Nazara Reports Strong H1FY26 With 80 Per Cent Revenue Growth

14 Nov 2025 CW Team

For H1FY26, Nazara reported revenues of Rs 10.25 billion, an increase of 80.2 per cent year-on-year, and EBITDA of Rs 1.09 billion, up 118.5 per cent. The core gaming EBITDA margin expanded to 23.2 per cent, underscoring the strength of the company’s diversified portfolio. In Q2FY26, revenues reached Rs 5.27 billion, up 65.1 per cent year-on-year, while EBITDA rose 146.4 per cent to Rs 620 million. Quarterly growth was driven by improved retention, stronger LiveOps engagement and wider cross-platform reach across mobile, console and PC.

Mobile gaming remained the largest revenue contributor, powered by global franchises such as Love Island, Big Brother, Kiddopia, Animal Jam and WCC, supported by recurring content seasons and strong user engagement. Nazara’s PC and console publishing segment continued its steady performance through evergreen hits like Human: Fall Flat, along with incremental gains from catalogue monetisation and new platform expansions. Offline interactive brands Smaaash and Funky Monkeys delivered profitable growth driven by standardised operational playbooks, rising repeat footfall and disciplined centre expansion.

The company’s Centres of Excellence in user acquisition, analytics, AI and growth are now deployed across multiple studios and franchises, improving LTV/CAC ratios, customer retention and marketing payback periods, while enabling faster, data-led decision-making across the portfolio.

During the quarter, regulatory changes in India’s online skill-based real-money gaming sector led Nazara to record an impairment on its investment in Moonshine Technologies (PokerBaazi) based on fair valuation norms. Meanwhile, Nazara’s stake in Nodwin Gaming fell below 50 per cent, resulting in its de-subsidiarisation. The retained stake was measured at fair value, leading to a one-time gain.

Joint Managing Director and CEO Nitish Mittersain said Nazara continued to strengthen its position as an IP-led global gaming platform. He highlighted that in H1FY26, core gaming revenues rose 159 per cent and EBITDA grew 253 per cent, driven by deeper LiveOps engagement, global scale and strong unit economics. He added that Nazara is evolving from publishing standalone games to building long-term franchises, supported by its Centres of Excellence. He also noted that the Moonshine impairment and Nodwin fair value adjustments were one-off items with no impact on cash flows or core business momentum. As the company marks 25 years, it has refreshed its brand identity, including a new logo and the positioning line “Enter. Magic.” to reflect its commitment to delivering engaging and immersive global gaming experiences.

Nazara Technologies Limited, a diversified global gaming platform, has announced its financial results for Q2 and H1FY26, supported by continued momentum across mobile gaming, PC and console publishing, and offline interactive entertainment. For H1FY26, Nazara reported revenues of Rs 10.25 billion, an increase of 80.2 per cent year-on-year, and EBITDA of Rs 1.09 billion, up 118.5 per cent. The core gaming EBITDA margin expanded to 23.2 per cent, underscoring the strength of the company’s diversified portfolio. In Q2FY26, revenues reached Rs 5.27 billion, up 65.1 per cent year-on-year, while EBITDA rose 146.4 per cent to Rs 620 million. Quarterly growth was driven by improved retention, stronger LiveOps engagement and wider cross-platform reach across mobile, console and PC. Mobile gaming remained the largest revenue contributor, powered by global franchises such as Love Island, Big Brother, Kiddopia, Animal Jam and WCC, supported by recurring content seasons and strong user engagement. Nazara’s PC and console publishing segment continued its steady performance through evergreen hits like Human: Fall Flat, along with incremental gains from catalogue monetisation and new platform expansions. Offline interactive brands Smaaash and Funky Monkeys delivered profitable growth driven by standardised operational playbooks, rising repeat footfall and disciplined centre expansion. The company’s Centres of Excellence in user acquisition, analytics, AI and growth are now deployed across multiple studios and franchises, improving LTV/CAC ratios, customer retention and marketing payback periods, while enabling faster, data-led decision-making across the portfolio. During the quarter, regulatory changes in India’s online skill-based real-money gaming sector led Nazara to record an impairment on its investment in Moonshine Technologies (PokerBaazi) based on fair valuation norms. Meanwhile, Nazara’s stake in Nodwin Gaming fell below 50 per cent, resulting in its de-subsidiarisation. The retained stake was measured at fair value, leading to a one-time gain. Joint Managing Director and CEO Nitish Mittersain said Nazara continued to strengthen its position as an IP-led global gaming platform. He highlighted that in H1FY26, core gaming revenues rose 159 per cent and EBITDA grew 253 per cent, driven by deeper LiveOps engagement, global scale and strong unit economics. He added that Nazara is evolving from publishing standalone games to building long-term franchises, supported by its Centres of Excellence. He also noted that the Moonshine impairment and Nodwin fair value adjustments were one-off items with no impact on cash flows or core business momentum. As the company marks 25 years, it has refreshed its brand identity, including a new logo and the positioning line “Enter. Magic.” to reflect its commitment to delivering engaging and immersive global gaming experiences.

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