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 core gaming, strategic acquisitions, and global expansion.

• Major acquisitions included Fusebox, Curve Games, Smaaash, and full ownership of Kiddopia, strengthening global presence and IP portfolio.

• Strategic shift towards a 360-degree 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.

Financial highlights

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

• Q4 FY25 revenue reached INR 520.2 crores, up 95% year-on-year; Q4 EBITDA up 74% year-on-year to INR 51 crores.

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

• Cash and cash equivalents at year-end stood at INR 665.4 crores, down from INR 1,458.3 crores YoY, reflecting acquisition outflows.

• Annual revenue and EBITDA have grown 3.6x and 3.4x since FY21, with CAGRs of 38% and 36%.

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.

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