Nazara Technologies (NAZARA) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 534.7 crores (₹53,469 lakhs), up 67% year-on-year, and EBITDA of INR 52.4 crores, up 39% year-on-year, despite a one-time impairment of BrandScale Innovations equity investment.

• Nine-month FY25 revenue reached INR 1,103.7 crores (₹110,371 lakhs), EBITDA INR 102.4 crores, and PAT INR 55.4 crores, though Q3 PAT declined 54% YoY due to impairment.

• Strategic acquisitions (Fusebox Games, Funky Monkeys, gaming IPs) and licensing agreements (Barbie, Little Angel, Big Brother, Bigg Boss) are expected to drive future growth.

• Preferential placement of INR 495 crores (₹49,500 lakhs) to Axana Estates LLP strengthens financial flexibility for further acquisitions and organic growth.

• Expansion into hybrid and offline entertainment, and increased stake in Moonshine Technology, further diversify the portfolio.

Financial highlights

• Q3 FY25 revenue: INR 534.7 crores (₹53,469 lakhs, +67% YoY); EBITDA: INR 52.4 crores (+39% YoY); nine-month PAT: INR 55.4 crores.

• Gaming segment revenue grew 53% YoY to INR 154.9 crores (₹15,491 lakhs); eSports up 20% YoY to INR 232.7 crores (₹23,267 lakhs); Adtech up 467% YoY to INR 147.9 crores (₹14,787 lakhs).

• Kiddopia Q3 FY25 revenue: INR 47.6 crores, EBITDA: INR 12 crores, margin 25.2%; Fusebox Q3 FY25 revenue: INR 59.4 crores, EBITDA: INR 12.6 crores, margin 21.2%.

• PAT for Q3 FY25 was INR 13.7 crores (₹1,368 lakhs), down 54% YoY due to impairment; total comprehensive income for Q3 FY25 was ₹2,010 lakhs.

• Sportskeeda core business revenue and EBITDA up 21% and 31% YoY in Q3 FY25; overall impacted by PFN but signs of recovery.

Outlook and guidance

• FY27 EBITDA guidance maintained at INR 300 crores, with management confident of achieving the target.

• Integration of new IPs, expansion into offline entertainment, and disciplined M&A expected to drive future growth.

• Focus on leveraging AI, data analytics, and user acquisition centers of excellence.