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filings — grounded in each document, but not investment advice and possibly incomplete.
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Q1 FY27 Results: Gaming Revenue Grows 2.4% QoQ to ₹39.4 Cr; EBITDA at ₹1.5 Cr
OnMobile reported Q1 FY27 revenue of ₹124.1 Cr, representing a 3.8% decline compared to the previous quarter. The strategic gaming segment showed resilience, growing 2.4% QoQ to ₹39.4 Cr, now contributing approximately 32% of total revenue. EBITDA was thin at ₹1.5 Cr, primarily due to launch expenses for the new ONMO+ Smart Console on Flipkart. The company maintains a strong liquidity position with a closing cash balance of ₹135.5 Cr, which is roughly 17.5% of its current market capitalization.
Confidence: HIGH
What changedOnMobile has officially entered the console gaming market in India through a retail partnership with Flipkart, moving beyond its traditional telecom-only distribution model.
Why it mattersThe company is attempting to pivot from declining legacy Ring Back Tone (RBT) services to high-growth mobile gaming. Success in this transition is critical for returning to consistent profitability after a net loss of ₹12.3 Cr in FY26.
Q1 FY27 Revenue: ₹124.1 CrGaming Revenue: ₹39.4 CrEBITDA: ₹1.5 CrClosing Cash: ₹135.5 CrCash to Market Cap Ratio: 17.5%Gaming Revenue Mix: 31.7%
📅 Short termThe stock may see limited movement as the market weighs the slight revenue dip against the potential of the new Flipkart partnership. EBITDA remains low, which may keep sentiment cautious.
📈 Long termThe structural shift toward a 50% gaming revenue mix is the key long-term driver. Success depends on scaling the 13.7 million gaming subscriber base and improving operating leverage.
⚠ Risk flags
- Thin operating margins (EBITDA at ₹1.5 Cr)
- Execution risk in the new D2C console gaming segment
- Continued decline in legacy revenue streams
Key Highlights
Q1 FY27 total revenue stood at ₹124.1 Cr, a sequential decline of 3.8%.
Gaming revenue increased to ₹39.4 Cr, up 2.4% QoQ, continuing its shift in revenue mix.
EBITDA reported at ₹1.5 Cr, impacted by marketing and launch costs for the ONMO+ console.
Closing cash balance remained healthy at ₹135.5 Cr as of June 30, 2026.
ONMO+ Smart Console launched on Flipkart on June 26, 2026, marking a shift toward direct-to-consumer and e-commerce channels.
👀 What to Watch
Investors should monitor the sales traction of the ONMO+ Smart Console on Flipkart over the next two quarters to see if it can drive meaningful revenue growth. Additionally, watch for EBITDA margin improvement as the company aims to leverage its gaming platform across its 100+ telco partnerships.
Q1 FY27: Gaming Revenue Hits ₹39.4 Cr; ONMO+ Smart Console Launched via Flipkart
OnMobile reported Q1 FY27 revenue of ₹124.1 Cr, a 3.8% decline QoQ, while Gaming revenue grew 2.4% to ₹39.4 Cr. The company posted a net loss of ₹28.9 Cr, heavily impacted by a ₹14.1 Cr severance cost for international restructuring. A major strategic pivot is underway with the launch of the 'ONMO+ Smart Console' on Flipkart (June 26, 2026), aiming to expand beyond mobile into the console/PC gaming market. Cash reserves decreased to ₹135.5 Cr due to ONMO+ investments and debt repayments.
Confidence: HIGH
What changedThe company has officially transitioned from a mobile-only gaming focus to a multi-screen 'Smart Console' strategy and completed a significant international workforce restructuring.
Why it mattersThis represents a high-stakes pivot to a D2C hardware-plus-subscription model to escape the declining legacy Ring Back Tone (RBT) business and improve ARPU through premium gaming content.
Q1 FY27 Revenue: ₹124.1 CrQ1 FY27 Net Loss: ₹28.9 CrGaming Revenue Contribution: 32%Severance Cost (Exceptional): ₹14.1 CrClosing Cash Balance: ₹135.5 CrMarketing Spend vs Revenue: 18.4%
📅 Short termThe stock may face pressure due to the widening net loss and the high marketing costs associated with the new product launch. Sentiment will depend on early reviews and sales data from the Flipkart partnership.
📈 Long termStructural turnaround depends on achieving the $3M MRR target in gaming and successfully scaling the Smart Console globally (Spain launch planned for Dec 2026).
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High marketing burn for D2C launch
- Continued decline in legacy revenue segments
- Execution risk in competitive gaming hardware
- Significant quarterly net loss
Key Highlights
Gaming revenue grew 2.4% QoQ to ₹39.4 Cr, now representing 32% of total revenue mix.
Recorded a ₹14.1 Cr exceptional item for severance costs related to international employee exits.
ONMO+ Smart Console launched on Flipkart on June 26, 2026, reaching 226 cities in India.
Monthly Recurring Revenue (MRR) for gaming reached $1.6M in Q1 FY27, targeting $3M by FY28.
EBITDA fell to ₹1.5 Cr (1.2% margin) from ₹6.5 Cr QoQ, primarily due to ONMO+ launch expenses.
👀 What to Watch
Monitor the sales traction of the ONMO+ Smart Console on Flipkart and the conversion of 'active discussions' with ISPs and retail partners into signed deals. Investors should watch if the gaming segment's growth can accelerate to offset the 6.5% QoQ decline in legacy Entertainment & Communication revenue.
OnMobile Reports Rs 7.24 Cr Standalone Net Loss in Q1 FY27; Revenue Down 14.8% YoY
OnMobile Global reported a standalone net loss of Rs 7.24 Cr for the quarter ended June 30, 2026, a sharp reversal from a profit of Rs 21.89 Cr in the same period last year. Revenue from operations declined 14.8% YoY to Rs 39.84 Cr. The bottom line was significantly impacted by a one-time exceptional charge of Rs 9.61 Cr related to headcount restructuring and optimization. While the company reduced marketing and employee costs, the decline in top-line revenue remains a concern for short-term profitability.
Confidence: HIGH
What changedThe company has transitioned from a profitable quarter last year to a loss-making one, primarily driven by declining standalone revenue and a significant one-time restructuring cost.
Why it mattersThe restructuring cost indicates an aggressive push to optimize the cost base, but the simultaneous decline in revenue suggests the legacy business is shrinking faster than new segments are scaling.
Standalone Revenue (Q1 FY27): Rs 39.84 CrNet Loss (Q1 FY27): Rs 7.24 CrExceptional Restructuring Cost: Rs 9.61 CrYoY Revenue Growth: -14.8%Q1 Revenue vs TTM Revenue: ~9.3%
📅 Short termThe stock may face downward pressure due to the reported loss and declining revenue, despite the non-recurring nature of the restructuring costs.
📈 Long termThe long-term outlook depends on the company's ability to stabilize its legacy Ring Back Tone (RBT) revenue and successfully scale its mobile gaming Monthly Recurring Revenue (MRR) toward the $2M target.
⚠ Risk flags
- Declining standalone revenue
- One-off restructuring expenses
- High dependency on telecom operator partnerships
Key Highlights
Standalone Revenue from Operations fell to Rs 39.84 Cr from Rs 46.77 Cr in the year-ago quarter.
Reported a Net Loss of Rs 7.24 Cr compared to a Net Profit of Rs 21.89 Cr in June 2025.
Exceptional item of Rs 9.61 Cr booked specifically for headcount restructuring and optimization costs.
Marketing expenses were curtailed by 26.6% YoY, dropping to Rs 6.88 Cr from Rs 9.37 Cr.
Employee benefit expenses decreased to Rs 17.27 Cr from Rs 18.55 Cr, reflecting early impact of restructuring.
👀 What to Watch
Watch for the management's commentary on the timeline for the gaming segment to reach 50% of the revenue mix and whether the headcount optimization leads to sustained margin improvement in upcoming quarters.
OnMobile AGM: Proposed Remuneration Hikes for CEO and CFO Amidst FY26 Losses
OnMobile Global has scheduled its 26th AGM for August 11, 2026, to seek shareholder approval for significant management remuneration revisions. The company proposes a bonus of EURO 75,795 and a revised fixed pay of EURO 546,419 for CEO François-Charles Sirois, alongside a revised total pay package of Rs 2.67 Cr for CFO Radhika Venugopal. These proposals come despite the company reporting a TTM net loss of Rs 12 Cr and a sharp quarterly loss of Rs 37 Cr in March 2026. Investors should note the appointment of Leo Olebe as an Independent Director for a 5-year term.
Confidence: HIGH
What changedThe company is seeking to formalize new independent director appointments and significantly increase the compensation packages for its top executive leadership.
Why it mattersExecutive compensation revisions during a period of financial stress (TTM PAT of Rs -12 Cr) are critical for shareholders to evaluate, as they impact both the company's cost structure and corporate governance profile.
CEO Revised Fixed Pay: EURO 546,419CFO Revised Fixed Pay: INR 20,000,000CEO FY26 Bonus: EURO 75,795TTM Net Profit: Rs -12 CrCFO Fixed Pay vs TTM Revenue: 0.47%
📅 Short termThe stock may see some volatility or scrutiny as investors react to the pay hike proposals in the context of the recent Rs 37 Cr quarterly loss.
📈 Long termThe structural focus remains on whether the gaming segment can scale to 50% of revenue to offset legacy declines; management stability is positive, but cost-to-performance alignment is a key monitorable.
⚠ Risk flags
- Remuneration vs Performance (hikes during losses)
- Related-party transactions (remuneration from Spanish subsidiary)
- High quarterly loss of Rs 37 Cr in Mar 2026
Key Highlights
Proposed bonus of EURO 75,795 for CEO François-Charles Sirois for the financial year 2025-26.
CEO's revised fixed pay set at EURO 546,419 per annum effective April 1, 2026, plus 50% variable pay.
CFO Radhika Venugopal's revised fixed pay proposed at INR 20,000,000 (Rs 2 Cr) per annum.
Appointment of Leo Olebe as an Independent Director for a 5-year tenure until May 2031.
Company reported a significant net loss of Rs 37 Cr in the Mar 2026 quarter.
👀 What to Watch
Monitor the AGM voting results on August 11, 2026, particularly for resolutions 4, 5, and 6 regarding remuneration, to gauge institutional shareholder sentiment toward executive pay during loss-making periods.
₹65 Cr NCD Allotment at ~13.6-13.9% Interest Rate
OnMobile Global has approved the allotment of ₹65 crore through two series of secured, unrated, and unlisted Non-Convertible Debentures (NCDs). The first tranche of ₹40 crore carries a 13.60% annual coupon, while the second tranche of ₹25 crore carries a 13.88% coupon plus additional periodic payments. This fundraise is significant as it represents approximately 15% of TTM revenue and more than doubles the company's existing debt of ₹47 crore. The high interest rates and unrated status reflect the company's recent financial performance, including a ₹37 crore loss in the March 2026 quarter.
Confidence: HIGH
What changedThe company has significantly increased its leverage by adding ₹65 crore in high-interest debt to its existing ₹47 crore debt profile.
Why it mattersThe high cost of capital (13.6-13.9%) and the requirement to pledge 100% of its Singapore subsidiary's shares suggest a tight liquidity position or high perceived risk by lenders following recent losses.
Total NCD Issue Size: ₹65 CrIssue vs TTM Revenue: ~15.2%Issue vs Existing Debt: ~138%Coupon Rate (Series A): 13.60% p.a.Coupon Rate (Tranche 2): 13.88% p.a.Tenure: 36 Months
📅 Short termThe market may react cautiously to the high interest cost and the unrated nature of the NCDs, which could pressure margins in the coming quarters.
📈 Long termStructural significance depends on whether this capital successfully pivots the business toward its gaming growth strategy; otherwise, the debt servicing will be a long-term drag on profitability.
⚠ Risk flags
- High interest rate (13.6-13.9%)
- Unrated and Unlisted securities
- Pledge of 100% shares of Singapore subsidiary
- Recent quarterly loss of ₹37 Cr
Key Highlights
Total fundraise of ₹65 crore via private placement of secured NCDs
High coupon rates of 13.60% and 13.88% per annum, payable monthly
Tenure of 36 months with final maturity scheduled for July 5, 2029
Security includes a 1.5x cover on assets and a 100% pledge of OnMobile Singapore PTE. LTD shares
Default charges set at 2% per month for financial defaults
👀 What to Watch
Monitor the company's ability to service this high-cost debt (effective rate >14%) given its recent quarterly losses. Watch for the specific utilization of these funds, particularly if they are used to scale the gaming segment to meet its 50% revenue contribution target.
OnMobile Launches ONMO+ Smart Console on Flipkart at ₹4,999
OnMobile Global has officially entered the Indian console gaming market with the launch of its ONMO+ Smart Console on Flipkart. Priced at ₹4,999 for a 3-month subscription, the package includes a Pro Controller and access to hundreds of premium AAA games via cloud technology. This launch marks a significant strategic pivot for the company from its traditional B2B telecom roots toward a direct-to-consumer (D2C) model. By leveraging Flipkart's reach and partnerships with AMD and AsRock Rack, OnMobile aims to capture a share of India's 500 million+ gaming population.
Key Highlights
Launched ONMO+ Smart Console on Flipkart on June 26, 2026, targeting the domestic Indian market.
Introductory pricing starts at ₹4,999 for a 3-month subscription including hardware and game access.
Utilizes custom-built gaming GPU servers in partnership with AMD and AsRock Rack for high-performance streaming.
Strategic shift from B2B telecom services to a Direct-to-Consumer (D2C) gaming and hardware model.
Enables AAA gaming on existing devices like TVs and smartphones, removing the need for expensive traditional consoles.
👀 What to Watch
Investors should monitor initial sales traction on Flipkart and subscription renewal rates to gauge the success of this B2C pivot. A successful rollout could significantly diversify revenue streams beyond the company's traditional telecom operator business.
OnMobile Launches ONMO+ Smart Console on Flipkart Starting at Rs 4,999
OnMobile Global has officially entered the B2C gaming market with the launch of its ONMO+ Smart Console on Flipkart. The product is priced at Rs 4,999 for a 3-month subscription and includes a Pro Controller, offering access to AAA games via cloud GPU servers built in partnership with AMD and AsRock Rack. This launch marks a significant strategic pivot from the company's traditional B2B telecom services to a direct-to-consumer model. The company aims to capture a share of India's 500 million gamers by removing the high cost barriers of traditional console hardware.
Key Highlights
Launched ONMO+ Smart Console on Flipkart on June 26, 2026, for the Indian domestic market.
Entry-level pricing set at Rs 4,999 for a 3-month subscription including hardware and game access.
Infrastructure powered by custom GPU servers deployed in North and South India with AMD and AsRock Rack.
Strategic shift from B2B roots to a D2C model to leverage India's 500 million active gamers.
Product enables console-quality gaming on existing screens like TVs, laptops, and smartphones without expensive PCs.
👀 What to Watch
Investors should monitor the initial sales traction on Flipkart and subscription renewal rates as key performance indicators for this new business vertical. A successful transition to a D2C gaming model could lead to a significant valuation re-rating for the company.
OnMobile Re-appoints Radhika Venugopal as Whole-time Director and CFO for 3-Year Term
The Board of OnMobile Global Limited has approved the re-appointment of Radhika Venugopal as Whole-time Director and CFO, effective from March 27, 2027, until March 26, 2030. Ms. Venugopal is a Chartered Accountant with nearly 20 years of experience in global finance and has been with OnMobile for over a decade. This re-appointment, subject to shareholder approval, ensures leadership continuity in the company's financial and strategic operations for the next three years.
Key Highlights
Radhika Venugopal re-appointed as Whole-time Director and CFO for a 3-year term.
The new tenure is set to run from March 27, 2027, to March 26, 2030.
Ms. Venugopal has over 10 years of experience within OnMobile and nearly 20 years in global finance.
The appointment is subject to shareholder approval at the ensuing Annual General Meeting.
The Board confirmed the appointee is not debarred from holding office by any SEBI order.
👀 What to Watch
Investors should view this as a move for management stability; no immediate action is required other than noting the continuity in financial leadership.
OnMobile Board Approves ₹100 Crore Fundraise via NCDs and Re-appoints CFO
OnMobile Global Limited has approved a fundraise of ₹100 crores through the private placement of secured, unrated, and unlisted Non-Convertible Debentures (NCDs). The issuance is split into two tranches: ₹75 crores at an interest rate of 13.60% p.a. and ₹25 crores at 13.88% p.a., both with a 36-month tenure. Additionally, the board has re-appointed Radhika Venugopal as the Whole-time Director and CFO for a three-year term starting March 2027. The debt is secured by charges on company assets and a 100% pledge of shares in the Singapore subsidiary.
Key Highlights
Approved issuance of NCDs totaling ₹100 crores across two investor groups on a private placement basis.
Tranche 1 involves ₹75 crores at a 13.60% annual interest rate with a 36-month maturity.
Tranche 2 involves ₹25 crores at a 13.88% annual interest rate with a 36-month maturity.
Re-appointed Radhika Venugopal as Whole-time Director & CFO for a 3-year term effective March 27, 2027.
Security includes a first/second ranking charge on assets and a 100% pledge of OnMobile Singapore PTE. LTD shares.
👀 What to Watch
Investors should monitor the impact of the relatively high interest cost (over 13.6%) on the company's net margins and track the specific utilization of these funds for growth initiatives.
OnMobile to Launch ONMO+ Smart Console on Flipkart on June 26, 2026
OnMobile Global Limited has announced the official launch of its ONMO+ Smart Console on Flipkart, scheduled for June 26, 2026, at 12:00 PM IST. The product aims to democratize premium gaming by enabling Console and PC gaming on Smart TVs, tablets, and phones using a specialized controller and access card. This move eliminates the need for expensive traditional gaming hardware, potentially expanding the company's addressable market in the gaming sector. Investors should note this strategic shift towards a hardware-integrated gaming ecosystem.
Key Highlights
Official launch of ONMO+ Smart Console scheduled for June 26, 2026, at 12:00 PM IST
Product will be available for purchase through a strategic partnership with Flipkart
Enables high-end Console/PC gaming on Smart TVs, tablets, and phones without additional hardware
Combines a pro gaming controller with an instant-access card for a seamless user experience
👀 What to Watch
Investors should monitor the initial sales traction on Flipkart and look for management commentary on the revenue model and margin profile of this new product line. Watch for the detailed press release on June 26 for pricing and subscription details.
OnMobile FY26 EBITDA Jumps 110.6% to INR 297Mn; Gaming Subscribers Grow 34.5% to 14.3Mn
OnMobile Global reported a strong 110.6% YoY growth in FY26 EBITDA to INR 297 Mn, despite a 10.2% decline in total revenue to INR 5,245 Mn. The company faced a reported PAT loss of INR 115 Mn for the year due to a significant impairment provision of INR 468 Mn in Q4; excluding this, PAT stood at INR 353 Mn. While gaming revenue fell 25.4% YoY, the subscriber base expanded significantly to 14.3 million. Management is now pivoting towards a 'Virtual Console' product to enter the PC/Console gaming market, aiming for a $3M Monthly Recurring Revenue (MRR) within 18 months.
Key Highlights
FY26 EBITDA grew 110.6% YoY to INR 297 Mn with margins improving to 5.7% from 2.5%.
Gaming subscriber base expanded 34.5% YoY to 14.3 Mn, adding 600k subscribers in Q4 alone.
Reported Q4 FY26 PAT was a loss of INR 365 Mn due to a one-time INR 468 Mn impairment of receivables.
Gross Margin improved significantly to 52.7% in FY26, up from 46.7% in the previous year.
Company is launching a 'Virtual Console' hardware/software bundle in 2 weeks to target the broader gaming market.
👀 What to Watch
Investors should monitor the upcoming 'Virtual Console' launch and whether the growing gaming subscriber base can reverse the current revenue contraction. The significant impairment in Q4 warrants caution regarding the quality of outstanding receivables.
OnMobile FY26 EBITDA Surges 110.6% to INR 297 Mn; Gaming Subscribers Grow 34.5%
OnMobile reported a significant 110.6% YoY increase in FY26 EBITDA to INR 297 million, despite a 10.2% decline in total revenue to INR 5,245 million. The company posted a net loss of INR 115 million for the year due to impairment provisions, though adjusted PAT was positive at INR 353 million. Operational efficiency improved as gross margins rose to 52.7% from 46.7% in FY25. The gaming subscriber base showed strong momentum, growing 34.5% YoY to reach 14.3 million users.
Key Highlights
FY26 EBITDA grew 110.6% YoY to INR 297 million with margins expanding to 5.7%.
Gaming subscriber base increased by 34.5% YoY to 14.3 million.
Gross Margin improved to 52.7% in FY26, up from 46.7% in the previous year.
Reported FY26 PAT was a loss of INR 115 million; excluding impairment, PAT stood at INR 353 million.
Total FY26 revenue declined 10.2% YoY to INR 5,245 million, with mobile gaming revenue down 25.4%.
👀 What to Watch
Investors should monitor the company's transition from telco-led to D2C gaming models and whether the growing subscriber base can eventually reverse the current revenue decline. The sharp improvement in EBITDA and gross margins is a positive sign of operational discipline, but the impairment-driven net loss requires further scrutiny.
OnMobile Appoints Tech Veteran Leo Matthew Olebe as Independent Director for 5-Year Term
OnMobile Global Limited has appointed Leo Matthew Olebe as an Additional Independent Director for a five-year term effective May 18, 2026. Mr. Olebe brings over 26 years of experience from global tech giants including Microsoft, Google, Meta, and Disney. His background includes managing Google Play's $30 billion gaming business and scaling Xbox to a 500 million user ecosystem. This high-profile appointment is intended to strengthen the board's expertise in the global gaming and digital media sectors.
Key Highlights
Appointment of Leo Matthew Olebe as Independent Director for a 5-year term until May 17, 2031
Appointee brings 26 years of experience from Microsoft, Google, Meta, and Disney
Previously led Google Play's gaming business with over $30 billion in revenue
Helped grow YouTube Gaming to over 500 million daily viewers as Global Head of Gaming
Currently a Venture Partner at Griffin with over $1.5 billion in Assets Under Management
👀 What to Watch
Investors should view this as a strategic positive, as the appointee's deep expertise in global gaming could significantly benefit OnMobile's digital growth strategy. Monitor for any shifts in the company's gaming product roadmap following this appointment.
OnMobile Reports Q4 FY26 Net Loss of ₹399M Amid Sharp Revenue Decline and Impairment
OnMobile Global Limited reported a significant downturn in its Q4 FY26 performance, swinging to a net loss of ₹399.33 million from a profit of ₹24.89 million in the previous year's quarter. Revenue from operations fell by 37.8% YoY to ₹441.82 million, while full-year FY26 revenue dropped to ₹1,801.60 million from ₹2,393.13 million in FY25. The results were heavily weighed down by a massive impairment loss on financial assets totaling ₹480.83 million in the final quarter. Additionally, the company appointed Leo Matthew Olebe as an Independent Director for a five-year term.
Key Highlights
Q4 FY26 revenue from operations declined 37.8% YoY to ₹441.82 million.
Reported a net loss of ₹399.33 million in Q4 FY26 compared to a profit of ₹24.89 million in Q4 FY25.
Recognized a significant impairment loss on financial assets of ₹480.83 million during the quarter.
Full-year FY26 net loss stood at ₹35.49 million versus a profit of ₹84.45 million in FY25.
Appointed Leo Matthew Olebe as an Additional Independent Director for a 5-year term.
👀 What to Watch
Investors should exercise caution as the company faces both a sharp revenue contraction and substantial one-time impairment charges. It is advisable to wait for management's clarification on the nature of the impairment and their plan for revenue recovery before considering any fresh investments.
OnMobile Shareholders Approve Manoranjan Mohapatra as Independent Director with 99.99% Votes
OnMobile Global Limited shareholders have officially approved the appointment of Manoranjan Mohapatra as a Non-Executive Independent Director through a special resolution. The voting results showed overwhelming support, with 99.99% of the 51.46 million votes cast in favor of the appointment. The total votes polled represented approximately 48.41% of the company's total share capital. This move is aimed at enhancing the board's independent oversight and corporate governance standards.
Key Highlights
Special resolution for the appointment of Manoranjan Mohapatra passed with 99.9942% votes in favor.
A total of 51,464,961 votes were polled, representing 48.4051% of the total 106.32 million outstanding shares.
Promoter and Promoter Group (50.92 million shares) and Public Institutions (1.39 lakh shares) voted 100% in favor.
Only 3,002 votes (0.0058%) were cast against the resolution by public non-institutional shareholders.
The resolution is deemed passed as of April 22, 2026, following the conclusion of the postal ballot process.
👀 What to Watch
This is a positive development for corporate governance; investors should maintain their current positions as the board strengthens its independent oversight. No immediate portfolio changes are required based on this routine management update.
OnMobile Signs 3-Year Strategic Supply Agreement with Flipkart for Gaming Hardware Distribution
OnMobile Global Limited has entered into a three-year wholesale supply agreement with Flipkart India Private Limited, effective April 20, 2026. This partnership aims to distribute OnMobile's upcoming gaming hardware and digital services ecosystem across Flipkart's extensive e-commerce platform. The deal provides OnMobile with significant reach into the domestic gaming consumer segment through one of India's largest retail channels. Financial consideration will be determined per purchase order, making the immediate revenue impact dependent on order volumes.
Key Highlights
3-year wholesale supply agreement signed with Flipkart India Private Limited on April 20, 2026
Focuses on the distribution of gaming hardware and associated digital services in the domestic market
Strategic move to utilize Flipkart's reach for upcoming product launches and brand discoverability
Consideration is variable, to be decided based on individual purchase orders
👀 What to Watch
Investors should track the launch of the gaming hardware and monitor quarterly revenue growth from the digital services segment to assess the partnership's success.
OnMobile Q3 FY26 Revenue Up 4.5% QoQ to INR 1,369 Mn; Gaming Revenue Surges 27.5%
OnMobile reported a steady Q3 FY26 with revenue reaching INR 1,369 million, a 4.5% increase quarter-on-quarter. The mobile gaming segment was the standout performer, growing 27.5% QoQ to INR 453 million and now contributing one-third of total revenue. EBITDA grew 16% QoQ to INR 81 million, reflecting improved operational efficiency and cost discipline. The company also expanded its footprint by launching its gaming platform in Africa, supporting its long-term growth strategy.
Key Highlights
Q3 FY26 revenue stood at INR 1,369 million, representing a 4.5% QoQ growth
Mobile Gaming revenue surged 27.5% QoQ to INR 453 million, with 13.7 million subscribers
EBITDA increased to INR 81 million, up 16% QoQ excluding capitalization
Maintained a healthy gross cash balance of INR 1,385 million as of December 31, 2025
Expanded global presence with a new gaming platform launch in Africa
👀 What to Watch
Investors should monitor the continued scaling of the high-margin gaming segment and the success of the new African expansion. The stock remains a play on the digital entertainment and mobile gaming turnaround.
OnMobile Q3 FY26: Gaming Revenue Up 27.5% QoQ; PAT Drops 52% to INR 35 Mn
OnMobile Global reported Q3 FY26 revenue of INR 1,369 Mn, a 4.5% QoQ increase, though it remains down 17.8% YoY. The standout performer was the Mobile Gaming segment, which grew 27.5% QoQ to INR 453 Mn, supported by a 13.7 million subscriber base. Despite the revenue growth, PAT declined 52% QoQ to INR 35 Mn, and EBITDA margins contracted slightly to 5.9%. The company maintains a healthy cash balance of INR 1,385 Mn and is targeting a $3M gaming Monthly Recurring Revenue (MRR) in the next 18 months.
Key Highlights
Mobile Gaming revenue reached INR 453 Mn, a 27.5% QoQ increase, now contributing 33% to total revenue.
Quarterly PAT fell to INR 35 Mn from INR 60 Mn in Q2, representing a 52% sequential decline.
Gross cash balance strengthened to INR 1,385 Mn, driven by positive operational cash flows.
Gaming subscriber base grew to 13.7 Mn across Challenges Arena and ONMO platforms.
9M FY26 performance shows a turnaround with a PAT of INR 250 Mn compared to a loss of INR 326 Mn in 9M FY25.
👀 What to Watch
Investors should monitor the company's ability to sustain high-growth momentum in the gaming segment to offset the decline in legacy Tones and Video services. While the 9-month turnaround is positive, the sequential drop in PAT and EBITDA suggests operational volatility that warrants a cautious outlook.
OnMobile Appoints Former Comviva CEO Manoranjan Mohapatra as Independent Director for 5 Years
OnMobile Global has appointed Manoranjan Mohapatra as an Additional Independent Director for a five-year term effective February 5, 2026. Mr. Mohapatra is a seasoned industry veteran who served as CEO of Comviva Technologies for 17 years, where he led the company to 20x growth and expanded its footprint to 80 countries. His previous experience includes scaling Aricent Technologies to over $500 million in revenue as President and COO. This appointment brings significant strategic expertise in telecom, fintech, and digital transformation to the OnMobile board.
Key Highlights
Appointment of Manoranjan Mohapatra as Independent Director for a 5-year term until February 2031
Mr. Mohapatra previously led Comviva Technologies to 20x growth during his tenure as CEO from 2007 to 2024
He scaled Aricent Technologies to revenues exceeding $500 million as President and COO
Brings over 40 years of experience in building and scaling technology-led businesses in telecom and fintech
The appointment is subject to shareholder approval and follows a recommendation from the Nomination and Compensation Committee
👀 What to Watch
Investors should view this as a positive governance move that adds high-caliber industry expertise to the board. Monitor how his strategic background in scaling digital businesses influences OnMobile's future growth initiatives.
OnMobile Q3 FY26 Results: Consolidated PAT at ₹35.13 Mn, Turnaround from YoY Loss
OnMobile Global reported a consolidated profit after tax (PAT) of ₹35.13 million for Q3 FY26, marking a significant recovery from a loss of ₹52.15 million in the same quarter previous year. Revenue from operations grew 5.9% sequentially to ₹1,356.90 million, although it remains lower than the ₹1,640.06 million reported in Q3 FY25. The company also announced the appointment of Manoranjan Mohapatra as an Independent Director to its board. An exceptional charge of ₹4.61 million was recognized during the quarter related to the implementation of new Indian Labour Codes.
Key Highlights
Consolidated PAT turned positive at ₹35.13 million vs a loss of ₹52.15 million in Q3 FY25.
Revenue from operations increased 5.9% QoQ to ₹1,356.90 million from ₹1,281.57 million.
Total expenses reduced significantly to ₹1,407.97 million from ₹1,639.95 million in the year-ago period.
Exceptional item of ₹4.61 million recorded due to the impact of new Labour Codes on gratuity.
Appointment of Manoranjan Mohapatra as an Additional Independent Director to the Board.
👀 What to Watch
Investors should note the company's return to profitability and the sequential growth in revenue. The focus should remain on the sustainability of cost-cutting measures and the growth of the core mobile entertainment business.
