Nazara Technologies Ltd. · NSE:NAZARA
Nazara Technologies — Q3 FY26 Earnings Presentation
27 slides from Nazara Technologies's earnings presentation, Feb 3, 2026
Slide 1: Intimation of Investor Presentation to Stock Exchanges
February 03, 2026 To, Listing Compliance Department Listing Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1. G Block, Dalal Street, Bandra -Kurla Complex, Bandra (East), Mumbai - 400 001. Mumbai- 400051. Scrip Code: 54
Slide 2: Q3FY26 and 9MFY26 Results
Q3FY26 and 9MFY26 Results Building A Diversified Global Gaming Platform
Slide 3: Q3FY26: Continued focus on gaming, post Nodwin de-consolidation EBITDA margin of 16.7%
Q3FY26: Continued focus on gaming, post Nodwin de-consolidation EBITDA margin of 16.7% Q3FY26 Performance: 9MFY26 Performance: Revenue: 406 Cr (-24.1% YoY due to Nodwin deconsolidation) Revenue: INR 1,431.2 Cr (+29.7% YoY) EBITDA: ~INR 67.8 Cr (+29.4% YoY) EBITDA: INR 177.2 Cr (+73% YoY) EBITDA Marg
Slide 4: Nazara: Profit-Led Growth, Scalable Execution, and Capital Discipline
Nazara: Profit-Led Growth, Scalable Execution, and Capital Discipline Nazara continued to make strong progress in building a global gaming company focused on creating scalable, world-class IP and franchises. The quarter was driven by disciplined execution, improving operating efficiency and multiple
Slide 5: Nazara Execution Platform: Centres of Excellence (1/2)
Nazara Execution Platform: Centres of Excellence (COEs) – An engine for Scalable, Profitable Growth (1/2) 4
Slide 6: Nazara Execution Platform: Centres of Excellence (2/2)
Nazara Execution Platform: Centres of Excellence (COEs) – An engine for Scalable, Profitable Growth (2/2) COEs: One operating spine controlling growth, data, and capital allocation across studios. User Acquisition Data Analytics Growth Product Central engine with profitability Single source of truth
Slide 7: Kiddopia Case Study: COEs led initiatives driving subscriber growth (1/2)
Kiddopia Case Study: COEs led initiatives instrumental in driving subscriber growth at better unit economics (1/2) Data Analytics User Acquisition • End-to-end analytics for UA • ROAS-based capital allocation and product creating a single re-established discipline across source of truth channels • C
Slide 8: Kiddopia Case Study: COEs led initiatives driving subscriber growth (2/2)
Kiddopia Case Study: COEs led initiatives instrumental in driving subscriber growth at better unit economics (2/2) Subscribers Average ARPU ($) $7.45 237,185 $7.34 232,295 $7.25 Steady increase in ARPU leading to 228,376 Subscriber growth $7.13 227,170 better unit back in Q3FY26 economics 221,458 $6
Slide 9: Nazara Execution Platform: A growth playbook institutionalised by the COEs
Nazara Execution Platform: A growth playbook institutionalised by the COEs The Playbook The outcome • Data first: Single source of truth across UA, product, and • Kiddopia transitioned from studio-led subscriptions; cohort-level visibility. optimisation to a COE-driven, repeatable • Disciplined grow
Slide 10: Nazara Execution Platform: Multiple launches across studios in the quarter
Nazara Execution Platform: Multiple launches across studios in the quarter Platform Extension: Animal Jam on Roblox Content and LiveOps: Driving engagement and monetization New Games Launches and Announcements by PC and Console Publishing 9
Slide 11: Nazara Execution Platform: Playbook-led expansion across offline gaming
Nazara Execution Platform: Playbook-led expansion across offline gaming 4 new Funky Monkey centres opened – 17 FM Centres vs. 9 at the time of Nazara investment New events at Smaaash 10
Slide 12: 16.7% EBITDA Margin in Q3FY26; ~30% Revenue Growth, 73% EBITDA growth in 9MFY26
16.7% EBITDA Margin in Q3FY26; ~30% Revenue Growth, 73% EBITDA growth in 9MFY26 (All figures in INR Crs.) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 YoY Revenue from operations 406.0 534.7 (24.1)% 1,431.2 1,103.7 29.7% Purchase, Content, event and web server 84.8 169.2 389.1 384.0 Advertising and promotion 109
Slide 13: Gaming
GAMING Level Up Your Experience
Slide 14: Mobile Gaming: Growth of 48% in Revenue and 43% in EBITDA in 9MFY26
Mobile Gaming: Growth of 48% in Revenue and 43% in EBITDA in 9MFY26 Revenue (INR Crores) EBITDA (INR Crores) 535 25.0 99 32.1 0.8 17.6 7.9 1.5X 5.2 80.0 1.4X 362 70 19.8 39.0 1.4 16.7 139.8 17.0 78.1 20.2 34.4 145.5 240.2 45.3 82.5 17.0 9MFY25 9MFY26 9MFY25 9MFY26 Love Island + Big Brother1 Kiddopia
Slide 15: Mobile Gaming: Increased marketing spends to drive future growth
Mobile Gaming: Increased marketing spends to drive future growth Revenue (INR Crores) EBITDA (INR Crores) 155 156 34 7.1 0.6 12.5 5.0 10.3 5.1 9.2 26 30.5 29.1 2.2 1.2 12.0 8.6 47.6 47.7 4.3 • Strong increase in marketing 59.4 56.3 12.6 11.0 expenses in Love Island in December, which has immediate E
Slide 16: PC & Console Publishing: High-margin monetization + expanding platform reach
PC & Console Publishing: High-margin monetization + expanding platform reach Performance (In INR crores) 186.2 70.9 67.2 27.8 Human Fall Flat : Sold 58 million units since launch Q3FY26 9MFY26 Revenue EBITDA Note: Curve is consolidated into Nazara books from 1st April 2025 Wobbly Life: Sold 200,000
Slide 17: Offline Gaming: Healthy ~36% EBITDA Margin in Q3FY26
Offline Gaming: Healthy ~36% EBITDA Margin in Q3FY26 Performance (In INR crores) 72.9 30.4 22.4 10.8 Q3FY26 9MFY26 Revenue EBITDA Note: 1. 9MFY26 Smaaash – INR 56.6 Cr in Revenue and 14 Cr in EBITDA; Funky Monkeys – INR 16.3 Cr in Revenue and INR 8.5 Cr in EBITDA 2. Q3FY26 Smaaash – INR 24.3 Cr in R
Slide 18: Others: Esports and AdTech
OTHERS Esports and AdTech
Slide 19: AdTech: EBITDA Up 26% YoY in Q3FY26
AdTech: EBITDA Up 26% YoY in Q3FY26 Revenue (INR Crores) EBITDA (INR Crores) • Increased focus on higher margin tech- enabled business verticals leading to improvement in EBITDA 147.9 margin 8.8 • Drop in revenue 115.7 7.0 attributed to reduced focus on low-margin, non-tech managed services business
Slide 20: AdTech: Revenue Up 86% YoY, EBITDA Up 95% YoY in 9MFY26
AdTech: Revenue Up 86% YoY, EBITDA Up 95% YoY in 9MFY26 Revenue (INR Crores) EBITDA (INR Crores) 1.9X 1.9X 366.9 18.5 197.7 9.5 9MFY25 9MFY26 9MFY25 9MFY26 Note: Revenue and EBITDA data for 9MFY25 for Space & Time is only for the post-consolidation period (October 2024 to December 31, 2024) 19
Slide 21: NODWIN: Operational Profitability While Launching New IPs and Scaling Events (1/2)
NODWIN: Operational Profitability While Launching New IPs and Scaling Events (1/2) Business model • Two distinct, interconnected arms: Live (events & activations) and Content (broadcast, IP, digital) Flagship events & awards • DreamHack 2025: PC event sold out for the first time • Starladder CS Majo
Slide 22: NODWIN: Operational Profitability While Launching New IPs and Scaling Events (2/2)
NODWIN: Operational Profitability While Launching New IPs and Scaling Events (2/2) Revenue (INR Crores) EBITDA (INR Crores) Revenue (INR Crores) EBITDA (INR Crores) 1.4X 1.4x scale in 1.6x scale in revenues leading to 1.6X 16.4 revenues leading to profitability in strong profitability 40.1 9MFY26 26
Slide 23: Sportskeeda: Cost Optimization Remains In-Focus Amid Google Update Impact
Sportskeeda: Cost Optimization Remains In-Focus Amid Google Update Impact Performance (In INR crores) Average Monthly MAUs (Million) 115.3 75.1 74.3 61.6 64.9 61.3 42.1 41.8 34.0 Stabilization 7.0 14.2 in MAU levels Q3FY26 9MFY26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue EBITDA • Earl
Slide 24: Sportskeeda: Other Properties continue to show growth
Sportskeeda: Other Properties continue to show growth • Pro Football Network: Sportskeeda’s playbook • PrimeTimer, acquired this financial year, has seen replication along with strategic changes made to the an immediate and positive impact with 463% team and content offering have resulted in an 59%
Slide 25: Appendix
APPENDIX |
Slide 26: Kiddopia: Higher ARPU and Stable UA Efficiency Unlock Room for Increased Marketing Investments
Kiddopia: Higher ARPU and Stable UA Efficiency Unlock Room for Increased Marketing Investments Quarterly KPIs Key Metrics Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 CPT1 ($) $43.6 $35.0 $34.1 37.5 35.8 Marketing Spend (Mn) $2.3 $2.1 $2.2 $2.40 $2.80 Avg. Activation Rate 66% 64% 50% 54% 52% Avg. ARPU $6.97 $
Slide 27: Contact Us
Contact Us Nazara Technologies Limited Mr. Rakesh Shah CIN: L72900MH1999PLC122970 Chief Financial Officer investors@nazara.com Ms. Anupriya Sinha Das www.nazara.com Head of Corporate Development 26