NTNazara Technologies543280Quarterly results

Q2 FY27 earnings call: record revenue of INR 803 crores, EBITDA up 93% to INR 120 crores

Transcript of Nazara's Q2 FY27 and H1 FY27 earnings call.

By ScoutQuest · Fri 30 Oct 2026, 5:05 PM IST · 2 min read

Q2 Revenue

INR 803 crores, highest ever, up 53% year-on-year

Q2 EBITDA

INR 120 crores, up 93%; margin 14.9%

Q2 PAT (continuing operations)

INR 35 crores, versus a loss of INR 34 crores in Q2 FY26

Headline numbers

• Q2 FY27 revenue was INR 803 crores, described as the highest ever, up 53% year-on-year
• EBITDA grew 93% to INR 120 crores and EBITDA margin expanded 311 basis points to 14.9%
• Profit After Tax from continuing operations was INR 35 crores, compared with a loss of INR 34 crores in Q2 FY26
• For H1 FY27, revenue grew 20% to INR 1,232 crores and EBITDA grew 52% to INR 166 crores

Gaming segment

• Gaming revenue grew 122% to INR 656 crores with EBITDA of INR 141 crores, up 114%, an EBITDA margin of 21.5%
• Gaming contributed 82% of consolidated revenue
• Excluding Bluetile and BestPlay, gaming revenue grew organically by 11% and EBITDA by 17%
• Mobile gaming revenue grew 167% to INR 550 crores and EBITDA grew 151% to INR 103 crores

What each studio did

• Bluetile and BestPlay, consolidated from 1 August 2026, generated revenue of INR 329 crores, up 49%, and EBITDA of INR 64 crores, up 64%
• Kiddopia revenue grew 21%, with ARPU at $7.94, up 8%; EBITDA declined as user acquisition spend was stepped up
• WildWorks revenue grew 41% and EBITDA 39% on new Animal Jam content
• Fusebox revenue fell 4% on lower organic installs while EBITDA grew 7%
• Curve revenue grew 27% to INR 77 crores and EBITDA 61% to INR 30 crores, with margin expanding from 30.8% to 38.9%
• Human: Fall Flat has crossed 60 million players

Offline gaming

• EBITDA grew 29% to INR 8 crores on flat revenue of INR 29 crores, with margin rising from 20.3% to 26.2%
• Funky Monkeys opened 10 new stores in the last 12 months
• SMAAASH 2.0 design and rebranding is complete, with the launch slightly delayed pending regulatory approvals

Other businesses

• AdTech, comprising Datawrkz and Space & Time, reported revenue of INR 124 crores and EBITDA of INR 0.8 crores
• Absolute Sports reported revenue of INR 23 crores and adjusted EBITDA of INR 1.7 crores, excluding pickleball franchise costs and one-time expenses
• Pro Football Network revenue grew 20% with an EBITDA margin of 17%, versus negative 18% in Q2 FY26

What management said about the road ahead

• 5 more Funky Monkeys stores are planned to open in FY27
• A temporary dip is expected in H2 for Datawrkz as an anchor client restructures and pauses ad spend
• The SMAAASH 2.0 launch is slightly delayed pending regulatory approvals
• Bluetile's capabilities now operate as group centres of excellence in marketing, data, products and technology, which management said lets new games and acquired studios plug into proven systems

Management changes

• This was Raymond Stauffer's first earnings call as CEO
• Mithun Sacheti moved from Non-Executive Director to Executive Director as part of the promoter group
• Arun Agarwal joined as Chief Financial Officer
• Bluetile's leadership team holds 5.8% of Nazara, which management said aligns their interests with shareholders

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