Mumbai: Nazara Technologies Limited (“Nazara”), a diversified global gaming platform, announced robust financial results for Q2 and H1FY26, reflecting strong performance across mobile gaming, PC/console publishing, and offline interactive entertainment.
For H1FY26, Nazara reported revenues of INR 1,025.2 crore, marking an 80.2% year-on-year growth, and EBITDA of INR 109.4 crore, up 118.5% year-on-year. The company’s core gaming EBITDA margin expanded to 23.2%, underlining the strength of its diversified business portfolio.
In Q2FY26, Nazara delivered revenues of INR 526.5 crore, a 65.1% increase year-on-year, and EBITDA of INR 62 crore, up 146.4% year-on-year. The quarter’s growth was driven by higher user retention, enhanced LiveOps engagement, and cross-platform expansion across mobile, console, and PC segments.
Mobile gaming remained the largest revenue driver, fueled by global franchises such as Love Island, Big Brother, Kiddopia, Animal Jam, and WCC, supported by recurring content drops and strong player engagement. The PC/console publishing vertical maintained steady performance, led by evergreen titles like Human: Fall Flat and catalogue monetization gains. Meanwhile, offline interactive entertainment brands — Smaaash and Funky Monkeys — recorded profitable growth, supported by standardized playbooks, repeat footfall, and disciplined expansion.
Nazara’s Centers of Excellence in User Acquisition, Analytics, AI, and Growth are now deployed across multiple studios and IPs, driving improved retention, marketing efficiency, and data-led decision-making across the portfolio.
During the quarter, the company recorded an impairment on its investment in Moonshine Technologies (PokerBaazi) following new regulatory changes in India’s skill-based real-money gaming sector. Additionally, Nazara’s stake in Nodwin Gaming fell below 50%, resulting in de-subsidiarization and a one-time fair value gain on its retained stake.
Commenting on the performance, Nitish Mittersain, Joint Managing Director & CEO, Nazara Technologies, said, “Nazara continued strengthening its position as an IP-led, global gaming platform. In H1FY26, core gaming revenues grew 159% and EBITDA grew 253%, driven by deeper LiveOps engagement, global scale, and strong unit economics across mobile, console, and PC. We are evolving from publishing individual games to building and scaling long-term franchises. Our Centres of Excellence in UA, Analytics, AI, and Growth are creating portfolio-wide operating leverage. The accounting adjustments this quarter, including the Moonshine impairment and NODWIN fair value gain, are one-time items and do not impact operating cash flows or the momentum of our core business. As we complete 25 years, we refreshed our brand identity, including a new logo and our brand positioning line ‘Enter. Magic.’ in step with our commitment towards delivering magical, interactive gaming experiences to our global player base.”
