Nazara Technologies (NAZARA) Q4 24/25 earnings summary

Executive summary

• Achieved record FY25 EBITDA of INR 153.5 crores on revenues of INR 1,624 crores, with PAT of INR 62.5 crores, driven by high-margin gaming and strategic acquisitions including Fusebox, Curve Games, Smaaash, and full ownership of Kiddopia.

• Q4 FY25 revenues reached INR 520.2 crores, up 95% year-on-year, and EBITDA at INR 51 crores, up 74% year-on-year.

• Strategic shift towards a 360° gaming ecosystem, integrating digital and offline experiences, and embedding Centers of Excellence for analytics, AI, and user acquisition.

• Audited consolidated and standalone financial results for FY25 were approved with an unmodified opinion from statutory auditors.

• Board approved new secretarial and internal auditors and a modification to the Paper Boat Apps Private Limited amalgamation scheme.

Financial highlights

• FY25 revenue grew 43% year-over-year to INR 1,624 crores; EBITDA up 20% to INR 153.5 crores; EBITDA margin at 9.4%.

• Q4 FY25 revenue rose 95% YoY to INR 520.2 crores; Q4 EBITDA up 74% YoY to INR 51.0 crores.

• PAT from continued operations for FY25 was INR 62.5 crores, down 30% YoY due to higher depreciation and finance costs from acquisitions.

• Consolidated revenue from operations for FY25 was ₹162,391 lakhs, up from ₹113,828 lakhs in FY24.

• Net profit for FY25 was ₹5,096 lakhs, down from ₹7,475 lakhs in FY24, impacted by losses from discontinued operations.

Outlook and guidance

• FY26 expected to see accelerated growth and profitability, with increasing contributions from high-margin gaming businesses and global expansion.

• User acquisition investments in Q4 FY25 expected to drive growth in FY26, with new game launches planned.

• Board granted in-principle approval for the acquisition of Curve Digital Entertainment Ltd for up to GBP 21.7 million.

• Management expects operational efficiencies and cost savings from the Paper Boat Apps Private Limited amalgamation.

• Focus on organic scale-up, cross-group efficiencies, and leveraging Centers of Excellence in user acquisition, analytics, and AI.