Mumbai: Nazara Technologies Limited reported a record quarter (Nazara Q2 FY27), with revenue rising 53% year-on-year to ₹803 crore and EBITDA increasing 93% to ₹120 crore for the quarter ended September 30, 2026.
The quarter marked a significant step in Nazara’s evolution into a global gaming platform, combining a portfolio of owned game intellectual properties across mobile, PC and console, and offline gaming with shared group capabilities in marketing, data, product and technology, alongside disciplined capital allocation.
Nazara Q2 FY27 was also the first quarter to include Bluetile and BestPlay, which were consolidated from August 1, 2026.
Nazara Q2 FY27 Revenue Hits Record INR 803 Crore
Nazara reported its highest-ever quarterly revenue of INR 803 crore in Nazara Q2 FY27, representing a 53% year-on-year increase. EBITDA grew 93% to INR 120 crore, while the EBITDA margin expanded by 311 basis points to 14.9%.
Profit after tax from continuing operations stood at INR 35 crore, compared with a loss of INR 34 crore in Q2 FY26.
For the first half of FY27, Nazara reported revenue of INR 1,232 crore, up 20% year-on-year, while EBITDA increased 52% to INR 166 crore.
Gaming Drives Nazara Q2 FY27 Performance
Gaming revenue grew 122% year-on-year to INR 656 crore in Nazara Q2 FY27, with an EBITDA margin of 21.5%. Gaming contributed 82% of consolidated revenue and effectively all EBITDA before corporate costs.
Within gaming, mobile revenue grew 167% to INR 550 crore.
PC and console gaming EBITDA increased 61%, while Curve’s EBITDA margin expanded to 38.9%. Offline gaming EBITDA increased 29% on flat revenue, with its margin rising to 26.2%.
The existing gaming portfolio also recorded organic growth of 11% in revenue and 17% in EBITDA during Nazara Q2 FY27.
Bluetile and BestPlay Add Scale
Nazara Q2 FY27 was the first quarter to include Bluetile and BestPlay following their consolidation from August 1, 2026.
During their first two months as part of Nazara, Bluetile and BestPlay generated revenue of INR 329 crore, up 49% compared with the same period last year. EBITDA increased 64% to INR 64 crore, while the EBITDA margin expanded to 19.4% from 17.5%.
According to the company, growth was driven by rapid product iteration, expansion into new markets, AI-automated user acquisition and cross-promotion across the portfolio.
Bluetile’s leadership team holds a 5.8% stake in Nazara, aligning its interests with those of the company’s shareholders.
Existing Gaming Portfolio Continues to Grow
Nazara Q2 FY27 also saw continued growth across its existing gaming businesses, supported by content development across its studios.
WildWorks reported a 41% increase in revenue and a 39% increase in EBITDA, supported by new Animal Jam content, including a Monster High-themed season.
Kiddopia revenue increased 21%, supported by a 5% rise in subscribers and an 8% increase in average revenue per user. The company is also reinvesting in user acquisition to accelerate further gains.
Fusebox launched Traitors and a new Big Brother season. Love Island: The Game ranked number one among free role-playing games on the US App Store in July.
Curve reported 27% revenue growth and 61% EBITDA growth.
The performance was driven by the launch of Sovereign Tower, which was rated “Overwhelmingly Positive” on Steam, the mobile debut of Wobbly Life, which ranked third in its genre on the App Store and Google Play, and continued momentum at Human Fall Flat.
Human Fall Flat has surpassed 60 million players in its 10th anniversary year.
Nazara Builds Shared Gaming Platform
As part of Nazara Q2 FY27, Bluetile’s core capabilities are now operating as group Centres of Excellence across Marketing, Data, Product and Technology, with each function led by a dedicated head.
AI is embedded across all four Centres of Excellence.
In a single month, the Marketing CoE produced more than 290 ad creatives for three studios. Nazara said a single AI-ready data stack now powers analytics across the group, while all studios share a common prioritisation and greenlight process.
Every new game and acquisition now plugs into the company’s existing systems and capabilities.
Raymond A. Stauffer, CEO, Nazara Technologies, said: “This quarter demonstrates the company we are building: a portfolio of high-quality games on a single, shared platform. Bluetile and BestPlay grew EBITDA 64% in their first two months as part of Nazara, while sustained investment in content delivered organic growth of 11% in revenue and 17% in EBITDA across our existing gaming studios. Of greater long-term significance is the platform we have built. Every studio now draws on group Centres of Excellence in marketing, data, product and technology, each underpinned by AI. Every game we launch and every studio we acquire benefits from proven capabilities from the outset, enabling us to scale faster and more profitably.”
Nazara Strengthens Leadership Team
Nazara also strengthened its leadership team during Nazara Q2 FY27, adding global gaming expertise while further strengthening its India team.
Mithun Sacheti, Founder of CaratLane, joined the company as Executive Director on October 12, 2026, subject to shareholder approval.
Arun Agarwal, former Global CFO of Ness Digital Engineering, joined Nazara as Chief Financial Officer on October 16, 2026.
Together, the leadership team brings global gaming, operating and financial expertise to scale Nazara’s platform.
