Nazara FY26 EBITDA Soars 66% as Gaming Drives 90% of Profits, Margins Nearly Double

• FY26 Revenue at INR 1,829 Cr (+13% YoY); EBITDA rises 66% to INR 255 Cr
• Q4FY26 EBITDA margins nearly double to 19.5%
• Gaming contribution rises to 90% of EBITDA as Nazara sharpens gaming focus

Nazara Technologies Limited, India’s only listed gaming company, today announced its audited financial results for the quarter and financial year ended March 31, 2026.

FY26 was a pivotal year for Nazara, with revenues reaching INR 1,829 crores and EBITDA growing 66% to INR 255 crores. Momentum accelerated through the year, with Q4FY26 EBITDA margins reaching 19.5%, up nearly 970 basis points year-on-year. Nazara generated a pre-tax OCF of INR 213 crores up 81% YoY, driven by an 84% EBITDA to OCF conversion ratio. In Q4FY26, Nazara reported revenues of INR 398 crores, a decline of 24% year on year on account of de-consolidation of Nodwin from August 2025. Adjusted for Nodwin, revenue increased by 8%. The company recorded quarterly EBITDA of INR 78 crores, a year on year growth of 52% and an EBITDA margin of 19.5%. 

EBIDTA contribution from Gaming increased from 56% in FY25 to 90% in FY26 as the company refocused on its high margin, core gaming business. Nazara is converging toward a globally diversified gaming platform across mobile, PC & console, and offline gaming, with exposure spanning India, North America and Europe.

Nazara's IP portfolio is meaningfully larger. The acquisition of Bluetile and BestPlay Nazara's largest M&A to date - adds 17 casual mobile IPs and 22 million monthly active users to the Nazara platform. Once consolidated, the acquisition will add significant revenue and EBITDA scale to Nazara in FY27.

Nazara's existing IPs are also performing better. Kiddopia sustained subscriber growth for the second consecutive quarter with improved unit economics. Animal Jam expanded margins while extending onto Roblox. Fusebox successfully scaled its narrative engine across multiple reality-TV IPs, with further launches planned in FY27. PC & Console game Human Fall Flat published by Nazara crossed 58 million lifetime units globally.

The operating system behind all of this is Nazara's COE playbook. The Centres of Excellence Nazara built across User Acquisition, Data Analytics, Artificial Intelligence, Growth and Product are now platform capabilities embedded across the full game lifecycle. Every gaming IP Nazara owns and increasingly every IP it acquires plugs into the same system.

Commenting on the results, Nitish Mittersain, Joint MD & CEO of 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.

Additionally, Nazara announced the appointment of Mithun Sacheti, Founder of CaratLane, as a Non-Executive Director and Muraarie Rajan as an Independent Director on its Board. Mithun brings deep entrepreneurial and consumer brand-building experience, while Muraarie brings over 35 years of global M&A and strategic advisory expertise.

Nazara enters FY27 with a significantly larger platform, improving operating leverage and a growing portfolio of global gaming IPs, while remaining focused on disciplined execution, scalable profitability and AI-enabled gaming infrastructure.

About Nazara Technologies

Nazara Technologies is India’s only publicly listed gaming company with diversified interests across mobile gaming, PC & console publishing, esports, gamified learning and offline entertainment. With operations across India, North America and Europe, Nazara is building a global gaming platform powered by strong IP, publishing and operating capabilities. Website: https://www.nazara.com