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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
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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.
