Financial Performance Overview

Consolidated Q1 FY27 Performance:

  • Revenue: INR 429 crores
  • EBITDA: INR 46 crores
  • PAT Loss: INR 82 crores (attributable to share of loss from associates and impairment loss)
  • Excluding NODWIN's deconsolidation impact, comparable consolidated revenue grew approximately 9% year-on-year

Gaming Segment Performance:

  • Revenue: INR 275 crores (14% YoY growth)
  • EBITDA Margin: 19.5%
  • All gaming businesses remained EBITDA positive with positive growth

Strategic Developments

Bluetile and BestPlay Acquisition Amendment:

  • Board approved amendment to acquire 100% of Bluetile and BestPlay for fixed cash consideration of $303 million
  • $89 million payable at closing, remaining $214 million payable in agreed tranches by April 1, 2027
  • New structure provides certainty of ownership, full economics upon closing, single owner governance, and immediate operating integration
  • Bluetile and BestPlay reported Q1 FY27 revenue of INR 518 crores and EBITDA of INR 55 crores
  • Expected consolidation from Q2 FY27 onwards

Management Changes:

  • Appointment of Raymond Stauffer (Bluetile CEO and founder) as CEO of Nazara Technologies effective September 1, 2026
  • Nitish Mittersain will continue as Founder and Managing Director, focusing on long-term strategy, portfolio direction, and key relationships

Segmental Performance Breakdown

Mobile Gaming (Bluetile and BestPlay):

  • 54% revenue growth year-on-year
  • UA spend increased from 78% to 85% of revenue
  • Revenue net of UA spend increased from INR 73 crores to INR 80 crores
  • EBITDA held flat due to increased UA investment

Kiddopia:

  • Revenue grew 19% year-on-year in Q1 FY27
  • Higher UA spend deployed against improving unit economics
  • 24-month LTV/CAC continues trending upwards

Animal Jam:

  • Revenue increased 11% year-on-year
  • Supported by consistent content cadence and continued growth investment

Fusebox Games (Love Island):

  • Revenue grew 12% year-on-year to INR 82 crores
  • Love Island ranked #1 in free apps and #5 in top-grossing apps in the U.S.
  • Investing in Big Brother's growth and development of new game Traitors

PC and Console Publishing:

  • Revenue: INR 53 crores
  • EBITDA: INR 14 crores (27% EBITDA margin)
  • Transaction sales for Human: Fall Flat and For The King II increased year-on-year
  • More than 60% of development investment allocated to new signings
  • New releases beginning from Q2 FY27

Offline Gaming:

  • Revenue: INR 34 crores
  • EBITDA: INR 11 crores (33% EBITDA margin)
  • Funky Monkeys revenue grew 58% year-on-year driven by same-store sales growth and store expansion
  • SMAAASH 2.0 reimagined format development in full swing, expected launch between January-March 2027
  • Total capital commitment approximately INR 50 crores across both businesses

Other Businesses Performance:

Datawrkz:

  • Revenue: INR 126 crores
  • EBITDA: INR 3 crores
  • Focus on scaling higher margin products like Vizibl and expanding into newer markets

Space & Time:

  • Grew EBITDA year-on-year
  • Demonstrated margin resilience through softer demand environment

Absolute Sports:

  • Revenue: INR 28 crores
  • EBITDA: INR 1 crore
  • Sportskeeda delivered positive EBITDA at lower cost base
  • Pro Football Network delivered best Q1 with 19% EBITDA margin versus break-even in Q1 FY26

NODWIN Gaming:

  • Q1 traditionally slowest quarter
  • Stable revenue growth with losses substantially lower year-on-year
  • Comic Con Mumbai was sold-out show
  • IP expanding to 14 events in India this year
  • Comic Con World registered as global IP
  • Targeting organic growth of 30%+ for FY27
  • Progressing towards IPO readiness

Acquisition Financing Details

Bluetile Acquisition Payment Schedule:

  • $75 million due in 90 days from call date (approximately November 2026)
  • $35 million due in December 2026
  • Remaining amount payable before April 1, 2027

Funding Sources Considered:

  • Bluetile's existing cash balance (~$20 million)
  • Cash flow generated by Nazara and Bluetile
  • Debt component
  • Equity fundraising
  • Potential stake sales (including NODWIN secondary sale)

Additional Q&A Highlights

Tax Liability Clarification:

  • Exposure limited to extent of investments in real money gaming companies
  • Conservative approach: written off investments completely

Share of Loss Explanation:

  • INR 62 crores share of loss primarily from write-offs on remnant values related to Moonshine transaction
  • Not primarily related to NODWIN

Future Growth Drivers:

  • Fusebox: Scale-up of Big Brother game and launch of Traitors game
  • Curve Games: Sovereign Tower releasing this week, Dragon Shelter in September, additional unannounced titles
  • Sportskeeda: Diversifying traffic sources, building tool side of Pro Football Network business, cost optimization