📌At a GlanceNazara Technologies Ltd (CMP ₹1,270) has just posted itshighest-ever revenueat ₹1,624 Cr andrecord EBITDAof ₹153.5 Cr in FY25. That’s a 9.4% margin — not exactly a cheat code, but impressive for a gaming company juggling offline arcades (Smaaash), kiddie apps (Kiddopia), and global IP (Fusebox). But here’s the catch:PAT was just ₹62.5 Cr— barely a 3.8% net margin. So is Nazara India’sNvidia of Gaming, or just your neighbourhood cyber café with a better logo?
🕹️ About the Company
| Detail | Info |
|---|---|
| Name | Nazara Technologies Ltd |
| Founded | 1999 |
| Sector | Interactive Gaming, Esports, Sports Media |
| Listed On | NSE: NAZARA |
| CMP (May 26, 2025) | ₹1,270 |
| 52W High/Low | ₹1,365 / ₹540 |
| Presence | India, MENA, EU, NA, Africa |
Nazara is India’sonly listed gaming company, with a growing global footprint. Its properties include:
- Kiddopia– Learning app for kids
- Fusebox Games– Love Island & Big Brother IP
- Sportskeeda– Sports content & trivia
- Animal Jam– Popular global kids’ MMO
- Smaaash + Funky Monkeys– IRL gaming cafes/arenas
- PokerBaazi (Investment)– Real-money skill gaming
- Datawrkz– AdTech play to boost monetization
Basically, if it makes kids scream, teens spend, and adults gamble — Nazara probably owns a stake in it.
🧑💼 Key
Management
- Nitish Mittersain– Jt. MD & CEO
- Arun Bhandari– Company Secretary
- Sharmilee Daru– Media PR contact (also probably playing Candy Crush while on call)
📊 FY25 Financials Snapshot
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹1,624 Cr | ₹1,144 Cr (est.) | 🔼 ~42% |
| EBITDA | ₹153.5 Cr | ₹92 Cr | 🔼 ~67% |
| EBITDA Margin | 9.4% | 8% | 🔼 +140 bps |
| Core Gaming EBITDA Margin | 19.9% | — | — |
| PAT (Cont. Ops) | ₹62.5 Cr | ₹44 Cr | 🔼 ~42% |
| Operating Cash Flow | ₹118.3 Cr | — | ✅ Solid |
So yes —Nazara made money. Not just “DAU growth” money. But actual, taxable, “buy samosa” money.
🎯 Q4 FY25 Highlights
| Metric | Q4 FY25 | Q4 FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹520.2 Cr | ₹267 Cr | 🔼 95% |
| EBITDA | ₹51 Cr | ₹29 Cr | 🔼 74% |
| PAT | Not disclosed | — | 😶 |
Q4 was a banger: Fusebox and Animal Jam delivered big, Kiddopia improved its unit economics, and Nazara managed to spend on user acquisitionwithout hemorrhaging blood.
🚀 FY25 Strategic Moves
Nazara didn’t sit idle this year. It:
- 🎬Acquired Fusebox Games– narrative mobile games with TV tie-ups (Love Island, Big Brother)
- 👶 Took full control ofKiddopiaandSportskeeda
- 🧠 Set
