Nazara Reports Strong Q2FY26 Growth with Diversified Portfolio

Nazara Technologies Limited reported financial results for Q2 and H1FY26, driven by its diversified global gaming platform spanning mobile, PC/console publishing, and offline interactive gaming. For Q2FY26, revenues grew 65.1% year-on-year to INR 526.5 crore ($59.34M), while EBITDA surged 146.4% to INR 62 crore ($6.99M).

For H1FY26, revenues reached INR 1,025.2 crore ($115.53M), up 80.2%, and EBITDA rose 118.5% to INR 109.4 crore ($12.34M), with core gaming EBITDA margin expanding to 23.2%, reflecting strong portfolio resilience.

Mobile Gaming Remains Nazara’s Largest Revenue Contributor

Mobile gaming remained the largest revenue contributor, helped by popular global franchises including Love Island, Big Brother, Kiddopia, Animal Jam, and WCC, buoyed by recurring content and strong player engagement. PC/console publishing steadily performed on evergreen titles such as Human: Fall Flat, along with gains from catalog monetization.

Offline interactive gaming brands Smaaash and Funky Monkeys achieved profitable growth through standardized operations and repeat footfall growth.

Nazara’s growth is supported by Centers of Excellence focused on User Acquisition, Analytics, AI, and Growth, which enhance marketing efficiency, retention, and data-driven decision-making across multiple studios and franchises.

The quarter also saw regulatory challenges in India’s online skill-based real-money gaming sector, leading to an impairment on Nazara’s investment in Moonshine Technologies (PokerBaazi). Additionally, Nazara’s stake in Nodwin Gaming fell below 50%, causing de-subsidiarization and a one-time fair value gain on its retained stake.

Nitish Mittersain, Joint Managing Director & CEO of 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.”