NAZARANSEQ4 & FY2025-26May 19, 2026

Nazara Technologies Limited

7,713words
69turns
7analyst exchanges
14executives
Management on call
Nitish Mittersain
JOINT MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER, NAZARA TECHNOLOGIES LIMITED
Rohit Sharma
EXECUTIVE DIRECTOR, NAZARA TECHNOLOGIES LIMITED
Rakesh Shah
CHIEF FINANCIAL OFFICER, NAZARA TECHNOLOGIES LIMITED
Anupriya Sinha Das
HEAD (CORPORATE DEVELOPMENT), NAZARA TECHNOLOGIES LIMITED
Shreyes Menon
HEAD (OFFLINE GAMING)
Terry Lee
CHIEF EXECUTIVE OFFICER, FUSEBOX GAMES
Stuart Dinsey
CHIEF EXECUTIVE OFFICER, CURVE GAMES
Raymond Stauffer
CHIEF EXECUTIVE OFFICER AND FOUNDER, BLUETILE GAMES
Manish Gaurav
HEAD (BUSINESS), KIDDOPIA
Jeff Amis
CO-FOUNDER AND CHIEF EXECUTIVE OFFICER, WILDWORKS
Mayank Kumar
DIRECTOR OPERATIONS, ABSOLUTE SPORTS PRIVATE LIMITED
Senthil Govindan
CHIEF EXECUTIVE OFFICER, DATAWRKZ BUSINESS SOLUTIONS PRIVATE LIMITED
Chris Jones
CHIEF EXECUTIVE OFFICER, SPACE AND TIME
Vivekanand
AMBIT CAPITAL
Key numbers — 40 extracted
INR 1,829 crore
And thank you for joining us this morning. FY '26 was a pivotal year for Nazara. Revenue reached INR 1,829 crores and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%,
66%
morning. FY '26 was a pivotal year for Nazara. Revenue reached INR 1,829 crores and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%, - almost doubling on
INR 255 crore
. FY '26 was a pivotal year for Nazara. Revenue reached INR 1,829 crores and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%, - almost doubling on a year-on-year ba
19.5%
9 crores and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%, - almost doubling on a year-on-year basis. Importantly, cash generation also strengthened signif
81%
tantly, cash generation also strengthened significantly with pre-tax operating cash flows growing 81% year-on-year to INR 213 crores. More importantly, the shape of Nazara has fundamentally changed i
INR 213 crore
ion also strengthened significantly with pre-tax operating cash flows growing 81% year-on-year to INR 213 crores. More importantly, the shape of Nazara has fundamentally changed in FY '26. Gaming contributio
56%
shape of Nazara has fundamentally changed in FY '26. Gaming contribution to EBITDA increased from 56% in FY '25 to 90% in FY '26, as we strengthened our focus on building a high-margin, globally dive
90%
as fundamentally changed in FY '26. Gaming contribution to EBITDA increased from 56% in FY '25 to 90% in FY '26, as we strengthened our focus on building a high-margin, globally diversified gaming pl
rs,
May 13, 2026 its narrative engines across multiple IPs, such as Big Brother, Bigg Boss, Traitors, and our PC and console game Human Fall Flat crossed 58 million lifetime units globally. The oper
58 million
Ps, such as Big Brother, Bigg Boss, Traitors, and our PC and console game Human Fall Flat crossed 58 million lifetime units globally. The operating system behind all of this is our Centers of Excellence pla
INR 1,829 crore
ing, everyone. At the consolidated level, as Nitish mentioned, Nazara delivered FY '26 revenue of INR 1,829 crores, up 13% year-on-year, and EBITDA of INR 255 crores, up 66% year-on-year, with our EBITDA margin
13%
consolidated level, as Nitish mentioned, Nazara delivered FY '26 revenue of INR 1,829 crores, up 13% year-on-year, and EBITDA of INR 255 crores, up 66% year-on-year, with our EBITDA margin expanding
Guidance — 20 items
Vivekanand
opening
“We are proud to host the 4QFY26 and FY26 Post Results Conference Call of Nazara Technologies Limited.”
Nitish Mittersain
opening
“FY26 also included our largest acquisition to date of Bluetile and BestPlay, which significantly expands our casual gaming scale while adding AI-native development capabilities and a rewarded engagement network to our platform.”
Anupriya Sinha Das
opening
“This business will be consolidated from FY '27 onwards, pending some regulatory approval.”
Anupriya Sinha Das
opening
“NODWIN, our associate company, also delivered a significant EBITDA turnaround during FY26, moving from a loss of INR 14 crores in FY '25 to a profit of INR 21 crores in FY '26, while continuing to scale its youth media and live events platform globally.”
Stuart Dinsey
qa
“We expect to launch at least 6 new releases in this current year, maybe a couple more.”
Rohit Sharma
qa
“And as Stuart mentioned, now we have already gone on a very fast speed of signing new titles, which will be launching in this financial year and subsequent financial years.”
Nitish Mittersain
qa
“We actually expect margins to increase in FY '27 on potentially a smaller base.”
Mayank Kumar
qa
“And that focus will continue going into the next year as well as we plan to mitigate our expenses and then also accordingly increase our EBITDA in the next year.”
Nitish Mittersain
qa
“So, I think we are feeling very confident that we have put in these efforts over the last 12 to 18 months and they will actually start showing clear results in FY'27.”
Akshat Rathee
qa
“And I think there is no better gift that a parent company can go ahead and take us through everything from compliance, regulatory to having the discipline to ensure the closing of books every quarter and providing us with the guidance that we can soak up.”
Risks & concerns — 14 flagged
So, just wanted to understand is it really possible to mitigate this challenge?
— Jinesh Joshi
And the last question is on adtech that there was a sequential decline in adtech.
— Atul Borse
So, any reason for that growth slowdown and how does the seasonality work for this segment?
— Atul Borse
So, there's a bit of a decline because we have consciously taken a call to focus on our tech-driven DSP business, which is visible, where we see more growth coming.
— Rohit Sharma
And I think that because of that shift of focus and not chasing scalable revenues, is where you have seen some bit of a decline.
— Rohit Sharma
So, all told, there is a temporary decline, but what we are seeing is that the pivot to high margin-led, product-led growth business is clearly underway, and that shows a lot of positive signs for FY '27.
— Senthil Govindan
I think from a Space and Time-specific point of view, looking at Q4 specifically, we saw a decline in overall revenue, but this was anticipated earlier in the year.
— Chris Jones
So, you think that this 4Q decline is temporary in nature, right?
— Atul Borse
Yes, I think as both Chris and Senthil have mentioned that in the case of Space and Time, there is a seasonality that is happening, and the entire market is facing a bit of a challenge.
— Rohit Sharma
So, which were some of the sub-verticals that had witnessed this decline Q-on-Q?
— Pranav Mashruwala
And the deconsolidation of NODWIN has also led to the sequential decline in the overall depreciation number that we report, because the depreciation from the NODWIN business is not getting consolidated in the books.
— Anupriya Sinha Das
So, that is the reason why you are seeing a sequential decline.
— Anupriya Sinha Das
One is, in Fusebox, in Q3, we had seen almost a 49% Q-on-Q decline due to seasonality, and it bounced back well in Q4.
— Pranav Mashruwala
Ultimately, we are a publisher, so royalties payable to the developers can vary depending on the agreement and the risk.
— Stuart Dinsey
Q&A — 7 exchanges
Q
Thanks for the opportunity and congratulations on the margin performance. I have two bookkeeping questions to begin with. First is on the other income bit, which was at about INR 51 crores in this quarter and apparently it appears to be materially higher. So, was there any one- off in this quarter? I just thought of checking because there is no disclosure in the footnote. That is one. Secondly, if I look at our share of losses from associates, I think in this quarter that figure was INR 31 crores and I believe after the deconsolidation of NODWIN, we will own about 46% to 47% stake in the compa
Nitish Mittersain
Sure. Hi, Jinesh. This is Nitish. So, let me take both these questions. The other income is predominantly driven by a one-time gain of INR 31 crores on our investment in Rusk Media. The holding that we had in Rusk Media was revised upwards on the basis of the new round of investment that they have raised. So, that contributed INR 31 crores, and the balance was a mix of things, including some currency gains on the statement of loans to Nazara UK. So, that’s largely forms the other income, including some mutual fund gains, etc. In terms of the NODWIN question on the losses from associates, these
Q
Nitish, how do you rate your preparedness as an organization, including your Centers of Excellence, to now serve multiple gaming growth engines across segments, including publishing, and of course, new technologies? And of course, these are all in addition to the existing ones that you have like Love Island, Kiddopia, etc. So, that is my first question. And the second question is on NODWIN. So, could you discuss the IPO timelines there and what is the plan you have for NODWIN? Will Nodwin be raising cash? Will you also be looking to monetize some of your shareholding? I will stop with these an
Nitish Mittersain
So, I think for your first question, you know, the Centers of Excellence that we have invested in and built over the last 18 months and accelerated in FY '26 are really becoming center stage to support the expanding portfolio of IPs, teams and technologies. Most of the Centers of Excellence are led by very senior people with a lot of in-depth experience at scale, I would say. So, I think we are feeling very confident that we have put in these efforts over the last 12 to 18 months and they will actually start showing clear results in FY'27. I would say Kiddopia is one good example of, you know,
Q
Hi, team. Thanks for the opportunity. I have two, three questions. First is how do you think overall the Nazara's growth or margin profile will look like in FY '27 post the Bluetile consolidation? And you also mentioned that you plan to divest the non-core gaming segment. Do you have any timeline in mind by when you want to divest the sports or adtech businesses? And the last question is on adtech that there was a sequential decline in adtech. So, any reason for that growth slowdown and how does the seasonality work for this segment? Those are my questions.
Nitish Mittersain
Let me take the first one, which is growth in FY '27. So, I think Nazara's existing businesses are expected to drive organic growth and expansion of margins due to two things. One is the output or outcome of the Centers of Excellence activity that we have been doing in FY '26. Second is a stronger, faster implementation of AI and how that plays out for us. So, while I don't have specific guidelines, I think these two make us feel very positive that we will be able to deliver both on organic growth and margin expansion from this point onwards as well. If you look at Bluetile, their CY '25 numbe
Q
Hey, Nitish. On the portfolio that you have, I appreciate the job you've done in simplifying it and focusing the company on gaming while identifying appropriate non-core businesses and divestment plans. Just to double-click a bit more on this, we have seen that under the leadership of the founder of NODWIN, Akshat's leadership, and of course, looking at Nazara's own support that would have gone in scaling up the business, we have seen this business grow to $70 million in revenue. Quite sizable, right? So, when I look at Nazara today, it seems like the portfolio has many assets - individually s
Nitish Mittersain
I think our focus, one, has always been to grow businesses profitably. And while NODWIN is one example that you spoke of, if you see our history over the last few years as we have invested and acquired companies, Kiddopia was acquired with an INR 15 crore revenue run rate, and in Nazara Technologies Limited May 13, 2026 two to three years, we took it to INR 200 crores plus. When we acquired Sportskeeda, it was an INR 15 crores revenue company which delivered INR 80 crores of EBITDA last year before taking a hit in FY '26. So, I think our focus has always been on how we acquire businesses where
Q
Just a few bookkeeping questions from my side. So, the depreciation & amortization expense in Q4 was down by about 24%. So, which were some of the sub-verticals that had witnessed this decline Q-on-Q?
Nitish Mittersain
Our total depreciation in this quarter was around INR 45 crores. Anupriya, you want to take this? Nazara Technologies Limited May 13, 2026 Yes, so the total depreciation was around INR 45 crores. And a large part of it is coming from Curve Games, which continues to build games across years, which in turn have a life of multiple years. And the deconsolidation of NODWIN has also led to the sequential decline in the overall depreciation number that we report, because the depreciation from the NODWIN business is not getting consolidated in the books. So, that is the reason why you are seeing a seq
Q
Anupriya, do you want to share an update?
Anupriya Sinha Das
Yes, sure. So, one is on the question of seasonality. We have a seasonality in the business because whenever there is a new TV show of the original Love Island IP, there is a good influx of installs organically, etc. As Nitish mentioned, we launched two new games, Big Brother and Bigg Boss, in the last year. And we have a very extensive release roadmap in the coming year. We are already live with fresh seasond of Love Island and Big Brother. And we are looking to expand the Big Brother season from one season in the last one year to three seasons in this fiscal year, as well as we are looking t
Q
Sure, thank you. Maybe what we will do is we will just take two minutes each on talking a bit about Kiddopia and Animal Jam, because both the CEOs are online and they haven't had a chance to speak. So, maybe, Manish, if you can give spend two minutes on what's happening on Kiddopia, that will be useful.
Manish Gaurav
Yes, sure. Thank you, Nitish. So, we definitely see a recovery in Kiddopia and we feel very confident about it being sustainable. And it's driven largely by 3-4 growth levers. One is the Center of Excellence has made our organization much stronger and cleaner. And that has given us the growth that we needed in this business. The second is the IP strategy. We integrated four IPs in the last 12 months, and that has led to significant improvement in the overall funnel. And that's really helped. There has been a lot of focus in improving our data visibility across the organization. And that has ma
Speaking time
Nitish Mittersain
21
Moderator
9
Vivekanand
7
Pranav Mashruwala
6
Jinesh Joshi
5
Anupriya Sinha Das
3
Rohit Sharma
3
Atul Borse
3
Stuart Dinsey
2
Raymond Stauffer
2
Opening remarks
Vivekanand
Thank you, Swapnali. Good morning, everyone. A very warm welcome to all of you on behalf of Ambit Capital. We are proud to host the 4QFY26 and FY26 Post Results Conference Call of Nazara Technologies Limited. I would like to take this opportunity and welcome the Senior Management Team of the company joining us on the call today. Connected on this call are participants from Nazara, including Mr. Nitish Mittersain – Joint MD and CEO, Nazara Technologies Limited; Mr. Rohit Sharma – Executive Director, Nazara Technologies Limited; Mr. Rakesh Shah – CFO, Nazara Technologies Limited; Ms. Anupriya Sinha Das – Head of Corporate Development, Nazara Technologies Limited; Mr. Shreyes Menon – Head, Offline Gaming; Mr. Terry Lee – CEO, Fusebox Games; Mr. Stuart Dinsey – CEO, Curve Games; Mr. Raymond Stauffer – CEO and Founder, Bluetile Games; Mr. Manish Gaurav – Head of Business, Kiddopia; Mr. Jeff Amis – Co-Founder and CEO, WildWorks; Mr. Mayank Kumar – Director Operations, Absolute Sports Private
Nitish Mittersain
Hi, good morning, everyone. And thank you for joining us this morning. FY '26 was a pivotal year for Nazara. Revenue reached INR 1,829 crores and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%, - almost doubling on a year-on-year basis. Importantly, cash generation also strengthened significantly with pre-tax operating cash flows growing 81% year-on-year to INR 213 crores. More importantly, the shape of Nazara has fundamentally changed in FY '26. Gaming contribution to EBITDA increased from 56% in FY '25 to 90% in FY '26, as we strengthened our focus on building a high-margin, globally diversified gaming platform across mobile, PC, and console, and offline gaming. FY26 also included our largest acquisition to date of Bluetile and BestPlay, which significantly expands our casual gaming scale while adding AI-native development capabilities and a rewarded engagement network to our platform. At the same time, our existing gaming businesses and IP
Anupriya Sinha Das
Thank you, Nitish. Good morning, everyone. At the consolidated level, as Nitish mentioned, Nazara delivered FY '26 revenue of INR 1,829 crores, up 13% year-on-year, and EBITDA of INR 255 crores, up 66% year-on-year, with our EBITDA margin expanding to 13.9%. In Q4 FY '26, the company reported revenue of INR 398 crores and EBITDA of INR 78 crores, with EBITDA margin reaching 19.5%. Within this, our gaming business delivered particularly strong growth and profitability, with FY '26 revenue growing 107% year-on-year to INR 1,072 crores and EBITDA growing 157% to INR 265 crores, resulting in an EBITDA margin of 24.7%. In Q4 FY '26, gaming revenue grew 78% year-on-year to INR 278 crores, while EBITDA grew 127% to INR 76 crores. Within mobile gaming, revenue grew 38% year-on-year to INR 713 crores, with EBITDA growing 33% to INR 137 crores. Performance was driven by stronger execution across LiveOps, user acquisition and data analytics through our COE-led operating model. Kiddopia had return
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