# Nazara Technologies Just Hit Its Highest-Ever EBITDA — India’s Gaming Giant Is Now Playing a Global Game

URL: https://technosports.co.in/nazara-technologies-just-hit-its-highest/  
Published: 2026-05-13  
Updated: 2026-05-13  
Author: Reetam Bodhak

India’s only listed gaming company just closed its best financial year ever — and the numbers are hard to ignore. Nazara Technologies has reported a record-breaking FY26, signaling that Indian gaming isn’t just growing, it’s maturing into a serious global business.

#### Nazara Technologies: FY26 Financial Snapshot

| Metric | FY26 Performance |
| --- | --- |
| **Total Revenue** | INR 1,829 Cr (+13% YoY) |
| **EBITDA** | INR 255 Cr (+66% YoY) |
| **Q4FY26 EBITDA Margin** | 19.5% (up ~970 bps YoY) |
| **Pre-Tax OCF** | INR 213 Cr (+81% YoY) |
| **EBITDA-to-OCF Conversion** | 84% |
| **Gaming Share of EBITDA** | 90% (up from 56% in FY25) |

## What’s Driving the Growth?

The headline story is Nazara’s sharp refocus on its **core gaming business**. Gaming’s contribution to EBITDA jumped from 56% in FY25 to a dominant **90% in FY26** — a clear signal that the company is trimming the fat and doubling down on what works.

The de-consolidation of Nodwin from August 2025 did pull Q4 reported revenues down 24% year-on-year, but adjusted for that, revenues actually grew 8% — a healthier picture of the underlying business.

CEO Nitish Mittersain summed it up well: *“Nazara today operates at a materially different scale than it did 12 months ago. Operating leverage is real, and it is compounding.”*

![Nazara Technologies](https://technosports.co.in/wp-content/uploads/2026/05/nxzazaz.jpg)

## A Much Bigger IP Portfolio

Nazara’s acquisition of **Bluetile and BestPlay** — its largest M&A deal to date — adds **17 casual mobile IPs** and **22 million monthly active users** to the platform, with revenue and EBITDA contributions expected to kick in significantly during FY27.

Existing IPs are also punching harder:

- **Kiddopia** posted subscriber growth for the second straight quarter
- **Animal Jam** expanded margins and launched on Roblox
- **Fusebox** scaled its narrative engine across multiple reality-TV IPs
- **Human Fall Flat** crossed a remarkable **58 million lifetime units** globally — a genuinely impressive milestone for any PC/console title

## The COE Playbook: Nazara’s Secret Weapon

What ties all of this together is Nazara’s Centres of Excellence (COE) model — shared platform capabilities across User Acquisition, Data Analytics, AI, Growth, and Product that plug into every game IP the company owns or acquires. It’s the kind of infrastructure that turns a portfolio of games into a compounding platform.

This positions Nazara uniquely in the [global video game industry](https://en.wikipedia.org/wiki/Video_game_industry) — not just as an Indian publisher, but as a diversified gaming platform spanning mobile, PC, console, and offline entertainment across India, North America, and Europe.

Two new board appointments also strengthen Nazara’s strategic depth: **Mithun Sacheti** (Founder, CaratLane) brings consumer brand-building expertise, while **Muraarie Rajan** adds 35+ years of global M&A experience.

Want to track Nazara’s journey and India’s booming gaming economy? Read our coverage of [Nazara Technologies’ latest deals and investments on TechnoSports](https://www.technosports.co.in), our analysis of [India’s top gaming companies in 2026](https://www.technosports.co.in), and the [biggest trends shaping Indian gaming this year](https://www.technosports.co.in).

## FAQs

### **Q: What was Nazara Technologies’ EBITDA in FY26 and how much did it grow?**

A: Nazara reported its highest-ever EBITDA of INR 255 crores in FY26, representing a 66% year-on-year growth over the previous fiscal year.

### **Q: What are Nazara’s biggest gaming IPs contributing to its FY26 growth?**

 A: Key performers include Human Fall Flat (58M+ lifetime units), Kiddopia, Animal Jam, and Fusebox, alongside the newly acquired Bluetile and BestPlay IPs.