Nazara achieves all-time high EBITDA of ₹153.5 cr on revenues of ₹1,624 cr in FY25

Nazara Technologies reported its highest-ever annual EBITDA of ₹153.5 crore in FY25 on revenues of ₹1,624 crore, with its core gaming business delivering a healthy 19.9% EBITDA margin and overall EBITDA margins of 9.4%, according to the company's exchange filing.

The company has attributed the quarterly performance to the strength of Nazara’s diversified portfolio, disciplined execution, and a focused pivot toward high-margin gaming segments. PAT from continuing operations was ₹62.5 crore, and pre-tax operating cash flow came in at ₹118.3 crore, underscoring the company’s strong cash generation and prudent financial management. The Mumbai-headquartered company's net profit was ₹4 crore for Q4 FY25, compared to ₹0.18 crore in the year-ago period.

In Q4 FY25, Nazara posted revenue of ₹520.2 crore, up 95% year-on-year, and EBITDA of ₹51 crore, a 74% increase. The company says the growth was driven by solid momentum in the core gaming portfolio, particularly Fusebox and Animal Jam, along with improved unit economics in Kiddopia. "Margins remained resilient despite elevated user acquisition investments and new IP integrations."

In FY25, Nazara says it expanded into narrative mobile gaming through the acquisition of Fusebox Games and also entered offline entertainment by acquiring Funky Monkeys and Smaaash, creating a 360° gaming ecosystem. The company also took full ownership of Kiddopia and Sportskeeda, enabling fungible cash flows and faster integration during the year.

Nitish Mittersain, Jt. Managing Director & CEO, says FY25 has been a pivotal year in Nazara’s journey, marked by record profitability, deeper control across key businesses, and the successful execution of their Nazara 3.0 strategy. "We strengthened our core by fully owning high-performing assets like Kiddopia and Sportskeeda, expanded globally through acquisitions such as Fusebox and Curve Games, and sharpened our focus on building a high-margin, IP-led gaming platform."

It also made its largest investment to date in PokerBaazi, reinforcing leadership in skill-based real money gaming. The company also licensed and integrated global IPs like C.A.T.S. and King of Thieves, enhancing long-term cash flow visibility, and operationalised its centers of excellence in user acquisition, analytics, and AI.

In its outlook, the company says FY26 is expected to mark a step-change, with a rising contribution from high-margin gaming verticals set to further boost profitability and drive global expansion.

Mittersain says the company is poised for accelerated growth with increasing contributions from its core gaming portfolio. "Our platform is now stronger and more globally relevant with a growing presence across North America and Europe, strategic global partnerships, and recognition among the world’s top gaming publishers. Nazara is not just leading the gaming industry in India—it is steadily establishing itself as a rising force on the global gaming stage.”

Nazara on May 20 had announced its entry into PC and console gaming in a big way by acquiring British PC and console games publisher Curve Digital Entertainment Ltd (Curve Games) for ₹247 crore (GBP 21.7 million). Curve’s publishing capabilities in the PC and Console space and its portfolio are expected to accelerate Nazara’s ambitions and enable cross-platform IP development, with long-term value creation.

Nazara Technologies shares closed 2% down at ₹1,280.95 on the BSE today.