| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 526.46 | 5.5% | 65.1% |
| Total Income | 1.6K | 183.2% | 373.8% |
| Expenditure | 534.25 | 2.5% | 66.3% |
| PBT | 181.97 | 231.6% | 691.9% |
| Net Profit | -33.93 | 166.1% | 308.9% |
| OPM | — | ||
| NPM | -2.08% | 11.00pp | 7.70pp |
| EPS | 0.84 | 86.1% | 73.0% |
Nazara: Q2FY26 Revenues grow 65.1% to INR 526.5 Cr, EBITDA grows 146.4% To INR 62 Cr
12 Nov 2025 · 12 Nov 2025, 07:58 pm
Summary
Nazara Technologies Limited announced its financial results for Q2 and H1FY26, with revenues of INR 1,025.2 crore for H1FY26, growing 80.2% year-on-year, and EBITDA of INR 109.4 crore, an increase of 118.5% year-on-year. Q2FY26 saw revenues of INR 526.5 crore, up 65.1% year-on-year, and EBITDA of INR 62.0 crore, growing 146.4% year-on-year.
Key Highlights
- 1
Revenues for H1FY26 grew by 80.2% year-on-year to INR 1,025.2 crore
- 2
EBITDA for H1FY26 grew by 118.5% year-on-year to INR 109.4 crore
- 3
Core gaming EBITDA margin expanded to 23.2%
- 4
Q2FY26 revenues were INR 526.5 crore, up 65.1% year-on-year
- 5
Q2FY26 EBITDA was INR 62.0 crore, growing 146.4% year-on-year
- 6
Growth was led by improving retention, deeper LiveOps engagement, and cross-platform distribution across mobile, console, and PC
- 7
Mobile gaming remained the strongest contributor
- 8
Nazara’s PC/console publishing business continued to perform steadily
- 9
Offline interactive entertainment brands Smaaash and Funky Monkeys delivered profitable growth
- 10
New regulations in India’s online skill-based real-money gaming space prompted Nazara to record an impairment on its investment in Moonshine Technologies (PokerBaazi)
Management Comments
Nitish Mittersain
Nazara continued strengthening its position as an IP-led, global gaming platform. In H1FY26, core gaming revenues grew 159% and EBITDA grew 253%, driven by deeper LiveOps engagement, global scale, and strong unit economics across mobile, console, and PC. We are evolving from publishing individual games to building and scaling long-term franchises. Our Centres of Excellence in UA, Analytics, Al, and Growth are creating portfolio- wide operating leverage. The accounting adjustments this quarter, including the Moonshine impairment and NODWIN fair value gain, are one-time items and do not impact operating cash flows or the momentum of our core business. As we complete 25 years, we refreshed our brand identity, including a new logo and our brand positioning line ‘Enter. Magic.’ in step with our commitment towards delivering magical, interactive gaming experiences to our global player base.
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