String Metaverse Q1 FY27: Revenue climbs to ₹392.42 crore as Bills on Chain launches

String Metaverse Limited reported another strong growth quarter in Q1 FY27, with operating revenue of ₹392.42 crore. The presentation also reports operating EBITDA of ₹43.85 crore and profit after tax of ₹36.92 crore. The company highlights that revenue has nearly doubled over the last 12 months and presents a consistent step-up across the past five quarters.

Over the last year, quarterly revenue rose from ₹199.07 crore in Q1 FY26 to ₹392.42 crore in Q1 FY27. This steady rise is presented as a sign of execution consistency rather than a single-quarter spike. Net profit also moved up across the same period, from ₹18.30 crore in Q1 FY26 to ₹36.92 crore in Q1 FY27.

The company frames this as operational leverage, pointing to near 100 percent growth across revenue, EBITDA, and PAT, and also calls out a Rule of 40 performance of 105.6 percent as a health indicator.

Financial trajectory: consistent quarter-on-quarter scaling

The presentation provides quarterly revenue for five consecutive quarters. It shows a consistent uptrend through FY26 and into Q1 FY27. Revenue moved from ₹233.27 crore in Q2 FY26 to ₹278.79 crore in Q3 FY26, then ₹365.42 crore in Q4 FY26, and reached ₹392.42 crore in Q1 FY27.

Net profit is shown on a similar path. After ₹21.64 crore in Q2 FY26 and ₹27.89 crore in Q3 FY26, the company reported ₹34.71 crore in Q4 FY26 and ₹36.92 crore in Q1 FY27.

What stands out in the deck is the company’s emphasis that growth was not limited to topline, but also reflected in profitability metrics. It explicitly states operating revenue growth of 97.13 percent, operating EBITDA growth of 101.79 percent, and PAT growth of 101.80 percent.

Note: The deck labels this section as FY26 financial highlights but reports the same absolute values shown for Q1 FY27 in earlier slides.

Product catalyst: Bills on Chain with Hedera

The most concrete strategic update in the presentation is the launch of Bills on Chain in partnership with Hedera. The company positions this as tokenizing everyday bills on an enterprise-grade blockchain and calls out traction with 500K plus bills verified.

The deck outlines how the system works from a front-end and back-end standpoint. On the user side, the steps are snap and upload a bill, receive token rewards in the form of IDLE, and complete AI verification. On the infrastructure side, it describes AI verification using OCR and machine learning, followed by anchoring a zero-knowledge hash on Hedera.

The presentation does not quantify monetization, pricing, unit economics, or revenue contribution from Bills on Chain. It also does not provide a timeline for scaling beyond the statement that the product has been launched and has already verified 500K plus bills.

Efficiency and profitability: what is disclosed and what is not

The company reports operating EBITDA at ₹43.85 crore and PAT at ₹36.92 crore for the period highlighted, and refers to operational efficiency and profit expansion. It also cites a Rule of 40 performance of 105.6 percent.

However, the presentation does not provide the underlying calculation for the Rule of 40 figure, nor does it provide margin percentages, cost line items, working capital indicators, cash flow, or balance sheet metrics. The deck also does not include segment reporting, customer mix, geographic mix, or any revenue breakdown by product.

From an investor perspective, the disclosure in this document is focused on the headline growth trajectory and the product narrative around Bills on Chain rather than a full financial model view.

Takeaways

String Metaverse’s Q1 FY27 presentation is built around two clear messages: strong year-on-year scaling in revenue and profit, and a product catalyst with Bills on Chain launched on Hedera. The revenue run-rate trend across the last five quarters is consistently upward, and the reported EBITDA and PAT figures indicate that profitability has moved in step with topline growth.

At the same time, the document remains light on operational details that investors typically use to validate sustainability, such as segment revenue mix, customer concentration, cash flow conversion, and the financial contribution of the new product line. Future disclosures that connect Bills on Chain traction to revenue and margin drivers would be important for deeper independent validation.