Nazara Q4: Profit Declines 53% QoQ To INR 4 Cr

Gaming major Nazara Technologies’ consolidated profit after tax (PAT) halved to INR 4.1 Cr in Q4 FY25 from INR 8.9 Cr in the preceding December quarter. However, PAT zoomed over 22X year-on-year from INR 18 Lakh.

The Q4 PAT included profit and loss from continuing as well as discontinued operations. While Nazara’s profit from continued operations stood at INR 13.8 Cr in Q4 FY25, it posted a loss of INR 9.7 Cr from discontinued operations.

Meanwhile, operating revenue surged 95% to INR 520.2 Cr during the quarter under review from INR 266.2 Cr in the year-ago quarter. On a quarter-on-quarter (QoQ) basis, it dipped 3% from INR 534.7 Cr.

Including other income of INR 18.7 Cr, the company’s total revenue for the quarter stood at INR 538.9 Cr. Total expenditure for the quarter stood at INR 527.7 Cr, up 85% YoY and 2% QoQ. 

For the full fiscal year FY25, Nazara’s profit declined 32% to INR 51 Cr from INR 74.8 Cr in the previous year. Operating revenue rose 43% YoY to INR 1,623.9 Cr.

Core Gaming Business Delivers Strong Growth 

For the full fiscal, Nazara’s core gaming segment remained its powerhouse, delivering INR 518 Cr in revenue and INR 103 Cr in EBITDA with a margin of 19.9%.

Fusebox Games: The company reported 149% YoY growth and launched ‘Big Brother: The Game’ globally. Its FY25 revenue stood at INR 161.7 Cr, with an EBITDA of INR 30.1 Cr and a margin of 18.7%.

Kiddopia: The company said that its unit economics improved, with cost per trial (CPT) dropping to $33.7 and ARPU rising. Its FY25 revenue stood at INR 191.8 Cr, while EBITDA came in at INR 43.7 Cr with a 22.8% margin. 

Animal Jam: It saw strong monetisation through live events and in app purchases (IAPs), with FY25 revenue at INR 104.9 Cr and EBITDA at INR 21.9 Cr. 

Real Money Gaming Scales Fast

Nazara’s associate Moonshine Technologies, the operator of PokerBaazi, recorded its highest-ever revenue month in March 2025. In the fourth quarter, its gross gaming revenue (GGR) reached INR 343.4 Cr, marking a 50% YoY increase, while deposits rose to INR 555.9 Cr, up 35% from the previous year. 

For the full fiscal year, revenue stood at INR 588.3 Cr. However, EBITDA was negative at INR 57.5 Cr, attributed primarily to significant marketing spends during the IPL and Shark Tank campaigns. 

“Q4 losses were from Shark Tank and IPL campaigns. These were strategic moves to grow the market. We’re investing in long-term value by building a full ecosystem for poker,” said Nazara MD and CEO Nitish Mittersain.

“We hold a 60% market share. These are strategic investments, and as market leaders, we will be the first to benefit from the sector’s expansion,” he added.

NODWIN’s Global Playbook

Nazara’s eSports and media subsidiary, NODWIN Gaming, generated INR 523.8 Cr in revenue during FY25, up 20% YoY. The segment, however, reported a full-year EBITDA loss of INR 15.4 Cr, largely due to the cancellation of the NH7 Weekender Pune edition and underperformance from its European business unit, Freaks4U. 

“The surprise cancellation of NH7 Pune and the lag in Freaks4U impacted our P&L, but we’re optimistic FY26 will see improvement,” Mittersain said.

Meanwhile, Nazara’s advertising technology segment saw rapid growth in FY25, driven by the combined performance of Datawrkz and Space & Time, the UK-based agency it acquired in October 2024 for INR 52.3 Cr. 

The combined business posted a revenue of INR 345.6 Cr and EBITDA of INR 19.6 Cr, representing a 137% YoY increase in profitability. 

Nazara’s sports content division, which operates under Absolute Sports, posted a revenue of INR 239.6 Cr in FY25, up 22% YoY. Its EBITDA stood at INR 77 Cr.

The Sportskeeda platform grew 25% YoY in both revenue and profitability. 

To further diversify its offerings, Absolute Sports acquired two wrestling-focused content properties, TJRWrestling and ITRWrestling, in an all-cash deal worth INR 10.5 Cr earlier this month.

Shares of Nazara ended today’s trading session 2% lower at INR 1,280.95 on the BSE.