Executive Summary
Nazara Technologies Ltd. delivered a strong operating performance in the third quarter of FY26, reflecting its continued focus on profit-led growth and operating discipline. The diversified gaming platform reported revenue of INR 406 crore in Q3 FY26, supported by scalable execution across its core businesses and IP-driven platforms
EBITDA rose 29.4% year-on-year to INR 67.8 crore, with EBITDA margins expanding to 16.7%, indicating improved operating leverage.
Financial Performance
For the nine-month period ended FY26, Nazara reported revenue growth of 29.7% year-on-year to INR 1,431.2 crore. Operating performance strengthened materially over the same period, with EBITDA increasing 73% year-on-year to INR 177.2 crore. EBITDA margins for the nine-month period expanded to 12.4%, reflecting sustained improvements in cost efficiency and scale benefits
Business Segment Performance
Kiddopia recorded a resumption in subscriber growth during the quarter, a milestone that management described as long-awaited. The recovery was driven by Nazara’s internal Centres of Excellence focused on user acquisition, data analytics, growth, and product development
Nazara also continued to strengthen its intellectual property portfolio. The expansion of Animal Jam onto the Roblox platform unlocked new avenues for platform-led growth and audience reach. Meanwhile, NODWIN Gaming, an associate company, delivered strong operational performance and profitability during the quarter, contributing positively to overall performance
Management Commentary
Commenting on the quarterly performance, Nitish Mittersain, Joint Managing Director and CEO, said that Nazara made strong progress in building a global gaming company during the quarter. He attributed the performance to disciplined execution, improving operating efficiency, and multiple growth engines spanning new launches, live content expansion, and platform extensions
Outlook, Capital Allocation, and Disclosures
During the quarter, Nazara’s board approved an investment in nCore Games, developers of the made in India franchise FAU-G. The board also approved a primary capital infusion of up to INR 15 crore into Rusk Media, a mobile-first, IP-led entertainment platform catering to Gen-Z and Gen-A audiences. These investments underline Nazara’s stated objective of supporting and expanding the Indian gaming ecosystem
Key Takeaways
- Q3 FY26 revenue stood at INR 406 crore, with EBITDA rising 29.4% year-on-year.
- EBITDA margins expanded to 16.7%, reflecting improved operating leverage.
- Strategic investments and IP expansion reinforce Nazara’s long-term, profit-led growth strategy.