Nazara’s annual revenue rises 13% to $190m despite India’s Gaming Act and $95m impairment

Indian publisher Nazara has earned ₹18.3 billion ($189.7 million) in revenue during the 2026 fiscal year.

This marked a rise of 13% year-over-year, after the company made ₹16.2 billion ($168.6m) in revenue in FY2025.

The increase came despite falling revenue in the fourth quarter, when Nazara generated ₹3.9bn ($41.3m). This was down 24% Y/Y from ₹5.2bn ($54m) and was also down 2% from Q3’s ₹4bn ($42.1m).

For the year, Nazara’s gaming segment provided the bulk of its earnings, representing almost ₹10.7bn ($111.3m). Ad tech followed at ₹4.5bn ($47.2m), while esports contributed ₹3bn ($31.9m).

While Nazara’s annual revenue has continued to grow Y/Y, the rate of increase has slowed compared to FY2025. That year benefited from a shift to "high-margin" games segments, seeing growth of 43%.

Indian industry changes

Nazara’s profits were down despite the rising revenue, attributed to its investment in Moonshine Technologies shares. After the investment, the enactment of the Gaming Act in India banned real-money gaming and completely ceased Moonshine’s entire business. Nazara’s investment hasn’t paid off, therefore, resulting in an impairment loss of ₹9.1bn ($94.9m).

The Indian government elected to ban real-money games whether skills-based or chance-based, under the belief that many such titles have manipulative design features, addictive algorithms and can often lead to "financial ruin". Money laundering and financial fraud were also concerns.

"FY26 was a pivotal year for Nazara. We delivered our highest-ever EBITDA at ₹2.55bn ($26.5m), with EBITDA growing 66% year-on-year and Q4 EBITDA margins reaching 19.5%," said Nazara joint MD and CEO Nitish Mittersain.

"Nazara today operates at a materially different scale than it did 12 months ago. The scale, quality and earnings capacity of the platform have expanded significantly. Operating leverage is real, and it is compounding. The years ahead are about scaling this platform globally." 

During the last quarter, Nazara agreed to acquire a 50% controlling stake in Bluetile Games and its rewarded engagement arm BestPlay Systems.

Since then, Nazara has also raised over $50m to fund further acquisitions and to build AI-enabled gaming businesses designed for international markets.