ONMOBILE Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹137 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹8.1 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
OnMobile delivered a mixed Q3 FY26 with total revenue of 137 crores (up 4.5% QoQ) driven by gaming strength offsetting mobile entertainment weakness. Gaming subscription revenue surged 29.6% QoQ to 44.6 crores, reaching a $1.6M monthly run rate in December, with management guiding to $3M MRR target via 10-15% quarterly growth. EBITDA stood at 8.1 crores (16% QoQ growth normalized), though margin expansion remains modest at 5.9%. The gaming console launch is imminent (within next quarter), representing a bold but capital-intensive diversification from pure software—management explicitly flagged cash deployment needs and supply chain risks from China manufacturing. The Dosphere partnership remains dead, while the Chingari exit and QIP fundraising are deferred until price recovery above ₹49. Mobile entertainment's 4% QoQ decline and video business weakness present near-term headwinds. FY27 guidance of 20% EBITDA margin for gaming remains intact but contingent on console success.
Colored figures show movement against the previous available record.
Guidance to track
- With current $1.6M MRR and 10-15% quarterly growth, management targets $3M MRR within 18 months from the guidance date.
- Full-year FY26 gaming revenue growth target of approximately 50% remains on track with one quarter remaining.
- Management maintained guidance of reaching 20% EBITDA margin for gaming division starting FY27 (April 2026), driven by scale and positive contribution margin in Q3.
- Gaming console (cloud gaming box with controller, 200 games) scheduled for launch within next 1-2 quarters starting with small quantities in India.
Risks flagged
- 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.
Key quotes
- It's not going to stop there, right? This business is growing. So I view a stable 10-15% quarter-on-quarter. It might have some up, some down, but the reality on a yearly basis that's what I see going forward.
- Contribution margin on gaming is positive inclusive of the cost to invest to do the gaming console.
- We are in discussions with somebody in India. So hopefully this goes quite fast right after our test that we can produce also directly for India. The last thing we want is to be live and then we can't buy from China for any reason.
- We're not going to blast like crazy and I want to make sure everything works. It's easy to bring a price down. It's very difficult to bring a price up.
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