Category: Financial Market Data & FinTech Technology
Status: Active & Unlisted
Parent: 63 moons technologies limited
Former Name: TickerPlant Limited
CIN: U72900MH2005PLC151034
ISIN: INE0JS401010
Registered Office: Mumbai, Maharashtra
Face Value: ₹1 per share
Managing Director & CEO: Joseph Massey
1. About the Company
Ticker Limited is a financial-market technology and information-services company established in 2005 and headquartered in Mumbai. It is a subsidiary of 63 moons technologies limited, and its business is focused on providing market data, analytics, trading terminals, information feeds and technology solutions to financial-market participants.
63 moons currently lists Ticker Limited along with its subsidiaries Ticker Data Limited, 3.0 Verse Limited and Quantblock Technovation Private Limited within the Ticker group.
Ticker’s positioning can broadly be described as an attempt to build an affordable, technology-led financial information and market-data ecosystem serving institutional and retail users.
2. Business Model
Ticker’s ecosystem includes:
| Business Area | Offering |
|---|---|
| Market Data | Live and delayed market information |
| Trading Terminals | Desktop/mobile market terminals |
| Analytics | Charts, technical analysis, fundamentals and market research |
| Data Feeds | APIs and financial data feeds |
| Financial Information | Equity, commodity, mutual fund and forex information |
| Institutional Solutions | Data and technology solutions for BFSI clients |
| Wealth/Investment Technology | Tools supporting investment and financial-market workflows |
| Digital Assets / Web3 | Select blockchain and digital-asset technology initiatives through group entities |
The company’s core proposition is to provide market information and analytics at a potentially lower cost than traditional premium financial-data platforms.
3. Key Highlights
- Established financial-information technology business with more than two decades of operating history.
- Backed by 63 moons technologies.
- Operates through a wider ecosystem that includes Ticker Data and other technology subsidiaries.
- Holds a financial-market data and analytics positioning rather than being a conventional consumer-facing fintech.
- Recent capital support from its group ecosystem indicates continued strategic commitment.
- However, the company remains loss-making, and the current valuation appears extremely demanding relative to its reported operating scale.
4. Financial Snapshot
There is an important data-definition issue in publicly available sources for Ticker. The FY26 subsidiary disclosure in 63 moons’ annual reporting shows turnover of approximately ₹27 lakh and a loss of approximately ₹35.82 Cr, while some unlisted-market databases report revenue around ₹16.5 Cr and a larger consolidated/operating revenue number. Therefore, the financial figures should not be mixed without first establishing whether they refer to standalone turnover, total income, or consolidated operations.
For a conservative assessment, the audited subsidiary disclosure is given priority.
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Reported turnover* | ~15.37 | ~0.68 | ~0.27 |
| Profit / Loss | -10.33 | -22.99 | -35.82 |
| Profitability | Loss | Loss | Loss |
*Reported turnover in the subsidiary disclosure; public databases use different revenue/total-income definitions.
The broader financial picture is therefore clear even with the data-definition difference: Ticker has not yet demonstrated a sustainable profitable operating model.
Third-party research based on annual-report data similarly highlights that revenue has remained broadly stagnant while losses have increased, despite substantial capital being raised over the past few years.
5. Recent ₹70 Crore Capital Infusion
One of the most important recent developments is the September 2026 preferential issue.
Ticker allotted approximately 2.59 crore equity shares at ₹27 per share to Financial Technologies Singapore Pte. Ltd. (FTSPL), a wholly owned overseas subsidiary of 63 moons, for total consideration of approximately ₹70 Cr. The transaction was completed in September 2026.
Following the transaction, 63 moons’ consolidated stake in Ticker increased to approximately 65.80%.
Why this matters
The ₹27 issue price is useful because it represents a recent group-company transaction reference.
However, it should not automatically be interpreted as an independent institutional valuation because the transaction occurred within the promoter/group ecosystem.
The stated objective includes supporting Ticker’s business expansion, working-capital requirements and potential strategic investments.
6. Current Unlisted Share Price
As of September 10, 2026, available OTC references are approximately:
- Planify: ₹27.42/share
- BuyUnlistedShares: approximately ₹27.75/share
- UnlistedZone: approximately ₹27.75/share
- Moneycontrol: approximately ₹27.37/share
Therefore, a reasonable working reference is ₹27–28/share.
Important: This is an indicative OTC/private-market reference and not an NSE/BSE market price.
7. Indicative Valuation
Ticker has approximately 179.4 crore shares after the recent preferential allotment based on currently reported share-count data.
At ₹27–28/share:
Indicative market capitalisation ≈ ₹4,850–₹5,020 Cr
This is where the investment case becomes particularly important.
At roughly ₹5,000 Cr valuation, investors are effectively assigning a very large valuation to a company that is currently reporting substantial losses and relatively limited operating turnover.
UnlistedZone’s current data indicates a P/B ratio above 50x, while P/E is not meaningful because the company is loss-making.
Valuation Assessment
| Parameter | Assessment |
|---|---|
| P/E | Not meaningful — company loss-making |
| P/B | Extremely high |
| Revenue scale | Small relative to valuation |
| Profitability | Negative |
| Recent issue price | ₹27/share |
| Indicative OTC price | ₹27–28 |
| Indicative market cap | ~₹4,850–5,020 Cr |
| Valuation comfort | Low |
The recent ₹27 group transaction provides some valuation reference, but it does not eliminate the fundamental valuation concern.
8. Investment Positives
1. Established Financial-Market Technology Platform
Ticker has been operating since 2005 and has experience in financial information, market data and technology infrastructure.
2. Parent-Group Support
The backing of 63 moons provides access to technology, financial-market expertise and capital support. The latest ₹70 Cr preferential investment demonstrates that the parent ecosystem continues to support the business.
3. Large Addressable Market
The Indian financial-services ecosystem continues to digitise rapidly. Demand for:
- market-data APIs
- analytics
- trading technology
- wealth platforms
- financial information
- institutional data solutions
can create a long-term opportunity for specialised technology providers.
4. Recent Capital Raise
The ₹70 Cr infusion can provide additional capital for expansion and working capital without relying entirely on external investors.
5. Potential Strategic Optionality
Ticker has multiple subsidiaries and technology initiatives, including Ticker Data and Quantblock. Successful scaling of these businesses could potentially change the earnings profile over time.
9. Key Concerns
1. Very High Valuation Relative to Current Earnings
This is the biggest concern.
At approximately ₹5,000 Cr indicative market capitalisation, the valuation is difficult to justify using current earnings because the company remains loss-making.
2. Weak Revenue Visibility
The audited subsidiary disclosures indicate very limited reported turnover compared with the current implied valuation. Other databases report substantially higher revenue figures because they appear to use different financial definitions.
This discrepancy itself warrants additional financial due diligence.
3. Persistent Losses
Ticker reported a substantial loss in FY26. The loss position has also increased in the recent financial history.
4. Dependence on Capital Support
The recent ₹70 Cr capital infusion is positive from a liquidity perspective, but it also highlights that the business currently requires capital support while profitability remains under development.
5. Low Margin of Safety
At ₹27–28, the market is pricing in considerable future success.
The investment thesis therefore depends more on future business scaling and strategic value than on current earnings.
6. Complex Corporate Structure
Ticker has several subsidiaries and step-down entities. This makes consolidated analysis more important than looking at one entity’s turnover in isolation.
10. Important Legal / Restructuring Development
Ticker has also been involved in a restructuring proposal relating to Baron Infotech Limited.
Under the earlier resolution proposal, Ticker was proposed as the transferor company in a scheme involving merger with Baron Infotech. The NCLT proceedings have undergone several developments.
On September 8, 2026, the NCLT Hyderabad Bench approved the relevant resolution plan after dismissing an interim application. However, the matter may be challenged before the NCLAT, and Ticker is evaluating its next course of action.
This should be treated as a material legal/restructuring consideration and not ignored while evaluating the company.
11. IPO / Listing Status
Ticker should not currently be marketed as a confirmed pre-IPO opportunity.
There is no verified DRHP, SEBI-approved IPO or confirmed listing timetable identified in the latest available disclosures.
The current opportunity is therefore better classified as:
Unlisted Financial-Market Technology Company
rather than:
Confirmed Pre-IPO Company
This distinction is important for investors expecting a near-term listing catalyst.
12. Investment View
Investment Category: High-Risk Financial Technology / Unlisted Special Situation
Ticker has an interesting strategic proposition: financial-market data, analytics and technology backed by an established market-infrastructure technology group.
The recent ₹70 Cr capital infusion is a positive development because it strengthens the company’s financial resources and demonstrates continued promoter support.
However, the current valuation is the biggest issue.
At approximately ₹27–28/share and an indicative valuation approaching ₹5,000 Cr, the company is being valued at a level that appears difficult to justify from current operating performance alone.
Therefore, the investment case is not based on current earnings. It is based on the possibility that Ticker’s technology assets, financial-data business, subsidiaries and strategic initiatives can scale materially over the coming years.
Overall Assessment
| Factor | View |
|---|---|
| Business relevance | ⭐⭐⭐⭐ |
| Parent support | ⭐⭐⭐⭐ |
| Industry opportunity | ⭐⭐⭐⭐ |
| Revenue visibility | ⭐⭐ |
| Current profitability | ⭐ |
| Valuation comfort | ⭐ |
| IPO visibility | ⭐⭐ |
| Liquidity | ⭐⭐ |
| Overall risk | High |
13. What Investors Should Track
For investors considering Ticker, the most important developments to monitor are:
- Revenue growth and recurring subscription income
- Reduction in annual losses
- Performance of Ticker Data
- Monetisation of APIs and institutional data
- New BFSI clients
- Use of the ₹70 Cr capital infusion
- Any further preferential issues/dilution
- Resolution of the Baron Infotech/NCLT restructuring matter
- Consolidated cash burn
- Any formal IPO/listing announcement
14. Final View
Ticker Limited is an interesting but highly speculative unlisted financial-technology opportunity.
The company has a meaningful industry position, a long operating history and strong backing from 63 moons. The latest ₹70 Cr capital infusion provides additional financial support and represents a useful recent transaction reference at ₹27/share.
However, the current ₹27–28 OTC valuation implies nearly ₹5,000 Cr of market capitalisation, while the company remains loss-making and has limited current earnings visibility.
Consequently, investors should approach Ticker primarily as a high-risk, future-growth and strategic-value opportunity, rather than a conventional value investment based on present earnings.
At the current valuation, execution and future monetisation will be far more important than the historical brand or parentage.
Disclaimer
This report is prepared for research and informational purposes only and should not be construed as investment advice, an offer to buy or sell securities, or a guarantee of future returns. Unlisted-share prices are indicative OTC/private-market references and may differ materially from actual executable transaction prices. Investors should independently verify financial statements, capital structure, share availability, transfer restrictions, taxation, valuation and legal status before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
