Nazara posts record $84.3m quarter as games carry return to profit

Nazara Technologies posted its highest-ever quarterly revenue of INR 803 crore ($84.3m) in the three months to September 2026, up 53% year-over-year, with gaming supplying 82% of the total and effectively all of the profit before corporate costs.

The bigger headline sits below the top line. Nazara swung from a loss of INR 34 crore ($3.6m) in the same quarter last year to a profit of INR 35 crore ($3.7m). For a company that has spent recent years buying studios at pace, profitability is the part investors actually read.

Where did the growth come from?

The core gaming division grew revenue 122% year-over-year to INR 656 crore ($68.9m), at a 21.5% EBITDA margin. Mobile games did most of the lifting: revenue up 167% to INR 550 crore ($57.8m).

The two newest acquisitions pulled their weight immediately. Bluetile and BestPlay, in their first two months under Nazara, brought in INR 329 crore ($34.6m) in revenue, up 49% on the same period last year, with EBITDA up 64% to INR 64 crore ($6.2m). Roughly two-fifths of the record quarter, in short, came from assets that joined this summer.

How did the rest of the portfolio perform?

Company-wide EBITDA grew 93% to INR 120 crore ($12.6m). The details by division:

• PC and console EBITDA grew 61%, with Curve's margin expanding to 38.9%.
• The offline games business grew EBITDA 29% on flat revenue, pushing its margin to 26.2%.
• WildWorks grew revenue 41% on new Animal Jam content, including a Monster High-themed season.
• Kiddopia grew revenue 21%, with subscribers up 5% and average revenue per user up 8%.

Licensed IP kept performing on mobile. Fusebox shipped new content for Traitors and Big Brother, while Love Island: The Game ranked first among free role-playing games on the US App Store in July. The mobile debut of Wobbly Life reached third place in its genre on both the App Store and Google Play, and Human Fall Flat passed 60m players in its 10th anniversary year.

What changes for the studios?

Nazara is consolidating operations into shared teams it calls Centres of Excellence, spanning marketing, data, product and technology, with every studio plugged into the same systems. The company says its marketing team alone produced more than 290 ad creatives across three studios in a single month. Translation: acquisitions lose their standalone silos and inherit central infrastructure, presumably with central cost scrutiny attached.

"This quarter demonstrates the company we are building: a portfolio of high-quality games on a single, shared platform," said CEO and president Raymond A. Stauffer, who took over the role on September 16th, 2026.

Stauffer is two weeks into the job as of the quarter's close, so the record numbers predate him. The integration strategy, and whether the Centres of Excellence squeeze margins further, will be his to defend.

What does the half-year picture show?

Halfway through its financial year, Nazara reported H1 revenue up 20% to INR 1,232 crore ($129.4m), with EBITDA up 52% to INR 166 crore ($17.4m). Margin expansion is outpacing revenue growth, which is the direction shareholders prefer.

The question worth watching is whether organic growth, WildWorks and Kiddopia pace, can keep carrying the quarter once the acquisition math of Bluetile and BestPlay annualizes. Q3 will tell us.