Nazara Technologies has delivered a landmark performance for FY26, achieving its highest-ever EBITDA of ₹255 crores, marking a 66% year-on-year growth. The company has successfully transitioned its business model, with gaming now contributing 90% of total EBITDA. With strong operational leverage, strategic acquisitions like Bluetile and BestPlay, and a focus on AI-driven platform capabilities, Nazara is positioned for sustained global scale in the upcoming fiscal years.
Record Financial Performance in FY26
The fiscal year 2026 proved to be a pivotal year for Nazara, characterized by aggressive profit-led growth and strategic scale. The company reported annual revenue of ₹1,829 crores, a 13% increase year-on-year. Profitability metrics also saw significant improvement, with Q4FY26 EBITDA margins reaching 19.5%. Furthermore, the company demonstrated strong cash generation, with pre-tax operating cash flow (OCF) rising by 81% to ₹213 crores.
Strategic Gaming Pivot
A central theme of the company’s evolution is the fundamental change in its business composition. Gaming has become the primary growth driver, now accounting for 90% of EBITDA, compared to 56% in the previous year. The company is actively integrating its proprietary COE (Centre of Excellence) playbook—spanning User Acquisition, Data Analytics, Artificial Intelligence, and Product—across all gaming intellectual properties to drive unit economics and margin expansion.
Platform Expansion and Future Growth
Nazara has significantly expanded its platform capabilities through key acquisitions and developments:
- Strategic M&A: The acquisition of Bluetile and BestPlay adds 17 casual puzzle IPs and 22 million monthly active users to the portfolio, with consolidation expected in FY27.
- AI Integration: The company is embedding AI across its full game lifecycle, from development—where Pixel Blast was built in just 2 months—to live operations, which enhances player retention and optimizes marketing spend.
- PC & Console Entry: Nazara’s entry into the $90 billion PC-Console market saw robust results, with Human Fall Flat crossing 58 million lifetime units and Badlands Crew performing strongly on Steam.
- Offline Growth: The offline gaming segment continues to scale, with Funky Monkeys adding 10 new centers in FY26 and the upcoming launch of Smaaash 2.0 expected to further enhance the experiential gaming footprint.
NODWIN Turnaround
NODWIN Gaming achieved a notable turnaround in FY26, moving from an EBITDA loss of ₹14 crores in FY25 to an EBITDA profit of ₹21 crores. This was driven by a robust events calendar, the de-consolidation of non-performing subsidiaries, and a renewed focus on global expansion through its youth media and live events strategy.
Source: BSE
