NAZARANSEQ1 & FY2026August 19, 2025

Nazara Technologies Limited

7,733words

85turns

8analyst exchanges

0executives

Key numbers — 40 extracted

₹498.8 crore

ning, everyone, and thank you for joining us this morning. In Q1 FY26, Nazara reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming

99%

ou for joining us this morning. In Q1 FY26, Nazara reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming business delivere

47.4 crore

Q1 FY26, Nazara reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming business delivered a healthy 24.4% EBITDA margin. PAT from

90%

reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming business delivered a healthy 24.4% EBITDA margin. PAT from continued

24.4%

r and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming business delivered a healthy 24.4% EBITDA margin. PAT from continued operations was ₹36.4 crores and the overall PAT stood at 51.3 cr

₹36.4 crore

ur core gaming business delivered a healthy 24.4% EBITDA margin. PAT from continued operations was ₹36.4 crores and the overall PAT stood at 51.3 crores reflecting 118% year-on-year increase. These results un

51.3 crore

y 24.4% EBITDA margin. PAT from continued operations was ₹36.4 crores and the overall PAT stood at 51.3 crores reflecting 118% year-on-year increase. These results underscore the strength of our IP-led gamin

118%

PAT from continued operations was ₹36.4 crores and the overall PAT stood at 51.3 crores reflecting 118% year-on-year increase. These results underscore the strength of our IP-led gaming strategy delive

rs. 1

line of titles designed to drive growth across multiple genres and geographies in the coming quarters. 1 During this quarter, we took a strategic step by proposing the deconsolidation of Nodwin Gaming, an

₹4

has approved two shareholder initiatives. Firstly, a subdivision of one equity share of face value ₹4 each into two equity shares of face value ₹2 each, and a bonus issue in the ratio of 1:1. At Naza

₹2

stly, a subdivision of one equity share of face value ₹4 each into two equity shares of face value ₹2 each, and a bonus issue in the ratio of 1:1. At Nazara, our vision is to build a globally relevan

160%

you for joining us today. In Q1 FY26, on a year-on-year basis, our Gaming segment revenue grew by 160% and our EBITDA grew by 311% with an overall EBITDA margin of the gaming segment at 24.4%. Movin

Guidance — 20 items

Nitish Mittersain

opening

“In Q1 FY26, Nazara reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year.”

Nitish Mittersain

opening

“We are seeing the early benefits of our sharpened focus on owning and scaling high quality gaming IPs and our Centers of Excellence in user acquisition and analytics are taking shape and will enable us to acquire, retain, and monetize players more efficiently going forward.”

Nitish Mittersain

opening

“Rohit brings over 25 years of experience in gaming and digital media and his expertise will be instrumental in advancing our IP-driven growth strategy across genres, platforms and markets.”

Anupriya Sinha Das

opening

“In Q1 FY26, on a year-on-year basis, our Gaming segment revenue grew by 160% and our EBITDA grew by 311% with an overall EBITDA margin of the gaming segment at 24.4%.”

Moving to Curve Games

opening

“Curve Games posted revenue and EBITDA of INR 54.6 crores and INR 20.7 crores respectively in Q1 FY26.”

Moving to Curve Games

opening

“FY26 is marked by operational discipline, which has freed up capital to invest in upcoming IP-led opportunities, including two invite-only Nintendo Switch 2 titles.”

Moving to Fusebox Games

opening

“Fusebox Games’ revenue grew 49% year-on-year to INR 73 crores in Q1 FY26.”

Moving to Fusebox Games

opening

“In Q1 FY26, we ramped up UA spends behind the global launches of the Big Brother Games and Love Island’s new season that is positioning us for sustained long-term growth with late-June investments expected to start returning from Q2 FY26 onwards.”

Moving to Kiddopia

opening

“Kiddopia posted revenues of INR 45.4 crores and EBITDA of INR 8.5 crores with an EBITDA margin of 18.6% in Q1 FY26.”

Moving to Kiddopia

opening

“In Q1 FY26, while investing in original content, Kiddopia ramped up its IP-led content by launching the Barbie game island in April, Baby John Playroom (Moonbug’s Little Angel) in May and PJ Masks activities (Hasbro) in June and partnerships with Animaj (Pocoyo) and VOOKS as well.”

Advertisement

Risks & concerns — 6 flagged

Sportskeeda’s US organic traffic decline post Google’s March core update led to a 21% year-on-year revenue drop to INR 48.1 crores and EBITDA was INR 5.4 crores, prompting swift cost optimization through content cost renegotiation and rightsizing.

— Moving to other segments

I have two explicit failures that we've tried but have not done well - one was Wings which we talked about earlier in a couple of quarters and the second was Freaks4U which has also not done well predominantly because of the German slowdown, the broader European slowdown, the Taiwan risk and then some because of the U.S.

— Akshat Rathee

So, is it safer to assume that on an annualized basis, revenue could be retained at the FY25 level or it could be difficult given that one or two quarters, including in Q2 which is an important quarter, we might not see that kind of momentum?

— Rahul Jain

So, obviously this quarter losses could be on account of the higher IP spends, but still what is your visibility on the business, while the regulatory environment remains highly uncertain and basically if I do a math of your shareholding in PokerBaazi, your losses are almost like INR 35-36 cores from that business and your EBITDA overall for the quarter is INR 47 crores, right.

— Sachin Dixit

Quickly, if you can share the impact of these sort of one time-ish spends in Q1 on IPL and Shark Tank?

— Sachin Dixit

Generally, the subscriber decline has been stemmed and you would have seen in the presentation that we've seen positive KPIs across the board - whether it's churn, CPT, the cost per acquisition that we are getting, etc.

— Nitish Mittersain

Q&A — 8 exchanges

Yeah. Hi. Thanks for the opportunity. Firstly, you know the gaming business is now led by two of the newer additions to the portfolio. So, it would be good to understand how we should see the seasonality and scale potential in Fusebox and Curve.

Nitish Mittersain

Hi, Rahul. This is Nitish. I think for all gaming businesses the seasonality is the October to December period - which is Q3. It’s really the best quarter due to Christmas holidays etc. given a lot of our revenue comes from Western markets. I think in addition to that, specifically for Fusebox, the seasonality is also mirrored by the airing of the TV shows that the games are made on. So, for example, Love Island was airing, you know, in Q1 and Q2, especially in Q2 in the US, which did very well, so you would see a spike in revenues during that period. So, I think there will be certain nuances

Hello.

Nitish Mittersain

Yeah. Hi, Aditi, this is Nitish. 8 Hi, sir. Sir, I wanted to understand what’s included in Other Income because it has become so high this quarter? Yeah, I think the largest contributor to our other income is the gains that we booked due to the investment we had made in STAN. So, we had made an investment in STAN last year. STAN is a gaming community product which is doing extremely well and we did a follow on investment of $1 million earlier this year, and we've had many other marquee investors participate for a total funding of approximately $9-$10 million including Google and Bandai Namco,

Sachin· JM

Hi, this is Sachin from JM. I have two questions. The first one is on our dependence on platforms. Now, I don't know how you think of it, right? Obviously, because that dependence has impacted our business in the past as well, right? When Apple changed some rationale and now Google, so how do you think of that dependence? How do you hedge against it? Or how do you basically mitigate the risks related to these platform-related risks? So, basically getting more into these spaces helps us there. So, my second question is on PokerBaazi. So, obviously this quarter losses could be on account of the

Nitish Mittersain

Sure. So, Sachin, let me take that answer. I think one thing obviously is that there is you know some level of dependence on these very large platforms like Apple and Google and we can't really run away from that. That said, there are a lot of changes happening in the ecosystem which is reducing the dependence. One from a Nazara perspective, our business model which includes in-app purchases, advertising revenues as well as sponsorship revenues hedges the risks of these platforms to a certain extent. In addition to that, for example, web flows are being enabled now on a lot of these platforms

Yeah, hello. Good morning, all. Thanks for taking my question. Firstly, I wanted to understand strategy on Smaaash going forward as to what we are thinking on expanding on this front. Secondly, on the Kiddopia side, we have seen that there has been an arrest in subscriber churn so, do we see any growth coming in this financial year? Yeah, those are the 2 questions.

Nitish Mittersain

Kunal, hi. So, I think in the whole offline entertainment and gaming category of ours, we have two businesses - one is Funky Monkeys and the second is Smaaash. Funky Monkeys is already well on its growth path. It is adding new centers now every month and we believe it's a highly scalable business. It's a profitable business with a quick breakeven on the capex that we do. So, we are very excited about it and you will see continued growth in this business in the coming quarters. Now, coming to Smaaash, 12 as you know we've acquired it through NCLT, it's been about you know two months or less and

Hi. Just a couple of questions from my side. First off to Akshat. The thought process is to focus on growth in Nodwin going ahead and you have often explained to us how the older IPs kind of make decent margins but as you invest in newer IPs, the overall losses can come up. But given you have been doing this for some time now and some of the older IPs are more than five years old, so, what is the timeline that one should build in for some profit delivery in Nodwin?

Akshat Rathee

So, the way to think about all our IPs is again think of it like a portfolio approach. I'll give an empirical example so you can go into it. At any given time, since we do not know what the new game will be, what the new culture will be, what the new song will be, what the new event will be, what the new influencer will be, we have to have to go and have our ears to the ground. So, think of it as angel investments. We need to have anywhere between 10 to 20 micro IPs under incubation at any given time every year. These don't cost too much. They cost anywhere between INR 50,000 to maybe INR 7-8

Yeah. Sir, my question is with respect to the fundraise of Nodwin. Can you tell us how much is Nodwin planning to raise? And secondly, given the fact that Nazara will not participate in this fundraise, what will be our revised stake in the company?

Nitish Mittersain

Sorry, what's your second question? What will be our stake in the company? Right. In Nodwin, what will be our revised stake post the fundraise? Yeah. So, I think there's going to be a bridge round first and then a larger raise. So, the exact amounts are still to be finalized so, I won't be able to give you a specific equity position, but it will be in the range of 46-47% from what I understand at this point of time. Obviously, once this is completed, the necessary disclosures will be made in terms of exact numbers, etc. Understood. Sir, secondly on PokerBaazi, I think we mentioned that the IPL

Hi, Sir. Good morning. Can you hear me? 17

Nitish Mittersain

Yeah. Yeah. So, just one question, if you could just highlight or summarize which of the divisions or the key businesses will be the main growth drivers for FY26 for the topline and if you could provide any guidance to it? Yeah, sure. I think in terms of main growth drivers at this point of time, if you look at Q1, we have seen Animal Jam perform very well for us. We've seen Funky Monkeys get on to the growth path. We are very excited about Fusebox, and I think Curve should have a great year as well. The rest of the businesses, you know, we are constantly plugging and working on, and for examp

Thank you everyone for joining today's call and also thank you to the leadership team of Nazara for spending the time, answering all the questions patiently. Wish you all a very good day. Goodbye.

Management

Advertisement

Speaking time

Nitish Mittersain

Moderator

Jinesh Joshi

Rahul Jain

Sachin Dixit

Aditi Parmar

Puneet Singh

Kunal Bajaj

Abhishek Banerjee

Akshat Rathee

Opening remarks

Jinesh Joshi

Good morning, everyone. On behalf of PL Capital, I welcome you all to the Q1 FY26 Earnings Call of Nazara Technologies. We have with us the management represented by Mr. Nitish Mittersain, CEO & JMD - Nazara Technologies, Ms. Anupriya Sinha Das, Head of Corporate Development - Nazara Technologies, Mr. Rohit Sharma, Executive Director – Nazara Technologies, Mr. Rakesh Shah, CFO – Nazara Technologies, Mr. Terry Lee, CEO - Fusebox Games, Mr. Akshat Rathee, Founder - Nodwin, Mr. Anirudh Kumar, CSO - Sportskeeda, Mr. Senthil Govindan, CEO - Datawrkz, and Mr. Puneet Singh, Co-Founder - Moonshine. I would now like to hand over the call to Mr. Nitish Mittersain for opening comments. Over to you, Sir.

Nitish Mittersain

Sure. Thank you. Good morning, everyone, and thank you for joining us this morning. In Q1 FY26, Nazara reported revenues of ₹498.8 crores, that was up 99% year-on-year and an EBITDA of 47.4 crores, up 90% year-on-year. Our core gaming business delivered a healthy 24.4% EBITDA margin. PAT from continued operations was ₹36.4 crores and the overall PAT stood at 51.3 crores reflecting 118% year-on-year increase. These results underscore the strength of our IP-led gaming strategy delivering strong topline growth alongside disciplined cost management and a focus on growth with profitability. We are seeing the early benefits of our sharpened focus on owning and scaling high quality gaming IPs and our Centers of Excellence in user acquisition and analytics are taking shape and will enable us to acquire, retain, and monetize players more efficiently going forward. We continue to build on these things with a steady pipeline of titles designed to drive growth across multiple genres and geographie

Anupriya Sinha Das

Thank you, Nitish. Good morning, everyone and thank you for joining us today. In Q1 FY26, on a year-on-year basis, our Gaming segment revenue grew by 160% and our EBITDA grew by 311% with an overall EBITDA margin of the gaming segment at 24.4%.

Moving to Curve Games

Nazara acquired 100% equity of Curve Digital Entertainment for an equity value of INR 247 crores in an all-cash deal earlier this year. Founded in 2005 and headquartered in London, Curve Group is an independent video game publisher focused on platforms such as PlayStation, Xbox, Steam, Nintendo Switch, and PC. Curve Games posted revenue and EBITDA of INR 54.6 crores and INR 20.7 crores respectively in Q1 FY26. Curve is building further momentum with recent releases like Wobbly Life on Nintendo Switch and the new Human: Fall Flat levels which are performing well across platforms. FY26 is marked by operational discipline, which has freed up capital to invest in upcoming IP-led opportunities, including two invite-only Nintendo Switch 2 titles.

Moving to Fusebox Games

Fusebox Games’ revenue grew 49% year-on-year to INR 73 crores in Q1 FY26. EBITDA during the same period was INR 10.4 crores, reflecting a 14.3% EBITDA margin. 2 Fusebox has successfully expanded from a single-game studio at the time of Nazara investment to a multi-game studio, having launched a new Big Brother Game in May 25 and two marquee IP-based games in the pipeline. In Q1 FY26, we ramped up UA spends behind the global launches of the Big Brother Games and Love Island’s new season that is positioning us for sustained long-term growth with late-June investments expected to start returning from Q2 FY26 onwards.

Moving to Kiddopia

Kiddopia posted revenues of INR 45.4 crores and EBITDA of INR 8.5 crores with an EBITDA margin of 18.6% in Q1 FY26. In Q1 FY26, while investing in original content, Kiddopia ramped up its IP-led content by launching the Barbie game island in April, Baby John Playroom (Moonbug’s Little Angel) in May and PJ Masks activities (Hasbro) in June and partnerships with Animaj (Pocoyo) and VOOKS as well. Kiddopia ended this quarter with 227K subscribers as compared to roughly around 228K subscribers at the end of the last quarter. We notice subscriber stabilization attained through more disciplined UA and IP introduction. These strategic investments are expected to drive organic growth going forward.

Advertisement

← All transcripts NAZARA stock page →

Nazara Technologies Limited

Market Movers