Nazara Posts Record FY26 EBITDA of ₹255 Cr as Gaming Drives 19.5% Margins

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AuthorAarav Shah|Published at:
Nazara Posts Record FY26 EBITDA of ₹255 Cr as Gaming Drives 19.5% Margins
Overview

Nazara Technologies reported record FY26 results with EBITDA surging 66% YoY to ₹255 crore and revenue growing 13% to ₹1,829 crore. The company is strategically doubling down on its high-margin gaming segment, now contributing 90% of EBITDA, while margins hit 19.5% in Q4FY26. This focus, supported by recent acquisitions and global expansion plans, signals a drive towards scaled, profitable growth in FY27.

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Nazara Technologies Reports Record FY26 Financials

Nazara Technologies announced its highest-ever EBITDA of ₹255 crore for FY26, an increase of 66% year-on-year. Full-year revenues reached ₹1,829 crore, up 13% from the previous year. The company highlighted that its acquisition integration and focus on gaming are key drivers for FY27 growth.

Q4 FY26 Results and Nodwin Gaming Impact

For the fourth quarter of FY26, revenue was ₹398 crore. This figure was affected by the deconsolidation of Nodwin Gaming, a step indicating adjustments in financial presentation due to accounting or ownership changes. Despite this, Q4FY26 EBITDA saw a significant 52% year-on-year increase to ₹78 crore, contributing to the overall margin improvement.

Gaming Segment's Growing Share

Nazara is intensifying its strategic focus on the high-margin gaming segment, which now accounts for 90% of the company's EBITDA—a substantial rise from 56% in FY25. The company is pursuing its aim to become a globally diversified gaming platform across mobile, PC & console, and offline gaming. Expansion efforts are underway in North America and Europe, complementing its established presence in India.

Acquisitions and Future Scale

Recent acquisitions, including Bluetile and BestPlay, are expected to significantly scale Nazara's casual mobile intellectual properties and expand its monthly active user base. The successful integration of these new entities is key to realizing projected growth targets. Nazara plans to leverage its 'Centres of Excellence' model across its expanding gaming IP portfolio.

Outlook, Risks, and Investor Focus

Looking ahead, potential challenges include the deconsolidation of Nodwin Gaming, which could complicate year-on-year revenue comparisons for certain periods. Future growth will rely on successfully scaling acquired gaming IPs and user bases. Investors will be closely monitoring acquisition integration progress, management's FY27 outlook for revenue and EBITDA, and clarity on the long-term strategy for Nodwin Gaming. Further details on global market penetration and new IP development will also be key.

Peer Comparison

Direct listed peers in India's pure-play digital gaming sector are scarce. Delta Corp operates in the broader gaming and hospitality space, focusing primarily on casino and online skill gaming, which differs from Nazara's diversified digital gaming and esports offerings.

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