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Nazara Q3 FY26 EBITDA Jumps 29.4% to ₹67.8 Cr; Margins Expand to 16.7%
Nazara Technologies reported a strong Q3 FY26 with EBITDA rising 29.4% YoY to INR 67.8 crore, despite a 24.1% revenue decline to INR 406 crore caused by the deconsolidation of NODWIN Esports. The company successfully pivoted toward higher-margin IP-based gaming, leading to a significant margin expansion to 16.7%. For the 9M FY26 period, revenue grew 29.7% to INR 1,431.2 crore while EBITDA surged 73% to INR 177.2 crore. Management highlighted a turnaround in Kiddopia's subscriber growth and robust performance in the offline gaming segment which maintained a 36% EBITDA margin.
Key Highlights
Q3 FY26 EBITDA grew 29.4% YoY to INR 67.8 crore with margins expanding to 16.7% from refocus on IP gaming.
Core Gaming segment revenue rose 66% YoY to INR 257 crore with a healthy 25% EBITDA margin.
Kiddopia resumed subscriber growth with ARPU increasing to $7.45 and CAC improving to $35.8.
Offline gaming (Smaaash and Funky Monkey) reported a strong 36% EBITDA margin for the quarter.
9M FY26 EBITDA increased 73% YoY to INR 177.2 crore, reflecting improved operational efficiencies across segments.
💼 Action for Investors
Investors should view the margin expansion and Kiddopia's recovery as positive signs of operational maturity. The shift from low-margin services to high-margin IP ownership justifies the current valuation and suggests long-term profitability.
Nazara Q3FY26: EBITDA Jumps 29.4% to ₹67.8 Cr; Margins Expand to 16.7%
Nazara Technologies reported a strong 9MFY26 with revenue growing 29.7% YoY to ₹1,431.2 crore and EBITDA surging 73% to ₹177.2 crore. While Q3FY26 revenue fell 24.1% to ₹406 crore due to the deconsolidation of Nodwin Gaming, EBITDA margins significantly improved to 16.7% from 9.8% a year ago. The company successfully resumed subscriber growth in Kiddopia through its 'Centres of Excellence' (COE) model and saw strong performance in its new PC/Console publishing segment. However, associate company Nodwin faced a significant ₹384 crore impairment related to its subsidiary Freaks 4U Gaming.
Key Highlights
9MFY26 EBITDA grew 73% YoY to ₹177.2 Cr with margins expanding to 12.4% from 9.3%.
Q3FY26 EBITDA margins reached 16.7%, driven by operational efficiencies and the COE model.
Kiddopia subscriber growth resumed in Q3FY26, reaching 221,458 users after several quarters of decline.
PC & Console segment delivered ₹186.2 Cr revenue and ₹67.2 Cr EBITDA in 9MFY26 with high margins.
Associate company Nodwin Gaming recognized a ₹384 Cr impairment for its subsidiary Freaks 4U Gaming.
💼 Action for Investors
Investors should focus on the significant margin expansion and the successful turnaround of Kiddopia's subscriber base. The shift towards high-margin segments like PC/Console publishing and the efficiency of the COE model are positive indicators for long-term value compounding.
Nazara Q3FY26 EBITDA Rises 29.4% to INR 68 Cr; Margins Expand to 16.7%
Nazara Technologies reported a robust Q3FY26 with EBITDA growing 29.4% YoY to INR 67.8 crores and margins expanding to 16.7%. For the nine-month period (9MFY26), revenue surged 29.7% to INR 1,431.2 crores, while EBITDA jumped 73% YoY to INR 177.2 crores. The company witnessed a turnaround in Kiddopia subscriber growth and strong operational performance from its associate, NODWIN Gaming. Furthermore, the board approved strategic investments in nCore Games and a capital infusion of INR 15 crores into Rusk Media.
Key Highlights
Q3FY26 EBITDA grew 29.4% YoY to INR 67.8 crores with margins at 16.7%.
9MFY26 revenue reached INR 1,431.2 crores, a 29.7% YoY increase.
9MFY26 EBITDA surged 73% YoY to INR 177.2 crores, reflecting strong operational leverage.
Kiddopia resumed subscriber growth following optimized user acquisition and data analytics strategies.
Board approved a primary capital infusion of up to INR 15 crores into Rusk Media.
💼 Action for Investors
Investors should note the significant margin expansion and the recovery in the Kiddopia segment as key positive indicators. The company's continued focus on strategic acquisitions and IP expansion suggests a strong growth trajectory in the global gaming market.
Nazara Approves New Investments; Reports Massive ₹914.7 Cr Impairment & GST Legal Risks
Nazara Technologies approved its Q3 FY26 results alongside new strategic investments in Rusk Media (₹15 Crores) and nCore Games ($500,000). However, the report is overshadowed by a massive impairment loss of ₹914.70 Crores related to an associate company affected by the 'Promotion and Regulation of Online Gaming Act, 2025'. Furthermore, the auditor highlighted astronomical GST Show Cause Notices totaling over ₹11,800 Crores across various subsidiaries and associates. While expansion continues, these regulatory and legal hurdles pose significant risks to the company's valuation.
Key Highlights
Approved ₹15 Crore investment in Rusk Media Private Limited via Pre Series C CCPS.
Authorized USD 500,000 investment in nCore Games, Inc. through a Convertible Promissory Note.
Recognized a massive impairment loss of ₹91,470 lakhs (₹914.7 Cr) due to new online gaming regulations.
Disclosed multiple GST Show Cause Notices totaling over ₹11,800 Crores across group entities.
Reported a share of net loss from associates amounting to ₹5,742 lakhs for the nine-month period.
💼 Action for Investors
Investors should exercise extreme caution as the massive impairment and astronomical GST claims create significant uncertainty. Monitor the company's legal defense strategy and the impact of the 2025 Gaming Act on future revenue streams.
Nazara Technologies Completes 5.23% Stake Acquisition in Rusk Media for ₹27.15 Crore
Nazara Technologies has finalized the acquisition of 4,276 Series A Compulsorily Convertible Preference Shares (CCPS) of Rusk Media Private Limited for a cash consideration of ₹27.15 crore. This stake, representing 5.23% on a fully diluted basis, was acquired from Nazara's associate company, Nodwin Gaming. Following this transaction, Nazara's direct holding in Rusk Media has increased to 7.18%. This move reflects the company's strategy to consolidate its presence in the digital content and gaming ecosystem.
Key Highlights
Paid full cash consideration of INR 27,14,91,792 (₹27.15 Cr) for the acquisition.
Acquired 4,276 Series A CCPS, representing 5.23% of Rusk Media on a fully diluted basis.
Total shareholding in Rusk Media increased from approximately 1.95% to 7.18%.
The transaction was completed pursuant to a Share Purchase Agreement with associate company Nodwin Gaming.
The acquisition was finalized on January 30, 2026, following previous disclosures in late 2025.
💼 Action for Investors
Investors should note this as a strategic consolidation of Nazara's portfolio companies to gain more direct control over content assets. Watch for further synergies between Rusk Media's content and Nazara's gaming platforms.
Nazara Shareholders Approve Employee Stock Option Scheme 2025 with 91.88% Majority
Nazara Technologies has successfully passed a special resolution to implement the 'Nazara Technologies Employee Stock Option Scheme 2025'. The resolution received 91.88% approval from the total votes cast during the postal ballot process which concluded on January 15, 2026. While promoters and retail investors were nearly unanimous in their support, public institutional investors showed notable resistance with 31.85% of their votes cast against the scheme. This approval allows the company to proceed with its long-term incentive plan for employees.
Key Highlights
Special resolution for the new ESOP Scheme 2025 passed with 17.18 crore votes in favour (91.88%).
Total voter turnout represented 50.48% of the company's outstanding share capital.
Public institutional investors cast 1.52 crore votes (31.85% of their segment) against the resolution.
Promoter group voted 100% in favour, contributing 12.81 crore votes to the total.
The resolution was passed as a Special Resolution, requiring at least 75% majority.
💼 Action for Investors
Investors should monitor the specific grant sizes and vesting schedules of the new ESOP scheme to evaluate potential future equity dilution. The significant institutional dissent (31.85%) warrants a closer look at the scheme's pricing and performance criteria.
Nazara Technologies Increases Stake in Next Wave Multimedia to 87.44% for INR 2.5 Crore
Nazara Technologies has acquired an additional 4.19% stake in its subsidiary, Next Wave Multimedia Private Limited, for a consideration of INR 2.50 crore. This acquisition involved the purchase of 1,396 equity shares from the founding shareholders as per a prior Share Purchase Agreement. Following this transaction, Nazara's total shareholding in the subsidiary has increased from 83.25% to 87.44%. This move represents a further consolidation of ownership in one of its key gaming assets.
Key Highlights
Acquired 1,396 equity shares representing a 4.19% stake in Next Wave Multimedia.
Total cash consideration paid for the additional stake is INR 2,50,02,985.
Nazara's total equity holding in the subsidiary increased from 83.25% to 87.44%.
The transaction was executed pursuant to a Share Purchase Agreement dated May 24, 2024.
Shares were acquired from the founding promoters Mr. P.R Rajendran, Ms. R Kalpana, and Ms. P.R Jayashree.
💼 Action for Investors
Investors should view this as a positive consolidation of a core subsidiary, though the small transaction size means it is unlikely to have a major immediate impact on the stock price. No immediate action is required other than monitoring the performance of the Next Wave subsidiary.
Nazara Technologies to Issue 18.52 Lakh Shares Under New ESOP 2025 Scheme
Nazara Technologies has issued a postal ballot notice seeking shareholder approval for its 'Employee Stock Option Scheme 2025' (ESOP 2025). The scheme proposes the grant of up to 18,52,325 equity shares of face value ₹2 each to eligible employees and directors. The remote e-voting period is set from December 17, 2025, to January 15, 2026, with the cut-off date for eligibility fixed as December 12, 2025. This move is intended to align employee interests with shareholder value and improve talent retention.
Key Highlights
Proposed ESOP 2025 scheme covers a maximum of 18,52,325 equity shares of ₹2 each.
One option under the scheme converts into one fully paid-up equity share upon exercise.
Promoters, promoter group members, and independent directors are excluded from the scheme.
E-voting period starts on December 17, 2025, and ends on January 15, 2026.
The results of the postal ballot will be announced within two working days of the voting deadline.
💼 Action for Investors
Investors should note the potential minor equity dilution and may participate in the e-voting process if they held shares as of the December 12, 2025 cut-off date.