Gaming Revenue (FY26)
INR 1,072 Cr
+107% YoY
Gaming segment revenue doubled, now 90% of total EBITDA.
NAZARATECHNOLOGIES
Information Technology
18 May 2026
Nazara Technologies Ltd — Q4 FY26
Nazara delivered a strong Q4 FY26 with INR 398 crore revenue and 19.5% EBITDA margin, nearly doubling YoY.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Gaming EBITDA Margin (FY26)
24.7%
+157% YoY
Gaming EBITDA grew faster than revenue, indicating operating leverage.
Human Fall Flat Lifetime Units
58M
N/A
PC/console title crossed 58 million lifetime units globally.
Blue Tile Revenue (CY25)
INR 1,400 Cr
N/A
Acquired casual gaming platform with AI capabilities, to consolidate from Q1 FY27.
Management Guidance
Blue Tile consolidation from Q1 FY27
Acquisition closing expected in 3-4 weeks pending Spanish FDI approval; consolidation from Q1 FY27.
expansionAt least 6 new PC/console game releases in FY27
Curve Games plans to launch at least six new titles including Sovereign Tower and Dragon Shelter.
growthPotential divestment of non-core assets in FY27-FY28
Management evaluating monetization of Sportskeeda and Nodwin to redeploy capital into core gaming.
otherKey Risks
Sportskeeda revenue decline from Google core updates
Sportskeeda revenue declined 38% YoY in FY26; management expects margins to improve on a smaller base but recovery uncertain.
high · analyst_questionBlue Tile acquisition regulatory delay
Spanish FDI approval pending; any delay could push consolidation beyond Q1 FY27.
medium · management_commentaryAdtech revenue seasonality and market headwinds
Space and Time saw Q4 revenue decline due to UK new homes market challenges; pivot to product-led growth may take time.
medium · management_commentaryNotable 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.