MuSCAT2 multicolour validation of TESS candidates: an ultra-short-period substellar object around an M dwarf

We report the discovery of TOI 263.01 (TIC 120916706), a transiting substellar object (R = 0.87 RJup) orbiting a faint M3.5~V dwarf (V=18.97) on a 0.56~d orbit. We set out to determine the nature of the TESS planet candidate TOI 263.01 using ground-based multicolour transit photometry. The host star is faint, which makes RV confirmation challenging, but the large transit depth makes the candidate suitable for validation through multicolour photometry. Our analysis combines three transits observed simultaneously in r', i', and z_s bands using the MuSCAT2 multicolour imager, three LCOGT-observed transit light curves in g, r', and i' bands, a TESS light curve from Sector 3, and a low-resolution spectrum for stellar characterisation observed with the ALFOSC spectrograph. We model the light curves with PyTransit using a transit model that includes a physics-based light contamination component that allows us to estimate the contamination from unresolved sources from the multicolour photometry. This allows us to derive the true planet-star radius ratio marginalised over the contamination allowed by the photometry, and, combined with the stellar radius, gives us a reliable estimate of the object's absolute radius. The ground-based photometry excludes contamination from unresolved sources with a significant colour difference to TOI 263. Further, contamination from sources of same stellar type as the host is constrained to levels where the true radius ratio posterior has a median of 0.217. The median radius ratio corresponds to an absolute planet radius of 0.87 RJup, which confirms the substellar nature of the planet candidate. The object is either a giant planet or a brown dwarf (BD) located deep inside the so-called "brown dwarf desert". Both possibilities offer a challenge to current planet/BD formation models and makes 263.01 an object deserving of in-depth follow-up studies.