Nazara Technologies reports highest-ever EBITDA of ₹255 crore in FY26

Yash Agarwal — Tue, 12 May 2026 14:12:34 +0000

Nazara Technologies Limited, India’s only listed gaming company, has reported its highest-ever EBITDA of ₹255 crore for the financial year ending March 31, 2026. This marks a 66% increase from the previous year, as the company continues to scale its global gaming platform.

FY26 saw Nazara’s revenues reach ₹1,829 crore, representing a 13% year-on-year growth. The company’s EBITDA margins for the fourth quarter of FY26 nearly doubled to 19.5%, reflecting a significant improvement of approximately 970 basis points compared to the same period last year. The pre-tax operating cash flow (OCF) grew by 81% year-on-year to ₹213 crore, with an impressive 84% EBITDA to OCF conversion ratio.

In Q4FY26, Nazara reported revenues of ₹398 crore, following the deconsolidation of Nodwin. The quarterly EBITDA stood at ₹78 crore, a 52% increase year-on-year, with an EBITDA margin of 19.5%. The gaming segment’s contribution to EBITDA surged from 56% in FY25 to 90% in FY26, as Nazara sharpened its focus on its core gaming business.

Nazara is expanding its gaming platform globally, covering mobile, PC & console, and offline gaming, with operations in India, North America, and Europe. The company’s IP portfolio has grown significantly, with the acquisition of Bluetile and BestPlay bringing 17 casual mobile IPs and 22 million monthly active users to Nazara’s platform. These acquisitions are expected to add substantial revenue and EBITDA scale in FY27.

Nazara’s existing IPs are also performing well. Kiddopia has maintained subscriber growth for two consecutive quarters, while Animal Jam has expanded margins and extended onto Roblox. Fusebox has successfully scaled its narrative engine across multiple reality-TV IPs, with further launches planned for FY27. The PC & Console game Human Fall Flat, published by Nazara, has crossed 58 million lifetime units globally.

The company’s Centres of Excellence (COE) playbook, which includes User Acquisition, Data Analytics, Artificial Intelligence, Growth, and Product, is now embedded across the full game lifecycle. Every gaming IP Nazara owns and acquires integrates into this system.

Nazara Technologies has also strengthened its board with the appointment of Mithun Sacheti, Founder of CaratLane, as a Non-Executive Director, and Muraarie Rajan as an Independent Director. Sacheti brings entrepreneurial and consumer brand-building experience, while Rajan offers over 35 years of global M&A and strategic advisory expertise.

Nazara enters FY27 with a larger platform, improved operating leverage, and a growing portfolio of global gaming IPs, focusing on disciplined execution, scalable profitability, and AI-enabled gaming infrastructure.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Mithun Sacheti | Business Upturn

Nazara Technologies reports highest-ever EBITDA of ₹255 crore in FY26