Nazara Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Nazara Technologies Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nazara reported Q1 FY27 consolidated revenue of INR 429 crores and EBITDA of INR 46 crores, with a PAT loss of INR 82 crores attributed to share of loss from associates and impairment. Gaming revenue grew 14% year-on-year to INR 275 crores with a 19.5% EBITDA margin, while management announced an amended all-cash structure to acquire 100% of Bluetile and BestPlay for $303 million and the appointment of Raymond Stauffer as incoming CEO effective September 1, 2026. Segment updates covered Kiddopia, Fusebox, Curve Games, offline gaming, AdTech and NODWIN, with several unit heads providing additional detail during the Q&A.
Numbers mentioned
Consolidated revenue: INR 429 crores (Q1 FY27)
p. 3
“Consolidated revenue came in at INR 429 crores, and EBITDA was INR 46 crores.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
EBITDA: INR 46 crores (Q1 FY27)
p. 3
“Consolidated revenue came in at INR 429 crores, and EBITDA was INR 46 crores.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
PAT: loss of INR 82 crores (Q1 FY27)
p. 3
“We reported a PAT loss of INR 82 crores, largely attributable to the share of loss from associates and impairment loss.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Gaming revenue growth: 14% year-on-year to INR 275 crores (Q1 FY27)
p. 3
“Our gaming revenue increased 14% year-on-year to INR 275 crores, with an EBITDA margin of 19.5% and all our gaming businesses remained EBITDA positive while showing positive growth.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Kiddopia revenue growth: 19% year-on-year (Q1 FY27)
p. 4
“Kiddopia revenues grew 19% year-on-year as our user acquisition scaled, behind improving unit economics.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Fusebox revenue: increased 12% year-on-year to INR 82 crores (Q1 FY27)
p. 4
“Fusebox, which runs the popular game Love Island, increased 12% year-on-year to INR 82 crores, whereas Animal Jam’s revenue also grew 11% year-on-year.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Bluetile and BestPlay acquisition consideration: $303 million fixed all-cash consideration
p. 3
“an acceleration of the previously announced Bluetile and BestPlay transaction to acquire 100% ownership for a fixed all-cash consideration of $303 million”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Bluetile and BestPlay revenue and EBITDA: INR 518 crores revenue, INR 55 crores EBITDA (Q1 FY27)
p. 4
“For reference, the Bluetile and BestPlay business reported INR 518 crores of revenue and INR 55 crores of EBITDA in Q1 FY27.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Gaming segment EBITDA and margin: INR 54 crores EBITDA, 19.5% margin (Q1 FY27)
p. 4
“EBITDA reached INR 54 crores, resulting in an EBITDA margin of 19.5%.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Bluetile and BestPlay revenue growth: 54% year-on-year (Q1 FY27)
p. 4
“Within Mobile Gaming, Bluetile and BestPlay, which will be consolidated from Q2 FY27, delivered 54% revenue growth year-on-year, with gains reinvested into user acquisition.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
PC and Console publishing revenue, EBITDA, margin: INR 53 crores revenue, INR 14 crores EBITDA, 27% margin (Q1 FY27)
p. 5
“With Q1 FY27 revenue of INR 53 crores, EBITDA of INR 14 crores and a 27% EBITDA margin, the PC and Console publishing business remained strongly profitable while funding the release slate.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Offline gaming revenue, EBITDA, margin: INR 34 crores revenue, INR 11 crores EBITDA, 33% margin (Q1 FY27)
p. 5
“Offline gaming delivered healthy profitability at a 33% EBITDA margin, with Q1 FY27 revenue of INR 34 crores and EBITDA of INR 11 crores.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Funky Monkeys revenue growth: 58% year-on-year (Q1 FY27)
p. 5
“Funky Monkeys revenue grew 58% year-on-year, driven by both same-store sales growth and store expansion, while the SMAAASH 2.0 reimagined format development is in full swing.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Datawrkz revenue and EBITDA: INR 126 crores revenue, INR 3 crores EBITDA (Q1 FY27)
p. 5
“Within our Other businesses, Datawrkz delivered Q1 FY27 revenue of INR 126 crores and EBITDA of INR 3 crores, supported by continued operating discipline.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Absolute Sports revenue and EBITDA: INR 28 crores revenue, INR 1 crore EBITDA (Q1 FY27)
p. 5
“Absolute Sports posted Q1 FY27 revenue of INR 28 crores and EBITDA of INR 1 crore.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Bluetile EBITDA margin: 11%, down from 17.6% (Q1 FY27 vs Q1 FY26)
p. 14
“So, the EBITDA margins in Q1 last year was 17.6%, now it is around 11%.”
Maxime Loppin, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Bluetile consolidation start — start consolidating the entire business · Q2 FY27
stated conditionally by Nitish Mittersain
p. 4
“And subject to the final closing, we are expecting to start consolidating this entire business from Q2 FY27.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Raymond Stauffer CEO appointment — effective as CEO of Nazara Technologies · September 1, 2026
stated conditionally by Nitish Mittersain
p. 3
“the appointment of Raymond Stauffer as our new CEO, effective September 1 2026, subject to relevant regulatory approvals”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Bluetile consideration payment schedule — $89 million at closing, remaining $214 million in tranches · by 1 April 2027
stated firmly by Nitish Mittersain
p. 4
“Under this amended structure, $89 million will be paid at closing, with the remaining $214 million payable in agreed tranches by 1 April 2027.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
NODWIN organic growth — 30%+ · FY27
stated as an aspiration by Anupriya Sinha Das
p. 5
“NODWIN is targeting organic growth of 30%+ for FY27 and is progressing towards its IPO readiness.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
SMAAASH 2.0 launch timing — launch of SMAAASH 2.0 at Lower Parel outlet · Q4 FY27, between January 2027 and March 2027
stated as an aspiration by Nitish Mittersain
p. 8
“I think Q4 FY27, likely between January 2027 and March 2027, is when we will look to launch it at this point of time.”
Nitish Mittersain, page 8 of the filed PDF · View the filing
Sportskeeda cost actions — full effects of cost actions · Q2
stated firmly by Anupriya Sinha Das
p. 5
“Sportskeeda delivered positive EBITDA at a lower cost base with the full effects of cost actions expected from Q2, while Pro Football Network delivered its best Q1 yet with a 19% EBITDA margin versus break-even in Q1 FY26.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Curve Games EBITDA margin — subsequent quarters of FY27
stated as an aspiration by Susan Planck
p. 7
“The new titles that we have signed will contribute significantly to increasing that margin in the subsequent quarters of the year.”
Susan Planck, page 7 of the filed PDF · View the filing
Sportskeeda revenue — Q2, Q3, Q4
stated as an aspiration by Mayank Kumar
p. 12
“The revenue will only go up in Q2 and more so in Q3 and Q4, which are the months when U.S. sports season is most active with NFL, NBA, and all these sports kick in during that period.”
Mayank Kumar, page 12 of the filed PDF · View the filing
Nazara-level guidance
stated firmly by Nitish Mittersain
p. 14
“Not at this point of time.”
Nitish Mittersain, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Maxime Loppin explained growth was driven by paid user acquisition based on campaign profitability, not organic or inorganic M&A.
Answered by Maxime Loppin
Asked by Aditya Jawar: How did Bluetile scale up and was growth organic or inorganic?
p. 6
“So, the way we spend money here at Bluetile is that it is based on the profitability of the campaigns, so the UA.”
Maxime Loppin, page 6 of the filed PDF · View the filing
Susan Planck detailed upcoming releases (Sovereign Tower, Dragon Shelter, others) and said margins were currently below last year's level but expected to improve as new titles contribute.
Answered by Susan Planck
Asked by Samarth Patel: What is the status of Curve Games' six planned new releases and will margins stay depressed?
p. 7
“With respect to the margin, yes, our 27% EBITDA margin that we saw in Q1 of FY27 is lower than our expectation for the full year and indeed the margin of almost 40% that we delivered last financial year.”
Susan Planck, page 7 of the filed PDF · View the filing
Nitish Mittersain said overall commitment is about INR 50 crore and gave a Q4 FY27 launch window for the reimagined SMAAASH format.
Answered by Nitish Mittersain
Asked by Samarth Patel: What is the total capital commitment to offline gaming and when will SMAAASH 2.0 launch?
p. 8
“Right now, our overall commitment across these two businesses, including some stake increase in Funky Monkeys, is approximately INR 50 odd crore.”
Nitish Mittersain, page 8 of the filed PDF · View the filing
Nitish Mittersain said margin declines reflect deferred profitability from scaling UA spend within LTV/CAC guardrails, and margins will normalize as growth matures.
Answered by Nitish Mittersain
Asked by Kunal Bajaj: Will EBITDA margins normalize sharply or gradually given higher UA expenses, and why did Bluetile margins decline?
p. 9
“It's just that the margins are deferred because all the user acquisition cost is being absorbed upfront.”
Nitish Mittersain, page 9 of the filed PDF · View the filing
Anupriya Sinha Das gave the tranche breakdown of the $214 million payable amount.
Answered by Anupriya Sinha Das
Asked by Kunal Bajaj: What is the breakup of the $214 million Bluetile payment?
p. 10
“Out of the $214 million that we will acquire Bluetile and BestPlay for, around $75 million is due in 90 days from now.”
Anupriya Sinha Das, page 10 of the filed PDF · View the filing
Nitish Mittersain cited concerns that performance-based payouts could balloon and potential conflict for Raymond as overall CEO versus a Bluetile-specific target.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: Why was the Bluetile deal structure changed to a fixed upfront cash consideration?
p. 10
“One is obviously the trajectory of Bluetile and BestPlay made the investment committee feel that the payouts eventually may turn out to be much larger because they were all performance-based payouts with annual payouts which could go up to 180% of the committed payouts.”
Nitish Mittersain, page 10 of the filed PDF · View the filing
Nitish Mittersain said exposure is limited to the investment amount, which has already been written off.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: Does Nazara face tax liability exposure from real money gaming subsidiary notices?
p. 11
“No, I think our exposure is limited to the extent of our investments in these companies.”
Nitish Mittersain, page 11 of the filed PDF · View the filing
Nitish Mittersain attributed most of the loss to write-offs related to the Moonshine transaction rather than NODWIN.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: What drove the increase in share of loss of associates this quarter?
p. 11
“I think most of the impairment and share of losses you are seeing are write-offs on the remnant values related to the Moonshine transaction.”
Nitish Mittersain, page 11 of the filed PDF · View the filing
Nitish Mittersain said he will focus on strategy, vision, M&A and long-term relationships while Raymond runs day-to-day operations.
Answered by Nitish Mittersain
Asked by Rahul Jain: How will Nitish's role change after the CEO transition?
p. 11
“As the Joint MD, I was more involved in the strategy, vision, M&A, and long-term relationships for the company and establishing the brand on a global stage.”
Nitish Mittersain, page 11 of the filed PDF · View the filing
Nitish Mittersain said Love Island continues performing well and growth could accelerate with Big Brother scale-up and The Traitors launch.
Answered by Nitish Mittersain
Asked by Rahul Jain: What is the outlook for Fusebox growth this fiscal year?
p. 12
“So, I think if executed correctly, Fusebox should have a significant runway, not only for this year, but in the years to come as well.”
Nitish Mittersain, page 12 of the filed PDF · View the filing
Mayank Kumar described diversifying traffic sources, investing in Pro Football Network tools, and continued cost optimization.
Answered by Mayank Kumar
Asked by Rahul Jain: What is driving Sportskeeda's recovery efforts?
p. 12
“We are diversifying our traffic sources and the revenue sources by opening up new distribution channels.”
Mayank Kumar, page 12 of the filed PDF · View the filing
Senthil Govindan explained pass-through revenue dilutes the EBITDA correlation and that product-related growth is more detached from fixed cost growth.
Answered by Senthil Govindan
Asked by Rahul Jain: Why has AdTech revenue growth not translated into EBITDA growth?
p. 13
“the growth in revenue in the AdTech business is not always going to directly correspond to that much increase in the EBITDA, because there is some amount of pass-through revenue also that is on the books”
Senthil Govindan, page 13 of the filed PDF · View the filing
Maxime Loppin said margins depend on new game performance and Nazara declined to give consolidated guidance at this time.
Answered by Maxime Loppin
Asked by Bhavik Shah: What are sustainable EBITDA margins for Bluetile and does Nazara plan to give guidance?
p. 14
“We are not sure yet, it's still the beginning of the year, how we are going to change this, but yes, we have full flexibility and the goal is definitely increasing the revenue at the moment”
Maxime Loppin, page 14 of the filed PDF · View the filing
Susan Planck gave unit sales for Badlands Crew and Wishlist metrics for Dragon Shelter and Sovereign Tower, noting they were tracking to or exceeding expectations.
Answered by Susan Planck
Asked by Manan Poladia: How are Badlands Crew and Dragon Shelter performing versus expectations?
p. 15
“A major third-party launch for us, we have currently sold around 50,000-60,000 copies, in line with our expectations.”
Susan Planck, page 15 of the filed PDF · View the filing
Risks flagged
Sportskeeda faces ongoing challenges from reliance on Google traffic and revenue sources
p. 12
“We understand that the challenges with Google remain.”
Mayank Kumar, page 12 of the filed PDF · View the filing
Large AdTech clients temporarily cut spending budgets
p. 13
“Some of our one or two large margin clients have cut down their budget for the last couple of months, but they will be back soon.”
Rohit Sharma, page 13 of the filed PDF · View the filing
Curve Games' 40-month game development cycle delayed benefits of new signings
p. 7
“Our new development titles generally have a development cycle of 12 to 18 months, which has meant there has been some delay in reaping the benefits of the new signings under Nazara.”
Susan Planck, page 7 of the filed PDF · View the filing
Geopolitical and macro uncertainty affecting NODWIN's fundraising and IPO process
p. 8
“The world is in a little crazy place right now, as you can understand, both geopolitically and figuratively where we are.”
Akshat Rathee, page 8 of the filed PDF · View the filing
PC and Console publishing margins were lower than prior year due to absence of a first-party release
p. 5
“Margins were lower relative to Q1 FY26, which had benefited from the first-party studio release of Badlands Crew last year.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
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