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Nazara Technologies (NAZARA) investor relations material
Nazara Technologies Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY26 revenue was INR 406 crores, down 24.1% year-over-year due to NODWIN Esports deconsolidation, but EBITDA rose 29.4% to INR 67.8 crores, with margin expansion to 16.7% from a focus on higher-margin IP-based gaming.
Nine-month FY26 revenue grew 29.7% year-over-year to INR 1,431.2 crores, and EBITDA increased 73% year-over-year to INR 177.2 crores, with margins at 12.4%.
Board approved unaudited consolidated and standalone financial results for the quarter and nine months ended 31 December 2025.
Growth was driven by disciplined execution, scalable IP launches, live content, and platform extensions.
Financial highlights
Gaming segment Q3 revenue grew 66% year-over-year to INR 257 crores, with EBITDA up 87% to INR 64.2 crores and a 25% margin.
Mobile gaming revenue for nine months was INR 534.7 crores, up 48% year-over-year, with EBITDA at INR 99.2 crores, up 43%.
AdTech revenue up 86% year-over-year for nine months, with EBITDA up 95%.
NODWIN Gaming Q3 revenue up 58% year-over-year to INR 261 crores, EBITDA at INR 40 crores.
Consolidated revenue for the quarter was ₹40,597 lakhs, with net profit of ₹1,702 lakhs; nine-month revenue was ₹143,120 lakhs and net profit ₹9,283 lakhs.
Outlook and guidance
Management expects margin expansion to continue, targeting over 20% as the business focuses on core IP-driven gaming.
Growth in FY27 expected from new IP launches in Fusebox, continued Kiddopia expansion, offline gaming (Funky Monkeyss, Smaaash), and new titles from Curve and WildWorks.
Despite significant impairment losses, the group and standalone net worth remain strong, indicating continued financial stability.
No specific numerical guidance provided.
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