Nazara FY26: Margin Surge, Gaming Focus, and a Bigger FY27 Setup

FY26 revenue from operations was INR 1,829 Cr and EBITDA was INR 255 Cr, as per the investor presentation and earnings call.

Q4FY26 EBITDA margin was 19.5% (reported on revenue of INR 398 Cr and EBITDA of INR 78 Cr).

Management stated gaming contributed 90% of EBITDA in FY26. Segment reporting shows FY26 gaming revenue of INR 1,072.24 Cr versus Ad tech INR 454.48 Cr and eSports INR 307.36 Cr.

Management stated consolidation is expected from Q1 FY27, subject to Spanish FDI approval, which was expected within a few weeks from May 13, 2026.

The presentation discloses CY25 revenue of USD 153.6M (about INR 1,405 Cr) and EBITDA of USD 27.7M (about INR 254 Cr).

Notes disclose an impairment on an associate due to prohibition on online money games and GST show cause notices at certain entities with quantified demand amounts; the company states no adjustments were made in the accounts for these matters.