Nazara Technologies Q2 Results: Revenue Jumps 53% to ₹803 Crore, Swings to ₹35 Crore Profit

Nazara Technologies Q2 results, out on the evening of October 26, are the gaming company’s biggest quarter yet by revenue. Consolidated revenue rose 53% year-on-year to ₹803 crore, and profit after tax from continuing operations came in at ₹35 crore, against a loss of ₹34 crore in the September quarter last year. That’s the headline from Nazara’s press release filed with NSE.

There’s a catch in the comparison, though, and the company is upfront about it. This is the first quarter that includes Bluetile and BestPlay, two acquisitions consolidated from August 1, 2026. So a good chunk of that growth is bought, not built.

Nazara Technologies Q2 results in numbers

• Revenue: ₹803 crore, up 53% year-on-year. CNBC-TV18’s results liveblog puts the year-ago base at ₹526.5 crore and the growth at 52.5%.
• EBITDA: ₹120 crore, up 93%, with margin up 311 basis points to 14.9%, per the company. CNBC-TV18’s liveblog reported a lower EBITDA of ₹113 crore at a 14.06% margin, so the exact figure depends on which definition you go by. We’ve used the company’s numbers here.
• Profit after tax (continuing operations): ₹35 crore, against a ₹34 crore loss a year earlier. CNBC-TV18 has it at ₹35.36 crore versus a ₹33.9 crore loss.
• First half (H1 FY27): revenue up 20% to ₹1,232 crore, EBITDA up 52% to ₹166 crore at a 13.5% margin.

Gaming now carries the whole business

The more interesting shift is in the mix. Gaming revenue grew 122% to ₹656 crore at a 21.5% EBITDA margin. That’s 82% of consolidated revenue, and Nazara says it accounts for effectively all EBITDA before corporate costs. Mobile gaming alone grew revenue 167% to ₹550 crore.

Strip out the acquisitions and the picture is calmer. Organic growth in the gaming segment was 11% in revenue and 17% in EBITDA. Respectable, not spectacular. Bluetile and BestPlay, in their first two months under Nazara, brought in ₹329 crore of revenue (up 49% on the same period last year) and ₹64 crore of EBITDA (up 64%), with margin at 19.4% against 17.5%.

Across the older studios, a few lines stand out:

• WildWorks, which runs Animal Jam, grew revenue 41% and EBITDA 39%.
• Kiddopia grew revenue 21%, on a 5% rise in subscribers and an 8% rise in average revenue per user.
• Curve, the PC and console arm, grew revenue 27% and EBITDA 61%, with margin at 38.9%.
• Offline gaming grew EBITDA 29% on flat revenue, with margin at 26.2%.

New faces at the top

The quarter also brought a leadership reshuffle. Raymond A. Stauffer, who founded Bluetile and BestPlay, took over as CEO on September 16. CaratLane founder Mithun Sacheti joined as Executive Director on October 12, subject to shareholder approval, and the company says its new CFO joined on October 16. Bluetile’s leadership team holds 5.8% of Nazara, which ties their payoff to the listed stock.

What we’d watch from here

Our read is simple. The reported jump is mostly the acquisitions showing up for the first time, and next quarter will include them for a full three months, so the year-on-year numbers should stay flattering for a while. The real test is the organic line, 11% revenue growth in gaming this time, and whether the margins on the acquired studios hold once the integration costs settle. A 14.9% consolidated margin is a big step up, but it is still well below the 21.5% the gaming segment makes on its own, which tells you how much the non-gaming businesses and corporate costs weigh on the total.

If you want a framework for reading results like these, our guide on how to analyse quarterly results walks through it step by step. For other numbers from the same evening, see KFin Technologies’ Q2 results and Paytm’s Q2 results.

Source: Nazara Technologies press release (NSE filing, October 26, 2026); CNBC-TV18 Q2 results liveblog.

Disclaimer: This article is for information and education only and is not investment advice. Please consult a SEBI-registered adviser before making any investment decision.