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Nazara Technologies (NAZARA) investor relations material
Nazara Technologies Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
H1 FY26 revenue reached INR 1,025.2 crores, up 80.2% year-on-year, with EBITDA at INR 109.4 crores, up 118.5% year-on-year; Q2 FY26 revenue was INR 526.5 crores, up 65.1%, and EBITDA at INR 62 crores, up 146.4% year-on-year.
Core gaming revenues rose 159% year-on-year in H1 FY26, with EBITDA up 253% year-on-year, driven by recurring seasons, LiveOps, and global distribution.
PAT for Q2 FY26 was negative INR 33.9 crores due to the real money gaming ban and impairment of Moonshine Technologies; H1 PAT was INR 17.4 crores.
Over 90% of gaming revenue now comes from international markets, with a focus on the U.S. and U.K.
Ceased control of Nodwin Gaming, now classified as an associate, resulting in a significant gain on remeasurement.
Financial highlights
Core gaming segment revenue grew 159% year-on-year in H1 FY26, with EBITDA up 253% and margin at 23.2%.
AdTech revenue in Q2 FY26 increased 501% year-on-year, with EBITDA up 289%.
Offline gaming (Smaaash and Funky Monkeys) delivered INR 12 crores EBITDA in H1 FY26 at a 27.5% margin.
Net cash position of INR 670 crores as of Sep 30, 2025.
Exceptional impairment loss of INR 914.7 crores on Moonshine Technologies due to regulatory changes.
Outlook and guidance
Core gaming business is targeting 20%-25% year-on-year growth and EBITDA margin in the same range.
Focus on building and scaling long-term gaming franchises and expanding global presence.
Continued investment in IP, LiveOps, and platform expansion to drive recurring revenue and operating leverage.
Kiddopia and Sportskeeda are expected to recover, with positive trends anticipated in Q4.
Ongoing focus on content, IP monetization, and expansion in gaming and media segments.
Gaming Act: long-term strategy for affected assets?
GST notices: potential financial exposure?
Rusk acquisition: IP monetization strategy?
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Next Nazara Technologies earnings date
Q3 25/2613 Feb, 2026
Next Nazara Technologies earnings date
Q3 25/2613 Feb, 2026
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