Q1FY27 Financial Performance
Nazara Technologies reported consolidated financial results for the quarter ended 30 June 2026:
- Revenue: INR 429 crore
- EBITDA: INR 46 crore
- EBITDA margin: 10.8% (compared to 9.5% in Q1FY26)
- Reported loss after tax from continuing operations: INR 82 crore
- Includes INR 62 crore share of losses from associates
- Includes INR 22 crore impairment loss
The reported consolidated revenue declined 14% YoY following the deconsolidation of NODWIN Gaming from August 2025. Excluding NODWIN, comparable consolidated revenue grew approximately 9% YoY.
Gaming Segment Performance
The gaming segment demonstrated strong operating performance:
- Revenue grew 14% YoY to INR 275 crore
- EBITDA: INR 54 crore
- EBITDA margin: 19.5%
- All gaming businesses remained EBITDA-positive
Business Unit Performance:
- Fusebox: Revenue increased 12% YoY to INR 82 crore
- Kiddopia: Revenue grew 19% YoY to INR 54 crore, supported by higher user-acquisition investment and improving unit economics
- Animal Jam: Revenue increased 11% YoY to INR 29 crore
- Curve Games: Remained strongly profitable and continued to invest in its upcoming release slate
Bluetile and BestPlay Acquisition Amendment
Nazara has amended the previously announced transaction structure to acquire 100% of Bluetile and BestPlay for fixed all-cash consideration of USD 303 million. Key terms:
- Transaction expected to close shortly, subject to completion of agreed closing requirements
- USD 89 million payable at closing
- Remaining USD 214 million payable in agreed tranches by 1 April 2027
- Amendment evaluated under supervision of Nazara's newly constituted Investment Committee and approved by the Board
The amended structure provides:
- Certainty of ownership and acquisition price
- Full economics upon closing
- Single-owner governance
- Immediate operating integration
- Greater strategic flexibility
Target Company Performance:
- Bluetile and BestPlay reported INR 518 crore revenue and INR 55 crore EBITDA in Q1FY27
- Subject to closing, businesses expected to be consolidated into Nazara's financial results from Q2FY27
Leadership Appointment
The Board has appointed Raymond A. Stauffer as Chief Executive Officer of Nazara Technologies Limited:
- Effective date: 1 September 2026 (subject to relevant regulatory approvals)
- Current role: Founder & CEO of Bluetile Games
- Brings experience in AI-enabled game development, product operations, user acquisition, monetisation and capital-efficient global growth
As CEO, Raymond will lead:
- Nazara Group's day-to-day operations
- Integration activities
- Portfolio performance
- Shared operating capabilities across product, data, artificial intelligence, user acquisition and monetisation
Nitish Mittersain will continue as Founder and Managing Director, focusing on:
- Long-term strategy
- Portfolio direction
- Key stakeholder relationships
- Working closely with Raymond and the Board
Management Commentary
Nitish Mittersain, MD and CEO, stated: "Q1FY27 clearly shows that Nazara is on the right trajectory by focusing on its core gaming business and the Bluetile and BestPlay acquisition is an important step forward in Nazara's evolution into a global gaming operating platform. Raymond's appointment strengthens Nazara's leadership for the scale we now have."
Raymond A. Stauffer, CEO-Designate, stated: "Nazara has built a strong portfolio of global gaming IPs and entrepreneurial businesses. My focus will be to strengthen execution across product, AI, user acquisition and monetisation, while preserving entrepreneurial ownership within each business."
Outlook
Subject to closing of the Bluetile and BestPlay transaction, Nazara is expected to operate at a materially greater scale from Q2FY27.
Immediate priorities include:
- Integrate operating systems
- Expand data-led user acquisition and creative testing
- Develop shared AI and analytics capabilities
- Identify opportunities for product collaboration across the portfolio