.8	29.7	11.9	15.1
Unpaid (blocked) dividends	n.d.	69.1+	87.5	87.5	93.1
Net worth (owners)	3,096.4	3,115.0	3,347.4	3,414.3	3,551.8
Non-controlling interest	-19.2	-24.5	-29.3	21.2	97.7
Total assets	3,368.3	3,465.9	3,646.5	3,678.5	3,886.6
BVPS (Rs)	672	676	726	741	771

FY25 gross treasury includes the associate stake (Rs 72.9 cr). FY26 non-current investments: bonds Rs 254.8 cr (Yes Bank AT-1 carried at Rs 200.0 cr, ITNL Rs 19.2 cr, PCHFL Rs 35.7 cr), Roadstar InvIT Rs 30.9 cr, listed equity Rs 18.4 cr. Total equity including NCI is Rs 3,649.5 cr (NSE iXBRL).

Treasury: one reconciliation of conflicting figures

Definition	Rs cr	Basis	Source module
Consolidated gross treasury (cash + FDs + MFs + bonds + non-current FDs)	2,676.7	Consol., 31 Mar 2026	Financials
"Cash and investments"	1,955.9 (FY25 2,077.7)	Consol., Screener-type definition	Business
Parent free liquidity (cash 15.8 + FDs 1,364.2 + 279.2 + current inv. 166.8)	~1,826	Standalone	Financials
Parent cash + FD + MF only	~1,813	Standalone	Financials / narrative
Parent cash + FDs only	~1,659	Standalone	Narrative
Parent restricted (MPID CA: ODIN 98.0 + NTT 145.6; Bombay HC 84.0)	327.6	Standalone	Financials
Parent bonds / InvIT at carrying value	~286	Standalone	Financials
"Cash inside other assets"	2,938	Consol. (excluded from EV as encumbered)	Market
FTSPL cash (100% sub)	~158, of which ~100 went into Ticker Jul–Sep 2026	Subsidiary	Financials

The company states: "certain liquid assets are attached under MPID Act & PMLA Act resulting in some constraint on liquidity." Consolidated cash includes minority-funded 63SATS money that the parent cannot use. The FY25 comparable parent free figure was about Rs 1,816 cr. Standalone total liabilities are only Rs 152.8 cr, of which Rs 93.1 cr is blocked dividends.

Impaired or contested treasury assets

Asset	Face	Status
Yes Bank 9% AT-1	Rs 300 cr	Rs 100 cr written off in Q4 FY25. The Bombay HC quashed the write-off but its order is stayed pending the SC; arguments complete and order "reserved" (reported reserved again ~May 2026). Residual ~Rs 200 cr is binary
ITNL (IL&FS) secured NCDs	Rs 200 cr	Rs 135.6 cr written off cumulatively; Rs 72.3 cr of interim distributions (incl. Rs 10.5 cr after FY26) plus 32 lakh Roadstar InvIT units; ~Rs 8.7 cr carrying value left
DHFL NCDs	Rs 200 cr	Rs 102.1 cr written off FY23. SC upheld Piramal's plan in Apr 2025 and set aside the NCLAT avoidance win (heard). Financials module: avoidance claim pending at the SC
NSEL	Capital Rs 412 cr	Accumulated losses Rs 428.8 cr. Injections written off: Rs 47.5 cr (FY24), 45 (FY25), 30 (FY26), 15 (Q1 FY27). NSEL holds decrees/awards against 21 defaulters securing ~Rs 4,295 cr; its own net receivable is Rs 100.7 cr after the FY26 write-off of Rs 65.2 cr

Contingent liabilities

Basis	Rs cr	Detail
Consolidated FY26	596.6	Income tax 186.7; GST/VAT/service tax 409.9 (mostly IBMA VAT on agent trades: Punjab 282.3, Haryana 65.3; narrative cites ~369 for IBMA)
Parent FY26	148.3	Mostly tax
Standalone FY25 (auditor KAM)	243.5	Income tax and legal (Note 33)
Income-tax demands under appeal (FY23)	178.1	Latest figure not found; MVAT 2.07
Capital commitments FY26	27.9

Cash flow (consolidated)

Rs cr	FY22	FY23	FY24	FY25	FY26
Operating cash flow	-101.8	70.7	47.2	-142.8	-293.0
Capex	-26.5	-19.7	-5.5	-11.3	-42.8
FCF	-128.3	51.1	41.7	-154.1	-335.7
Market cap at FY-end	1,236	807	1,761	3,735	2,164
FCF yield (FY-end mcap)	-10.4%	+6.3%	+2.4%	-4.1%	-15.5%
Interest received (investing)	58.9	80.6	122.6	126.7	157.0
Asset-sale proceeds	–	–	–	+125.7	+166.7
Deposits with MPID Competent Authority	–	–	–	-98.0	-145.6
ICDs placed	–	–	–	-6.5	-48.5
Subsidiary share issues to minorities	+81.0	+20.0	+23.7	+168.7	+252.5
CFF total	n/a	n/a	n/a	+165	+254.8

FCF yield on current mcap is -7.9%. FY26 investing CF was +39.7: NTT +166.7, interest +157.0, CA deposit -145.6, ICDs -48.5, net MF purchases ~-105, capex -42.8. FY26 financing: subsidiary issues +252.5, ZOFCD from Jupiter Metaverse +3.75, leases -1.5. Standalone FY26: OCF -78.4, capex -9.2, investment in subsidiaries -75.

OCF vs attributable PAT (Rs cr)

PAT vs OCF reconciliation

Rs cr	FY22	FY23	FY24	FY25	FY26	5-yr
PAT attributable	-53.2	-16.3	222.5	-33.2	-22.4	+97.4
OCF	-101.8	70.7	47.2	-142.8	-293.0	-419.7
OCF − PAT	-48.6	+87.0	-175.3	-109.6	-270.6	-517.1
Core EBITDA	-116.6	-26.8	84.1	-238.2	-281.7	-579.2

FY26 bridge	Rs cr
PBT	-36.8
Less non-operating: interest -147.0, NTT gain -94.7, FV gain -17.3, dividend -2.2, write-backs -4.1, STP gain -1.3	-266.6
Add back: D&A +32.6, bad-debt write-offs +67.2	+99.8
Operating loss before working capital	-203.3
Working capital: receivables and other assets -80.0 (63SATS billed Rs 133 cr in Q4); payables -10.1	-90.1
OCF	-293.0

FY23 OCF exceeded PAT because other current liabilities rose Rs 83 cr (MCX advances). In FY24 OCF fell short of PAT because interest of Rs 127 cr went to investing and payables unwound by Rs 60.8 cr as MCX ended.

Working capital

Days	FY22	FY23	FY24	FY25	FY26
Debtor days	92	55	13	23	114
Inventory days	0	0	0	0	0
Creditor days (on revenue)	67	30	29	93	26
Cash conversion cycle	25	25	-16	-70	88

FY26 debtor days are about 45 on Q4-annualised revenue (Rs 533 cr). Company-reported receivables turnover is 6.13x (about 60 days on average balances; 6.45x in FY25). On a COGS basis creditor days are about 143, which is not meaningful. Other current receivables of Rs 70.0 cr are mostly NSEL-related; with Rs 55 cr of ICDs this is cash tied up outside trade working capital. Watch item: as 63SATS scales toward Rs 600 cr, government and enterprise receivables will become the main working-capital draw.

Ratios

Ratio	FY22	FY23	FY24	FY25	FY26
RoE (attrib.)	-1.7%	-0.5%	6.9%	-1.0%	-0.6% (co. -0.64%)
RoCE	-1.9%	2.0%	6.4%	-2.3%	-3.8% (co. -0.99% incl. exc.)
Debt / Equity	0.00	0.00	0.00	0.00	0.00
Interest coverage	NM	~98x	~372x	NM	NM
Current ratio	7.01	5.66	6.00	10.82	11.28
Quick ratio	6.74	5.44	5.74	10.39	10.50
Asset turnover	0.05	0.09	0.10	0.01	0.06
Net treasury (Rs cr)	≥2,122	≥2,091	≥1,920	~2,670	~2,671

Parent FY26 (company-reported): RoE 5.91%, RoCE 6.30%, return on treasury 6.08%, current ratio 12.47. About 75% of owners' equity is treasury earning about 6–6.5% pre-tax. TTM RoE is about -2.8% (Screener -1.98%). MarketsMOJO cites an average ROE of about 1.46%.

Debt, lenders and credit rating

Parent borrowings: nil. The FY26 CARO report says no short- or long-term funds were raised in FY26 or FY25. FY15–FY17 borrowings of about Rs 480–509 cr were repaid by FY19.
Consolidated debt Rs 5.4 cr: lease liabilities Rs 2.85 cr, plus the liability portion of 1,500 ZOFCDs issued by 63SATS to Jupiter Metaverse LLP (Rs 3.75 cr paid, liability Rs 2.57 cr).
Ticker Data issued 250 zero-coupon CCDs of Rs 10 lakh each (Rs 25 cr), including Rs 1.25 cr each to Jupiter Metaverse and Ashohini Ventures.
No working-capital lines or term loans. Bankers: Axis, HDFC Bank, Union Bank, Kotak, ICICI. Subsidiary guarantees Rs 0.04 cr.
Credit rating: none (AR FY26 §17.16; CRISIL, ICRA, CARE and India Ratings searched).
Off-balance-sheet:
- the NSEL OTS of Rs 1,950 cr, not provided for and shown only as an emphasis of matter;
- contingent liabilities of Rs 596.6 cr;
- letters of support to FTGIPL, ICX and KAPL.

Equity dilution and share count

Level	FY22	FY23	FY24	FY25	FY26	Q1 FY27
Parent shares (cr)	4.608	4.608	4.608	4.608	4.608	4.608
Minority equity raised in subs (Rs cr)	81.0	20.0	23.7	168.7	252.5	—
NCI (Rs cr)	-19.2	-24.5	-29.3	21.2	97.7	—

The parent has had no QIP, preferential issue, warrants, GDR or ADR. ESOP Scheme 2020 was approved in Dec 2020 but no options were granted. Authorised capital is 15 cr shares. The real dilution is at subsidiary level, about Rs 546 cr over FY22–26:

63SATS: from 100% to 60.43%, with a 12 cr-option ESOP;
Ticker: ESOS 2021 with 2.59 cr options at Rs 3; Ticker Data rights of 3 cr shares, a 1.5 cr-share preferential issue and 250 CCDs.

Dividends and buybacks

FY	DPS (Rs)	Status
FY15	5.00	Unpaid: Bombay HC ad-interim order of 30 Sep 2015 (NoM 1490/2015 in L.J. Tanna suit 121/2014)
FY17–FY21	2.00 each	Unpaid (same order)
FY22	nil	–
FY23	2.00	Unpaid
FY24	2.00	Unpaid
FY25	1.20	Approved at AGM 24 Sep 2025; unpaid
FY26	2.00 (Rs 9.22 cr)	Approved at AGM 23 Sep 2026; record date 16 Sep 2026; payable "subject to appropriate judicial orders"

The blocked liability is Rs 93.08 cr (about Rs 20/share), rising to about Rs 102 cr with FY26. The company says it is not "unpaid/unclaimed" for IEPF purposes. The L.J. Tanna suit was withdrawn "with liberty for restoration in terms of the Scheme". The business module describes the restraint as withdrawn under the scheme; the financials and narrative modules say payment still needs a judicial order. No buybacks in FY22–FY26.

Key balance-sheet risks:

the Rs 1,950 cr OTS against about Rs 1,826 cr of parent free liquidity;
Rs 327.6 cr of restricted deposits;
the binary Rs 200 cr Yes Bank residual;
Rs 596.6 cr of contingent liabilities;
receivables up 22x in a year;
NCI-funded cash that cannot be upstreamed.

Management, Promoters & Governance

Dimension	Assessment
Promoter integrity	Very high risk Jignesh Shah was arrested three times (EOW May 2014, ED Jul 2016, CBI Sep 2016) and is accused in pending EOW/MPID, ED-PMLA and CBI cases. FMC (2013), SEBI (2014, against FTIL) and NCLT Chennai (2018, upheld by NCLAT 2020) held him not fit and proper. He is still "Chairman Emeritus & Mentor"
Board independence	Medium–weak Non-independent ex-FMC chairman who chaired MCX and IEX in the Shah era; 3 of 9 functioning directors independent; 3 government nominees stayed by the SC since 9 Mar 2022
Promoter holding / pledge	45.63% unchanged (also 45.63% in Mar 2014); zero pledge Sep 2023–Jun 2026; earlier pledge history not obtained
Audit	Red Deloitte withdrew its FY13 report (Sep 2013) and resigned (Jun 2014); opinion modified in FY24, qualified FY25 onward
Related parties	Red 33–99 year IGM contract; Ticker infusions; 63SATS shares at Re 1
Legal	OTS final (SC 13 Oct 2026); criminal prosecutions continue

Promoter group holdings (Jun 2026)

Holder	Shares	%
La-Fin Financial Services Pvt Ltd	1,23,29,968	26.76
Jignesh Prakash Shah	65,36,728	14.19
Rupal Jignesh Shah (wife)	19,83,175	4.30
Manjay Prakash Shah	~76,918	0.17
Dewang Sunderraj Neralla (co-founder)	~60,374	0.13
Prakash B Shah (before Sep/Oct 2026 sales)	~37,351	0.08
Mandar Neralla	1,364	0.00
Total promoter group	2,10,25,878	45.63

Manjay, Manish and Prakash B Shah are presumed to be family members from the shared patronymic Est.. History: Jignesh held 18.08% (83,29,585 shares) in Jun 2016. On 21/26 Sep 2018 he transferred 17,92,857 shares off-market to Rupal. In Jan 2021, 60,543 shares of the late Pushpa P. Shah went to Beena Manish Shah. On 30 Jun–1 Jul 2021, 1,33,615 shares moved inter-se to Rupal, who also bought 19,624 shares on 29 Jun 2021. In Mar 2024 promoter individuals/HUF held 18.87% across 6 holders.

Jignesh Prakash Shah: founder, "Chairman Emeritus & Mentor"

BE (Electrical/Electronics), Bombay University; capital-markets training at the New York Institute of Finance. Started at BSE on trading software and was posted overseas in the early 1990s
Founded FTIL on 12 Apr 1988, reportedly mortgaging his house for about Rs 5 lakh of seed capital; IPO 1995
Built MCX (2003), NSEL (incorporated 18 May 2005, live 15 Oct 2008), IEX, MCX-SX (now MSE), NBHC, DGCX, SMX, GBOT (Oct 2010), BFX (Feb 2011) and Bourse Africa
Forbes India rich list until 2010; EY Entrepreneur of the Year; WEF Young Global Leader

Ceased as MD/director on 20 Nov 2014 (Manjay Shah and Dewang Neralla also left). No executive role per the 2014 statement, but the website lists him as "Founder, Chairman Emeritus & Mentor"
Consultancy agreement renewed May 2025 for 3 years: Rs 3.55 cr SA / Rs 4.30 cr consol. FY26 (FY25 Rs 3.30 cr). Promoter-group short-term benefits Rs 10.27 cr (FY25 Rs 2.27 cr)
"Mentor and Coach" of India Gold Metaverse (Elanzia, RamMudra, GoldSense, BullionX). IGM raised Rs 200.91 cr on 2 May 2026 (9.57 cr shares at Rs 21, against a Rs 300 cr headline; Pantomath); revenue under Rs 10 cr; post-money ~Rs 2,135 cr; investors include Ashish Kacholia, Waaree and the Ravi and Anuj Sheth family offices
Stale MarketScreener roles (e.g. Vice Chairman, ICE Futures Singapore)

La-Fin Financial Services (26.76%) is controlled by Jignesh and Rupal Shah (as SEBI told the Bombay HC in 2011) and was the vehicle behind MCX and MCX-SX. In 2009 it gave buy-back undertakings to IL&FS, IFCI and others on MCX-SX shares. SEBI cited these "illegal buyback arrangements" in Sep 2010, and the CBI later booked Shah in the MCX-SX licence case. IL&FS Financial Services sought to wind up La-Fin on 21 Oct 2016; the SC set that aside as time-barred in 2019. A 2013 report said money from NSEL defaulter Mohan India reached La-Fin, an EOW tracing allegation.

Board of directors and KMP

Name	Role	Category	Since	Background
Venkat Chary (IAS retd.)	Chairman	Non-exec., non-independent (called independent in the FY14-15 AR)	Additional director 11 Oct 2014; chairman from Nov 2014	Ex-Chairman FMC; Maharashtra Finance and Home Secretary; Municipal Commissioner, Mumbai; MERC member. Chaired MCX, first chairman of IEX, chaired Bourse Africa; ENA France
S. Rajendran	MD & CEO	Executive	Feb 2017 (replaced Prashant Desai)	M.Com, CAIIB; 38+ years in banking; earlier MD & CEO of a banking data-warehouse firm; director FT Group Investments. Re-appointed 1 Jun 2026–31 May 2027 at Rs 1.80–3.75 cr p.a.; over 70, so a special resolution was needed
Devendra Agrawal	WTD & CFO	Executive	With company since 2006	CA; 24+ years; ~12 years at Aditya Birla and Reliance. Re-appointed 27 May 2026–26 May 2029 at Rs 0.80–3.0 cr p.a. Director of FT Knowledge Mgmt, FT Communications, 63SATS Global Cyber Tech Networks, IBS Forex and FT Group Investments
Justice Deepak Verma (retd.)	Director	Independent	20 Dec 2016	Ex-SC judge; ex-CJ Rajasthan HC. Also on the board of Ticker Ltd and Alpex Solar
Chitkala Zutshi (IAS retd.)	Director	Independent	20 Dec 2016	Ex-ACS Home and PS Finance, Maharashtra; Birla Corp, RCCPL. About 10 years on the board
Kanekal Chandrasekhar	Director	Independent	n/a	34 years at Union Bank; ex-director of CIBIL, NABARD and ACE Derivatives. Also named a new independent director of 63SATS (Jul 2026)
Sunil Shah	Director	Non-exec., non-independent	By 2023	IIM-A; MD Motivation Engineers; All Gujarat Innovation Society
Devender Singh Rawat	Director	Non-exec., non-independent	n/a	Ex-Secretary General ASSOCHAM (14 years) and PHDCCI (20 years); re-appointed AGM 2026
Maheswar Sahu (IAS retd.)	Director	Non-exec., non-independent	20 May 2025	Gujarat cadre; about 12 directorships (Maruti, Ambuja, Deepak Phenolics, etc.); re-appointed AGM 2026
Satyananda Mishra, Malini V. Shankar, Parveen Kumar Gupta	Govt nominees	Nominee	MCA order 16 Mar 2020	Stayed by SC 9 Mar 2022; kept in abeyance by SC on 13 Apr 2026

Other KMP and leaders: Dr Hariraj Chouhan (Sr VP & Company Secretary, since Dec 2003); Paras Ajmera (President/Legal; named in SEBI's 2017 MCX insider order, later revoked); Parag Ajmera (New Ventures); Pratap Polkam (CTO); Dinanath Kolamkar; Neeraj Sharma (MD & CEO, NSEL); Joseph Massey (MD, Ticker; one of those named in the 2013 FMC order). 63SATS: Lt Gen (Retd) M.U. Nair (Chairman), Neehar Pathare (MD, CEO & CIO; co-chairs CII's cybersecurity task force), Srinivas L. (Jt MD); new independent directors Shruti Shah and Chandrasekhar Kanekal.

Board observations:

Independent directors are at the 1/3 LODR floor.
Chary, Zutshi and Verma date from the 2014–16 reconstitution.
The CEO is on one-year extensions past 70, with no visible succession plan.
Past exits: Prashant Desai (MD & CEO, Nov 2014–Feb 2017); Suresh Salvi (retired 17 Sep 2023); Chandrakant Kamdar (2014).
No director, KMP or auditor exits in the last 24 months.
The Restructuring Committee held no meetings in FY26.
38th AGM held 23 Sep 2026; all resolutions passed.

Shareholding trend (%)

Quarter	Promoter	FII	DII	Public	Shareholders
Sep 2023	45.63	8.02	0.12	46.23	41,988
Dec 2023	45.63	6.49	0.12	47.75	47,121
Mar 2024	45.63	4.35	0.12	49.89	50,511
Jun 2024	45.63	4.12	0.09	50.15	51,235 (peak)
Sep 2024	45.63	3.05	0.01	51.30	51,048
Dec 2024	45.63	1.55	0.01	52.81	48,259
Mar 2025	45.63	1.41	0.00	52.95	48,038
Jun 2025	45.63	2.20	0.01	52.16	46,045
Sep 2025	45.63	1.17	0.00	53.19	45,996
Dec 2025	45.63	1.08	0.00	53.29	46,074
Mar 2026	45.63	1.31	0.00	53.06	45,869 (47,342 per financials/narrative)
Jun 2026	45.63	1.61	0.00	52.75	44,996

Readings.

The FII exit was mostly one fund. Miri Strategic EM Fund LP (Boston; PM Ben Griffith) built about 4.6% at Rs 190–216 in Jun 2023 and sold into the 2024 rally: 4.60% (Sep 2023), 3.32% (Mar 2024), 2.15% (Sep 2024), then below 1% by Dec 2024.
Client Rosehill (2.75%) was gone by Mar 2024.
Bodies corporate rose from 3.30% to 5.75%; NRIs fell from 1.75% to 1.00%; individuals hold about 42.5–43.7%.
17 HNIs above Rs 2 lakh hold 18.51%; small retail holds 24.77%.
The FPI count is about 48.
The Sep 2026 SHP was due by about 21 Oct 2026.

Large non-promoter holders

Investor	% (Jun 2026)	Change / note
Ravi Kanaiyalal Sheth	7.19 (33,14,792 sh)	Built through SAST buys: 9,38,907 (Dec 2018), 9,76,003 (Feb 2023), 9,26,052 (Oct/Nov 2024)
Ravi K. Sheth (second folio)	1.15 (5,28,907 sh)	Likely same person, so ~8.34% combined (unverified)
Nirja Bharat Sheth	2.74	2.76 → 2.64 → 2.74. Sheth block ~11%; possibly the Great Eastern Shipping family Est.; Sheth family offices also invested in IGM
Chandrikaben Maganlal Pandya	1.19	Slowly adding from 1.12
Niraj Rajnikant Shah	~0.59	Bulk buy of 2,73,902 sh at Rs 564.24 on 24 Feb 2026 (~Rs 15.5 cr); ~+63% in the money
Exited: Miri Strategic EM Fund	4.60 → <1	Activist small-cap FPI
Exited: Gazania Advisory LLP	2.15 → exit	Bought at Rs 164–180 (Mar 2023), sold 3,00,000 at Rs 358.09 (28 Aug 2023)
Exited: Blackstone GPV Capital Partners (Mauritius) VI	—	Sold 23,24,473 shares on 11 Sep 2017

Insider and SAST transactions

Date	Person	Category	Transaction	Qty	Price / value
01 Oct 2026	Prakash B Shah	Promoter group	Market sale	2,000	Rs 826 (Rs 0.17 cr)
23 Sep 2026	Prakash B Shah	Promoter group	Market sales (3 trades)	20,000	Rs 885–906 (~Rs 1.79 cr)
05 Nov 2024	Ravi K Sheth & PACs	Public	SAST buy	9,26,052	n/a
09 Feb 2023	Ravi K Sheth & PACs	Public	SAST buy	9,76,003	n/a
01 Jul 2021	Rupal J Shah	Promoter	Inter-se receipt	1,33,615	Nil
29 Jun 2021	Rupal J Shah	Promoter	Buy	19,624	n/a
19 Jan 2021	Pushpa P Shah → Beena M Shah	Promoter	Transmission	60,543	Nil
28 Dec 2018	Ravi K Sheth & PACs	Public	SAST buy	9,38,907	n/a
26 Sep 2018	Jignesh → Rupal Shah	Promoter	Off-market inter-se	17,92,857	Nil

Conflict: promoter selling. SAST data (governance module) shows Prakash B Shah sold 22,000 shares, about 59% of his holding, at Rs 826–906 in Sep–Oct 2026, near multi-year highs. The narrative and market modules say no promoter trades were found. The SAST filings take precedence. The sale is immaterial in size (~0.05% of equity) but it is directionally a sale. There have been no promoter purchases in more than 5 years.

Bulk and block deals

Date	Party	Side	Qty	Avg Rs	Read
03 Aug 2026	Junomoneta Finsol	B/S	2,35,306 / 2,35,320	927.78 / 928.03	Prop churn
31 Jul 2026	Microcurves Trading	B/S	10,73,472 each (2.33%)	918.59 / 919.26	HFT
31 Jul 2026	QE Securities	B/S	6,95,387 / 7,03,800	916.04 / 916.05	Churn
31 Jul 2026	Junomoneta Finsol	B/S	5,66,456 / 5,63,630	913.82 / 914.61	Churn
31 Jul 2026	NK Securities Research	B/S	4,99,440 each	917.01 / 917.50	HFT
31 Jul 2026	Irage Broking	B/S	2,22,440 / 2,54,618	916.91 / 917.46	Churn
30 Jul 2026	Microcurves / NK / QE / Junomoneta	B/S	7.06L / 2.45L / ~3.0L / ~3.2L	840–849	Churn
24 Feb 2026	Niraj Rajnikant Shah	Buy	2,73,902	564.24	Only directional named buy
28 Nov 2025	NK Securities Research	B/S	2,33,558 each	905.57 / 905.97	NCLT-day HFT
10 Oct 2024	Yuga Stocks	B/S	2,07,229 / 3,07,229	422.88 / 420.74	Net seller of 1 lakh
04 Jul 2023	Arihant Capital	B/S	2.13L / 2.44L	247 / 245.67	Churn
26 Jun 2023	Miri Strategic EM Fund	Buy	3,54,584	216.16	FPI accumulation
23 Jun 2023	Miri Strategic EM Fund	Buy	4,46,916	190.68	FPI accumulation
26–30 Jun 2023	Graviton Research	B/S	5.24L; 2.47L	~216; ~246	HFT
27–28 Mar 2023	Gazania (buy) vs Grover Family Trust / Aarti Grover (sell)	—	4.88L+3.53L / 3.0L+3.05L	175.85–180	Grover exit
16 Mar 2023	Gazania (buy) vs CVCIGP II Employee Rosehill (sell)	—	5.50L / 5.94L	164	PE-linked exit
Jan 2022	Yuga Stocks; Alpha Leon	Churn	—	332–353

Related-party transactions

Counterparty	Nature	Amount	Comment
India Gold Metaverse (IGM), Shah-mentored	Develop, license and maintain the "IGMTech" platform; 33-year term, extendable twice (up to 99 years). Postal ballot e-voting 22 May–20 Jun 2026; result 20/22 Jun 2026 (97.4% of votes cast, but only 69.6 lakh votes polled)	One-time Rs 25 cr in FY27 + Rs 25 cr before Mar 2029; Rs 12 cr/yr fixed plus variable and manpower charges. FY26 revenue from IGM Rs 6.0 cr (FY25 Rs 3.0 cr), about 5.5% of SA revenue	The governance module left the direction of payment open. The financials and narrative modules show 63 moons booked revenue from IGM, so 63 moons is the vendor. The risks are lock-in, benchmarking and credit exposure to a startup with under Rs 10 cr of revenue. The legal basis of the related-party status is not retrieved
Ticker Ltd (via FTSPL)	Open-market purchase of 79,58,300 sh on 13/14 Jul 2026; preferential 2,59,25,926 sh at Rs 27 on 4 Sep 2026 (board 21 Jul; postal ballot 21/22 Aug: 99.994% for, promoters abstained, 15.47% turnout); 31.5 lakh sh on 25–28 Sep 2026	Rs 21.49 cr + Rs 70 cr + Rs 8.50 cr ≈ Rs 100 cr (Rs 91.5 cr through 4 Sep)	Ticker: Rs 0.27 cr turnover, Rs 35.8 cr loss. The company says the purchases are not RPTs. Sellers not identified
Jignesh Shah	Consultancy fee	Rs 4.30 cr consol. (SA 3.55)	Renewed May 2025 for 3 years
Promoter-group members	Short-term employee benefits	Rs 10.27 cr (FY25 2.27)	4.5x jump
Jupiter Metaverse LLP (promoter-influenced)	1,500 63SATS ZOFCDs; Ticker Data CCDs	Rs 3.75 cr paid; Rs 1.25 cr	Likely the Oct 2026 Re 1 converter (unconfirmed)
72 Networks Pvt Ltd (promoter-influenced)	Loan from Ticker	Rs 8 cr at ~12%
Ashohini Ventures LLP	Ticker Data CCDs	Rs 1.25 cr
NSEL / Ticker	Rent income (Reg 23(9))	~Rs 12.7 lakh / ~Rs 75 lakh per half-year	Plus intra-group services, loans and interest

Conflict: Ticker stake and valuation.

Stake. Reported as 67.49% (8 Jul 2026), then 65.80% after the purchases. The narrative module explains the fall: a 12 Aug 2026 placement of 1,85,18,516 shares at Rs 27 (about Rs 50 cr) to other allottees took the stake to 66.76% first. That resolves the governance module's open flag, although the allottees are still unnamed.
Listing status. The financials and governance modules call Ticker "listed"; the market module calls it unlisted, with a backdoor listing planned through insolvent BSE-listed Baron Infotech.
Implied value at Rs 27. The market module assumes ~17.7 cr shares and gets about Rs 477 cr (2.4x book). The business and narrative modules use ~175–180 cr shares (paid-up capital Rs 174.97 cr; FY26 net worth Rs 201.02 cr = ~Rs 1.12/share) and get about Rs 4,700–4,860 cr (~24x book). The paid-up capital supports the larger share count. Analyst View

Auditor

Item	Detail
Current	Chaturvedi Sohan & Co., Mumbai (FRN 118424W), partner V.N. (Vivekanand) Chaturvedi (M.No. 106403). Board 12 Aug 2024; 36th AGM 27 Sep 2024 (~99.9%); FY25–FY29
Predecessor	Sharp & Tannan Associates, Jun 2014–FY24 (two terms); FY24 opinion modified (24 May 2024)
Earlier	Deloitte Haskins & Sells withdrew its FY13 report on ~24–25 Sep 2013 and resigned 10 Jun 2014; ICAI scrutiny followed
FY25 opinion	Qualified (Note 49(a)–(e): NSEL civil suits, EOW, CBI, MPID, ED, SFIO); auditor "unable to comment on the consequential impact"
FY25 emphasis of matter	ITNL NCDs (Rs 13.33 cr received, InvIT units, Rs 19.21 cr impaired); Yes Bank AT-1 (Rs 100 cr impaired); NSEL scheme (Rs 1,950 cr vs ~Rs 4,610 cr)
FY25 KAMs	Fair value of investments (Rs 668.7 cr); revenue recognition (Rs 118.2 cr); contingent liabilities (Rs 243.5 cr)
FY26 and Q1 FY27	Qualified every quarter per the narrative and financials modules (the governance module could not retrieve the text). OTS shown as an emphasis of matter. Qualification in place since FY2012-13. IFC opinion unmodified
63SATS auditor	CVB & Associates; unmodified

Subsidiaries and group structure

Entity	Holding	Purpose	Status / financials
NSEL	99.99%	Ex-commodity spot exchange; OTS party	FY26 loss -102.4 to -102.9; dormant since Jul 2013
63SATS Cybertech	60.43%	Cybersecurity (material subsidiary)	FY26 PAT -5.0; net worth 297.5
63SATS Global Cyber Technologies Networks	Sub	Cyber	n/a
Ticker Ltd	65.80%	Market data, fintech, crypto	FY26 -35.8 SA / -90.4 consol.
Ticker Data; 3.0 Verse; 9Point Capital	Via Ticker	Data, Web3, NBFC Est.	Ticker Data FY26 -14.3
Three O Verse Global IT Services LLC (Dubai)	Via Ticker	Web3	FY26 -31.8; Rs 10.08 cr infused Jul 2026
FTSPL (Singapore)	100%	Treasury / holding (sold SMX 2013)	FY26 -10.5
FT Group Investments (Mauritius)	100%	Overseas holding	FTGIPL Rs 723.4 cr written off against provision
FT Knowledge Management; FT Communications	Subs	Support / dormant	n/a
IBS Forex	Sub	Forex	Under liquidation
NTT Data Payment Services	Associate until 18 Feb 2026	Payments	Exited

17 subsidiaries and 1 associate at 31 Mar 2025. The full FY26 AOC-1 was not retrieved by the governance module. Synapsewave Innovations (CIN U62013MH2024PTC426460) was incorporated in Jun 2024. Aggregators list Mathew Cyriac among its directors; he is also named as a 63SATS investor. The company says the buyer is outside the promoter group. Its ownership was not identified.

Acquisition and divestment track record

Asset	Date	Buyer	Consideration	Comment
SMX + SMX Clearing	Nov 2013	ICE Singapore	US$150 mn	Retired debt
NBHC (100%)	Mar–Apr 2014	India Value Fund IV	Rs 241.74 cr	FY16 profit on sale Rs 122.5 cr
IEX (13.64 lakh sh)	Mar 2014	Golden Oak	Rs 72.89 cr
MCX 6% (two tranches)	H1 2014	Market	~Rs 220 cr	Forced by the FMC 2% cap
MCX 4%	Jul 2014	Market	Rs 153.64 cr (Rs 752.83/sh)
MCX 15%	Jul–Sep 2014	Kotak Mahindra Bank	Rs 459 cr (~Rs 600/sh, ~24% discount)	Distress sale
MCX final 5%	Aug 2014	Market	n/a	Full exit; FY16 profit on MCX sale Rs 852.6 cr
MCX-SX 5%	Nov 2014	Rakesh Jhunjhunwala, Edelweiss and others	Rs 88.41 cr	SEBI-ordered
IEX 26.6% deal	Nov 2014	TVS Shriram Growth Fund and others	Rs 576.84 cr	Lapsed
IEX 16.6%	Jun 2015	Multiple	Rs 357.06 cr
IEX 19.06%	Oct–Nov 2015	DCB Power Ventures and others	Rs 409.95 cr	~0.37% residual; FY16 IEX profit Rs 520.9 cr
DGCX 27.3%	Jan 2016	DMCC	~US$10–11 mn
Bourse Africa	~2015–16	n/a	n/a	Exited
Atom 55.35%	Nov 2018	NTT Data	US$9.24 mn	NTT added US$1.5 mn primary
NTT DPS residual (21.0 cr sh)	13–18 Feb 2026	NTT Data Group	US$18.43 mn (US$18,432,925)	Proceeds held by the MPID CA
ODIN + MATCH + STP-Gate	Aug 2024 – Sep 2025	Synapsewave	~Rs 134–135 cr	Sold cheaply for a franchise that once claimed ~70% share

Legal and regulatory chronology

Date	Event
27 Apr 2012	DCA show-cause notice to NSEL on forward contracts breaching its FCRA exemption
12 Jul 2013	DCA directs NSEL to stop new contracts
31 Jul 2013	NSEL suspends trading; default of ~Rs 5,600 cr (also cited as Rs 5,400–5,600 cr) owed to ~13,000 traders; 24 borrower/defaulter entities; "paired contracts" offered since ~2009
Aug 2013	About Rs 179 cr paid to 7,053 small traders (dues under Rs 10 lakh); NSEL Investors Forum formed
Sep 2013	Deloitte withdraws its FY13 report; ICAI scrutiny
Sep–Oct 2013	EOW FIR and MPID case; arrests of Amit Mukherjee, Jai Bahukhandi and ex-CEO Anjani Sinha
17 Dec 2013	FMC declares FTIL, Shah, Joseph Massey and Shreekant Javalgekar not fit and proper; FTIL capped at 2% of MCX. Bombay HC declines interim relief (Feb 2014)
Mar 2014	CBI FIR over MMTC/PEC funds in NSEL
19 Mar 2014	SEBI declares FTIL not fit and proper; must divest MCX-SX, MCX-SX CCL, NSE, DSE and VSE in 90 days; SAT dismisses appeal (majority, Jul 2014)
7 May 2014	EOW arrests Shah; bail 22 Aug 2014; chargesheets of 9,000+ pages
10 Jun 2014	Deloitte resigns; Sharp & Tannan appointed
Oct–Nov 2014	Board reconstitution: Chary chairman; Shah becomes Chairman Emeritus; Desai MD & CEO
21 Oct 2014	MCA draft order to merge NSEL into FTIL
2015	MCA s.397/398 petition; NCLT restrains asset sales (30 Jun 2015); SC freezes assets except day-to-day expenses; first ED PMLA complaint; Bombay HC dividend restraint (30 Sep 2015)
12 Feb 2016	MCA final merger order
27 May 2016	FTIL renamed 63 moons technologies
Jul 2016	EOW attaches ~Rs 2,000 cr of assets incl. FT Tower (later claims ~Rs 7,000 cr); ED arrests Shah on 12 Jul 2016
Sep 2016	ED attaches Rs 307 cr of MFs; CBI arrests Shah (MCX-SX licence case)
1 Nov 2016	MCA orders an SFIO probe (prosecution sanction reported Feb 2019)
2016–17	ED provisional attachments of over Rs 1,000 cr (Rs 414 cr Mar 2017; Rs 177 cr Dec 2017)
2 Aug 2017	SEBI interim insider-trading orders impound ~Rs 125 cr from 13 persons; later revoked for 7 (incl. Massey, Javalgekar, Paras Ajmera)
4 Dec 2017	Bombay HC upholds the merger
26 Dec 2017	SEBI fines 63 moons Rs 1 lakh (name change)
Jun 2018	NCLT Chennai refuses supersession, allows 3 nominee directors, declares Shah and 9 others not fit and proper
19 Sep 2018	Further MPID attachment notification (released 29/30 Jul 2026)
27 Dec 2018	EOW supplementary chargesheet against 63 entities
Feb 2019	SEBI declares 5 brokers not fit and proper (Motilal Oswal, IIFL, Geofin, Anand Rathi, Phillip)
30 Apr 2019	SC (Nariman, Saran JJ) quashes the NSEL–FTIL merger (ultra vires s.396; Art. 14)
24 Jul 2019	Bombay HC summons Chidambaram, K.P. Krishnan and Ramesh Abhishek in the Rs 10,000 cr damages suit (no update since)
Aug–Sep 2019	Bombay HC holds NSEL not a "financial establishment" and quashes MPID attachments; SC orders status quo
17 Sep 2019	PMLA Appellate Tribunal sets aside ED attachment subject to a Rs 1,095 cr indemnity bond
28 Feb 2020	SEBI adjudication order for non-compliance with its 2014 order
~12 Mar 2020	NCLAT rejects supersession; upholds nominee directors and the not-fit findings
15 Apr 2021	SAT rejects STP-Gate renewal appeal; SC stay
9 Mar 2022	SC stays NCLAT order on nominee directors
22 Apr 2022	SC holds NSEL is a "financial establishment" under MPID; upholds attachment
4 May 2022	SC appoints the Justice (retd.) Pradeep Nandrajog committee (decisions upheld 15 May 2025)
30 Nov 2022	SEBI bars 5 brokers for 6 months
1 Sep / 8 Nov 2024	NIF letters proposing the OTS
14/15 Dec 2024	Board approves the Rs 1,950 cr OTS (Sunday meeting)
7 Feb 2025	Bombay HC MPID judgment on brokers' appeals
18 Feb 2025	Board approves participation and the payment
6 Mar 2025	Scheme signed (~42% of ~Rs 4,610–4,650 cr principal)
Apr 2025	SC upholds Piramal's DHFL plan, ending 63 moons' avoidance win
8 Apr 2025	NCLT convening order
19 May 2025	Vote: 92.81% by number, 91.35% by value; MMTC voted against
May 2025	SC: MPID Act has priority over secured creditors
17 Sep 2025	NCLT records no objection from EOW and the MPID CA
28 Nov 2025	NCLT Mumbai sanctions the Scheme
22 Dec 2025	NIF to urge the Finance Ministry
15 Jan 2026	NCLAT dismisses L.J. Tanna Enterprises' appeal
20 Feb 2026	NSE and BSE warning letters (LODR Reg 4(1)(c)) over the MSE disclosure
9 Mar 2026	SC dismisses the trader appeal. Bombay HC (Gadkari, Khata JJ) holds the OTS does not dilute criminal charges (uploaded 26 Mar)
27 Mar 2026	HC refuses joint trial of CBI cases. ED attaches LOIL asset (Rs 19.12 cr); earlier Swastik Overseas (Rs 115.86 cr, 2 Apr 2025)
30/31 Mar 2026	NCLAT (Yogesh Khanna, Ajai Das Mehrotra) dismisses MMTC's recall plea CA(AT) 34/2026
13 Apr 2026	SC directs expeditious implementation; MCA nominee orders kept in abeyance
19 Jun 2026	NSEL SLP against refusal of joint trial
29/30 Jul 2026	MPID Court cancels attachment under the 19 Sep 2018 notification, subject to conditions; other applications pending
8 Oct 2026	Special PMLA Court (Judge Nitin V. Jiwane): ED to monetise ~Rs 3,464.03 cr under 35 attachment orders; up to Rs 1,950 cr to 63 moons after the Settlement Trigger Event; excess stays with court; ED "no objection, no admission"; co-applicant Harpreet Kaur Dang; 63 moons is Accused No. 73
13 Oct 2026	SC (Narasimha, Aradhe JJ) dismisses MMTC's appeal; Scheme final

Governance red flags and positives

Promoter integrity. The founder is accused in the Rs 5,600 cr default and keeps influence as mentor.
IGM. A 33–99 year RPT with a Shah-mentored company; the largest public holder family is also an IGM investor.
63SATS at-par placement. 10.62 cr shares went at Re 1 to undisclosed allottees; outsiders paid 10x four months later; an Oct 2026 Re 1 conversion by an unnamed investor followed.
Ticker. About Rs 100 cr went in during Jul–Sep 2026; an independent director sits on both boards.
Audit history and treasury losses. About Rs 500 cr of distressed instruments (Yes Bank, ITNL), plus DHFL.
Board. At the independence floor; CEO over 70 on 1-year terms.
Undisclosed counterparties. Synapsewave ownership; Ticker sellers.
Promoter-group selling in Sep–Oct 2026.
Disclosure. Feb 2026 warning letters; the NSE price query of 10 Feb 2026; the Sep 2026 Law Text dispute.

Positives: zero pledge; the merger was quashed; NCLT, NCLAT and the SC back the OTS, with ED, EOW and MPID raising no objection; asset releases could unlock FT Tower, MF units and the NTT proceeds.

Supply Chain

↑ Upstream: what 63 moons depends on

Input	Named suppliers / partners	Dependence and risk
Security software, platforms and hardware for resale (96.6% of 63SATS revenue; FY26 purchases Rs 40.1 cr; Q1 FY27 group COGS Rs 83.1 cr)	Resecurity (US): Risk, Endpoint Protection, Hunter, Context. Morphisec (Israel/US): Knight, Guard, Scout, Keep. Zimperium (US): MTD, MAPS. BlackBerry (Canada): BBM Enterprise, SecuSUITE, CylanceProtect Mobile. CloudWize (Israel): CNAPP, KSPM, CSPM, CWPP, CASB. Narrative module also lists Palo Alto Networks, Fortinet, CrowdStrike, Microsoft, SentinelOne. 55 partners by H1 FY27 (12 at FY26)	High import dependence (US, Israel, Canada). USD pricing, so rupee weakness squeezes margin unless contracts are repriced. OEMs hold pricing power. Single-OEM flagship lines, e.g. mobile threat defence on Zimperium
Insurance for CYBX	ICICI Lombard (up to Rs 10 lakh cover)	Only insurer named; central to the consumer offer
Marketing	Publicis; title partner of CyberSec India Expo 2025 and 2026	About 32.5% of FY26 63SATS revenue spent on advertising and promotion
Compliance content	Unnamed cyber-law firm (DPDP)	Partner dependence
Talent	Mumbai analysts and engineers; M.U. Nair, Neehar Pathare, Srinivas L.	Parent attrition 17% (FY25) → 13%
Cloud / data centre / telecom	Not disclosed	n/a
Capital	Parent treasury (63 moons, FTSPL); private-placement investors	Part of the treasury is tied up under MPID/PMLA

Resale contracts are typically cost-plus. There is no disclosure on FX hedging or escalation clauses. Supplier concentration is not quantified; going from 12 to 55 partners points to a deliberately broad bench. Historical FX sensitivity was negligible (a 1% move = Rs 0.08 lakh in FY23).

↓ Downstream: who depends on 63 moons

Line	Customers	Tenor / stickiness
63SATS B2B (CSF, AI CyberOps, DPDP)	107 enterprises. Named: Indian Navy, ICICI Securities, Adani Ports, Bharat Forge, Raymond, Marico, Lupin, Tata CLiQ, Times Group, Tata. Godrej group (Godrej Housing Finance, Wealth, Finance, Capital) TCV Rs 4.58 cr. Pipeline: Tata Capital, HDFC Securities. Industries: BFSI, manufacturing, defence, ports, retail	No order runs more than 12 months; short-cycle project and licence work; order book turns about once a year
63SATS B2C (CYBX)	5.35 lakh paid subscribers	Subscription; weak pricing power
63SATS B2G (CyberDome)	Tamil Nadu prisons and correctional facilities	Long payment cycles
Exchange technology	MSE (only client). Groww and Zerodha were testing MSE connectivity in Sep 2026 (3–4 month timeline)	Very sticky (MCX took ~2.5 years to switch: TCS chosen Feb 2021, live Oct 2023)
Risk Solutions	HFCs (12 new in FY25; ~6 on the regulator platform); a "National Financial Regulator"; a foreign bank	Utility contracts
Related party	India Gold Metaverse (Rs 6.0 cr FY26)	33-year contract
Ticker	Retail and professional traders; data-feed licensees; FIU approval for one client deployment	Shrinking

Customer concentration: not disclosed (no top-5 or top-10 data). Historically MCX was about Rs 331 cr of FY24 revenue (81 + 125 + 125) Est..
End-products that contain the company's output: enterprise SOCs, broker and fintech app security, MSE's trading system, consumer smartphones (CYBX, IronDroid) and prison networks.
Geography: 100% India.

Value-chain map

UPSTREAM                         63 moons group                          DOWNSTREAM
Global security OEMs  ------>  63SATS Cybertech (60.43%)  ------------> 107 enterprises (BFSI,
(Resecurity, Morphisec,         - CSF integration/resale (low-mid GM)     mfg, ports, defence)
 Zimperium, BlackBerry,         - CYBX DNA AI CyberOps (own IP, high GM)  Govt (TN prisons)
 CloudWize; 55 partners)        - CYBX app + ICICI Lombard insurance ---> 5.35 lakh consumers
ICICI Lombard (insurance)       - DPDP compliance-as-a-service ---------> Regulated entities
Engineers / analysts           63 moons standalone
Group IP / exchange stack --->  - Exchange technology ------------------> MSE (single client)
                                - Risk solutions / DataCollector -------> Housing finance cos
                                - QiLegal ------------------------------> Legal users
                               Ticker (65.80%) / 3.0 Verse / Three O Verse
                                - Market data terminals/feeds ----------> Traders (shrinking)
                                - Web3 / tokenisation (pre-revenue)
                               Treasury (~Rs 1,956 cr cash+inv.) -------> Interest/MF income (~Rs 180 cr/yr)
                               NSEL (run-off) <------------------------- Rs 1,950 cr OTS (5,682 traders);
                                                                          ED/MPID asset monetisation

Where pricing power sits

Line	Pricing power	Why
Resale (CSF)	With the OEMs	63SATS earns an integration margin, consistent with ~39% consolidated gross margin in Q1 FY27
AI CyberOps / CYBX DNA	With 63SATS (owns the IP)	~40% of H1 billing; long-run margins depend on this share rising
Exchange technology	With 63 moons, but one client	High switching costs, but MCX showed that monopoly vendor pricing (Rs 125 cr/qtr) leads to the vendor being replaced
Consumer (CYBX)	Weak	Price-sensitive; high marketing cost per subscriber

Competitive Position

The peer set is based on what 63 moons actually runs today: cybersecurity, exchange technology and BFSI software. Legacy broker-tech vendors are shown for context only. Do not build a broker-tech thesis.

Company	Relevance	Rev FY26 (Rs cr)	Growth	EBITDA %	PAT %	RoE	PE	EV/EBITDA	Moat
63 moons (consol.)	Subject	212	+351%	-133%	-25.5% (pre-NCI)	-0.6%	NM	NM	Weak; ~Rs 3,550 cr book, partly encumbered
Quick Heal	Closest listed cyber peer	261	-6.8%	-11.1%	-4.2%	-2.5%	NM	NM	Own IP, labs, brand; eroding (3-yr CAGR -2%)
Allied Digital	MSSP / govt safe-city	968	+20.0%	5.8%	3.7%	4.8%	16.7x	13.0x	Service relationships
TCS	Won MCX; BaNCS	2,67,021	+4.6%	27.1%	18.5%	51.8%	18.0x (TTM 16.3x)	~11.9x	Scale, SEBI/MII trust
Intellect Design	BFSI IP benchmark	3,038	+21.5%	19.2%	11.3%	12.4%	26.5x	~15.8x	Product IP
Nucleus Software	Lending-software peer	876	+5.3%	14.4%	13.4%	13.1%	15.3x	≤14.3x	Sticky niche; OPM 27%→14%
MCX	Lost client	2,302	+106.8%	71.3%	57.9%	56.3%	60.6x (TTM 52.4x)	~49x	Near-monopoly
CloudSEK (unlisted)	AI threat intel	74.1 (FY25)	+1.1%	n/a	-8.6%	n/a	NA	NA	Proprietary AI; ARR ~US$10 mn
Sequretek (unlisted)	AI-SOC/MDR (Percept)	36.5 (FY24)	n/a	n/a	-9.9%	n/a	NA	NA	Product-led MDR
Zerodha (unlisted)	Legacy context; possible MSE partner	~8,500	~-4%	n/a	~50%	n/a	NA	NA	In-house stack

The "pre-cash" EV/EBITDA overstates cash-rich peers. 63SATS's indicative unlisted value is about Rs 2,500 cr, which is ~28.7x FY26 billing and ~4.2x FY27 guidance; the 60.4% look-through is ≈ Rs 1,510 cr (~36% of 63 moons' mcap). Profitable listed peers trade at PE ~17–27x and EV/EBITDA ~13–16x, which cannot be applied to 63 moons. It is a P/B and sum-of-parts story.

Market position

Cybersecurity: Rs 600 cr billed ≈ US$68 mn, or about 0.8–1.2% of the Indian market (US$8.59 bn MarketsandMarkets; US$5.56 bn Mordor). Delivering it would put 63SATS ahead of Quick Heal on billing, but well behind global OEMs (Palo Alto, Fortinet, CrowdStrike, Check Point, Microsoft) and the big integrators (TCS, Wipro, HCL, Tata Communications).
Exchange technology: one of the few Indian vendors with a live deployment, but only one sub-scale client. NSE holds 90%+ of volumes. MSE contract value is undisclosed.
Trading terminals: ODIN claimed ~70–80% share (vs NEST ~20%), vendor-derived and unverified. 63 moons' share has been 0% since Jan 2025.

Legacy broker-tech vendors (context)

Vendor	Status 2026	Relevance
OmneNEST (ex-Omnesys NEST; bought by Thomson Reuters)	MD Anant Pandit, CEO Paresh Hede; current ownership unconfirmed	ODIN's old rival; now competes with Synapsewave
Symphony Fintech (XTS, Blitz)	Mumbai; investors reportedly ION and FTV	Gains from SEBI's retail-algo framework
Greeksoft	NSE-approved DMA vendor (2019); turnover est. Rs 75–100 cr	Algo/HFT front-ends
Zerodha Kite / Angel / Groww / Upstox	In-house stacks	Structural erosion of third-party terminals
TCS BaNCS	Built MCX CDP	Still a direct competitor in exchange tech

Industry size, trends and policy

Source / policy	Data
DSCI	Indian cyber product firms US$4.46 bn (2025, +25%) → US$5.98 bn (2026); 400+ firms; 34% 5-yr CAGR
MarketsandMarkets	US$8.59 bn (2025) → US$16.86 bn (2030), 14.5% CAGR
Mordor	US$5.56 bn (2025) → US$15.06 bn (2031), 18.1% CAGR
IMARC (services)	US$2.8 bn (2025) → US$8.4 bn (2034)
DPDP Act 2023 / Rules 2025	Rules notified 13 Nov 2025; 18-month phase-in; consent managers ~Nov 2026; main duties ~13 May 2027; penalties up to Rs 250 cr (safeguards) / Rs 200 cr (breach notice); a shorter timeline is under discussion
BFSI mandates	SEBI CSCRF, CERT-In 2022 directions, RBI and IRDAI cyber norms (dates from general knowledge, not re-verified)
Government procurement	GeM, state SOCs, prisons and police; long payment cycles
Capital markets	NSE >90%; MCX FY26 revenue doubled to Rs 2,302 cr at 71% EBITDA. SEBI held the MCX CDP in abeyance on 28 Sep 2023, then cleared it via its Technical Advisory Committee
Broker tech	F&O curbs from Nov 2024; SEBI retail algo/API circular Feb 2025, deadlines moved to Aug and then Oct 2025, full mandate ~Apr 2026; Zerodha FY26 brokerage -10.7%
PLI	None applies; indirect: IndiaAI Mission, Digital India, DPDP, state SOC tenders

Trends: AI-driven SOC/MDR, platform consolidation, insurance-bundled consumer security, sovereign-vendor preference, compliance-led BFSI spending.

Porter's Five Forces: cybersecurity (63SATS)

Force	Level	Why
New entrants	High	400+ firms, low capital needs, funded startups, OEMs selling direct
Buyer power	High	Enterprise RFPs; government L1 tenders; renewal risk
Supplier power	Med-High	55 OEMs; COGS 61% of Q1 revenue
Substitutes	Med-High	Microsoft Defender/Sentinel bundles, MSSPs, in-house SOCs
Rivalry	High	TCS, Wipro, HCL, Tata Comm; Quick Heal/Seqrite, K7, Allied, Sify; startups

Moat durability: weak to moderate. Margins should be benchmarked to services peers (Allied ~6% EBITDA) until the proprietary share rises. Exchange tech has high entry barriers (certification, latency, uptime, SEBI oversight), but 63 moons' moat there is impaired: it lost MCX, MSE is sub-scale, and the NSEL/FMC legacy weighs on new MII mandates. The MSE relationship is a vendor contract, not a shareholding. The treasury is not an operating moat.

Strengths and weaknesses vs each peer

Peer	63 moons / 63SATS strengths	Weaknesses
Quick Heal	Faster growth (H1 billing Rs 218 cr vs QH TTM sales Rs 249 cr); Rs 400 cr order book; parent balance sheet	QH owns 30-year IP, labs, channel and brand; its losses are smaller
Allied Digital	Higher-ambition mix (AI SOC, DPDP); no net debt	ADSL is profitable (PAT Rs 36 cr) with audited scale (Rs 968 cr)
CloudSEK / Sequretek	Larger billing; capital; BFSI access	Deeper AI, ARR models, cleaner governance
TCS	Agility; exchange IP; cheaper for small exchanges	Cannot contest NSE/BSE/MCX-tier mandates
Intellect / Nucleus	Cyber theme; treasury	They are profitable IP franchises (PAT 11–13%, RoE 12–13%)
MCX	Know-how that built MCX	Lost ~Rs 330–500 cr a year of high-margin revenue
Zerodha / in-house stacks	Exited early; possible MSE partner	Terminal market lost; ODIN sold cheaply

Risks & Red Flags

#	Risk	Category	Severity	Explanation	Mitigant
1	NSEL OTS cash outflow and timing	Financial / Regulatory	High	Rs 1,950 cr to 5,682 creditors (claims ~Rs 4,300–4,610 cr) is ~55% of net worth and ~46% of mcap; it depends on an undefined Settlement Trigger Event; no provision	Final at the SC (13 Oct 2026); PMLA order routes up to Rs 1,950 cr back. Assigned claims: decrees/awards of Rs 3,365 cr vs 24 members (market) or ~Rs 4,295 cr vs 21 of 22 (financials/narrative); ED attachments ~Rs 1,740 cr; MPID ~Rs 8,548 cr (market) vs EOW ~Rs 4,500 cr / ED ~Rs 900 cr (governance)
2	Criminal cases survive	Regulatory / Governance	High	Bombay HC 9 Mar 2026; CBI MMTC (Rs 222.49 cr) and PEC (Rs 120.75 cr); joint-trial SLP pending; ED (Accused No. 73); SFIO stayed by the Bombay HC; NSEL has 138 proceedings and 3 convictions	Civil claims resolved; long-dated trials
3	Encumbered balance sheet	Financial	High	ODIN Rs 98 cr and NTT proceeds held by the MPID CA; P/B assumes realisability	Releases progressing
4	Auditor qualification	Governance	High	Since FY13, repeated in Q1 FY27; impact unquantifiable	Could narrow as the OTS executes
5	Treasury income below the burn	Business / Financial	High	Recurring SA interest ~Rs 114 cr/yr covers ~40% of the ~Rs 290 cr EBITDA burn; Q4 OI spike was partly one-off	63SATS scale-up; MSE
6	Accelerating cash burn	Financial	High	CFO -143 (FY25), -293 (FY26)	Treasury; FY28 EBITDA target
7	63SATS guidance quality	Execution	High	Needs ~Rs 382 cr in H2 (+75%) and ~Rs 200 cr of fresh orders; billing is GST-inclusive and unaudited; ~Rs 450 cr at the Q2 run-rate	Rs 400 cr order book
8	Resale-heavy mix	Business	Med-High	COGS 61%; ~10% recurring; segment result -Rs 5 cr	Mix shift to IP
9	Receivables	Financial	Med-High	Debtor days 23 → 114; 63SATS turnover 10.88x → 2.97x; Rs 25 cr of ICDs rolled over past due	BFSI clients
10	Exchange-tech concentration	Business	High (realised)	MCX lost (~Rs 330–500 cr/yr); MSE only	Groww/Zerodha integration test
11	Subsidiary dilution and opacity	Fin / Gov	Medium	Re 1 and Rs 10 rounds; unnamed allottees; subsidiary status flipped	Parent converted at Re 1
12	Ticker / Baron Infotech	Gov / Fin	Med-High	Rs 25 cr (FY25) + Rs 21.49 cr + Rs 70 cr + Rs 8.5 cr; backdoor listing via insolvent Baron. NCLT Hyderabad remanded the CIRP 9 Dec 2025; Innopark plan CoC-approved 25 Apr 2026; NCLT order 5 May 2026; plan approved 8 Sep 2026; Ratakonda plans an NCLAT appeal (Reg 39(1A), s.29A)	Company says not RPTs; FIU approval for a client
13	Undisclosed "Trading" segment	Disclosure	Medium	Rs 41.7 cr in Q4 FY26, not described	Verify in AR
14	Recurring NSEL write-offs	Financial	Medium	47.5 / 45 / 30 / 15	Should taper
15	Treasury credit losses	Financial	Medium	DHFL Rs 102 cr; ITNL Rs 135.6 cr; Yes Bank Rs 100 cr; Rs 200 cr Yes Bank residual binary	ITNL distributions Rs 72.3 cr
16	Tax disputes	Regulatory	Medium	Contingent Rs 596.6 cr incl. IBMA VAT	Under appeal
17	Key person / founder	Governance	Medium	Founder-centric strategy; MD on 1-year terms	Professional KMP
18	Institutional absence	Market	Medium	FII 8.0% → 1.6%; DII 0; no coverage or rating	Retail re-rating
19	Dividend restraint	Governance	Low-Med	Rs 93.1 cr withheld; ~Rs 102 cr outflow on release	Suit withdrawn with liberty
20	Litigation cost	Financial	Medium	Rs 29.45 cr in Q1 FY27 (~Rs 118 cr annualised); Rs 92.5 cr in FY26	Should fall
21	Rs 10,000 cr damages suit	Legal	Low	Contingent asset; dormant; valued at zero	—
22	Technology obsolescence	Business	Medium	AI-native rivals; hyperscaler bundles	Partners
23	Regulatory timing	Regulatory	Medium	DPDP timeline shifts; SEBI MII vendor norms	105-client pipeline
24	Rates / FX	Macro	Low-Med	Rate cuts reduce treasury yield	Debt-free
25	ESG / reputation	ESG	Medium	NSEL limits large wins	No cyber incidents in FY25; CISO
26	Breach at a security vendor	Business	Medium	Would be existential for the brand	Dedicated cyber dept
27	Restoration clauses	Legal	Medium	Suits withdrawn "with liberty for restoration in terms of the Scheme"	Scheme completion
28	Disclosure risk	Governance	Medium	Feb 2026 warning letters; combative Sep 2026 clarification	—

Red-flag checklist

Flag	Status	Evidence
Rising debt	No	Rs 3–5 cr; no rating
Margin deterioration	Yes	OPM +23% (FY24), -509% (FY25), -133% (FY26), -94% TTM
Auditor concerns	Yes	Qualified since FY13
Related-party abuse	Watch	IGM, Ticker, Re 1 conversions; FY25 Directors' Report disclosed no material RPTs with promoters
Promoter selling	Minor	Prakash B Shah 22,000 sh (SAST) vs "none" in two modules
Dilution	Yes (subs)	63SATS 100% → 60.43%
Customer loss	Yes	MCX (Oct 2023); ODIN divested
Litigation / tax	Yes	Criminal, PMLA, SFIO; ~Rs 178 cr IT demands (FY23)
Commodity / FX / rate	Low	Treasury yield only
Tech obsolescence	Medium	Risk 22
Key-person	Medium	Founder-centric
Working-capital stress	Yes	Debtor days 114; CFO -293

Street debate

Retail bull arguments:

The settlement clears a 13-year overhang.
Up to Rs 1,950 cr comes back as assignee.
The stock is at ~1.2x book with no debt.
63SATS could be a hidden multibagger (Rs 1,500–1,700 cr look-through vs Rs 4,200 cr mcap).
MSE optionality.

Retail bear arguments:

"Never went up from 2013" (ValuePickr lists it among investors' past mistakes).
Rs 55–87 cr quarterly operating losses.
The MCX annuity is gone.
63SATS growth is mostly resale.
Warning letters and repeated ASM.
Book includes NSEL receivables and attached assets; ROE ~1% over 3 years.

Management Commentary, Guidance & News Flow

There are no concalls. The company holds no earnings calls and publishes no investor presentations, and there is no sell-side coverage. Management's words come only from:

the AR letters and MD&A;
results notes and exchange letters;
three 63SATS updates (15 Apr, 10 Jul and 11 Oct 2026).

The 38th AGM (23 Sep 2026, by VC) filing notes Chairman Chary's speech "commenting upon the working of the Company and the future prospects" and Q&A taken by Rajendran, but filed neither text. It confirms the auditor qualifications were read out. AGM 2025 (24 Sep 2025) was the same.

Management voice

Source / date	What was said (paraphrased unless quoted)	Tone
AR FY26 Chairman (published 27 Aug 2026; themed "Securing Digital Life")	Cybersecurity as a national priority; progression CSF → CyberDome → CYBX; Web3, AI, blockchain, LegalTech. No numbers or guidance	Visionary
AR FY26 MD & CEO	A further phase in the "transition into a technology-led enterprise"; MSE sole exchange client; ~6 HFCs on the regulator platform; QiLegal	Measured
Directors' Report	"your Company is confident that the settlement will go through as approved by NCLT"	Confident
MD&A	Macro preamble; CYBX the "world's first B2C… cybersecurity app with embedded insurance"; standalone-led financial discussion	Promotional
Board-skills section	Affairs revolve around treasury management, existing operations and following up legal cases	Candid
NSEL press release (28 Nov 2025)	Credits the "present BJP Government"; "no money trail to NSEL or its Promoter"; recalls Rs 179 cr paid in 2013; Saraf thanks the company	Political, vindicatory
3 Feb 2026 (MSE)	MSE upgraded on 63 moons technology "on same lines as… MCX since 2003". MSE's own circular called it a new version of existing software. NSE/BSE warning letters followed on 20 Feb, acknowledged 23–24 Feb; no fine	Overreaching
10 Feb 2026 (NSE query)	Price move "purely market driven"	Defensive
30 Jul 2026 (MPID letter)	"Some more release are expected in near future to bring final OTS for execution"	Confident
23 Sep 2026 (Law Text)	Says a 22 Sep lawtext.in article recycled the 7 Feb 2025 HC judgment as fresh; contemplating legal action	Combative

63SATS updates: guidance over time

Date	Key content
15 Apr 2026 (FY26)	FY26 revenue Rs 87 cr (FY25 Rs 3.6 cr). FY27 target Rs 350 cr revenue, Rs 40 cr EBITDA: OEM/Alliances Rs 200 cr, focus areas Rs 50 cr, CYBX DNA/IP Rs 100 cr+. Order book Rs 45 cr; 72 clients; 144 staff (190 planned); 18.87 lakh downloads, 2.32 lakh paid; CYBX Coin; Publicis. Clients named: Times Group, ICICI Securities, Tata, Raymond, Adani
10 Jul 2026 (Q1)	Order book Rs 288 cr (~82% of target); ~Rs 100 cr billed incl. taxes; focus "from demand generation to delivery execution"; 65+ DPDP clients; 3.25 lakh paid; new IDs Shruti Shah and Chandrasekhar Kanekal
11 Oct 2026 (H1)	H1 billed Rs 218.21 cr (Q1 102.57 limited review; Q2 115.64 provisional); AI CyberOps Rs 88 cr; recurring ~10%; order book Rs 400 cr, ~55% billed; guidance Rs 600 cr billed; EBITDA negative "by design", inflects FY28, 40%+ at maturity; 25 lakh+ downloads; 5,35,405 paid; 107 clients; 55 partners; 177 staff

Results history (consolidated)

Quarter (date)	Rev	OI	COGS	PBT	Exceptional	PAT attrib.	SA PAT	Driver
Q3 FY25 (12 Feb 2025)	11.7	40.8	–	-28.1	–	-16.7	1.3	Post-ODIN
Q4 FY25 (May 2025)	13.54	83 (incl. exc.)	–	16.0	net +23.5	11.0	n/a	ODIN gain less bonds
Q1 FY26 (12 Aug 2025)	30.3	42.2 (SA)	–	~1	–	+3.1	17.3	Other income
Q2 FY26 (Oct/Nov 2025)	20.4	53.5	–	-40.6	STP gain	-28.3 (pre-NCI -44.5)	2.3	Revenue -21.8% QoQ
Q3 FY26 (10 Feb 2026)	26.6	40.9	–	-31.3	-7.5 SA	-19.7	1.0	NSEL infusion written off
Q4 FY26 (18 May 2026)	133.2	119 (incl. exc.)	38.5	33.7	+94.7	+22.5	154.1	63SATS billing; traded goods; NSEL Rs 65.2 cr write-off
Q1 FY27 (12 Aug 2026)	136.3	34.9	83.1	-46.3	-15 SA	-39.7 (pre-NCI -47.6)	3.1	COGS 61%; legal Rs 29.5 cr

Guidance vs actuals

Given	What was said	Outcome	Verdict
Dec 2024 / Feb 2025	Rs 1,950 cr OTS; confident of government support	Legally final; no cash paid as of 16 Oct 2026 (~22 months)	Delivered legally; cash pending
30 Jul 2026	More releases "in near future"	PMLA order 8 Oct 2026	On track, piecemeal
15 Apr 2026	Rs 350 cr revenue, Rs 40 cr EBITDA	H1 Rs 218 cr billed; guide to Rs 600 cr billed; EBITDA target dropped	Metric loosened; credibility issue
10 Jul 2026	Rs 288 cr = 82% of target	Rs 400 cr; ~Rs 182 cr unbilled vs ~Rs 382 cr needed	Needs ~Rs 200 cr of new orders booked and billed in H2
FY26 notes (IL&FS)	Hopeful of distributions	Rs 10.5 cr after year-end; Rs 72.3 cr cumulative	Modest positive
FY25–26 (Yes Bank)	Rs 100 cr of Rs 300 cr impaired	SC reserved	Binary

Tone over time: defensive and victim-framed (2024–25) → celebratory after the NCLT sanction (Nov 2025) → promotional on 63SATS (2026) → combative on rumours (Sep 2026). Recurring themes: "no money trail"; credit to the government; asset monetisation under MPID direction with proceeds parked with the CA (~Rs 243.6 cr); the cyber pivot. Contradictions: revenue target switched to "billed"; EBITDA target dropped; MSE "upgraded engine" claim contradicted by MSE.

Stock price history

Year	Year-end (Rs)	YoY	High	Low
2023	471.45	+181%	690	158
2024	904.40	+92%	1,078 (1,079.85)	314
2025	719.00	-20.5%	1,130 (17 Jul 2025; single source)	591
2026 YTD	~920	~+28%	957.95	467 (30 Mar)

The Rs 1,130 high rests on StockPriceArchive and Samco, with no explaining news. Univest showed a 52-week high of Rs 1,007.70 on 4 Sep 2026, implying about Rs 1,000 in Sep/Oct 2025. The narrative module cites a Jul 2025 high of Rs 1,111–1,130.

Event timeline: price moves and catalysts

Date	Move	Catalyst
Jun 2023	+52% in 5 days to Rs 256.20	MCX extends support 1 Jul–31 Dec 2023 at Rs 125 cr/qtr; MCX stock -12–14%
Jun–Aug 2023	~Rs 190 → 358	Miri buys ~1.74% via bulk deals; Gazania flips; LT-ASM Stage IV 8 Dec 2023–15 Mar 2024
16 Oct 2023	Structural negative	MCX live on TCS CDP (SEBI first held the 3 Oct go-live in abeyance)
~8 Oct 2024	Low ~Rs 314–352	Pre-settlement trough
Oct–5 Dec 2024	+108% (Rs 369 → 766.60); 8 straight up days	NIF seeks Rs 1,950 cr
15–18 Dec 2024	Upper circuits to Rs 990.35; +66% in a month	Board approves OTS participation
10 Dec 2024–2 May 2025	LT-ASM Stage I	Volatility
18–19 Feb 2025	Upper circuit ~Rs 646.55	Board approves Scheme for NCLT filing
6–7 Mar 2025	5% UC to Rs 759.5	Settlement agreement
Apr 2025	Negative	SC upholds Piramal's DHFL plan
20 May 2025	—	92% creditor approval
27 Oct 2025	—	MarketsMOJO Sell → Strong Sell
30 Oct 2025	Weak	Q2 FY26 loss ~Rs 44.7 cr (pre-NCI)
28 Nov 2025	+14–19% to Rs 893–930.90 (prev. close Rs 782.05)	NCLT sanction
Dec 2025	Drift to ~Rs 719	Post-event selling
27 Jan–24 Feb 2026	Governance negative	MSE disclosure; warning letters 20 Feb; BSE volume query 10 Feb
Mar 2026	Lows Rs 538.95, 498.45 (23 Mar), 470.2, 467 (30 Mar); -56% from high	Sensex -7.8% in 3 weeks; negative EBITDA
1 Apr 2026	+7.3%	Rebound
21 Apr–25 May 2026	ST-ASM Stage I (twice)	Volatility
18–19 May 2026	—	FY26 results; Rs 2 dividend
13 Jul 2026	+14.6–15% to Rs 777.80	63SATS Rs 288 cr order book
24–31 Jul 2026	+34% in 6 sessions; ~Rs 920 close 31 Jul	MPID release; MOFSL technical Buy (T Rs 910). Business Today's Rs 847.05 reflects the 30 Jul level
3–11 Aug 2026	ST-ASM	After the rally
12–13 Aug 2026	-6.3% to Rs 811.70	Q1 FY27 loss
4 Sep 2026	Rs 867.95	—
Sep 2026	Intraday volatility	Law Text article
11–12 Oct 2026	+6.4% to +12% (9% gap-up; high Rs 860.30; +7.48% to Rs 813.75)	63SATS guidance Rs 600 cr
13 Oct 2026	+9.82% to Rs 912.15	SC dismisses MMTC (attribution inferred)
14 Oct 2026	Close Rs 902.80	MarketsMOJO "bullish momentum shift"
15–16 Oct 2026	~Rs 913–921	Consolidation below the 52-week high

24-month corporate timeline (non-legal items)

Date	Event
20 Jan 2025	ODIN/MATCH sale closes
5 May 2025	63SATS placement at par; ceases to be a subsidiary
19/20 May 2025	Sahu joins the board
9 Sep 2025	STP-Gate closes; 63SATS Rs 180 cr raise
24 Sep 2025	37th AGM; Rs 1.20 dividend (unpaid)
13 Oct 2025	63SATS Rs 65.05 cr raise filed
12 Dec 2025	ZOFCD conversion; 65.27%
18 Feb 2026	NTT stake sale completed
18 May 2026	FY26 results; Rs 2 dividend recommended
1 Jun 2026	MD's 1-year re-appointment begins
20/22 Jun 2026	IGM RPT ballot result
21 Jul 2026	FTSPL–Ticker Rs 70 cr board approval
12 Aug 2026	Q1 FY27; Ticker Rs 50 cr placement
21/22 Aug 2026	FTSPL–Ticker RPT approved (15.47% turnout)
8 Sep 2026	NCLT approves the Baron plan; Ratakonda to appeal
23 Sep 2026	38th AGM
6/7 Oct 2026	63SATS conversion; stake 60.43%
11 Oct 2026	63SATS H1 update; Rs 600 cr guide

Growth, Outlook & Valuation

Order book and revenue visibility

Parent: no order book. MSE contract value undisclosed; risk and legal lines small; IGM related-party revenue Rs 6.0 cr.
63SATS: order book Rs 45 cr (FY26) → Rs 288 cr (Q1) → Rs 400 cr (H1, ~55% billed). All orders execute within 12 months. Book-to-bill and the repeat vs new split are not disclosed. About 90% of H1 billing was non-recurring. Rs 200 cr of the original Rs 350 cr target was OEM resale.

Catalysts

Next 12 months

Definition of the Settlement Trigger Event; first ED/MPID asset sale; first trader payout
Further MPID release orders; release of Rs 243.6 cr of CA deposits
Q2 FY27 results (Nov 2026); 63SATS H2 billing vs Rs 600 cr
Sep 2026 SHP (due ~21 Oct)
SC verdict on Yes Bank AT-1 (Rs 200 cr binary)
Release of the dividend backlog (~Rs 102 cr)
IronDroid certification (Nov 2026); any 63SATS IPO or DRHP
Baron Infotech NCLAT outcome
MSE broker integrations (Groww, Zerodha)
Any first sell-side initiation

3–5 years

Recoveries as assignee of claims (decrees securing ~Rs 4,295 cr)
63SATS EBITDA inflection (FY28) and 40%+ aspiration
DPDP compliance spending (duties from ~May 2027)
Lower legal costs (Rs 92.5 cr in FY26)
Lifting of the audit qualification
MSE volume growth

Street coverage (none institutional)

House	Type	Call	Target	Date	Note
MOFSL	Technical	Positional Buy	910	31 Jul 2026	Hit within a day; stale
MarketsMOJO	Quant	Strong Sell (27 Oct 2025) → Sell	—	Upgrade dated 29 Jul 2026 (narrative) vs "Jul–Oct, date not visible" (heard; a 28 Jul piece still read Strong Sell)	Quality "below average"; EBIT/interest ~-122
StockInvest.us	Algorithmic	Sell signal	—	29 Apr 2026	Stale
WalletInvestor	Model	"Buy"	1,198.88	2026	Low weight
Univest (INH000013776)	Retail blog	"12-month target"	895	13 May 2026 (price Rs 746)	No named house
Univest (Ankit Jaiswal)	Retail blog	Watch	480	20 May 2026	Excluded: cites an impossible price of Rs 398
Univest (Kunal Singla)	Bull vs bear	Neutral	—	4 Sep 2026	Self-contradictory on "below book"
TradingView community	Retail technical	Long ideas (SL 642; T 900/1,166; legacy T 1,200/1,700/2,500)	various	2023–26	Momentum interest

Consensus estimates, ratings split and target range: N/A. No SEBI-registered institutional broker covers the stock.

Valuation vs 3-year average

Metric	Current	FY24	FY25	FY26	3-yr avg
Price (Rs)	920	378.8	807.6	468.5	551.6
Market cap (Rs cr)	4,222–4,237	1,761	3,735	2,164	2,553
P/E	NM	7.9x	NM	NM	NM
P/B	1.19x	0.53x	1.09x	0.59x	0.74x
EV (StockAnalysis)	~2,384	209.5	2,074	34	773
EV/EBITDA	NM	2.5x	NM	NM	NM
EV/Sales	~7.5x TTM	0.57x	NM	0.16x	NM
Dividend yield (notional)	0.22%	0.52%	0.15%	0.43%	0.37%
Mcap / parent free liquidity	2.32x	~1.0x	~2.1x	1.19x	~1.4x

Against its own history the stock is expensive (1.19x vs 0.74x P/B). The Valuation grade of "Fair" rests on the sum of the parts below, not on history. Analyst View

Sum-of-parts: what the market implies

Component (Rs cr)	Low	High	Basis
Parent free liquidity	1,826	1,826	Audited SA, 31 Mar 2026
Restricted deposits	328	328	MPID CA + Bombay HC
Bonds and InvIT	286	286	Carrying value (Yes Bank binary)
FT Tower real estate	325	325	PPE ~204 + IP at FV 121
63SATS stake (66.0 cr sh)	660	1,848	Rs 10 round vs Rs 28 grey market
Ticker stake	—	—	Not valued (see conflict, Tab 7)
NSEL recovery rights	—	—	Not valued
Identifiable total	3,425	4,613	Rs 743–1,001 per share Est.
Less OTS if paid with no recovery	1,475	2,663	Rs 320–578 per share
Market cap	4,222		Rs 920 per share

63SATS valuation: conflicting marks

Basis	63SATS equity (Rs cr)	63 moons share (Rs cr)	Source
Rs 10 round × ~109 cr sh	~1,090	~660	Financials
"Series B" post-money	1,161	~700	Governance / heard (Dealroom ~$127 mn)
Unlistedzone indicative	~2,500 (28.7x FY26 billing)	~1,510	Market
Grey market Rs 24–28 (Aug 2026)	2,430–2,830	—	Heard
Rs 24–28 × 109.22 cr sh	2,621–3,058	1,584–1,848	Business

Dividend and buyback: Rs 2 DPS for FY26 (0.22% notional), unpaid since FY15; no buybacks. Guidance numbers: 63SATS FY27 Rs 600 cr billed (~Rs 508 cr ex-GST), EBITDA negative until FY28; no parent-level guidance.

Final Verdict

Business QualityWeak

Management QualityWeak

Financial QualityMedium

ValuationFair

Overall ViewNeutral

Financial = Medium: debt-free, ~Rs 1,826 cr of parent free liquidity, but -Rs 293 cr OCF and an unprovided Rs 1,950 cr obligation. Valuation = Fair on sum-of-parts (Rs 3,425–4,613 cr vs Rs 4,222 cr), though expensive against its 0.74x 3-year P/B.

Bull case

ED proceeds fund the OTS. Treasury stays intact, about Rs 328 cr of deposits are released, and 63 moons owns the claims on decrees securing ~Rs 4,295 cr.
63SATS reaches about Rs 500 cr+ and its IP share rises. A listing or new round at the grey-market Rs 24–28 marks the stake at Rs 1,584–1,848 cr.
Legal costs (~Rs 92 cr) and NSEL losses (~Rs 100 cr) fall away. Dividends resume and the audit qualification lifts, bringing institutions back.

Bear case

63 moons pays Rs 1,950 cr first. Parent liquidity goes to about zero and interest income disappears while recovery drags for years. The SOTP falls to about Rs 320–578 a share.
63SATS misses the Rs 600 cr guidance (about Rs 450 cr at the Q2 run-rate). Resale margins and receivables worsen and EBITDA slips beyond FY28.
Value keeps leaking to Ticker and promoter-linked parties. Criminal proceedings or Yes Bank (Rs 200 cr) go against the company.

Base case (12–18 months): payout sequencing becomes clearer in stages, with partial ED monetisation and some deposit releases. The stock trades in a wide event-driven band around 1.0–1.3x book. 63SATS bills about Rs 450–550 cr with negative EBITDA, and the consolidated burn continues at about Rs 250–300 cr a year, offset by about Rs 110–130 cr of treasury income. Analyst View

5 things to remember

No ODIN, no MCX: this is a cyber-plus-treasury holding company.
The Rs 1,950 cr OTS is legally final, unpaid and unprovided; the trigger is undefined.
Parent free liquidity is about Rs 1,826 cr. Consolidated gross treasury is Rs 2,677 cr, but part is restricted or minority-funded.
63SATS "billing" includes GST and is unaudited; 96.6% of its FY26 revenue was resale; the EBITDA target was dropped.
There is no institutional holder, no coverage, no credit rating and no concalls.

5 questions before investing

What exactly is the Settlement Trigger Event, and who pays first?
Who were the May 2025 Re 1 allottees and the Oct 2026 converter of 63SATS shares?
Why is surplus treasury going into Ticker at about 24x book, and who sold the secondary shares?
What is 63SATS's audited Ind AS revenue, gross margin and recurring share for FY27?
Who owns Synapsewave, and what is the legal basis of the IGM related-party status?

Overall: Neutral. A legal-event special situation in which the NSEL settlement is now final and 63SATS is scaling fast. After a ~97% rally, 1.19x book already prices a benign payout sequence and grey-market 63SATS value, while operations burn about Rs 290 cr a year and governance remains weak. Wait for the trigger-event disclosure and audited 63SATS numbers before committing capital.

Sources

Coverage by module

Module	FY26 AR	Q1 FY27 filing	Notes
Financials	Read in full (notes 1–71) from 63moons.com	Not retrievable (NSE timeout, BSE 403); secondary	Also read FY25 and FY23 results, the NCLT letter and the 63SATS Sep 2025 letter
Business	Not text-extractable; NSE iXBRL timed out	Secondary	63SATS 6 May 2025 letter not extractable
Governance	Compressed binary / BSE 403	Secondary	FY26 audit text, AOC-1 and RPT note not retrieved
Market	Inaccessible	Secondary	Peer data recomputed from Screener
Narrative	Used (AR letters, MD&A, AOC-1)	Company result PDF cited; 63SATS H1 PDF not parsed	AGM speech not filed
Heard (street)	n/a	Secondary	Reddit and Moneycontrol fetches blocked

Data-conflict register

Item	Value A (source)	Value B (source)	Treatment
63SATS FY25 revenue	Rs 2.4 cr (63SATS AR; business)	Rs 3.6 cr (press; narrative, heard)	Both shown
SA interest income	Rs 131.2 cr FY26 (financials)	~Rs 114 cr (Q1 FY27 × 4; market)	Different periods
Treasury	Rs 2,676.7 cr gross consol.	Rs 1,956 / 1,826 / 1,813 / 1,659 cr	Reconciled, Tab 6
Ticker value at Rs 27	~Rs 477 cr (market)	~Rs 4,700–4,860 cr (business, narrative)	Larger figure supported by paid-up capital
Ticker listed?	Listed (financials, governance)	Unlisted; backdoor via Baron (market)	Shown
Ticker stake	67.49% → 65.80%	66.76% after 12 Aug placement (narrative)	Sequence explains it
Feb 2026 Series B	Separate round (governance, heard)	Sep+Oct 2025 combined (business)	Shown
Promoter trades	22,000 sh sold (SAST; governance)	None found (narrative, market)	SAST preferred
CIN	L29142TN1988PLC015586	L29142MH1988PLC046760	Shown
IGM direction	Open (governance)	63 moons receives Rs 6.0 cr (financials, narrative)	Vendor
Gross margin	81.8% consol. FY26	~54% 63SATS FY26; ~39% consol. Q1 FY27	Different bases
NSEL defaulter decrees	~Rs 4,295 cr, 21 of 22	Rs 3,365 cr, 24 members (market)	Shown
TTM PAT	-Rs 65.2 cr attrib.	-Rs 98.8/-99 cr pre-NCI	Basis
Contingent liabilities	Rs 596.6 cr consol. FY26	Rs 243.5 cr SA FY25; Rs 148.3 cr SA FY26	Bases
MarketsMOJO upgrade date	29 Jul 2026 (narrative)	Not visible (heard)	Shown
Employees	378 (31 Mar 2025)	414 (FY26 AR)	Different dates
Dividend restraint	Withdrawn under scheme (business)	Needs judicial order (financials, narrative)	Shown

Company filings and annual reports

FY26 Annual Report: https://www.63moons.com/investors/shareholders/annual-report/Annual-Report-2025-2026.pdf ; BSE copy (403): https://www.bseindia.com/xml-data/corpfiling/AttachHis/ae207c2d-0539-47cd-b6b9-b9409b0b0a73.pdf (16 Oct 2026)
FY25 AR: https://www.63moons.com/investors/shareholders/annual-report/Annual-Report-2024-2025.pdf ; AR 2023-24: https://www.63moons.com/investors/shareholders/annual-report/Annual-Report-2023-2024.pdf
FY25 results: https://www.63moons.com/investors/corporate-announcement/Disclosures/StExResultMarch25.pdf ; FY23: https://www.63moons.com/FTUploads/QuarterelyEarnings/2022-2023/Result.pdf
Q1 FY27: https://www.63moons.com/investors/corporate-announcement/Disclosures/ResultJune2026.pdf ; Q3 FY26: https://www.63moons.com/investors/corporate-announcement/Disclosures/ResultsDec2025.pdf
Exchange communications index: https://www.63moons.com/investors/corporate-announcement/communications-to-stock-exchange.html
NCLT approval / NSEL release: https://www.63moons.com/investors/corporate-announcement/Disclosures/NSELsettlement28112025.pdf ; https://nsearchives.nseindia.com/corporate/63MOONS_28112025131209_NSELsettlement28112025.pdf
MPID intimation 30 Jul 2026: https://www.63moons.com/investors/corporate-announcement/Disclosures/Intimation30072026.pdf
FTSPL/Ticker board outcome 21 Jul 2026: https://www.63moons.com/investors/corporate-announcement/Disclosures/BMOutcome21072026.pdf ; Ticker placement 12 Aug 2026: https://www.63moons.com/investors/corporate-announcement/Disclosures/LetterTickerIntimation12082026.pdf
Ticker/Baron: https://www.63moons.com/investors/corporate-announcement/Disclosures/LetterTicker11122025.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/Letter06052026.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/StExcLtr-Update_09092026.pdf
63SATS: https://www.63moons.com/investors/corporate-announcement/Disclosures/Letter63SATSintimation15122025.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/Letter63SATSraisingoffunds.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/Letter07102026SATSupdate.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/Raisingoffundsby63SATS10092025.pdf ; https://www.63moons.com/investors/corporate-announcement/Disclosures/letter06052025.pdf (not extractable)
38th AGM proceedings: https://www.63moons.com/investors/corporate-announcement/Disclosures/38thAGMProceedings23092026.pdf ; voting: https://63moons.com/investors/corporate-announcement/Disclosures/VotingresultsandScrutinizersreport.pdf ; AGM notice 2023-24: https://www.63moons.com/investors/shareholders/annual-report/AGM-Notice-2023-24.pdf
NSE: https://nsearchives.nseindia.com/corporate/63MOONS_18022026203028_UpdateNTTstakesale18022026.pdf ; https://nsearchives.nseindia.com/corporate/63MOONS_11102026104658_H1Update63SATS11102026.pdf ; https://nsearchives.nseindia.com/corporate/63MOONS_07092026162210_AcquisitionFTSPL07092026.pdf ; https://nsearchives.nseindia.com/corporate/63MOONS_08072026162633_Reg30Acquisition.pdf ; iXBRL: https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_158667_18052026195808_iXBRL_WEB.html
BSE: https://www.bseindia.com/xml-data/corpfiling/AttachHis/6c6d2f56-eaa5-4871-96f5-1d15f2aded55.pdf ; https://www.bseindia.com/xml-data/corpfiling/AttachHis/7b5565a9-1c2f-4d39-9a66-ddaa795227b6.pdf ; https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03022026/95aa85df-a8c8-4975-9d0e-99c6ee8b8d64.pdf ; https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/13022026/f110f7ad-fb35-43bd-bca2-6460e68a1245.pdf ; https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/27012026/c21dc80b-c80a-47c0-aa23-9d54afc2c856.pdf
Company site: https://63moons.com/ ; https://www.63moons.com/solutions/cybersecurity.html ; https://www.63moons.com/amp/explore-us.html ; https://www.63moons.com/discover-63-moons/driving-force.html ; https://www.63moons.com/amp/jignesh-shah-chairman-emeritus-63-moons-technologies.html ; Dec 2023 PR: https://www.63moons.com/FTUploads/PressReleases/2023/December/English/398/63-moons-unveils-innovative-technology-universe-of-Cybersecurity-Web-3-0-and-Blockchain-and-LegalTech.pdf ; Capital audit: https://www.63moons.com/investors/corporate-announcement/Disclosures/CapitalAuditReportMarch2022.pdf ; 2016 directorate: https://63moons.com/investors/corporate-announcement/Disclosures/Change-in-Directorate_ 20Dec2016.pdf
MSE clarification: https://www.msei.in/SX-Content/Press-Release/2026/January/PR-ENGLISH-27-JAN-2026-CLARIFICATION-CLARIFICATION.pdf

Financial databases

Screener: https://www.screener.in/company/63MOONS/consolidated/ ; https://www.screener.in/company/63MOONS/ ; peers QUICKHEAL, TCS, MCX, INTELLECT, NUCLEUS, ADSL at https://www.screener.in/company/[ticker]/consolidated/
StockAnalysis: https://stockanalysis.com/quote/nse/63MOONS/ ; https://stockanalysis.com/quote/nse/63MOONS/financials/ ; https://stockanalysis.com/quote/bom/526881/financials/ (ratios, statistics, balance-sheet, cash-flow-statement, ?p=quarterly)
Trendlyne: https://trendlyne.com/equity/share-holding/415/63MOONS/latest/63-moons-technologies-ltd/ (and dated pages 30-06-2016, 30-09-2023, 31-03-2024, 30-09-2024, 31-12-2024, 30-06-2025); https://trendlyne.com/equity/insider-trading-sast/all/63MOONS/415/63-moons-technologies-ltd/ ; https://trendlyne.com/equity/bulk-block-deals/63MOONS/415/63-moons-technologies-ltd/ ; https://trendlyne.com/equity/asm-status/415/63MOONS/63-moons-technologies-ltd/
Equitymaster: https://www.equitymaster.com/stock-research/shareholding-pattern/WRWDT/63-MOONS-TECH-Shareholding-Pattern ; Simply Wall St (3 Dec 2025); Insiderscreener: https://www.insiderscreener.com/es/company/63-moons-technologies-ltd
IndiaInfoline: https://www.indiainfoline.com/company/63-moons-technologies-ltd/reports/directors-report ; https://indiainfoline.com/company/63-moons-technologies-ltd/reports/auditors-report ; Goodreturns: https://www.goodreturns.in/company/63-moons-technologies/quarterly-results.html ; https://www.goodreturns.in/company/63-moons-technologies/notes-to-account.html
MarketScreener, Kotak Neo (Q2, Q3, Q4 FY26), Arihant (Q4 FY26, directors' report), Bajaj Finserv, Samco, StockPriceArchive, Sharpely, Groww, Torus Digital, Dealroom (https://dealroom.co/companies/63-sats/), Inc42 (CloudSEK, Sequretek, Zerodha), Preqin (Miri Capital)

Results and corporate news

ScanX: FY26 results; Q1 FY27; MPID clearance; warning letters; 63SATS Rs 65.05 cr and Rs 180 cr; OFCD conversion; STP-Gate completion; Ticker Rs 70 cr and Rs 21.49 cr; Baron NCLT; MSE clarification (all at https://scanx.trade)
TradeBrains: https://tradebrains.in/indian-markets/63-moons-technologies-surges-636-as-cybersecurity-unit-63sats-raises-fy27-revenue-guidance-to-600-cr-12667688 ; Q4 piece
Business Standard: Q1 FY27 loss; 63SATS Rs 288 cr; PMLA Rs 3,464 cr; NCLT +19%; Rs 1,950 cr OTS (Dec 2024, Mar 2025, May 2025); MCX extension (2023); FMC 2013; SEBI 2014; MPID release Jul 2026; +12% on guidance; divestments 2013–16; Deloitte withdrawal; SC merger 2019
Whalesbook, Sahi, JM Financial (1722830, 1730675, 1715288), Univest, DSIJ, TipRanks, AngelOne, Business Today, Free Press Journal, Bridge Chronicle, Business Upturn, 5paisa, Finshots, Mondaq/JSA, Ventureintelligence, Tijori Alerts, Filingreader, Elitewealth, Planify, Unlistedzone (63SATS H1, FY26 valuation, analysis; Ticker AR)
Deccan Chronicle (CyberSec India Expo 2026); Business Insider (2014 board reshuffle); MarketsMOJO (ratings, 52-week lows, Oct 2026 moves)

Legal and regulatory

Moneylife: NCLT OTS; PMLA monetisation (12 Oct 2026); SC MMTC dismissal; joint-trial SLP; NIF apology; MPID SC 2022; EOW Rs 2,000 cr; NCLAT supersession
Bar & Bench: SC dismisses MMTC appeal (13 Oct 2026; "Rs 31,950 cr" is a typo for Rs 1,950 cr); merger rationale; damages suit; nominee directors
LiveLaw: Bombay HC criminal liability (Mar 2026); NCLAT MMTC; SC 2022 attachment. Verdictum; SCC Online (PMLA tribunal 2019; DHFL Apr 2025); Devdiscourse; HDFC Sky; WebIndia123/ANI; The Week/PTI (NIF, 22 Dec 2025); PSU Watch
SEBI: adjudication order Feb 2020 (https://www.sebi.gov.in/enforcement/orders/feb-2020/...); SC judgment 30 Apr 2019 (https://api.sci.gov.in/supremecourt/2018/4493/4493_2018_Judgement_30-Apr-2019.pdf); CERT-In empanelment list (https://www.cert-in.org.in/PDF/Empanel_org.pdf)
Wikipedia: NSEL case; 63 Moons Technologies

Industry and street

DSCI via Quick Heal media PDF; MarketsandMarkets; IMARC; Mordor; DPDP Rules (Business Today, EY alert); SEBI retail algo (Outlook Business, The Week)
OmneNEST, Chittorgarh, CB Insights (Symphony), Bitscale (Greeksoft), The Company Check (Synapsewave)
ValuePickr search API and threads; TradingView ideas; StockInvest.us; WalletInvestor; Jignesh Shah blog "From ODIN to 63SATS" (company-aligned PR)
Credit-rating searches: CRISIL, ICRA, CARE, India Ratings (none found)

All sources were accessed 16 Oct 2026 by the six research modules (financials, business, governance, narrative, market, street). Some narrative-module URLs were derived from the company's filename pattern; if one fails, use the exchange-communications index.