Financial Performance Summary

Q2FY27 Consolidated Performance (YoY Growth)

  • Revenue: INR 803 crores (+53%)
  • EBITDA: INR 120 crores (+93%)
  • EBITDA Margin: 14.9% (+311 bps)

H1FY27 Consolidated Performance (YoY Growth)

  • Revenue: INR 1,232 crores (+20%)
  • EBITDA: INR 166 crores (+52%)
  • EBITDA Margin: 13.5% (+281 bps)

Gaming Segment Performance (Q2FY27)

  • Revenue: INR 656 crores (+122% YoY)
  • EBITDA: INR 141 crores (+114% YoY)
  • Contributes 82% of Group revenue and 100% of EBITDA (before corporate costs)
  • Organic growth: 11% in Revenue and 17% in EBITDA

Gaming Segment Performance (H1FY27)

  • Revenue: INR 931 crores (+74% YoY)
  • EBITDA: INR 194 crores (+56% YoY)
  • Contributes 76% of Group revenue and 98% of EBITDA (before corporate costs)
  • Organic growth: 12% in Revenue and 5% in EBITDA

Bluetile Integration Details

  • Bluetile business consolidated from August 1, 2026 (two months included in Q2FY27)
  • For Aug-Sep period: Revenue grew 49% YoY, EBITDA grew 64% YoY
  • Bluetile leadership team holds 5.8% ownership in Nazara
  • Four group Centers of Excellence (CoEs) established: Marketing, Data, Product, and Tech
  • Marketing CoE produced 290+ AI-built creatives across three studios in one month

Leadership Changes

  • Raymond A. Stauffer appointed Chief Executive Officer from September 16, 2026 (Founder and former CEO of Bluetile and BestPlay, former Trust & Safety Team Lead at Google)
  • Mithun Sacheti appointed Executive Director from October 12, 2026 (Founder of CaratLane) - appointment subject to shareholder approval
  • Arun Agarwal appointed Chief Financial Officer from October 16, 2026 (Former Global CFO, Ness Digital Engineering; Former CFO, Mastek)
  • Nitish Mittersain re-designated from Founder and Managing Director to Founder and Non-Executive Director from October 12, 2026

Platform Capabilities

Group CoEs strengthened by Bluetile leadership across four domains:

Marketing CoE (Head: Alex NC)

  • Creative production: Central AI-built ad creatives (290+ across three studios in one month)
  • Campaign operations: Cross-studio campaign management reducing FTE need
  • App Store Optimization: Automated ASO events with continuous A/B testing

Data CoE (Head: Judit J)

  • Data architecture: One lean, future-proof data stack built for AI
  • AI Agent Marketplace: Marketing, product, ad-mon and data analyst agents ready for deployment
  • AI-assisted analytics: AI builds and fine-tunes dashboards

Product CoE (Head: Florin F)

  • Prioritization: IEC matrix (impact, effort, confidence) shared across studios
  • Shared feature releases: High-impact, low-effort features built once, used by several studios
  • Greenlight process: Stage gates from prototype to global launch with KPI thresholds

Tech CoE (Head: Alex Osou)

  • AI game development: AI frameworks and tools cut production timelines
  • Shared knowledge: Central know-how on performance, scaling and AI
  • Security operations: Security run across Nazara and all studios

Segment-wise Performance Breakdown

Mobile Gaming (Q2FY27)

  • Revenue: Growth of 167% YoY
  • EBITDA: Growth of 151% YoY
  • Bluetile and BestPlay added INR 329 crores (consolidated from August 1, 2026)
  • Fusebox revenue fell 4% YoY on lower organic installs
  • Wildworks content launches drove 41% revenue growth and 39% EBITDA growth
  • Kiddopia revenue grew 21% YoY with subscribers up 5% and ARPU up 8% to $7.94
  • Kiddopia EBITDA declined due to increased user acquisition spend

PC & Console Gaming

  • Revenue growth of 27% YoY in Q2FY27

Offline Gaming (Funky Monkeys)

  • 10 new centers opened in last 12 months
  • Borivali center achieved record occupancy and monthly revenue
  • Margin improved on record birthday revenue and maturing FY26 centers
  • Pipeline: 5 more centers to open in FY27

Offline Gaming (Smaaash)

  • Margin compressed by higher consumables, rent and refurbishment costs
  • Revenue decline due to two centers closure
  • Smaaash 2.0: Design and re-branding complete; launch delayed pending regulatory approvals

Others Segment (AdTech · Sports Media)

  • Pro Football Network (PFN): Revenue up 20% YoY; EBITDA margin 17% vs -18% in Q2FY26
  • Sportskeeda: Content syndication partnerships launched in Q1 contributing revenue
  • Sportskeeda Adjusted EBITDA: INR 1.7 Crores positive (excluding Pickleball franchise and one-time costs)
  • Absolute Sports acquired Mumbai franchise in Indian Pickleball League for annual franchisee fee of INR 5 Crores
  • Datawrkz: Pipeline converting into new clients; temporary H2 dip expected due to anchor client restructuring

Detailed Financial Statements

Consolidated Income Statement (INR Crores)

| Line Item | Q2FY27 | Q2FY26 | YoY | H1FY27 | H1FY26 | YoY |

| Revenue from operations | 803 | 526 | 53% | 1,232 | 1,025 | 20% |

| Purchase, Content, event and web server costs | 70 | 170 | -59% | 138 | 304 | -55% |

| Advertising and promotion | 417 | 116 | 259% | 570 | 241 | 137% |

| Commission | 50 | 51 | -2% | 93 | 91 | 2% |

| Employee benefits | 85 | 78 | 9% | 165 | 172 | -4% |

| Others | 61 | 49 | 24% | 100 | 107 | -7% |

| Total expenses | 684 | 464 | 47% | 1,066 | 916 | 16% |

| EBITDA | 120 | 62 | 93% | 166 | 109 | 52% |

| EBITDA% | 14.9% | 11.8% | +311 bps | 13.5% | 10.7% | +281 bps |

| Impairment Loss | 7 | 2 | 250% | 28 | 2 | 1300% |

| Finance costs | 4 | 7 | -43% | 7 | 12 | -42% |

| Depreciation and amortisation | 74 | 61 | 21% | 121 | 125 | -3% |

| Other income | 14 | 1,104 | -99% | 22 | 1,182 | -98% |

| PBT before share of profit/(loss) from associate | 49 | 1,097 | -96% | 31 | 1,152 | -97% |

| Tax expenses/(credit) | (10) | (8) | 25% | (7) | (14) | -50% |

| Exceptional Items | 0 | (915) | -100% | 0 | (915) | -100% |

| PAT before share of profit/(loss) from associate | 59 | 190 | -69% | 39 | 250 | -84% |

| Share of profit/(loss) from associates | (23) | (224) | -90% | (86) | (248) | -65% |

| PAT from continued operations | 35 | (34) | 203% | (47) | 2 | -2450% |

Consolidated Balance Sheet (INR Crores)

| Assets | Sep-26 | Mar-26 | Change |

| Property, Plant and Equipment | 55 | 53 | +2 |

| Goodwill & other intangible assets | 4,345 | 1,421 | +2,924 |

| Non-current Financial Assets & Other Assets | 1,525 | 1,593 | -68 |

| Income Tax & Deferred Tax Asset | 60 | 65 | -5 |

| Cash balance, Bank FDs and Current Investments | 525 | 735 | -210 |

| Other Current Assets | 786 | 504 | +282 |

| Total Assets | 7,295 | 4,371 | +2,924 |

| Liabilities | Sep-26 | Mar-26 | Change |

| Equity Share capital & other Equity | 3,832 | 3,473 | +359 |

| Non-Controlling Interest | 74 | 78 | -4 |

| Non-current Financial Liabilities & Provisions | 113 | 79 | +34 |

| Current & Deferred Tax Liabilities | 133 | 89 | +44 |

| Borrowings | 86 | 112 | -26 |

| Other Current Liabilities | 3,057 | 540 | +2,517 |

| Total Equity and Liabilities | 7,295 | 4,371 | +2,924 |

Consolidated Cashflow Statement (H1FY27, INR Crores)

  • Opening Cash Position: 735
  • Cash from operations (net of tax paid): 57
  • Cash flow from Investing activities: (617)
  • Cash flow from Financing activities: 351
  • Effects of exchange rate changes: (1)
  • Closing cash position: 525
  • Net Cash position: 438 (vs. 624 in Mar-26)

Key Operational Highlights

  • Bluetile spent INR 250 crores on advertising and promotion in Aug-Sep-26
  • Purchase, content and web server costs fell due to Nodwin de-consolidation (Aug-25)
  • Goodwill & intangibles increase mainly due to acquisition of Bluetile and BestPlay
  • Other current liabilities increase mainly represents consideration payable for Bluetile
  • Issue of equity share capital: INR 395 crores in H1FY27