OnMobile Global Ltd Q2FY26: Gaming Up, Profits Jump 166%, But Entertainment Still the Main Character

1. At a Glance

OnMobile Global Ltd (NSE: ONMOBILE), the OG of mobile value-added services, just dropped its Q2FY26 results, and let’s just say — it’s that middle-aged tech guy trying to stay cool in a Gen-Z gaming world. Revenue stood at ₹1,310 million (₹131 crore), with an EBITDA of ₹86 million, while net profit leapt 166% QoQ to ₹59.5 million. The market cap hovers around ₹600 crore, with the stock chilling at ₹56.4 per share — down 24% over the last year but up 11.5% in three months.

The company, once famous for caller tunes before smartphones murdered them, is now betting its future on gaming platforms like ONMO, Challenges Arena, and Gamize. But let’s be real — nostalgia alone doesn’t pay the bills. Despite an ROE of -4.9%, ROCE at -2.3%, and a zero dividend yield, OnMobile is still trying to prove it’s not the next Orkut of mobile entertainment.

Will this ringback-tone relic make a grand comeback in the gaming arena, or will it remain a slow buffer screen in a 5G world? Buckle up — this one’s a spicy digital soap opera.

2. Introduction

If you had a Nokia phone in the 2000s, chances are you grooved to a ringback tone instead of the boring “triiiing-triiiing.” That melody you heard before someone picked up? Yep, that’s OnMobile Global’s legacy. Back then, the company was printing money off your patience. Fast forward to FY26, and the world’s on Reels, Shorts, and games that eat up your battery faster than you can say “low storage.”

So, what does OnMobile do now? It’s reinventing itself as a mobile entertainment and gaming tech company, mixing B2B telco partnerships with a growing D2C gaming audience. Think of it as the uncle who finally joined Instagram and now makes Reels about “corporate life.”

But jokes aside, OnMobile’s global presence — across 64 countries with 74 million paying users — is no small feat. While most Indian tech firms struggle to cross the border (literally and figuratively), OnMobile’s digital tunes play across Europe, Africa, and Asia.

Still, the financials have been singing off-key for a while. Over the last five years, sales have grown a mere 0.02%, and ROE is flatter than your phone after a PUBG session. Yet, the management isn’t giving up — they’re betting big on ONMO, a short-form mobile gaming platform that merges AI, cloud, and competitive challenges.

Now the question is — can OnMobile go from “press 9 for ringtone” to “download now for gaming thrill”?

3. Business Model – WTF Do They Even Do?

OnMobile’s business model has had more reboots than the Spider-Man franchise. Initially, it monetized your telecom experience — think ringback tones, voice contests, and infotainment. But as data plans got cheaper and OTTs exploded, those once-hit products turned vintage faster than your old iPod.

Now, the company operates two main segments:

a) Mobile Entertainment (Legacy):
Still alive and kicking with ~58.5 million active users and 69 global telco partners. Services include ringback tones, video content, and infotainment streams (music, sports updates, contests). Basically, if your dad still listens to caller tunes, OnMobile probably made it happen.

b) Mobile Gaming (New Avatar):
~6.75