OnMobile Global Ltd Q2FY26: The Return of the Ringback King or Just a Ringing Headache?
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1. At a Glance
If nostalgia had a stock symbol, it would be OnMobile Global Ltd (NSE: ONMOBILE, BSE: 532944) — the OG of caller tunes, now trying to reinvent itself in gaming and digital entertainment. The company just dropped its Q2 FY26 results like a forgotten ringtone from 2008, and surprisingly, it’s humming a decent tune this time.
Consolidated revenue stood at ₹1,310 million (₹131 crore), up marginally from last quarter’s ₹1,253 million, with an EBITDA of ₹86 million and a PAT of ₹59.45 million. The gaming business, led by “Challenges Arena” and “ONMO,” clocked in ₹355 million, signaling that OnMobile’s bet on mobile gaming is finally levelling up.
The stock closed at ₹74 on November 4, 2025, giving it a market cap of ₹786 crore. Over the last three months, the share has gained 38%, while over six months, it’s up 59.5% — clearly, something’s buzzing. But with a P/E ratio of 67.3x, ROE of -4.94%, and ROCE of -2.34%, one might wonder — is this revival or just a remix of old tunes?
2. Introduction
Remember those glorious 2000s when you’d call your crush and hear “Tumse Hi” instead of the annoying tring tring? That was OnMobile Global — the godfather of Indian ringback tones. But as time passed and people switched to Spotify, YouTube, and personalized playlists, OnMobile’s ringtone revenue started sounding like a Nokia 1100 alarm — outdated and ignored.
Fast-forward to FY26, and the company is in the middle of a full-blown reinvention. It’s now pitching itself as a mobile gaming and digital entertainment company, working with over 100 telecom and tech clients across 64 countries — including Airtel, BSNL, Movistar, Samsung, PhonePe, and VI.
But here’s where the story gets spicy: OnMobile’s CEO musical chairs continued with François-Charles Sirois taking over after Sanjay Baweja exited in March 2024. Since then, new products, subsidiary mergers, and international closures have reshaped the company faster than a Gen Z rebrand.
The latest results show PAT of ₹59.45 million, a 166% YoY jump, and revenue steady at ₹131 crore. But does that mean the company has truly found its next big hit — or is this another filler track in a long album of corporate remixes?
3. Business Model – WTF Do They Even Do?
OnMobile Global is basically that friend who once sang one viral song and is now trying every genre possible to stay relevant.
Here’s their playlist:
1. Mobile Gaming (the new obsession): They’ve built platforms like Challenges Arena, ONMO, and Gamize, claiming 6.75 million active subscribers and 101 customers. The idea? Create short, competitive, social mobile games to grab Gen Z attention — the same audience that can’t sit through a 30-second YouTube ad.
2. Mobile Entertainment (the legacy cash cow): Still a major chunk of revenue, this includes ringback tones, contests, videos, and infotainment content. With 58.5 million active subscribers and 69 customers, this is the ringtone empire that refuses to die.
3. Digital Content Store: A “Netflix of everything except movies,” the platform hosts videos, music, games, and news for telco users globally.
Their FY23 revenue mix says it all:
Tones: 37%
Videos: 37%
Challenges Arena: 11%
Games: 7%
Contests: 3%
ONMO Games: 2%
Others: 3%
Half the company’s revenue comes from Europe (49%), followed by Africa (22%), India (22%), and the rest scattered globally. In short, OnMobile makes money wherever people still use prepaid SIMs and basic smartphones.
