Back in 2021, Nazara Technologies became India’s first gaming company to go public. It was a buzzy debut, cricketers were investors, esports was booming, and everyone wanted a piece of India’s gaming future.
Nazara Technologies isn’t your average gaming company. It’s a full-stack digital entertainment platform, with a growing portfolio across mobile gaming, eSports, early learning, and real-money gaming. And it’s not just playing to win in India. From North America to Europe, Nazara is steadily building a global gaming empire.
FY25 was the year that cemented this pivot. Revenues jumped, margins held steady despite high user acquisition costs, and acquisitions across verticals turned strategic bets into real business outcomes. As the company sharpened its focus on high-margin, IP-led gaming, Nazara 3.0 officially went live.
By the numbers:
- Market capitalisation: ₹11,364 crore
- Total revenues (FY25): ₹1,624 crore
- Net profit (FY25): ₹51 crore
- Q4 FY25 revenue: ₹520 crore, up 95% YoY
Nazara’s strength lies in the depth of its ecosystem. It owns World Cricket Championship and CarromClash in mobile gaming, Kiddopia in gamified early learning, Nodwin Gaming and Sportskeeda in eSports, and Qunami and Halaplay in skill-based and fantasy games.
FY25 saw this portfolio get sharper. It took full ownership of both Kiddopia and Sportskeeda, allowing better integration and control. In parallel, Nazara entered offline gaming by acquiring Smaaash and Funky Monkeys, creating a 360-degree entertainment offering that spans digital and physical experiences.
One of its biggest moves was acquiring Fusebox Games, known for Love Island-themed narrative titles. This strengthened Nazara’s global mobile gaming play, especially in Europe. Another smart buy was UK-based Curve Games, which brings popular titles like Human: Fall Flat under its umbrella. Meanwhile, it licensed IPs like C.A.T.S. and King of Thieves from Zeptolab, enhancing its library with proven global hits.
The core gaming business, which includes Animal Jam, Fusebox, and Kiddopia, did the heavy lifting in FY25. It delivered a strong 19.9% EBITDA margin despite increased spend on user acquisition.
Operating cash flow from continuing operations stood at ₹118.3 crore, underlining improved monetisation and cash discipline. But the real takeaway is that Nazara is now building a globally relevant platform with a stronger IP pipeline and deeper margin control.
Financially, it’s still not a high-ROE business. FY25 return on equity was just 3%, and PAT saw some volatility across quarters. There’s also concern over rising debtor days, now at 129, and a high valuation at nearly 182 times earnings.
The promoter holding is just 8.78%, and has been falling steadily, which doesn’t inspire confidence in retail investors looking for long-term skin in the game.
That said, the company’s cash flow health is improving, and its global ambitions are beginning to convert into numbers. Its FY25 results weren’t just a good quarter. They were proof that Nazara is evolving from a collection of gaming businesses to an integrated entertainment powerhouse.
Final pour
Nazara is no longer just a quirky gaming stock with celebrity ties and childhood nostalgia. It’s becoming a serious global player with a clear strategy, bold M&A bets, and a tight grip on margins. If it plays this hand right, Nazara could end up being India's first global gaming giant.
