1. Gaming revenue growth of 50% in FY27 Pending - At the Q4 FY26 PPT (May 2026), management guided gaming revenues to grow by 50% in FY27, reiterated in the Q1 FY27 PPT and the FY26 annual report. Q1 FY27 gaming revenue was ₹39.4 crore, up 2.4% QoQ, against FY26 gaming revenue of ₹154.5 crore, down 25.4% YoY.
2. Manpower costs at 20-22% of revenues Delivered - At the Q1 FY27 call (Jun 2026), the CFO guided manpower costs to remain in the 20-22% range of revenues, with possible additional hiring on Onmo+. In Q1 FY27, people costs were ₹27.9 crore, down 1.1% QoQ, and the Q1 FY27 PPT shows manpower at 22% of revenue.
3. Ideosphere receivable settled within two quarters Pending - At the Q1 FY27 call (Jun 2026), management said the Ideosphere receivable would be settled "in the next two quarters", adding "we're not going to drag this". No settlement had been disclosed as of Q1 FY27.
4. Cloud-native Tones platform rollout across 27 deployments Pending - At the Q1 FY27 call (Jun 2026), management said the completely cloud-native Tones platform would roll out across the existing 27 deployments "over the next few many quarters", with the FY26 annual report scheduling the first production deployment for Q2 FY27. No rollout had been disclosed as of Q1 FY27.
5. Full year of profitability for the entire business in FY27 Pending - At the Q1 FY27 call (Jun 2026), management stated the entire business - mobile gaming and mobile entertainment - would have a full year of profitability, funding Onmo+ launches. Q1 FY27 showed a PAT loss of ₹28.9 crore including one-time severance of ₹14.1 crore, with EBITDA positive at ₹1.5 crore, margin 1.2%, against FY26 PAT of -₹11.5 crore.
6. Mobile entertainment & communication profitability lifted from \~20% to 25% On track - At the Q1 FY27 call (Jun 2026), management stated mobile entertainment & communication profitability would be pushed from \~20% into the 25% range. The core carrier business stood at \~20% profitability in Q1 FY27, with the Q1 FY27 PPT showing product EBITDA at 10% "going towards 25%".
7. Virtual Console launch announcement within 2 quarters Delivered - At the Q2 FY26 call (Sep 2025), management expected an announcement on Virtual Console deployment with operators "in the next 2 quarters", later committing to a press release and an operational console by Q2 FY27, with the Q4 FY26 PPT saying "stay tuned for launch announcement in 2 weeks". Onmo+ launched on 26 June 2026 through the Flipkart partnership in the last days of Q1 FY27.
8. New service in tones and video launched by year-end (CY2025) Missed - At the Q2 FY26 call (Sep 2025), management said a new service in tones and video would be launched by year-end and was on track. In Q3 FY26 the video business was still in negotiations on a new service, and no launch had been disclosed by Q1 FY27, when mobile entertainment degrowth was driven mostly by the video service in Europe.
9. Gaming revenue run-rate of $25 million end-FY26, doubling the next year Missed - At the Q2 FY26 call (Sep 2025), the FC said the gaming revenue run-rate "at the end of the year will be in the run rate of $25 million going to probably double the next year". FY26 mobile gaming revenue came in at ₹154.5 crore, down 25.4% YoY, and Q1 FY27 gaming revenue was ₹39.4 crore, with no $25 million run-rate disclosed.
10. Mobile Entertainment growth of \~5% YoY in FY26 Missed - At the Q1 FY26 call (Jun 2025), the FC set a Mobile Entertainment growth target of "at least" \~5% YoY for FY26, reiterated as on track at Q2 FY26. FY26 Mobile Entertainment revenue came in at ₹370 crore, down 1.6% YoY, with quarterly declines including -4.9% YoY in Q1 FY26.
11. Gaming subscription revenue of $2 million per month by March 2026 Missed - At the Q1 FY26 call (Jun 2025), the FC targeted gaming subscription revenue of $2 million per month by end of March 2026, reiterated at Q2 and Q3 FY26, with the FY25 annual report describing March's ₹11.1 crore as in line with the ₹17 crore monthly target. The December 2025 run rate was $1.6 million, and no $2 million monthly run rate was achieved by FY26-end.
12. $300 million business in 3-5 years, excluding M&A Pending - At the Q4 FY25 call (Mar 2025), the FC set a vision target of a USD 300 million business globally in 3-5 years excluding M&A, clarified as "in 5 years" at Q1 FY26. Q1 FY27 quarterly revenue was ₹124.1 crore with TTM revenue ₹514 crore, and no progress toward the target had been disclosed.
13. EPS positive in FY26 Missed - At the Q4 FY25 call (Mar 2025), CFO Radhika Venugopal said EPS next year (FY26) was expected to be positive and an improvement over previous years. FY26 diluted EPS was -1.1 with FY26 PAT of -₹11.5 crore.
14. Dividend restart hopefully by next year (FY27) Pending - At the Q4 FY25 call (Mar 2025), the FC said the goal was to restart the dividend "hopefully, by next year" once the cash position improved and dormant assets were monetized. The dividend policy was to be revisited in FY27, and no dividend had been declared for FY26 or as of Q1 FY27.
15. Enterprise Connect (Buzzmo) a good revenue stream in FY26 Delivered - At the Q4 FY25 call (Mar 2025), Bikram Sherawat said the Enterprise Connect platform had a strong funnel with multiple near closures expected to make it a good revenue stream in FY26. The first big Buzzmo license deal - a 5-year deal with a Middle East operator - was signed in Q1 FY26, and the FY26 annual report records a multi-year contract with Vodafone Qatar.
16. 2 significant Tones launches in the first 2 quarters of FY26 Delivered - At the Q4 FY25 call (Mar 2025), Bikram Sherawat said 2 significant Tones launches would go live in the first 2 quarters of FY26. Q1 FY26 brought new greenfield deployments and multiyear renewals with large Tones customers on a \~5.7 crore base, and Q2 FY26 completed the Tones migration for a large LATAM customer of \~96,000 subscribers.
17. Gaming subscription growth of 15-20% per quarter Partial - At the Q3 FY25 call (Dec 2024), management expected the subscription business (CA/ONMO) to grow 15-20% per quarter, restated at Q3 FY26 as stable 10-15% quarter-on-quarter growth going forward. Growth reached 29.6% QoQ in Q3 FY26 but was \~8% in Q2 FY26 and 2.4% QoQ in Q1 FY27.
18. PAT positive within 18 months (from Q3 FY25) Partial - At the Q3 FY25 call (Dec 2024), asked whether PAT positive could be expected in 18 months, the CEO answered "Yes, for sure", subject to capitalization choices. PAT was positive in Q1-Q3 FY26 (₹15.6, ₹6 and ₹3.5 crore) but turned negative in Q4 FY26 (-₹36.5 crore) and Q1 FY27 (-₹28.9 crore), leaving FY26 PAT at -₹11.5 crore, or +₹35.3 crore without the impairment provision.
19. Cash flow positive every month within 12 months Delivered - At the Q3 FY25 call (Dec 2024), the CEO set the objective that within the next 12 months cash flow should be positive every month, later targeting every quarter cash flow positive. Gross cash rose from ₹40.2 crore at Q4 FY25 to ₹108.6, ₹129.5, ₹138.5 and ₹142 crore through Q4 FY26, with the Q1 FY27 dip to ₹135.5 crore due to Onmo+ investment and repayment of short-term credit.
20. QIP completed by end of March 2025 Missed - At the Q3 FY25 call (Dec 2024), management planned to close the QIP by end of February with documentation by the first week of March, targeting March 2025 completion. The QIP was put on hold at current valuations, effectively shelved with the share price low, and remained unexecuted as of Q1 FY27, when the company instead borrowed ₹65 crore via debentures at \~13.5%.
21. $15 million GPU server deployment in March 2025 Missed - At the Q3 FY25 call (Dec 2024), management committed to investing $15 million in GPU server deployment "in this coming month" (March 2025) to support DeOSphere/AI and gaming customers. The plan was restaged across 12-18 months to conserve cash, and by Q3 FY26 management confirmed the \~$15 million investment was never made as the business case did not work, with DeOSphere "on the ice".
22. Company EBITDA positive from FY26 on all business lines Delivered - At the Q2 FY25 call (Sep 2024), the FC set the goal of being clearly EBITDA positive starting FY26 on all business lines. All four quarters of FY26 were EBITDA positive - ₹6.5, ₹8.6, ₹8.1 and ₹6.5 crore - with full-year EBITDA of ₹29.7 crore at a 5.7% margin, up 110.6% YoY.
23. Gaming revenues at 50% of overall revenues by FY26 Missed - At the Q2 FY25 call (Sep 2024), the FC said gaming revenues, then 24% of revenue, should be at 50% by FY26, an objective first stated at Q4 FY24 as 50% within 2-3 years. Gaming peaked at 45% of revenues in Q3 FY25, fell to 25% in Q1 FY26 and stood at 30-32% through FY26-end and Q1 FY27.
24. Gaming subscription revenue doubled within 6-8 quarters Partial - At the Q2 FY25 call (Sep 2024), the FC expected the subscription revenue base to double "within the 6 to 8 quarters coming up", restated in later quarters as $2 million monthly revenues by March 2026. The run rate moved from $1 million in Q2 FY25 to $1.6 million by December 2025, but the Q1 FY27 PPT shows $1.43 million in recent quarters with $2 million still pending.
25. Chingari exit via secondary by end of 2024 Missed - At the Q1 FY25 call (Jun 2024), the FC said on Chingari's next raise, "by the end of the year", the company "will aim to do a secondary and accept our position". The monetization timeline was pushed repeatedly - next 12 months, 6-9 months, then within FY27 - and by Q1 FY27 the buyback was delayed a further 12 to 18 months with no exit completed.
26. Mobile Entertainment revenue growth in coming quarters Missed - At the Q1 FY25 call (Jun 2024), management said Mobile Entertainment (Tones and Videos) revenue "should grow" and "should perform in the coming quarters". Mobile entertainment declined through FY25 and into FY26 - ₹376 crore in FY25, down 15% YoY, and ₹95.6 crore in Q1 FY26, down 4.9% YoY.
27. Tones pricing renegotiated to a higher share in FY25 Partial - At the Q1 FY25 call (Jun 2024), Bikram Sherawat targeted renegotiating Tones service pricing and contract renewals "with a higher share" for FY25, aiming to maintain and grow the Tones business. One major South Asia Tones contract was renewed in Q3 FY25, and Tones closed FY25 with 5.8 crore subscribers, up 2%, but FY25 mobile entertainment revenue fell 15% YoY to ₹376 crore.
28. Gaming costs further down through FY25 Delivered - At the Q1 FY25 call (Jun 2024), Radhika guided gaming costs spent would "further come down" from ₹9 crore in Q1 FY25 as costs were optimized while signing large deals. R&D spend fell to ₹3 crore in Q2 FY25 and ₹2.1 crore in Q3 FY25, gaming capitalization dropped from ₹64 crore in FY24 to ₹10.6 crore in FY25, and capitalization stopped entirely by Q1 FY26.
29. 200 gaming accounts signed by end 2025 Missed - At the Q1 FY25 call (Jun 2024), management reiterated the objective of aiming towards 200 accounts signed by end 2025, a goal also stated in the FY24 annual report as 200 mobile operator deployments worldwide. Expansion was paused at 120+ deployed in Q1 FY26, with 120 live customers at Q4 FY25 and \~120 operators live at Q2 FY26.
30. \~100 optimized gaming accounts by end 2025 Missed - At the Q4 FY24 call (Mar 2024), management's marketing optimization plan targeted increasing optimized accounts from 35 to 100 eventually, restated at Q1 FY25 as \~100 optimized by end 2025. Optimized accounts rose to 46 in Q1 FY25 and 53 in Q2 FY25, but expansion was paused at 120+ deployed with no disclosure of 100 optimized reached.
31. Traditional/Mobile Entertainment EBITDA margin of 15-18% Partial - At the Q1 FY26 call (Jun 2025), the FC set a traditional/Mobile Entertainment target EBITDA margin of 15-18% on a contribution margin basis, potentially 20-25% with 5-10% growth. The core carrier business was at \~20% profitability by Q1 FY27, though the Q1 FY27 PPT shows product EBITDA at 10% "going towards 25%".
32. CA and ONMO each reaching the size of the traditional business Pending - At the Q3 FY24 call (Dec 2023), management reiterated targeting each of CA and ONMO reaching the size of the traditional business, but would not put a timeline on it. Gaming reached 45% of revenues in Q3 FY25 and 32% of gross revenue in Q1 FY27, when traditional mobile entertainment revenue was ₹84.6 crore, so gaming has not reached the traditional business's size on a sustained basis.
33. \~40% gaming growth continuing after the Q3 FY24 aberration Partial - At the Q3 FY24 call (Dec 2023), management called Q3's flattish gaming growth an aberration and expected "much better growth in gaming back to the norm", endorsing \~40% as the continuing level. Growth was strong through FY25 - 22.9% and 27.3% QoQ in Q1-Q2, more than doubling in Q3 - but turned negative in Q4 FY25 (-1.5% QoQ), Q4 FY26 (-15.1% QoQ) and was 2.4% QoQ in Q1 FY27.
34. Marketing cost down to 50% of gaming revenue, then below 40% Delivered - At the Q3 FY24 call (Dec 2023), management expected marketing cost as a percentage of gaming revenue to continuously come down, with a Q4 FY24 goal of \~50% and below 50% after a couple of years. Marketing was 74% of revenue in Q4 FY24 but was trending below 50% by Q1 FY27, with the Q1 FY27 PPT showing CA at 48% and ONMO at 36% of net revenue.
35. Close to not using a lot of cash over the next two quarters Delivered - At the Q3 FY24 call (Dec 2023), management expected cash to be used "for the next two quarters" but "close to not using a lot of cash". Cash balance rose to ₹63.7 crore in Q4 FY24 from ₹58 crore, and to ₹68.8 crore in Q1 FY25.
36. CA gaming stabilized within FY25; ONMO three-to-four quarters later Delivered - At the Q3 FY24 call (Dec 2023), management saw profitability stabilization for CA gaming "within this year", with ONMO "maybe three quarters or four quarters extra after CA stabilizes". Gaming broke even at EBITDA level by Q4 FY25, and management confirmed in Q1 FY27 that gaming subscription broke even in Q3 FY26 with mobile gaming brought to profitability the prior year.
37. LATAM tones live by end Q1 FY25, full operations from Q2 FY25 Delivered - At the Q3 FY24 call (Dec 2023), management guided the LATAM tones deployment as \~70% done, going live "towards the end of Q1" with full-fledged LATAM operations from Q2 FY25. The deployment slipped to Q4 FY25 but was officially completed and live, generating revenues, and a large LATAM customer migration of \~96,000 subscribers followed in Q2 FY26.
38. Vodafone Idea gaming impact recovered within a quarter or two Delivered - At the Q3 FY24 call (Dec 2023), management expected to recover the entire VI impact on gaming "very quickly within this quarter or two". Gaming then grew \~12% sequentially in Q4 FY24, 22.9% in Q1 FY25 and 27.3% QoQ in Q2 FY25, with the CA+ONMO gaming business up 16.9% QoQ in Q3 FY25.
39. Every quarter's revenue better than the preceding quarter Missed - At the Q3 FY24 call (Dec 2023), management committed that every successive quarter would be better than its preceding quarter in revenue, especially gaming, an endeavor reaffirmed at Q4 FY24 ex-forex. Revenue was flat in Q1 FY25 and declined in Q4 FY25 (-4.7% QoQ), Q4 FY26 (-5.8% QoQ) and Q1 FY27 (-3.8% QoQ).
40. Mobile gaming EBITDA of 25% mature-stage, 20%+ once stable On track - At the Q3 FY24 call (Dec 2023), management anticipated mobile gaming EBITDA exceeding 20% once stable with a 25% mature-stage level, a target repeatedly restated as \~25% by FY26 and later 20% by FY27. Gaming subscription broke even in Q3 FY26 and mobile gaming reached profitability in FY26, with Q1 FY27 showing product EBITDA at 20% "going towards 25%".
41. Net active gaming subscribers of 0.62 crore by end Q4 FY24 Delivered - At the Q3 FY24 call (Dec 2023), management targeted 0.62 crore net active subscribers by end of Q4 FY24, versus 0.53 crore at end Q3 FY24. The Q4 FY24 net active subscriber base in mobile gaming reached 0.68 crore, up 26% QoQ.
42. Cumulative gross paying subscribers of \~3.8 crore by Q4 FY24 Partial - At the Q3 FY24 call (Dec 2023), management targeted reaching close to 3.8 crore cumulative gross paying subscribers in Q4 FY24, versus 3.32 crore at end Q3 FY24. The Q4 FY24 outcome figure is absent from the record, which shows only 0.68 crore net active gaming subscribers; growth to 3.32 crore from 2.93 crore marks real progress on a lapsed deadline.
43. Gaming revenue above 25% of total FY24 revenue Missed - At the FY23 Annual Report (Aug 2023), management expected gaming revenue to contribute more than 25% of total FY24 revenue. FY24 gaming revenue was ₹80.4 crore, 15.4% of the total ₹523.3 crore.
44. ONMO subscriber base surpassing 0.1 crore within two quarters Delivered - At the FY23 Annual Report (Aug 2023), management was confident the ONMO subscriber base would surpass 0.1 crore within the next two quarters. ONMO active subscribers reached 0.4 crore by Q4 FY24, with Q1 FY24 already showing 25 ONMO B2B customers confirmed and 10 live.
45. FY24 revenue surpassing ₹600 crore Missed - At the FY23 Annual Report (Aug 2023), management aimed to achieve revenue surpassing ₹600 crore in FY24. FY24 revenue came in at ₹523.3 crore, down 4.7% YoY.
46. Tones bouncing back in Q3/Q4 FY24 Missed - At the FY23 Annual Report (Aug 2023), Tones (mobile entertainment) was anticipated to bounce back in Q3/Q4 FY24, supported by new accounts. Q3 FY24 tones saw a major impact from VI, declining both QoQ and YoY, and FY24 mobile entertainment revenue was ₹442.9 crore, down 8.1% YoY.
47. Rightsizing benefits improving FY24 margins Delivered - At the FY23 Annual Report (Aug 2023), management expected rightsizing exercise benefits from Q1 FY24 and anticipated improved margins in FY24. FY24 EBITDA was ₹28.3 crore at a 5.5% margin versus ₹12.7 crore at 2.4% in FY23, with FY24 PAT of ₹15.3 crore, a 3.0% margin.
48. Challenges Arena live with more than 50 mobile operators in FY22-23 Delivered - At the FY22 Annual Report (Aug 2022), management endeavoured to be live with more than 50 mobile operators on Challenges Arena within year 22-23. Challenges Arena had 54 customers live by Q1 FY24, and cumulative gaming customers reached 89 by Q3 FY24.
49. Buyback of 19,321,429 shares for maximum ₹54.1 crore Partial - In the FY20 Annual Report (Sep 2020), the Board approved a buyback of 19,321,429 shares for a maximum value of ₹54.1 crore. The buyback, executed from April 28 to May 21, 2020, bought back 1,448,582 equity shares (1.37% of paid-up equity capital) at a maximum price of ₹28 per share.