Nazara Technologies (NAZARA) Q2 25/26 earnings summary

Executive summary

• H1 FY26 revenue reached INR 1,025.2 crores, up 80.2% year-on-year, with EBITDA at INR 109.4 crores, up 118.5% year-on-year.

• Q2 FY26 revenue was INR 526.5 crores, up 65.1% year-on-year, and EBITDA was INR 62 crores, up 146.4% year-on-year.

• Core gaming revenues rose 159% year-on-year in H1 FY26, with EBITDA up 253% year-on-year, driven by recurring seasons, LiveOps, and global distribution.

• PAT for Q2 FY26 was negative INR 33.9 crores due to the real money gaming ban and impairment of Moonshine Technologies.

• Refreshed brand identity to emphasize global, interactive gaming experiences and IP-led growth.

Financial highlights

• Core gaming EBITDA margin stood at 23.2% for H1 FY26 and 22.1% for Q2 FY26.

• Mobile gaming revenue grew 81% and EBITDA grew 95% year-on-year in Q2 FY26.

• AdTech revenue increased 501% and EBITDA grew 289% year-on-year in Q2 FY26.

• Offline gaming delivered INR 12 crores EBITDA in H1 FY26 at a 27.5% margin.

• PAT before share of profit/(loss) from associates was INR 250.5 crores in H1 FY26, up 499.3% year-on-year.

Outlook and guidance

• Core gaming business targeted to grow at 20%-25% year-on-year with EBITDA margin in the same range.

• Expecting positive growth in Kiddopia subscriber numbers and ARPU by Q4.

• Sportskeeda recovery anticipated post-Google Core Update, likely in Q4.

• Continued investment in AI, user acquisition, and data analytics to drive future efficiencies.

• Focus on building and scaling long-term gaming franchises and expanding global presence.