Nazara Technologies Limited reported its highest-ever annual EBITDA of INR 153.5 crore in FY25, alongside revenues of INR 1,624 crore. The core gaming business achieved a substantial 19.9% EBITDA margin, while the overall EBITDA margin stood at 9.4%.
This performance underscores Nazara’s diversified portfolio, disciplined execution, and strategic focus on high-margin gaming segments. Profit After Tax (PAT) from continued operations reached INR 62.5 crores, and pre-tax Operating Cash Flow was INR 118.3 crores, reflecting robust cash generation and effective financial management.
In Q4 FY25, Nazara recorded revenues of INR 520.2 crores, a 95% year-on-year increase, and an EBITDA of INR 51.0 crores, up 74%. The growth was driven by strong momentum in the core gaming portfolio, particularly from Fusebox and Animal Jam, alongside improved unit economics in Kiddopia. Margins remained stable despite increased user acquisition costs and the integration of new IP.
In FY25, Nazara expanded into narrative mobile gaming through the acquisition of Fusebox Games and entered the offline entertainment sector by acquiring Funky Monkeys and Smaaash, thereby creating a comprehensive 360° gaming ecosystem. The company also took full ownership of Kiddopia and Sportskeeda, enabling flexible cash flows and faster integration.
Additionally, Nazara has made its most significant investment to date in PokerBaazi, reinforcing its leadership in skill-based real-money gaming. The licensing and integration of global IPs, such as C.A.T.S. and King of Thieves, further enhanced long-term visibility of cash flow.
Nazara operationalized Centers of Excellence in User Acquisition, Analytics, and AI, embedding cross-group efficiencies and unlocking organic scale. Looking ahead to FY26, the company anticipates a significant increase in profitability and global expansion, driven by growing contributions from high-margin gaming verticals.
Nitish Mittersain, Jt. Managing Director & CEO, stated: “FY25 has been a transformative year for Nazara, marked by record profitability, deeper control over key businesses, and the successful execution of our Nazara 3.0 strategy. We strengthened our foundation by acquiring high-performing assets, such as Kiddopia and Sportskeeda, and expanding globally through acquisitions like Fusebox and Curve Games. We also focused on building a high-margin, IP-driven gaming platform.
As we enter FY26, we are poised for accelerated growth with our core gaming portfolio taking a larger role. Our platform is now stronger and more globally relevant, with an expanding presence in North America and Europe, strategic global partnerships, and recognition among the world’s top gaming publishers. Nazara is not only leading the gaming industry in India but is also steadily establishing itself as a rising force on the global gaming stage.”
