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Nazara Technologies Results: Latest Quarterly Results & Analysis

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Nazara Technologies Ltd. 04 Aug 2026 11:16 AM

Q1FY27 Quarterly Result Announced for Nazara Technologies Ltd.

Internet Software & Services company Nazara Technologies announced Q1FY27 results

Consolidated Financial Highlights:

  • Revenue from operations for Q1FY27 was reported at Rs 42,877 lakh, representing a decrease of 14.03% YoY from Rs 49,877 lakh in Q1FY26, but an increase of 7.79% QoQ from Rs 39,778 lakh in Q4FY26.
  • Total income for Q1FY27 stood at Rs 43,755 lakh, a decline of 24.02% YoY compared to Rs 57,587 lakh in Q1FY26 and a decrease of 2.44% QoQ from Rs 44,847 lakh in Q4FY26.
  • The company reported a net loss for the period in Q1FY27 of Rs 8,247 lakh, compared to a net profit of Rs 5,134 lakh in Q1FY26 and a net profit of Rs 5,570 lakh in Q4FY26.
  • Net profit / (loss) after exceptional items attributable to equity shareholders of the company was a loss of Rs 7,992 lakh in Q1FY27, against a profit of Rs 5,346 lakh in Q1FY26 and a profit of Rs 4,696 lakh in Q4FY26.
  • Total comprehensive loss attributable to equity shareholders of the company for Q1FY27 was Rs 7,555 lakh, compared to a total comprehensive income of Rs 9,257 lakh in Q1FY26 and Rs 6,693 lakh in Q4FY26.
  • Restated basic earnings per share (EPS) for continuing operations before exceptional items for Q1FY27 was negative Rs 2.16, compared to Rs 1.51 in Q1FY26 and Rs 1.27 in Q4FY26.

Standalone Financial Highlights:

  • Revenue from operations in Q1FY27 was Rs 1,739 lakh, down 14.42% YoY from Rs 2,032 lakh in Q1FY26 and down 5.69% QoQ from Rs 1,844 lakh in Q4FY26.
  • Total income for Q1FY27 stood at Rs 3,845 lakh, a YoY decrease of 17.35% from Rs 4,652 lakh in Q1FY26 and a QoQ decrease of 44.40% from Rs 6,915 lakh in Q4FY26.
  • The company reported a net loss for the period in Q1FY27 of Rs 6,315 lakh, against a net profit of Rs 2,761 lakh in Q1FY26 and a net profit of Rs 391 lakh in Q4FY26.
  • Total comprehensive loss for Q1FY27 was Rs 6,303 lakh, compared to a total comprehensive income of Rs 2,768 lakh in Q1FY26 and Rs 382 lakh in Q4FY26.
  • Restated basic EPS after exceptional items for Q1FY27 was negative Rs 1.70, compared to Rs 0.78 in Q1FY26 and Rs 0.11 in Q4FY26.

Business Highlights:

  • Segment-wise Performance:
    • Gaming: Segment revenue for Q1FY27 was Rs 27,498 lakh, growing 14.14% YoY from Rs 24,092 lakh in Q1FY26. The segment result for Q1FY27 was Rs 776 lakh.
    • eSports: Segment revenue for Q1FY27 was Rs 2,779 lakh, a significant decline of 81.97% YoY from Rs 15,414 lakh in Q1FY26. The segment reported a loss of Rs 46 lakh for Q1FY27.
    • Ad tech: Segment revenue for Q1FY27 was Rs 12,608 lakh, up 18.88% YoY from Rs 10,606 lakh in Q1FY26. The segment reported a loss of Rs 179 lakh for Q1FY27.
  • Acquisition of Target Companies (Bluetile and Bestplay): The company has revised the commercial terms for the acquisition of Bluetile Games, S.L. and Bestplay Systems, S.L. to expedite the process. The aggregate fixed cash consideration is USD 303.02 million (~Rs 2,909 crore), replacing the original structure that included stock consideration and earn-outs. Nazara UK will now acquire 100% of the share capital of each company at Closing.
  • Leadership Changes: Mr. Raymond Albaladejo Stauffer has been appointed as the Chief Executive Officer (KMP) effective September 01, 2026. Concurrent with this, Mr. Nitish Mittersain has resigned from the position of CEO but will continue as the Managing Director of the company.
  • Funky Monkeys Investment: The Board approved a further investment of up to Rs 9.9 crore in Funky Monkeys Play Center Private Limited. This includes a primary investment of Rs 8 crore and a secondary acquisition of Rs 1.9 crore. Post-completion, the company's stake is expected to increase to 68.1%.
  • Smaaash Entertainment Loan: An unsecured loan not exceeding Rs 24 crore was granted to Smaaash Entertainment Private Limited, a wholly-owned subsidiary.
  • Warrant Allotment: Consequent to the conversion of 9,00,000 warrants, the company allotted 9,00,000 fully paid-up equity shares of face value Rs 2 each to Founders Collective Fund. The issued, subscribed, and paid-up equity share capital increased from Rs 76,75,92,048 to Rs 76,93,92,048.
  • Impairment of Investments: The Group reassessed the recoverable amount of its investment in associate Moonshine Technologies Private Limited. Following the cessation of operations due to the Gaming Act, 2025, a further impairment of Rs 2,181 lakh (Consolidated) and Rs 6,961 lakh (Standalone) was recognized in Q1FY27.
  • GST Matters: Several subsidiaries and associates (Halaplay, Openplay, SBN, BNPL, and BGPL) received show cause notices from the Director General of GST Intelligence totaling significant amounts, including Rs 27,421 lakh, Rs 84,572 lakh, Rs 12,364 lakh, Rs 33,318 lakh, and Rs 9,06,652 lakh, respectively. The Group is contesting these notices.

Nitish Mittersain, MD and CEO, Nazara Technologies, said: “Q1FY27 clearly shows that Nazara is on the right trajectory by focusing on its core gaming business and the Bluetile and BestPlay acquisition is an important step forward in Nazara’s evolution into a global gaming operating platform.

Raymond’s appointment strengthens Nazara’s leadership for the scale we now have. He brings a founder’s mindset and a proven record of AI-enabled development, operating discipline and capital-efficient growth. As Founder and Managing Director, I will continue to shape Nazara’s long-term strategy, portfolio direction and key relationships, working closely with Raymond and the Board.”

Raymond A. Stauffer, Chief Executive Officer - Designate, Nazara Technologies, said: “Nazara has built a strong portfolio of global gaming IPs and entrepreneurial businesses. My focus will be to strengthen execution across product, AI, user acquisition and monetisation, while preserving entrepreneurial ownership within each business.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights:

  • Revenue from Operations for Q4FY26 stood at Rs 39,778 lakh, showing a decrease of 2.02% QoQ from Rs 40,597 lakh in Q3FY26 and a decrease of 23.53% YoY compared to Rs 52,020 lakh in Q4FY25.
  • Total Income for the quarter was Rs 44,847 lakh, representing an increase of 7.47% QoQ from Rs 41,731 lakh in Q3FY26 and a decrease of 16.78% YoY from Rs 53,891 lakh in Q4FY25.
  • Net Profit (PAT) for Q4FY26 was Rs 5,570 lakh, marking a growth of 530.09% QoQ from Rs 884 lakh in Q3FY26 and an increase of 1,268.55% YoY compared to Rs 407 lakh in Q4FY25.

FY26 Consolidated Financial Highlights:

  • Revenue from Operations for FY26 reached Rs 1,82,898 lakh, growing by 12.63% YoY from Rs 1,62,391 lakh in FY25.
  • Total Income for the full year stood at Rs 3,07,256 lakh, an increase of 79.11% over Rs 1,71,544 lakh in FY25. This includes an exceptional gain of Rs 1,09,846 lakh on account of desubsidiarisation of its erstwhile subsidiary Nodwin.
  • Net Profit (PAT) for FY26 was Rs 8,194 lakh, representing a growth of 60.79% YoY compared to Rs 5,096 lakh in FY25.

Q4FY26 Standalone Financial Highlights:

  • Revenue from Operations for Q4FY26 was Rs 1,844 lakh, an increase of 8.09% QoQ from Rs 1,706 lakh in Q3FY26 and an increase of 45.43% YoY from Rs 1,268 lakh in Q4FY25.
  • Net Profit (PAT) for the quarter stood at Rs 391 lakh, a significant growth of 750% QoQ from Rs 46 lakh in Q3FY26, but a slight decline of 3.22% YoY from Rs 404 lakh in Q4FY25.

FY26 Standalone Financial Highlights:

  • Revenue from Operations for FY26 reached Rs 7,384 lakh, showing a YoY growth of 114.53% over Rs 3,442 lakh in FY25.
  • Net Profit/(Loss) for FY26 was a Loss of Rs 93,497 lakh, as against a Net Profit of Rs 2,804 lakh in FY25. This loss is primarily due to an exceptional impairment charge of Rs 98,979 lakh on investments.

Business Highlights:

  • Segment-wise Revenue Performance:
    • Gaming: Recorded revenue of Rs 1,07,224 lakh compared to Rs 51,817 lakh in FY25.
    • eSports: Recorded revenue of Rs 30,736 lakh compared to Rs 76,342 lakh in FY25.
    • Ad tech: Recorded revenue of Rs 45,448 lakh compared to Rs 34,557 lakh in FY25.
  • Exceptional Items and Impairments: The company recognized an impairment loss of Rs 91,470 lakh (Consolidated) and Rs 98,894 lakh (Standalone) on its investment in associate company, Moonshine Technology Private Limited. This was due to the prohibition of online money games following the enactment of the Promotion and Regulation of Online Gaming Act, 2025.
  • Strategic Acquisitions: The Board granted in-principle approval to acquire controlling stakes in Social Gaming Platforms Bluetile and BestPlay for a total consideration of USD 100.3 million (approximately Rs 91,800 lakh).
  • Withdrawal of Merger: The Board approved the withdrawal of the Scheme of Amalgamation of Paper Boat Apps Private Limited with Nazara Technologies Limited due to changes in the company's restructuring plans.
  • Fund Raising: The Board approved the issuance of up to 1,92,31,000 Warrants on a preferential basis, aggregating up to Rs 50,001 lakh.
  • Board Changes: Mr. Vikash Mittersain was re-designated as ‘Founding Chairman’ and Non-Executive Non-Independent Director effective from June 01, 2026. Mr. Nitish Mittersain was promoted to Managing Director and CEO.
  • Auditor Appointment: M/s. MAKK & CO., Chartered Accountants, were appointed as Internal Auditors for FY7.

Nitish Mittersain, Joint MD & CEO, Nazara Technologies, said: "FY26 was a pivotal year for Nazara. We delivered our highest-ever EBITDA at INR 255 crores, with EBITDA growing 66% year-on-year and Q4 EBITDA margins reaching 19.5%. Nazara today operates at a materially different scale than it did 12 months ago. The scale, quality and earnings capacity of the platform have expanded significantly. Operating leverage is real, and it is compounding. The years ahead are about scaling this platform globally."

Result PDF

Internet Software & Services company Nazara Technologies announced Q3FY26 results

  • Revenue: Rs 406 crore against Rs 434.7 crore during Q3FY25, change -7%.
  • EBITDA: Rs 67.8 crore against Rs 52.4 crore during Q3FY25, change 29%.
  • EBITDA Margin: 16.7% for Q3FY26.
  • PBT: Rs 15 crore against Rs 19.2 crore during Q3FY25, change -22%.
  • PAT: Rs 8.8 crore against Rs 8.6 crore during Q3FY25, change 2%.

Nitish Mittersain, Joint Managing Director & CEO of Nazara Technologies, said: “Nazara continued to make strong progress in building a global gaming company. The quarter was driven by disciplined execution, improving operating efficiency, and multiple growth engines across new launches, live content expansion, and platform extensions. We remain focused on disciplined capital allocation, including through strategic acquisitions where Nazara’s operating platform can accelerate scale, improve unit economics, and drive long-term value creation.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q2FY26 results

  • In Q2FY26, the company delivered revenues of Rs 526.5 crore, change 65.1% YoY,
  • EBITDA: Rs 62.0 crore, change 146.4% YoY.

Nitish Mittersain, Joint Managing Director & CEO, Nazara Technologies, said: “Nazara continued strengthening its position as an IP-led, global gaming platform. In H1FY26, core gaming revenues grew 159% and EBITDA grew 253%, driven by deeper LiveOps engagement, global scale, and strong unit economics across mobile, console, and PC. We are evolving from publishing individual games to building and scaling long-term franchises. Our Centres of Excellence in UA, Analytics, AI, and Growth are creating portfoliowide operating leverage. The accounting adjustments this quarter, including the Moonshine impairment and NODWIN fair value gain, are one-time items and do not impact operating cash flows or the momentum of our core business. As we complete 25 years, we refreshed our brand identity, including a new logo and our brand positioning line ‘Enter. Magic.’ in step with our commitment towards delivering magical, interactive gaming experiences to our global player base.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q1FY26 results

  • Revenues of Rs 498.8 crore ( 99% YoY)
  • EBITDA of Rs 47.4 crore ( 90% YoY).
  • EBITDA Margin: 24.4% for Q1FY26.
  • PAT in Q1FY26 was Rs 51.3 crore, marking a 118% YoY.

Nitish Mittersain, Joint MD & CEO, Nazara Technologies, said: "Growth was led by strong performances from Fusebox, Animal Jam, and Curve Games, supported by the company’s Centres of Excellence in User Acquisition and Analytics. “We are seeing early results from our sharpened focus on IP-led gaming and are reinvesting this momentum into expanding our IP portfolio and strengthening UA to drive sustained growth. We have also strengthened our leadership team with recent appointments bringing deep expertise in gaming.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Nazara posted revenue of Rs 520.2 crore up 95% year-on-year
  • EBITDA for the quarter stood at Rs 51.0 crore, a 74% increase.

FY25 Financial Highlights:

  • Nazara Technologies Limited reported its highest ever annual EBITDA of Rs 153.5 crore in FY25 on revenues of Rs 1,624 crore, with its core gaming business delivering a healthy 19.9% EBITDA margin and overall EBITDA margins of 9.4%.
  • PAT from continued operations was Rs 62.5 crore and pre-tax Operating Cash Flow came in at Rs 118.3 crore, underscoring the company’s strong cash generation and prudent financial management.

Nitish Mittersain, Jt. Managing Director & CEO, commented: “FY25 has been a pivotal year in Nazara’s journey—marked by record profitability, deeper control across key businesses, and the successful execution of our Nazara 3.0 strategy. We strengthened our core by fully owning high performing assets like Kiddopia and Sportskeeda, expanded globally through acquisitions such as Fusebox and Curve Games, and sharpened our focus on building a high-margin, IP-led gaming platform. As we enter FY26, we are poised for accelerated growth with increasing contributions from our core gaming portfolio. Our platform is now stronger, and more globally relevant with a growing presence across North America and Europe, strategic global partnerships, and recognition among the world’s top gaming publishers. Nazara is not just leading the gaming industry in India—it is steadily establishing itself as a rising force on the global gaming stage.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q3FY25 results

  • Nazara Technologies Limited, a leading diversified gaming and sports media platform, has reported its highest-ever quarterly EBITDA of Rs 52.4 crore in Q3FY25, reflecting 39% year-on-year growth.
  • The company announced revenues of Rs 534.7 crore and a PAT of Rs 13.7 crore for the same period.
  • To support its expansion, Nazara has raising Rs 495 crore through a preferential equity issue to Axana Estates LLP, led by Arpit Khandelwal and Mithun Sacheti.

Nitish Mittersain, Jt Managing Director & CEO of Nazara Technologies, commented on the results: "This quarter’s performance reflects our continued focus on execution and growth. By expanding our gaming ecosystem, partnering with globally recognized IPs, and driving high-impact acquisitions, we are well-positioned to establish Nazara as a truly global gaming leader from India"

Result PDF

Internet Software & Services company Nazara Technologies announced H1FY25 results

Financial Highlights:

  • Reported revenues of Rs 569.0 crore.
  • EBITDA of Rs 50.1 crore.
  • PAT from continued operations of Rs 41.7 crore.

Nitish Mittersain, Founder and Managing Director of Nazara Technologies, said, "The merger of Paperboat Apps with Nazara is a pivotal step in our mission to lead the gamified early learning space with Kiddopia having already made a substantial impact in this sector worldwide. Further, this step is aligned towards us bringing core gaming business into the parent entity to provide for fungible cash flows that can subsequently be deployed for organic and inorganic growth going forward"

Result PDF

Internet Software & Services company Nazara Technologies announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue of Rs 266.2 crore as against Rs 289.3 crore in Q4FY23
  • EBITDA increased to Rs 29.3 crore as against Rs 27.8 crore in Q4FY23
  • EBITDA margin increased by robust 140 bps to 11.0% in Q4FY24 from 9.6% in Q4FY23
  • PAT (from continued operations) of Rs 17.1 crore as against Rs 11.9 crore in Q4FY24

FY24 Financial Highlights:

  • Revenue grew by 4.3% to Rs 1,138.3 crore as against Rs 1,091.0 crore in FY23
  • EBITDA increased by 16.6% to Rs 127.9 crore as against Rs 109.8 crore in FY23
  • EBITDA margin increased by 110 bps to 11.2% in FY24 from 10.1% in FY23
  • Operating Cash Flow (pre-taxes) was Rs 131.4 crore in FY24
  • PAT (from continuing operations) increased by 41.2% to Rs 89.5 crore in FY24 as against Rs 63.4 crore in FY23
  • PAT including discontinued operations increased by 21.8% to Rs 74.8 crore in FY24 as against Rs 61.4 crore in FY23
  • Net Cash Balance of Rs 1,449 crore as of March 31, 2024

Commenting on the Q4 & FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated: “FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3% revenue growth and a 16.5% EBITDA growth, with our margin improving by 110 bps YoY to 11.2%. Notably, our Operating Cash Flow increased to Rs 131.4 crore, reflecting the company's strong underlying performance.

We raised Rs 950 crore at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of Rs ~1,450 crore.

Key initiatives from FY24 are set to yield results in the coming year, including our new publishing platform, new game launches through existing studios, IP partnerships, and a strong M&A pipeline. Subsidiaries are also successfully adopting our M&A playbook, with Absolute Sports (Sportskeeda) acquiring Pro Football Network (PFN) in March 2023, doubling PFN business post-acquisition and turning it profitable. Nextwave acquired UTP (a casual card game) in April 2024, and NODWIN Gaming acquired Comic Con India.

We are optimistic about FY25, expecting accelerated growth in both revenue and EBITDA. With substantial cash reserves and a robust M&A pipeline, we are well positioned to seize further growth opportunities and enhance our growth trajectory through strategic M&A over the next 12 months.

We have also announced acquisition of 100% stake in Nextwave Multimedia Private Limited, developers of the popular mobile cricket games under the “World Cricket Championship” franchise.”

Result PDF

Internet Software & Services company Nazara Technologies announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Revenue: Increased to Rs 320.4 crore, a 2% growth compared to Rs 314.8 crore in Q3FY23.
  • EBITDA: Rose by 24% to Rs 37.7 crore from Rs 30.5 crore in Q3FY23.
  • EBITDA Margin: Improved by 210 basis points to 11.8% from 9.7% in Q3FY23.
  • PAT (Profit After Tax): Grew by 47% to Rs 29.5 crore versus Rs 20.1 crore in Q3FY23.

Consolidated 9MFY24:

  • Revenue: 9% increase to Rs 872.1 crore from Rs 801.7 crore in 9MFY23.
  • EBITDA: 20% growth to Rs 98.7 crore, up from Rs 81.9 crore in 9MFY23.
  • EBITDA Margin: Went up by 110 basis points to 11.3% from 10.2% in 9MFY23.
  • PAT: Increased by 44% to Rs 74.6 crore compared to Rs 51.8 crore in 9MFY23.

Fundraising and Cash Balance:

  • Fundraising: The company raised Rs 760 crore through a preferential placement to marquee investors.
  • Proforma Cash Balance: Approximately Rs 1,500 crore, which includes the recent fund raise.

Business Segments (9MFY24):

  • Gaming: Contributed 36% of total revenue.
  • eSports: Accounted for 55% of total revenue.
  • Adtech: Made up 9% of total revenue.

Geographical Revenue Breakdown (9MFY24):

  • India: 46% of total revenue.
  • North America: 38% of total revenue.
  • Rest of the World: 16% of total revenue.

Commenting on the Q3 & 9MFY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated: “We saw healthy growth in Animal Jam and Sportskeeda resulting in our EBITDA increase by 24% year-on-year and our EBITDA margin increasing from 9.7% in Q3FY23 to 11.8% in Q3FY24, with our esports segment witnessing a remarkable 79% EBITDA growth.

Our approach of acquiring global gaming IPs and leveraging focused user acquisition alongside data-driven product innovation is beginning to pay off, as demonstrated by Animal Jam's performance in Q3. We are optimistic this strategy will enable substantial scale-up opportunities we can replicate in the future.

We have also completed our FY24 fundraising goal, securing Rs 760 crore through a preferential placement to marquee investors. With significant cash reserves, we're in an excellent position to pursue the exciting acquisition opportunities our team has identified, aiming for strategic expansion in the upcoming quarters.

Our Nazara Publishing division has hit the ground running, with its inaugural set of games going live soon. This March, we're proud to lead the Indian delegation at GDC San Francisco, the world's premier gaming conference, and co-host the first ever "India pavilion" marking a significant milestone for us and the Indian gaming community.”

 

 

Result PDF

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