Nazara Technologies Ltd
NSE:NAZARA

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Nazara Technologies Ltd
NSE:NAZARA
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Price: 260.18 INR 1.3% Market Closed
Market Cap: ₹96.4B

Nazara Technologies Ltd
Investor Relations

Nazara Technologies Ltd. operates as a mobile entertainment company. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2021-03-30. The firm offers esports, sports simulation, early learners, skill-based fantasy, and others. Its markets are in Africa and North America, with offerings across interactive gaming, esports, and gamified learning ecosystems. The firm owns a range of intellectual property (IP), including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN, and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based fantasy, and trivia games. The Company’s distribution pipelines/network with approximately 52 telcos in 58 countries including Africa, the Middle East, and South Asia. The firm's subsidiaries include Absolute Sports Private Limited, Nazara Technologies FZ LLC, Nazara Pte. Limited, Nazara Pro Gaming Private Limited, Next Wave Multimedia Private Limited, and Nodwin Gaming Private Limited.

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Last Earnings Call
Fiscal Period
Q3 2026
Call Date
Feb 4, 2026
AI Summary
Q3 2026

Revenue Decline: Q3 FY '26 revenue fell 24.1% to INR 406 crores, mainly due to the deconsolidation of the NODWIN esports business.

Margin Expansion: Despite lower revenue, EBITDA rose 29.4% to INR 67.8 crores, with EBITDA margin improving to 16.7% as the company shifted focus to higher-margin IP-based gaming.

Gaming Growth: The core gaming segment saw a 66% YoY revenue increase in Q3 FY '26 and 119% YoY growth for the nine months, driven by mobile gaming and successful user acquisition initiatives.

Kiddopia Turnaround: Kiddopia returned to subscriber growth, with improved ARPU and lower customer acquisition costs, though margins dipped due to higher marketing spend.

Offline & Adtech Performance: Offline gaming posted strong margins (up to 36% EBITDA margin in Q3), while Adtech showed improved profitability despite a revenue dip from focus on higher-margin tech offerings.

NODWIN Recovery: Associate company NODWIN delivered strong profitability and 58% YoY revenue growth in Q3, attributed to successful IPs and cost rationalization.

Strategic Investments: Nazara made minority investments in Indian gaming companies like nCore and Rusk Media to tap into future domestic growth.

Margin Outlook: Management expects margins to rise above 20% in coming quarters as the business increasingly focuses on IP-driven games.

Key Financials
Revenue
INR 406 crores
EBITDA
INR 67.8 crores
EBITDA Margin
16.7%
Gaming Segment Revenue
INR 257 crores
Gaming Segment EBITDA
INR 64.2 crores
Gaming Segment EBITDA Margin
25%
Nine-Month Revenue
INR 1,431.2 crores
Nine-Month EBITDA
INR 177.2 crores
Nine-Month EBITDA Margin
12.4%
Core Gaming Segment Revenue (9M)
INR 793.8 crores
Core Gaming Segment EBITDA (9M)
INR 188 crores
Core Gaming Segment EBITDA Margin (9M)
23.8%
Mobile Gaming Revenue (9M)
INR 534.7 crores
Mobile Gaming EBITDA (9M)
INR 99.2 crores
Kiddopia Customer Acquisition Cost (CAC)
USD 35.8 per user
Kiddopia ARPU
USD 7.45 per user
Offline Gaming EBITDA Margin (Q3)
36%
Smaaash Revenue (Q3)
INR 24.3 crores
Smaaash EBITDA (Q3)
INR 7.1 crores
Funky Monkey Revenue (Q3)
INR 6.1 crores
Funky Monkey EBITDA (Q3)
INR 3.7 crores
NODWIN Revenue (Q3)
INR 261 crores
NODWIN EBITDA (Q3)
INR 40 crores
Net Cash
INR 700 crores
Other Earnings Calls

Management

Mr. Vikash Pratapchand Mittersain
Chairman & MD
No Bio Available
Mr. Nitish Vikash Mittersain
Founder, Joint MD & Executive Director and CEO
No Bio Available
Mr. Rakesh Shah
Chief Financial Officer
No Bio Available
Mr. Sudhir Kamath
Chief Operating Officer
No Bio Available
Ms. Anupriya Sinha Das
Head of Corporate Development
No Bio Available
Ms. Anshu Dhanuka
Co-Founder & Chief Product Officer of Paper Boat
No Bio Available
Mr. Pratik Shah
Chief Executive Officer of Mastermindsports
No Bio Available
Mr. James Savio Saldanha
Chief Executive Officer of Nazara Digital
No Bio Available

Contacts

Address
MAHARASHTRA
Mumbai
51-57, Maker Chambers 3,, Nariman Point Mumbai
Contacts
+912240330800
nazara.com
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