Any current/future new fundraising through debt or equity?

No immediate need for new fundraising as cash position is increasing steadily. Originally planned a $30 million QIP for M&A and CapEx but currently on hold due to market conditions and valuation concerns. Preference for staging deployments and securing contracts carefully rather than immediate large capital raise. Dilution is avoided at current valuations (~₹45-50), deemed unfavorable for shareholders. Possibility of rights issue or QIP considered only if terms are right and market conditions improve. Management prioritizes generating cash internally and optimizing asset utilization

Any current/future capex/capital investment/strategic investment?

Capitalized investment in gaming is being drastically reduced; FY25 capitalization was INR 10.6 crores (~USD 1.35 million), down from INR 64 crores (~USD 7 million) in FY24. Going forward, capitalization is expected to stay below USD 1 million per year, focusing more on operational investment rather than heavy capital expenditure. Investment strategy has shifted to staged deployment of CapEx over 12-18 months to align with secured contracts, avoiding large upfront infrastructure spending. The company plans to leverage the existing gaming investment (~INR 240-250 crores capitalized over p

Future growth expectations in sales/revenue/volumes?

Gaming business expected to grow around 50% in FY '26 with a target to reach a run rate of INR 2 million in monthly recurring revenue within 12-18 months (Page 4). Mobile entertainment business targeting about 5% growth in FY '26, with two significant Tones launches planned in the first two quarters (Pages 12-13). New premium entertainment services discussions ongoing with a large European telco, expected to contribute to growth (Page 4). OnGaming subscription revenue run rate at about USD 15.5-16 million annually as of March, showing strong growth potential (Page 9). New license-based revenue

Future growth expectations in earnings/operating earnings/profits/EPS?

Gaming business expected to grow ~50% in FY26, driving overall revenue growth (Page 4). Traditional mobile entertainment business expected to grow modestly by ~5% in FY26 (Page 7). EBITDA margin expected to reach double digits (around 10%) consolidated level in FY26 (Page 7). Gaming division targeted to achieve 20% EBITDA margins by FY27, contingent on scale and new customer onboarding efficiencies (Page 8). CapEx on gaming product innovation to be limited to below $1 million in FY26, focusing on leveraging past investments for revenue growth (Page 7 & 9). Focus on cash generation and profitab

Current/ Expected Orderbook/ Pending Orders?

The company is currently live with 31 customers in the Tones business. Several new sign-ups have occurred over the last 12 months and are under deployment. Expectation to have at least 2 significant new customers going live in the first two quarters of the next year. Revenue share renegotiations with existing customers are underway to achieve growth. The mobile entertainment vertical aims for about 5% growth, with Tones business expected to arrest previous degrowth and grow with new launches and expansion. The company is working on interesting contracts in gaming and operator side bu

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OnMobile Global LtdQ1 FY25Media

OnMobile Global Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹56.1P/E: 33.8Market Cap: ₹588 CrSector: Media

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Gaming business expected to grow around 50% in FY '26 with a target to reach a run rate of INR 2 million in monthly recurring revenue within 12-18 months (Page 4).
→Mobile entertainment business targeting about 5% growth in FY '26, with two significant Tones launches planned in the first two quarters (Pages 12-13).
→New premium entertainment services discussions ongoing with a large European telco, expected to contribute to growth (Page 4).
→OnGaming subscription revenue run rate at about USD 15.5-16 million annually as of March, showing strong growth potential (Page 9).
→New license-based revenue streams from the gaming platform expected to add growth (Page 4).
→Overall company revenue rose 11.5% in FY '25, driven mainly by gaming; focus remains on growing cash and revenues steadily (Pages 2-3).

Margin guidance

Category 2

→Gaming business expected to grow ~50% in FY26, driving overall revenue growth (Page 4).
→Traditional mobile entertainment business expected to grow modestly by ~5% in FY26 (Page 7).
→EBITDA margin expected to reach double digits (around 10%) consolidated level in FY26 (Page 7).
→Gaming division targeted to achieve 20% EBITDA margins by FY27, contingent on scale and new customer onboarding efficiencies (Page 8).
→CapEx on gaming product innovation to be limited to below $1 million in FY26, focusing on leveraging past investments for revenue growth (Page 7 & 9).
→Focus on cash generation and profitability from gaming unit alongside continuous investment in product innovation (Pages 2 & 16).
→New contracts and services launches in mobile entertainment and tones anticipated to contribute to revenue growth from FY26 onwards (Pages 4, 11, 12).

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Fundraise plans

→No immediate need for new fundraising as cash position is increasing steadily.
→Originally planned a $30 million QIP for M&A and CapEx but currently on hold due to market conditions and valuation concerns.
→Preference for staging deployments and securing contracts carefully rather than immediate large capital raise.
→Dilution is avoided at current valuations (~₹45-50), deemed unfavorable for shareholders.
→Possibility of rights issue or QIP considered only if terms are right and market conditions improve.
→Management prioritizes generating cash internally and optimizing asset utilization before raising new funds.
→Will consider fundraising opportunistically in the future but no active plans now.

Order book

→The company is currently live with 31 customers in the Tones business.
→Several new sign-ups have occurred over the last 12 months and are under deployment.
→Expectation to have at least 2 significant new customers going live in the first two quarters of the next year.
→Revenue share renegotiations with existing customers are underway to achieve growth.
→The mobile entertainment vertical aims for about 5% growth, with Tones business expected to arrest previous degrowth and grow with new launches and expansion.
→The company is working on interesting contracts in gaming and operator side but is cautious about upfront investments versus cash generation, staging deployment over 12 to 18 months.
→No exact order book value disclosed, but ongoing deployment and pipeline contracts suggest active business growth.

Capex plans

Yes

→Capitalized investment in gaming is being drastically reduced; FY25 capitalization was INR 10.6 crores (~USD 1.35 million), down from INR 64 crores (~USD 7 million) in FY24.
→Going forward, capitalization is expected to stay below USD 1 million per year, focusing more on operational investment rather than heavy capital expenditure.
→Investment strategy has shifted to staged deployment of CapEx over 12-18 months to align with secured contracts, avoiding large upfront infrastructure spending.
→The company plans to leverage the existing gaming investment (~INR 240-250 crores capitalized over past 4-5 years) to grow revenues rather than making large new capital investments.
→No immediate large QIP planned; fundraising for CapEx and M&A opportunities is staged due to market conditions to avoid dilution.
→Focus on converting dormant assets into cash and improving cash generation while carefully managing capex and investments.
→Strategic investments like partnership with DeOSphere for advanced gaming platform underway to drive future revenue growth.

How does OnMobile Global Ltd rank vs peers in Media?

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1OnMobile Global Ltd

Rev 3Mar 2

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