OnMobile Global · risk themes across the available quarters.
Bear-case history
Physical product launch involves new complexities: manufacturing (currently China, seeking India alternative), shipping, customs, customer care, and returns management. Management explicitly warned 'things will go wrong in some places.'
QIP fundraising deferred due to depressed stock price (₹49). FC stated console success will drive cash requirements similar to telecom device financing model—'more subscribers means more devices to fund.'
Analyst directly asked about Dosphere timeline for FY27; FC responded 'I cannot comment on it but honestly I don't see it.' GPU servers were never purchased as business case didn't work.
DSO elevated due to festival season delays; management expects collections in Q4. Outstanding payments from Qatar and Sri Lanka deals not fully received despite completed work.