1. At a Glance
OnMobile Global Ltd is that rare Indian tech company which peaked before Instagram Reels existed and is still trying to convince the market that it’s not stuck in 2012. As of the latest close, the stock trades at ₹50, with a market cap of ~₹529 Cr, down 23% in the last 3 months and ~26% over 1 year. Price-to-book sits at 0.81x, which screams “cheap” until you look at ROE of -4.94% and remember why the market stopped clapping.
Latest Q3 FY26 (Quarterly Results) numbers show revenue of ₹1,369 Mn, up 4.5% QoQ, with gaming revenue at ₹453 Mn (+27.5% QoQ). EBITDA stood at ₹81 Mn, and PAT came in at ₹35.1 Mn (₹3.51 Cr). Sounds decent, right? But zoom out and you’ll notice five-year sales growth of 0.02%. Yes, zero point zero two. That’s not growth; that’s cardio at 0.5 km/h.
So here’s the hook: Is OnMobile finally pivoting into a gaming-led revival, or is this just another quarter of “don’t worry bro, next year pakka”?
2. Introduction
OnMobile Global was incorporated in 2000—when Nokia ringtones were a personality trait. The company built its empire on ringback tones (RBTs), contests, and operator-led infotainment services. For a while, it was a global darling, operating across Europe, Africa, India, and Latin America, riding telecom partnerships like Airtel, BSNL, Vodafone Idea, and international operators.
Then smartphones happened. Then app stores happened. Then Spotify happened. And suddenly, ringback tones weren’t sexy anymore.
Over the last decade, OnMobile has been shrinking, consolidating, and quietly exiting geographies. Between April 2022 and March 2023, the company shut down eight overseas subsidiaries and branches, including Ghana, Colombia, Italy, Peru, Cyprus, and Ecuador. Translation: cost control mode activated.
Management churn didn’t help either. In March 2024, CEO Sanjay Baweja exited, and François-Charles Sirois took over.
A new COO (Bikram Sherawat) and CFO (Radhika Venugopal) followed. When leadership changes this frequently, either a turnaround is brewing—or the boardroom is playing musical chairs.
The company’s new narrative is clear: Mobile gaming + operator distribution + emerging markets. The question is brutally simple: does the math finally support the story?
3. Business Model – WTF Do They Even Do?
OnMobile sells mobile entertainment products, mostly through telecom operators, not app stores. That’s both its biggest strength and its biggest curse.
Two Core Buckets
1. Mobile Entertainment (≈58.5 Mn active subscribers)
Includes:
- Ringback tones
- Contests
- Videos
- Infotainment (music, news, sports via operator billing)
This segment still contributes a big chunk of revenue but is mature, low-growth, and margin-constrained.
2. Mobile Gaming (≈6.75 Mn active subscribers historically; 13.7 Mn gaming subs as per Q3 FY26 press release)
Products include:
- Challenges Arena
- ONMO
- Gamize
- Downloadable Games
Gaming is distributed via telecom billing (carrier billing), especially in Africa, Europe, and India, where credit card penetration is low but mobile data is everywhere.
Revenue mix FY23:
- Tones: ~37%
- Videos: ~37%
- Challenges Arena: ~11%
- Games: ~7%
- Others: ~8%
So yes, gaming is growing, but legacy products still dominate the revenue pie. The pivot is happening—but slowly. Like a ship doing a
