Nazara Technologies Q4 revenue nearly doubles; net profit rises to Rs 4 crore

Online gaming firm Nazara Technologies posted a 95% year-on-year (YoY) increase in operating revenue to Rs 520.2 crore in the fourth quarter of FY25, even as total expenses surged due to rising marketing and employee costs.

The Mumbai-headquartered company reported a net profit of Rs 4 crore for the quarter ended March 31, compared to Rs 0.18 crore in the same period last year.

Speaking during the company’s earnings call, CEO Nitish Mittersain said Nazara expects greater contribution from high-margin gaming businesses in the current financial year, which should further improve profitability.

The company also plans to expand its global publishing business through acquisitions such as Curve Games and Fusebox, alongside continued organic growth.

Expenses and segment performance

Nazara’s total expenses rose 85% YoY to Rs 527.7 crore in Q4. This was primarily driven by a threefold increase in advertising and promotional spending, which jumped to Rs 151.03 crore. Employee benefit expenses also rose sharply by 80.7% to Rs 79.9 crore.

The company’s esports division remained its largest revenue contributor, growing 47% YoY in the March quarter. Its gaming segment revenue rose 72% to Rs 156.4 crore, while the adtech vertical also recorded gains.For the fiscal year 2025, the company reported an operating revenue of Rs 1,623.9 crore, up 42.6% from Rs 1,138.2 crore, while net profit declined 31.8% to Rs 50.9 crore. Nazara also reported its highest-ever annual earnings before interest, taxes, depreciation, and amortisation (Ebitda) of Rs 153.5 crore in FY25.

Acquisition push

The company continues to raise capital to fund organic growth and acquisitions. On April 18, ET reported that Nazara had earmarked Rs 800–1,000 crore this year for inorganic expansion, with a focus on global gaming studios with established IPs and annual revenue of around Rs 100 crore.

On May 20, Nazara acquired UK-based PC and console game publisher Curve Games for Rs 247 crore, marking its largest international acquisition to date.

Other notable acquisitions include UK-based Fusebox Games, PokerBaazi parent Moonshine Technology, Comic Con India, marketing firm Publishme, which focuses on West Asia and Turkey, Singapore-based events company Branded, Turkish esports firm Ninja Global, and Paper Boat Apps, the creator of Kiddopia.

Earlier this month, the National Company Law Tribunal (NCLT) approved Nazara’s resolution plan to acquire Smaaash Entertainment, backed by Sachin Tendulkar, which had been undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

In January, Plutus Wealth Management founder Arpit Khandelwal and CaratLane founder Mithun Sacheti together invested Rs 495 crore in Nazara via Axana Estates LLP, triggering a mandatory open offer. The preferential allotment at Rs 990 per share gave Axana a 5.4% stake, and the Competition Commission of India (CCI) approved the deal last week.