NAZARANSEQ2 & FY2026November 17, 2025

Nazara Technologies Limited

8,077words
84turns
10analyst exchanges
10executives
Management on call
Nitish Mittersain
CHIEF EXECUTIVE OFFICER
Rakesh Shah
CHIEF FINANCIAL OFFICER – NAZARA TECHNOLOGIES LIMITED
Anupriya Sinha Das
HEAD OF CORPORATE
Akshat Rathee
CO-FOUNDER AND MANAGING
Ajay Pratap Singh
CHIEF EXECUTIVE OFFICER – ABSOLUTE SPORTS PRIVATE LIMITED
Senthil Govindan
CHIEF EXECUTIVE OFFICER – DATAWRKZ BUSINESS SOLUTIONS PRIVATE LIMITED
Shreyes Menon
HEAD, OFFLINE GAMING – NAZARA TECHNOLOGIES LIMITED
Terry Lee
CHIEF EXECUTIVE OFFICER – FUSEBOX GAMES
Stuart Dinsey
CHIEF EXECUTIVE OFFICER – CURVE GAMES
Anand Srinivasan
SPARK INSTITUTIONAL EQUITIES PRIVATE LIMITED
Key numbers — 40 extracted
INR 1025.2 crore
Good morning, everyone, and thank you for joining us this morning. To start off, Nazara delivered INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-yea
80.2%
ining us this morning. To start off, Nazara delivered INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in
INR 109.4 crore
o start off, Nazara delivered INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was
118.5%
d INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores,
23.2%
r-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% ye
INR 526.5 crore
EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 c
65.1%
ar-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 crores in Q2
INR 62 crore
aming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 crores in Q2 FY26, predominantly due to
146.4%
at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 crores in Q2 FY26, predominantly due to the real mone
INR 33.9 crore
26.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 crores in Q2 FY26, predominantly due to the real money gaming ban and our impairment of Moonshine Techn
INR 17.4 crore
e real money gaming ban and our impairment of Moonshine Technologies. And our PAT for H1 FY26 was INR 17.4 crores. Our operating cash flow for the first half of this year was INR 71.5 crores on a pre-tax basis,
INR 71.5 crore
AT for H1 FY26 was INR 17.4 crores. Our operating cash flow for the first half of this year was INR 71.5 crores on a pre-tax basis, up 170.8% year-on-year, demonstrating a high cash conversion to our EBITDA a
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Guidance — 20 items
Nitish Mittersain
opening
“To start off, Nazara delivered INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year.”
Nitish Mittersain
opening
“In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year.”
Nitish Mittersain
opening
“Our PAT was negative INR 33.9 crores in Q2 FY26, predominantly due to the real money gaming ban and our impairment of Moonshine Technologies.”
Nitish Mittersain
opening
“And our PAT for H1 FY26 was INR 17.4 crores.”
Anupriya Sinha Das
opening
“In H1 FY26, on a year-on-year basis, our core gaming segment grew by 159% in revenue terms and 253% in EBITDA terms.”
Anupriya Sinha Das
opening
“In Q2 FY26, on a year-on-year basis, the segment grew by 159% in revenues and 213% in EBITDA, with an EBITDA margin of 22.1%.”
Anupriya Sinha Das
opening
“In Q2 FY26, mobile revenue grew 81% and EBITDA grew 95% year-on-year, reflecting improved UA efficiency, live-ops cadence, and content refreshes.”
Anupriya Sinha Das
opening
“H1 FY26 trend was similarly robust, with revenue up 83% and EBITDA up 109% year-on-year.”
Anupriya Sinha Das
opening
“Turning to offline gaming consisting of Smaaash and Funky Monkeys, the portfolio delivered INR 12 crores of EBITDA in H1 FY26 at a 27.5% margin.”
Anupriya Sinha Das
opening
“We launched three new Funky Monkey centers in Q2 FY26 and continued to progress the Smaaash 2.0 revamp with a re-launch targeted for FY27.”
Risks & concerns — 1 flagged
But as a large shareholder while owning 60-62%, we are no longer willing to go ahead and support them on an ongoing concern basis.
— Akshat Rathee
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Q&A — 10 exchanges
Q
Thanks for the opportunity. Sir, we have taken a provision for impairment in Freaks4U of about INR 206 crores. So, what led to this impairment? And also, if I remember it right, we had invested about INR 271 crores over here. Please correct me if my number is incorrect. So apparently on that base, the impairment appears to be quite substantial in nature. So, if you can provide some color on that. While in the investor presentation, we have stated that Freaks4U is facing some headwinds in Europe given high layoffs and the stagnating market in Europe. But I think we invested in this company mayb
Akshat Rathee
Hi, this is Akshat. I'm the Founder of Nodwin. Can you hear me? Just doing a sound check. Yes. Okay, excellent. So some minor factual corrections. We had invested into Freaks as an associate and then we ramped up our investments into this. This is about a two-year-old asset approximately that we have. That's getting there. When the investment was initially made into this, Europe was doing very well. Esports was doing really well. And the gaming market was far more robust than it is right now. However, with whatever has been happening on geopolitical levels, Europe as such has gone through a ve
Q
Let's move on.
Management
Q
Hi, Nitish. Good morning. So, my first question is again on Freaks4U. First, if you could disclose the cash value and the share swap value, even if it was in a subsidiary of Nodwin. Secondly, on the PokerBaazi impairment that we've taken, I know we've been fairly conservative and taken most of it upfront. I'm just wondering how much of that cash was already used. There must still be some cash on the company's balance sheet. I understand there are contingent liabilities as well from the GST department. But if you could explain what the strategy there is going forward since we are still major eq
Nitish Mittersain
Yes, sure. Let me answer the PokerBaazi question first and then Akshat can give the clarification on the Freaks4U investment breakup. So, on PokerBaazi, I think we've basically taken an approach to write off everything through a provision for impairment except for the cash in the company broadly. So, I think the delta that you see is the cash in the company. And they have over INR 100 crores of cash at this point of time. The company is obviously evaluating multiple options. They have an extremely strong poker platform which has been demonstrated at scale in India. And therefore, it is quite s
Q
Yes. Firstly, if you could elaborate on the new brand identity that we are creating, the new brand title, where we are saying that this is around imagination, creation and expansion. So specifically on the creation side of it, in terms of what kind of investment we would put in and what kind of monetization we are looking into it. And any other plan on the expansion side of it. So I think some of the color around this newly founded brand.
Nitish Mittersain
So Rahul, I'll take that. This is Nitish. So, first, let me give you the whole thinking behind the new brand identity, our new logo and our new brand positioning as Enter. Magic. I think what we realize is that in today's world, our players’ or generally everyone's life is stressful. And the one thing that can really bring some magic or some relief in their lives is, you know, interactive entertainment experiences through gaming, through immersive worlds, which is why you have so many gamers, right? Today, 500 million+ people in India are playing on their mobile phones exactly for that. As tec
Q
Yes. Am I audible now?
Management
Q
Yes. I just wanted to know at what valuation did Nodwin raise the money and who are the investors? Because, apparently, we have recognized the gain on revaluation. But for Freaks, which is a subsidiary of Nodwin, there is an impairment. So if you can just explain that part?
Nitish Mittersain
Yes. So Nodwin has done two fundraises. One was last year with Nazara, Krafton and Sony. And then a top up earlier this year - a couple of months back - at broadly the similar valuation. Akshat, if you can share more details. But yes, that is it. And Freaks - we have already impaired. So that would obviously be the extent of that loss that would get deducted from the overall Nazara Technologies carrying value in our books as well at a consolidated level. Akshat, do you want to throw some more light on that? Yes. So for Nodwin, it becomes a slightly longer answer, but I hope it will set context
Q
Good morning. Thanks for the opportunity. I had a couple of questions. The first one was on basically two of our key properties, Kiddopia and Sportskeeda. Both have been struggling or seeing headwinds in the recent times. How do you think their recovery will happen if you see that there will be a recovery at some point? And when will that point come, if you can talk about that, especially from the Kiddopia side, where the average paying users numbers have been declining?
Nitish Mittersain
Sure. So let me take the Kiddopia answer first. Actually, as you know, Kiddopia has struggled for quite some time post IDFA, maybe even a couple of years now. But we do now see light at the end of the tunnel. We really beefed up the team at Kiddopia, brought in a new business head, Manish. And I think the team, along with our centers of excellence, in the last few months has Nazara Technologies done some very good work. And we are finally starting to see positive growth in subscriber numbers. We believe at this point of time Q4 should be able to deliver positive growth in subscriber numbers. A
Q
Hi, good morning and thank you for the opportunity. Just a couple of questions from my side. Firstly, I saw the game that you put out on Bigg Boss. It seemed like a good proposition. So any thought process on what can be the potential revenue from this game going forward and how are the early signs of traction?
Nitish Mittersain
Yes, it's a very early days. We've just kinf of soft-launched it. We are finetuning the initial KPIs before we start user acquisition, etc. I will ask Terry, who's the CEO of Fusebox to jump in. I think the bigger picture here is that through the Fusebox acquisition that we did, we found that the engine that they have made works really well with IP for these narrative-based story games and Love Island has already proved that at scale. So what we've really done over the last year Nazara Technologies working with the team is to acquire other IPs that we think can do very well and launch games ar
Q
Congratulations on a good set of results. So firstly, my question was on Nodwin. So we have seen that Nodwin has been continuously raising funds. So what is the focus area for growth over here? And secondly, on the strategy and status of the Nazara publishing business? So if you can briefly give a highlight on that.
Nitish Mittersain
Yes. Akshat, do you want to take the first one? Of course. Look, Nodwin has been raising money for some time now, and we continue to raise and we have believers in us. This is the last quarter when we were part of the Nazara family till our August numbers. And we've loved this journey. But one of the big things is that Nodwin is growing up, right? We are a company that is now considered one of the best in the world in youth media. In emerging markets, we are literally number one or number two in the world. And our idea is to keep on building that. And my stated vision is Nodwin wants to be a $
Q
Sure. I have Stuart Dinsey, who's the CEO of Curve Games on the call, and he's woken up at 3 o'clock in the morning to join the call. So maybe he can just quickly use this opportunity to introduce himself and speak for a couple of minutes on what Curve is up to. Stuart?
Stuart Dinsey
Thank you, Nitish. Good morning, everybody. We're very pleased to have joined the group. Curve has got a long history of profitability. We're well established in the console and PC market. I think we're just coming up to 6 months since the acquisition. We've gone through a period of transition without it materially affecting the business. We're continuing to work with Nitish and Rohit to leverage the Nazara ecosystem to further benefit Curve. We're signing games and looking to grow the business going forward. Thank you, Stuart. I will hand over the call to Rohit Sharma, who's our Executive Dir
Speaking time
Nitish Mittersain
26
Moderator
12
Akshat Rathee
8
Rahul Jain
8
Jinesh Joshi
6
Sachin Dixit
5
Sucrit Patil
3
Ajay Pratap Singh
3
Abhisek Banerjee
3
Manan Poladia
2
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Opening remarks
Anand Srinivasan
Thanks Swapnali. Hi, everyone. On behalf of Avendus Spark, I welcome you all to the Q2 FY '26 Earnings Call of Nazara Technologies Limited. We have with us the management team represented by Mr. Nitish Mittersain, CEO and JMD at Nazara Technologies; Mr. Rohit Sharma, Executive Director; Nazara Technologies; Mr. Rakesh Shah, CFO, Nazara Technologies; Ms. Anupriya Sinha Das, Head of Corporate Development at Nazara Technologies; Mr. Shreyes Menon, Head of Offline Gaming at Nazara Technologies; Mr. Terry Lee, CEO of Fusebox Games; Mr. Akshat Rathee, Founder, Nodwin Gaming; Mr. Ajay Pratap Singh, CEO, Absolute Sports Private Limited; Mr. Senthil Govindan, CEO of Datawrkz; Mr. Stuart Dinsey, the CEO of Curve Games. I would like to hand over the call to the management for opening remarks. Over to you, Nitish sir.
Nitish Mittersain
Thank you. Good morning, everyone, and thank you for joining us this morning. To start off, Nazara delivered INR 1025.2 crores in revenue in H1 FY26, up 80.2% year-on-year, and INR 109.4 crores EBITDA, up 118.5% year-on-year. Our core gaming EBITDA came in at 23.2%. In Q2 FY26, revenue was INR 526.5 crores, up 65.1%, and EBITDA was INR 62 crores, up 146.4% year-on-year. Our PAT was negative INR 33.9 crores in Q2 FY26, predominantly due to the real money gaming ban and our impairment of Moonshine Technologies. And our PAT for H1 FY26 was INR 17.4 crores. Our operating cash flow for the first half of this year was INR 71.5 crores on a pre-tax basis, up 170.8% year-on-year, demonstrating a high cash conversion to our EBITDA and reported PAT. Growth was driven by scaling up our live ops, improved retention and multi-platform monetization across mobile, PC, console and offline. At this point of time, over 90% of our gaming revenue comes from international markets, with a strong focus on the
Anupriya Sinha Das
Thank you, Nitish. Good morning, everyone. I'll start with the performance of our core gaming segment, which consists of mobile gaming, PC-Console publishing, as well as the offline gaming segment. In H1 FY26, on a year-on-year basis, our core gaming segment grew by 159% in revenue terms and 253% in EBITDA terms. The EBITDA margin for this business was 23.2%. In Q2 FY26, on a year-on-year basis, the segment grew by 159% in revenues and 213% in EBITDA, with an EBITDA margin of 22.1%. Starting with the mobile gaming segment, the momentum remains strong with broad-based growth across Love Island, Animal Jam, and WCC. We also added CATS and KOT as the new IPs in this segment. In Q2 FY26, mobile revenue grew 81% and EBITDA grew 95% year-on-year, reflecting improved UA efficiency, live-ops cadence, and content refreshes. H1 FY26 trend was similarly robust, with revenue up 83% and EBITDA up 109% year-on-year. Operationally, we executed our systematic growth framework, sustaining Love Island's
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