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Revenue
₹398 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹78 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Nazara delivered a strong Q4 FY26 with INR 398 crore revenue and 19.5% EBITDA margin, nearly doubling YoY. Full-year EBITDA grew 66% to INR 255 crore on revenue of INR 1,829 crore, driven by gaming segment revenue surging 107% YoY to INR 1,072 crore. The company completed its largest acquisition, Blue Tile Games, which adds ~INR 1,400 crore revenue and AI-native capabilities, expected to consolidate from Q1 FY27. Management guided for continued organic growth and margin expansion via centers of excellence and AI adoption, with potential divestments of non-core assets like Sportskeeda and Nodwin. Key risk: Sportskeeda revenue declined 38% YoY due to Google core updates, with recovery uncertain.
Colored figures show movement against the previous available record.
Guidance to track
- Acquisition closing expected in 3-4 weeks pending Spanish FDI approval; consolidation from Q1 FY27.
- Curve Games plans to launch at least six new titles including Sovereign Tower and Dragon Shelter.
- Management evaluating monetization of Sportskeeda and Nodwin to redeploy capital into core gaming.
Risks flagged
- Sportskeeda revenue declined 38% YoY in FY26; management expects margins to improve on a smaller base but recovery uncertain.
- Spanish FDI approval pending; any delay could push consolidation beyond Q1 FY27.
- Space and Time saw Q4 revenue decline due to UK new homes market challenges; pivot to product-led growth may take time.
Key quotes
- The shape of Nazara has fundamentally changed in FY26. Gaming contribution to EBITDA increased from 56% in FY25 to 90% in FY26.
- We expect to launch at least six new releases in this current year, maybe a couple more.
- We will continue to evaluate opportunities to monetize non-core businesses and redeploy in core gaming.
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