Nazara Technologies Limited has achieved a record-breaking annual EBITDA of ₹153.5 crore for the fiscal year 2024-25, on robust revenues of ₹1,624 crore. This landmark financial performance highlights the company's successful focus on its core gaming business, which delivered an impressive EBITDA margin of 19.9%, significantly higher than the company’s overall EBITDA margin of 9.4%. The company's PAT from continued operations stood at ₹62.5 crore, while the pre-tax operating cash flow reached ₹118.3 crore, underscoring a strong balance sheet and efficient cash management.

The fourth quarter of FY25 proved especially strong for Nazara, with revenues soaring to ₹520.2 crore — a massive 95% increase year-on-year. EBITDA also climbed sharply by 74% to ₹51 crore in Q4 alone. This remarkable growth was driven primarily by solid performance in the core gaming portfolio, including popular titles like Fusebox and Animal Jam, along with improved unit economics in the educational gaming segment through Kiddopia.

Despite increased investments in user acquisition and integration of new intellectual properties (IPs), Nazara maintained resilient margins, demonstrating disciplined execution and operational efficiency.

Key Strategic Initiatives Fueling Growth

Nazara’s FY25 was marked by several strategic moves that strengthened its position in the competitive gaming landscape:

• Expansion into narrative mobile gaming through the acquisition of Fusebox Games, adding a new genre and audience segment.

• Entry into offline entertainment by acquiring Funky Monkeys and Smaaash, thereby creating a comprehensive 360° gaming ecosystem that spans digital and physical experiences.

• Full ownership of Kiddopia and Sportskeeda, allowing for better cash flow integration and strategic agility across its portfolio.

• The largest investment so far in PokerBaazi, reinforcing Nazara’s leadership in skill-based real money gaming.

• Licensing and integrating popular global IPs such as C.A.T.S. and King of Thieves, which enhances long-term revenue visibility and user engagement.

Additionally, Nazara operationalized Centers of Excellence focusing on User Acquisition, Analytics, and Artificial Intelligence (AI) to drive efficiencies and scale organically across its group companies.

CEO’s Vision and Future Outlook

Nitish Mittersain, Joint Managing Director & CEO of Nazara, emphasized that FY25 was a pivotal year in the company's growth journey. By fully owning high-performing assets and expanding globally with acquisitions such as Fusebox and Curve Games, Nazara has sharpened its focus on building a high-margin, IP-led gaming platform.

He noted that as Nazara enters FY26, the company is poised for accelerated growth fueled by increasing contributions from its core gaming verticals. The platform's growing presence in North America and Europe, along with strategic global partnerships, positions Nazara as a rising global force in the gaming industry — not just a leader within India.

Strong Financial Health and Market Position

Nazara’s prudent financial management is reflected in its healthy cash flows and EBITDA margins. The company’s pre-tax operating cash flow of ₹118.3 crore is a testament to the solid cash generation ability of its diversified portfolio. The EBITDA margin of nearly 10% for the overall business, and nearly 20% for core gaming, reflects the company’s ability to scale profitably even as it invests aggressively in growth.

The Q4 surge with 95% revenue growth and 74% EBITDA growth year-on-year highlights Nazara’s ability to capitalize on market opportunities while maintaining operational efficiency. These results have strengthened investor confidence and underscore the company’s potential to scale globally.

Conclusion

Nazara Technologies’ FY25 performance signals a major milestone in the Indian gaming sector. The combination of strategic acquisitions, operational excellence, and a diversified product portfolio has positioned Nazara well for sustained growth and global expansion. With rising contributions from high-margin gaming segments expected in FY26, the company is on track to consolidate its leadership and build a world-class, globally relevant gaming ecosystem.

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