Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹405.9 cr, -24% YoY vs ₹534.7 cr in Q3 FY25 (impact from de-consolidation of Nodwin Gaming).
- EBITDA: ₹67.8 cr, +29% YoY; EBITDA Margin: ~16.7%, margin expansion amid cost controls.
- PAT: ₹8.8 cr, flat YoY/-35% YoY depending on measure (Pat marginally up vs prior reported in some filings but materially down vs last year’s ₹13.7 cr).
- Other key metrics: PBT ₹15 cr (-22% YoY); sequentially returned to profit from Q2 loss due to exceptional items.
Management Commentary & Strategic Decisions
- CEO Nitish Mittersain stated the quarter was driven by disciplined execution, improving operating efficiency, and multiple growth engines across new launches, live content expansion, and platform extensions.
- Management emphasised disciplined capital allocation and strategic investments that can accelerate scale and improve unit economics over the long run.
- Business adjustments: De-consolidation of Nodwin Gaming and regulatory impacts (RMG sector changes) materially influenced topline composition, while Nazara continues investing in growth assets like nCore Games and Rusk Media.
- 9M YTD: Company noted revenue growth of 30% to ₹1,431 cr in 9M FY26 and EBITDA up 73% YoY, with enhanced margins reflecting operational gains.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹526.5 cr, +65.1% YoY, strong growth in core gaming & platforms.
- EBITDA: ₹62.0 cr, +146.4% YoY; EBITDA Margin: 11.8%.
- PAT: Loss of ~₹33.9 cr in Q2 FY26 vs profit last year, primarily due to Rs 914.7 cr impairment on Moonshine (PokerBaazi) after real-money gaming ban.
- Other key metrics: Other income rose sharply (₹1,104 cr) from fair-value gain on Nodwin Gaming reclassification, boosting total income.
Management Commentary Q2
- Management highlighted strong core gaming revenue and operational EBITDA growth, driven by deeper live operations engagement, global scale, and portfolio expansion across platforms.
- Regulatory headwinds in India’s online real-money gaming led to the impairment of the PokerBaazi investment, resulting in the loss; this was positioned as a non-recurring accounting adjustment by leadership.
- Nazara’s strategic focus remains on building an IP-led gaming ecosystem with diversified monetisation (mobile, PC/console, subscription, in-app purchases) and strengthening international presence via acquisitions.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.