Nazara Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nazara Technologies Ltd filed with BSE on 19 May 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 FY26 consolidated revenue of INR 1,829 crores, up 13% year-on-year, with EBITDA growing 66% to INR 255 crores and Q4 EBITDA margin reaching 19.5%. Gaming revenue grew 107% year-on-year to INR 1,072 crores with EBITDA growth of 157%, and gaming's contribution to overall EBITDA rose from 56% in FY25 to 90% in FY26. Management discussed the completed Bluetile and BestPlay acquisition, which will be consolidated from FY27 pending Spanish FDI approval, along with segment performance across mobile gaming, PC/console publishing, offline gaming, and AdTech.
Numbers mentioned
Revenue: INR 1,829 crores (FY26)
p. 3
“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.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
EBITDA: INR 255 crores (FY26)
p. 3
“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.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Pre-tax operating cash flows: INR 213 crores, up 81% year-on-year (FY26)
p. 3
“cash generation also strengthened significantly with pre-tax operating cash flows growing 81% year-on-year to INR 213 crores.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Gaming contribution to EBITDA: 90%, up from 56% (FY26 vs FY25)
p. 3
“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.”
Nitish Mittersain, page 3 of the filed PDF · View the filing
Human Fall Flat lifetime units: 58 million
p. 4
“our PC and console game Human Fall Flat crossed 58 million lifetime units globally.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Consolidated revenue: INR 1,829 crores, up 13% year-on-year (FY26)
p. 4
“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%.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Q4 revenue: INR 398 crores (Q4 FY26)
p. 4
“In Q4 FY '26, the company reported revenue of INR 398 crores and EBITDA of INR 78 crores, with EBITDA margin reaching 19.5%.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Gaming revenue: INR 1,072 crores, up 107% year-on-year (FY26)
p. 4
“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%.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Q4 gaming revenue: INR 278 crores, up 78% year-on-year (Q4 FY26)
p. 4
“In Q4 FY '26, gaming revenue grew 78% year-on-year to INR 278 crores, while EBITDA grew 127% to INR 76 crores.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Mobile gaming revenue: INR 713 crores, up 38% year-on-year (FY26)
p. 4
“Within mobile gaming, revenue grew 38% year-on-year to INR 713 crores, with EBITDA growing 33% to INR 137 crores.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
PC and console publishing revenue: INR 261 crores (FY26)
p. 4
“PC and console publishing businesses continue to deliver strong profitability, with FY '26 revenue of INR 261 crores and EBITDA of INR 101 crores at 39% EBITDA margin.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Offline gaming revenue and EBITDA: INR 99 crores revenue, INR 27 crores EBITDA (FY26)
p. 5
“Our offline gaming businesses with Smaaash and Funky Monkeys also delivered profitability during FY '26, with revenues of INR 99 crores and EBITDA of INR 27 crores.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
NODWIN EBITDA: Profit of INR 21 crores, from a loss of INR 14 crores (FY26 vs FY25)
p. 5
“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.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
Bluetile CY25 revenue and EBITDA: INR 1,460 crores revenue, INR 254 crores EBITDA (CY25)
p. 10
“If you look at Bluetile, their CY '25 numbers were around INR 1,460 crores revenue and INR 254 crores of EBITDA.”
Nitish Mittersain, page 10 of the filed PDF · View the filing
Depreciation: INR 45 crores (Q4 FY26)
p. 13
“Our total depreciation in this quarter was around INR 45 crores.”
Nitish Mittersain, page 13 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.
Revenue and EBITDA growth — FY27
stated firmly by Nitish Mittersain
p. 4
“we will continue to accelerate growth both in revenues and EBITDA in FY '27.”
Nitish Mittersain, page 4 of the filed PDF · View the filing
Sportskeeda EBITDA margin — FY27
stated as an aspiration by Nitish Mittersain
p. 7
“We actually expect margins to increase in FY '27 on potentially a smaller base.”
Nitish Mittersain, page 7 of the filed PDF · View the filing
Bluetile acquisition consolidation — Q1 FY27
stated conditionally by Nitish Mittersain
p. 14
“We expect to consolidate from Q1 of FY '27.”
Nitish Mittersain, page 14 of the filed PDF · View the filing
Bluetile acquisition closing — next 3-4 weeks
stated conditionally by Nitish Mittersain
p. 14
“At this point of time, we are expecting it to come in in the next few weeks, I think 3-4 weeks.”
Nitish Mittersain, page 14 of the filed PDF · View the filing
Divestment of non-core businesses — FY27 and FY28
stated as an aspiration by Nitish Mittersain
p. 11
“I would imagine that we will try and have some actions happen in FY'27 and FY'28 to achieve this goal.”
Nitish Mittersain, page 11 of the filed PDF · View the filing
Curve Games new releases — at least 6 new releases · current year
stated firmly by Stuart Dinsey
p. 6
“We expect to launch at least 6 new releases in this current year, maybe a couple more.”
Stuart Dinsey, page 6 of the filed PDF · View the filing
Curve Games margin — around 50% target on games signed
stated as an aspiration by Stuart Dinsey
p. 15
“Yes, our margin target is always 50% on any game that we sign.”
Stuart Dinsey, page 15 of the filed PDF · View the filing
Big Brother season expansion — three seasons · FY27
stated firmly by Anupriya Sinha Das
p. 14
“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 to launch Traitors in the current fiscal year.”
Anupriya Sinha Das, page 14 of the filed PDF · View the filing
NODWIN fundraise — $100 million to $200 million
stated as an aspiration by Akshat Rathee
p. 8
“NODWIN is looking both to raise funds between $100 million to $200 million independently which should be a mixture of primary and secondary, and then also prepare for an IPO as soon as possible.”
Akshat Rathee, page 8 of the filed PDF · View the filing
NODWIN Content business organic growth — 5% to 10%
stated as an aspiration by Akshat Rathee
p. 9
“we believe this will increase both in volume and value and the organic growth of between 5% and 10% because monetization still will catch up over a long time.”
Akshat Rathee, page 9 of the filed PDF · View the filing
Kiddopia new app launches — coming financial year
stated firmly by Manish Gaurav
p. 15
“In the coming financial year, we expect to launch a few more apps as well in the adjacent category, which will continue to drive growth in this business, as well as more IP integrations, organic traffic growth, and CRM will help us to monetize and retain our traffic better.”
Manish Gaurav, page 15 of the filed PDF · View the filing
New Animal Jam-adjacent game launch — Q2 of FY27
stated firmly by Jeff Amis
p. 16
“And as Nitish hinted, we are releasing a new game in Q2 of FY '27.”
Jeff Amis, page 16 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.
Management attributed most of the increase to a one-time revaluation gain on the Rusk Media investment plus currency and mutual fund gains.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: What drove the large increase in other income this quarter?
p. 5
“The other income is predominantly driven by a one-time gain of INR 31 crores on our investment in Rusk Media.”
Nitish Mittersain, page 5 of the filed PDF · View the filing
Management said NODWIN wrote off INR 50 crores of goodwill related to an OML/NH7 Weekender acquisition, alongside some Moonshine losses.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: What explains the large share of losses from associates related to NODWIN?
p. 5
“it came from NODWIN, which wrote off some goodwill it was carrying of INR 50 crores relating to an acquisition of OML assets done 3-4 years back, predominantly coming from NH7 Weekender, which has not delivered the cash flows that were projected at the time the goodwill was established.”
Nitish Mittersain, page 5 of the filed PDF · View the filing
Curve Games CEO said the company went through a transition period after acquisition and is now investing in new game releases to drive growth.
Answered by Stuart Dinsey
Asked by Jinesh Joshi: Why has PC and console revenue been flat year-on-year, and what is the plan to boost growth?
p. 6
“We have completed the transition in a way that hasn't distracted the business. We are very happy with that. And we have begun investing in new games to deliver long-term growth.”
Stuart Dinsey, page 6 of the filed PDF · View the filing
Management said recovery has not yet materialized as hoped but other IPs are showing positive signs, and cost optimization continues with margin improvement expected in FY27.
Answered by Nitish Mittersain
Asked by Jinesh Joshi: Can Sportskeeda's Google Core traffic issue be mitigated, or should a lower margin be assumed going forward?
p. 7
“we have yet not seen the kind of recovery we want to see over there. We continue to do many things to try and achieve that.”
Nitish Mittersain, page 7 of the filed PDF · View the filing
Akshat Rathee said NODWIN is targeting a fundraise of $100-200 million and preparing for an independent IPO when timing is right.
Answered by Akshat Rathee
Asked by Vivekanand: What is the plan and timeline for NODWIN's IPO and fundraising?
p. 8
“NODWIN is looking both to raise funds between $100 million to $200 million independently which should be a mixture of primary and secondary, and then also prepare for an IPO as soon as possible.”
Akshat Rathee, page 8 of the filed PDF · View the filing
Management attributed the decline to a conscious shift away from traditional declining AdTech business lines toward the tech-driven DSP business, and market softness in the UK new homes vertical for Space and Time.
Answered by Rohit Sharma
Asked by Atul Borse: Why did AdTech revenue decline sequentially?
p. 11
“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, page 11 of the filed PDF · View the filing
Anupriya Sinha Das said the decline was due to NODWIN's deconsolidation, which removed its depreciation from consolidated books.
Answered by Anupriya Sinha Das
Asked by Pranav Mashruwala: What is driving the sequential decline in depreciation and amortization?
p. 14
“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, page 14 of the filed PDF · View the filing
Management said the deal is pending Spanish FDI approval, expected to close in 3-4 weeks, with consolidation from Q1 FY27.
Answered by Nitish Mittersain
Asked by Pranav Mashruwala: What is the status of the Bluetile acquisition consolidation?
p. 14
“It's still pending the Spanish FDI approval, which is in process. And we expect to close the acquisition as soon as that comes in.”
Nitish Mittersain, page 14 of the filed PDF · View the filing
Stuart Dinsey said the company targets 50% margin on signed games and expects to maintain current margin levels.
Answered by Stuart Dinsey
Asked by Pranav Mashruwala: Can Curve Games sustain margins above 30-35% as it scales larger launches?
p. 15
“we would expect our margin to certainly be maintained on where we have been currently, which is actually comparatively high compared to the market.”
Stuart Dinsey, page 15 of the filed PDF · View the filing
Risks flagged
Sportskeeda traffic and revenue decline due to Google Core updates
p. 5
“Sportskeeda remained profitable despite a softer traffic environment, following Google Core updates, supported by continued cost discipline and improving performance across new properties.”
Anupriya Sinha Das, page 5 of the filed PDF · View the filing
NODWIN goodwill write-off related to NH7 Weekender underperformance
p. 5
“NODWIN took a conservative view and wrote it off, although NH7 Weekender as an IP is bouncing back pretty well.”
Nitish Mittersain, page 5 of the filed PDF · View the filing
UK new homes market conditions affecting Space and Time discretionary marketing spend
p. 11
“one of the core verticals we operate in is the new homes market, and that's facing some very well-publicized challenges at the moment, and that's just having a knock-on effect in terms of their discretionary marketing spend.”
Chris Jones, page 11 of the filed PDF · View the filing
NODWIN associate losses including from Moonshine business recovery efforts
p. 5
“these are contributed by one, some losses from Moonshine, which is continuing to find a way to recover some of its business in a compliant manner.”
Nitish Mittersain, page 5 of the filed PDF · View the filing
Seasonality in Fusebox and narrative games business tied to TV show cycles
p. 14
“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.”
Anupriya Sinha Das, page 14 of the filed PDF · View the filing
Bluetile acquisition still pending regulatory approval
p. 4
“This business will be consolidated from FY '27 onwards, pending some regulatory approval.”
Anupriya Sinha Das, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.