Nazara Technologies Limited, a diversified global gaming platform, has posted a robust financial performance for H1 FY2026 and Q2 FY26, driven by sustained momentum across mobile gaming, PC/console publishing, and offline interactive entertainment. The company’s results underscore its growing scale, strong unit economics, and expanding global footprint as it enters its 25th year.
H1 FY26: Revenue Up 80.2%, EBITDA Up 118.5%
For the first half of FY2026, Nazara reported:
- Revenues of ₹1,025.2 crore (+80.2% YoY)
- EBITDA of ₹109.4 crore (+118.5% YoY)
- Core gaming EBITDA margin at 23.2%, reflecting improved operating leverage
This growth was supported by deeper LiveOps engagement, data-driven user acquisition, and strong performance across key franchises.
Q2 FY26: Continued High Growth Across Gaming Verticals
Nazara delivered a strong second quarter with:
- Revenue of ₹526.5 crore (+65.1% YoY)
- EBITDA of ₹62 crore (+146.4% YoY)
The quarter’s performance was driven by improving retention, cross-platform distribution, and recurring franchise engagement across mobile, PC, and console ecosystems.
Mobile Gaming Leads with Global Franchises
Mobile gaming remained Nazara’s largest and fastest-growing segment, propelled by globally recognised franchises such as:
- Love Island
- Big Brother
- Kiddopia
- Animal Jam
- WCC (World Cricket Championship)
These titles continue to scale through seasonal content, LiveOps-driven engagement, and global player retention.
Steady Traction in PC/Console & Offline Entertainment
Nazara’s PC/console publishing business maintained momentum with strong demand for evergreen titles like Human: Fall Flat and additional revenue through catalogue monetization and platform expansion.
Its offline interactive entertainment brands—Smaaash and Funky Monkeys—also delivered profitable growth, supported by standardised operational playbooks, repeat consumer footfall, and disciplined expansion.
Data, AI, and Analytics Driving Portfolio-Wide Efficiency
Nazara’s Centres of Excellence focused on User Acquisition, Analytics, AI, and Growth are now integrated across multiple studios. These hubs are improving:
- LTV/CAC ratios
- Retention metrics
- Marketing payback periods
- Speed and accuracy of data-led decision-making
This shared infrastructure is powering long-term franchise scalability.
One-Time Accounting Adjustments
The quarter also included two non-operational adjustments:
- Impairment of investment in Moonshine Technologies (PokerBaazi) following new regulations impacting India’s online real-money gaming space
- De-subsidiarisation of Nodwin Gaming, resulting in a fair-value gain on Nazara’s retained minority stake
Both items are accounting-driven and do not impact operating cash flows.
Leadership Commentary
Nitish Mittersain, Joint Managing Director & CEO of Nazara Technologies, said:
“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.”
He added that the company’s Centres of Excellence are creating portfolio-wide leverage and that the one-time accounting adjustments do not affect the momentum of the core business.As Nazara completes 25 years, it has also refreshed its brand identity with a new logo and the positioning line: “Enter. Magic.” symbolizing its commitment to delivering magical, interactive gaming experiences to players worldwide.
