Nazara Technologies reported a pivotal FY26, with revenue reaching INR 1,829 crores and EBITDA rising 66% to INR 255 crores. The company has shifted its focus toward a high-margin, globally diversified gaming platform, with gaming now contributing 90% of total EBITDA. With the successful integration of its Centers of Excellence and the upcoming consolidation of Bluetile, the company is poised for accelerated growth and increased operational leverage in FY27.
Financial Highlights and Operational Scale
The company delivered a robust performance in FY26, characterized by a significant improvement in profitability. EBITDA margins expanded to 13.9% for the full year, while the Q4 FY26 margin touched 19.5%. Operating cash flows saw a healthy growth of 81% year-on-year, totaling INR 213 crores. Management emphasized that the business model has fundamentally shifted, with gaming-led profitability becoming the core driver of value.
Segmental Performance
The gaming division recorded a 107% year-on-year revenue growth to INR 1,072 crores, with EBITDA surging 157% to INR 265 crores. Mobile gaming revenue reached INR 713 crores, supported by successful execution in LiveOps and data analytics. Furthermore, the PC and console publishing segment contributed INR 261 crores in revenue, bolstered by the success of Human Fall Flat, which surpassed 58 million lifetime unit sales globally.
Strategic Acquisitions and Future Outlook
Nazara has focused on expanding its global footprint through strategic M&A. The recent acquisition of Bluetile and BestPlay is expected to bolster casual gaming and AI-native development capabilities, with consolidation anticipated from Q1 FY27. Additionally, the company is actively refining its portfolio by identifying non-core assets for potential divestment, including the AdTech business, to redeploy capital into higher-margin gaming opportunities.
NODWIN Gaming IPO Update
NODWIN Gaming, an associate company, demonstrated a significant turnaround in FY26, reporting a profit of INR 21 crores compared to a loss of INR 14 crores in the previous year. Management confirmed that NODWIN is preparing for an independent IPO, aiming to raise between $100 million and $200 million to fuel its expansion into the Global South, covering markets from the Philippines to Mexico.
Source: BSE
