Nazara Technologies Limited informs the Exchange about Transcript of Earnings Call.
NAZARA · price
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Nazara Technologies filed the transcript of its Q4 & FY25 earnings conference call. The company reported its highest-ever annual EBITDA of INR 153.5 crores on revenues of INR 1,624 crores, with a PAT of INR 62.5 crores. Q4 FY25 revenue came in at INR 520.2 crores (up 95% year-on-year) and EBITDA at INR 51 crores (up 74% year-on-year), with gaming segment margins at 20% for the full year. Management called FY26 a 'year of acceleration' with higher contribution from high-margin gaming business, supported by recent acquisitions including Fusebox, Curve Games, full ownership of Kiddopia, and the largest-ever investment in PokerBaazi. Key sub-business updates included Kiddopia's pricing increase and IP strategy showing early results, and Nodwin's eSports, media and live events core businesses remaining profitable. Management also discussed ongoing GST litigation affecting PokerBaazi and noted that ~75% of FY25 EBITDA converted into free operating cash flow.
The transcript reinforces Nazara's strong growth narrative with record FY25 earnings and an optimistic FY26 outlook focused on margin expansion, particularly from gaming segments. For shareholders, the key things to watch are execution on the global acquisition strategy, the turnaround path for Kiddopia and Nodwin, and PokerBaazi's journey to profitability amid GST headwinds. A few analyst questions on segment-level margin trajectory and unexplained cost line items were not fully answered in the call, which may leave some uncertainty.