Nazara Technologies Doubles Revenue in Q1 FY26, But Faces Supreme Court Uncertainty

Sagar Mankar
22 hours ago
2 min read

Hexagonal collage of colorful game and app logos, including "Nazara." Various themes like sports, adventure, and kids' education. Retro arcade vibe.

Nazara Technologies reported a strong start to FY26, with revenue and profits nearly doubling compared to last year. The results for the quarter ended June 2025 show that the company’s focus on IP-led growth and diversification is beginning to deliver.

Joint MD & CEO Nitish Mittersain said the company is already seeing results from its sharpened strategy and plans to expand its IP portfolio further.

Key Financial Highlights (Q1 FY26 vs Q1 FY25)

Consolidated Revenue: ₹498.8 crores vs ₹250 crores — up 99.4%
EBITDA: ₹47.4 crores vs ₹24.9 crores — up 90.4%
Net Profit (from continuing operations): ₹36.42 crores vs ₹15.86 crores — up 129%
Total Profit After Tax (PAT): ₹51.3 crores vs ₹23.5 crores — up 118%
Total Expenses: ₹451 crores vs ₹225.2 crores — up 100.2%

PokerBaazi & Moonshine Technologies: The Growth Engine

The real-money gaming (RMG) vertical, via Moonshine Technologies (parent of PokerBaazi), was the quarter’s biggest driver:

Net Revenue: ₹191.8 crores vs ₹124.55 crores — up 54%
Gross Gaming Revenue (GGR): ₹434 crores — up 46%
EBITDA Loss: ₹73.9 crores vs ₹29.3 crores (loss widened due to IPL-heavy marketing spend)

While marketing costs surged, PokerBaazi hit record highs in daily and monthly active users, strengthening its leadership in India’s poker space. Nazara currently holds a 46.07% stake in Moonshine, which will increase slightly by the end of August 2025.

Diversification Across Verticals

Nazara’s results show that the company is not relying solely on RMG:

Gaming: ₹240 crores vs ₹92.8 crores — up 158.6% (boosted by Curve Games acquisition, expanding into PC/console)
Ad Tech: ₹106 crores vs ₹25.67 crores — up 312.9% (Nazara appointed Rohit Sharma as Executive Director to scale further)
eSports (Nodwin Gaming): ₹154 crores vs ₹131.87 crores — up 16%

In addition, Nazara expanded its portfolio through acquisitions such as Smaaash (indoor sports), Funky Monkeys (kids’ brand), Sportskeeda, and Kiddopia, while also launching Pokerverse VR.

Stock Market Reaction

Investors welcomed the strong quarterly numbers:

Stock Price: Hit a new 52-week high, closing at ₹1,412.90 after results.
Bonus & Stock Split: Board announced a 1:1 bonus issue and a stock split (₹4 to ₹2 face value), subject to shareholder approval.

Looming Supreme Court Verdict

Despite the upbeat numbers, a big challenge lies ahead. The Supreme Court has reserved judgment in the Gameskraft case, which will decide taxation and legal norms for India’s real-money gaming sector.