Gaming company Nazara's Q4 profit jumps on Nodwin sale

Mumbai-based online gaming firm Nazara Technologies posted Q4FY26 revenue of 4 billion rupees (US$41.8 million), down 23% from a year earlier.

Its net profit rose to 560 million rupees (US$5.87 million) from 40 million rupees (US$420,000) as gains from the sale of subsidiary Nodwin lifted other income to 11 billion rupees (US$115 million).

Total expenses fell 29% to 3.8 billion rupees (US$39.3 million), gaming revenue rose 78% to 2.8 billion rupees (US$29.2 million), and the stock closed 7.3% lower at 264 rupees (US$2.8).

This gives the company a market value of 97.7 billion rupees (US$1.02 billion).

Earlier this year, Nazara said it would raise 5 billion rupees (US$52.5 million) through warrants and buy a 50% stake in Spain-based Bluetile Games and BestPlay Systems for US$100.3 million.

The company also approving fresh investments in Rusk Media and Ncore Games.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

Revenue changed after the Nodwin Gaming split, while acquisitions add new size

The reported 23% revenue drop came largely from an accounting change after Nazara stopped consolidating esports unit Nodwin Gaming, rather than from a like-for-like fall in the wider business.
Nazara deconsolidated Nodwin Gaming after its stake fell below 50% 1.
That move removed Nodwin’s revenue from Nazara’s consolidated results.
Nazara is also adding scale through acquisitions. Its purchase of a 50% controlling stake in Spain-based Bluetile Games and BestPlay Systems is its largest deal so far. The combined business posted 14.1 billion rupees (US$153.6 million) in revenue for the 12 months ended December 2025 2.

Nazara is putting more weight on owned gaming IP and businesses with better margins

Nazara is narrowing its focus to core gaming operations, including the deconsolidation of Nodwin Gaming 3.
The company has said Nodwin runs at roughly a 6% to 7% margin 4.
Bluetile and BestPlay bring stronger profitability. In calendar year 2025, the pair posted EBITDA of 2.5 billion rupees (US$26.6 million) on revenue of 14.1 billion rupees (US$147 million). EBITDA means earnings before interest, taxes, depreciation, and amortization. That works out to about an 18% EBITDA margin 2.
This also extends its “Friends of Nazara” approach, which earlier brought in Publishme, Datawrkz, OpenPlay, and WINGS gaming accessories 4.
Nazara has increased ownership in Paper Boat Apps, which runs the children’s app Kiddopia, and Absolute Sports, the parent company of sports media brand Sportskeeda. It also took a controlling stake in Bluetile and BestPlay through its UK subsidiary, which gives it tighter control of those businesses 5, 2.