1. Opening Hook
Nazara just posted blockbuster growth, then calmly set fire to profits.
Revenue surged, EBITDA flexed hard, and then PAT went straight off a cliff—thanks to impairments, regulations, Europe imploding, and poker getting banned.
If you only read the headline PAT number, you’d think Nazara forgot how to game.
If you listened to the concall, you’d realize management is deliberately cleaning house, cutting dead limbs, and doubling down on IP, global markets, and scalable engines.
PokerBaazi got smacked by regulation. Freaks4U got euthanized. Nodwin got revalued upward. Offline gaming quietly printed cash. Mobile and PC-console did what they do best—compound.
This wasn’t a “bad quarter.”
It was a “rip-the-bandage-off” quarter.
Read on. The fun begins after the write-offs.
2. At a Glance
- Revenue ₹526.5 Cr (+65% YoY): Growth on steroids, no cheat codes used.
- EBITDA ₹62 Cr (+146% YoY): Operating leverage finally showed up.
- Core Gaming EBITDA margin 22%: Real business quietly humming.
- PAT –₹33.9 Cr: Poker ban + Freaks4U said hello.
- H1 Revenue ₹1,025 Cr (+80%): Scale now officially visible.
- Operating cash flow ₹71.5 Cr: Cash didn’t get the memo about losses.
3. Management’s Key Commentary
“We’ve taken a conservative impairment on Moonshine Technologies.”
(Translation: We nuked PokerBaazi in one shot instead of pretending.) 😏
“Freaks4U faced triple headwinds; esports in the West has died.”
(Translation: Europe broke the thesis, not execution.)
“Over 90% of gaming revenue is now international.”
(Translation: India risk ≠ Nazara risk.)
“Our centers of excellence are compounding portfolio performance.”
(Translation: This is not just a studio roll-up anymore.)
“We don’t believe in growth at all costs.”
(Translation: Loss porn not our genre.)
“Core gaming can grow 20–25% with 20–25% margins.”
(Translation: This is the real model.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change
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Revenue (₹ Cr) 526.5 +65%
EBITDA (₹ Cr) 62.0 +146%
EBITDA Margin
