Nazara’s FY25 revenue up 43% to $190m after pivot to "high margin" games segments
| Date | Type | Companies Involved | Key Datapoint |
|---|---|---|---|
| May 27, 2025 | report | Nazara | $190.1 million |
Indian games publisher Nazara generated ₹1.6 billion ($190.1 million) in revenue during its 2025 fiscal year, up 43% year-over-year after pivoting to "high-margin" games segments.
The company also ended the fiscal year with a record-high annual EBITDA of ₹1.53bn ($18m), with EBITDA margins up 20% in its core games business and more than 9% overall.
The results followed significant Y/Y growth in Q4 when revenue increased by 95% to ₹5.2bn ($61m) and EBITDA by 74% to ₹510m ($6m). Quarterly revenue declined slightly from Q3, however, when Nazara generated ₹5.3bn ($62.7m).
A year of acquisitions
Zoology-focused MMO Animal Jam and Nazara’s new subsidiary Fusebox Games were highlighted as particular drivers of growth in the final quarter of the year. Kiddopia also saw "improved unit economics".
Nazara stated that its margins "remained resilient" in spite of rising UA investments and new IP integrations.
On a consolidated financials basis, profit after tax from continuing operations fell by 30% Y/Y to ₹625m ($7.3m) for the full year. This can be partially attributed to increased expenses, which totalled ₹1.6bn ($19.1m) over the fiscal year compared to ₹1.1bn ($13m) in FY24.
The 2025 fiscal year saw Nazara acquire or take full ownership of multiple companies including Fusebox, Paper Boat Apps, Funky Monkeys, Smaaash and more. Nazara has also entered offline entertainment via the latter two acquisitions.
Making a "more globally relevant" platform
"FY25 has been a pivotal year in Nazara’s journey - marked by record profitability, deeper control across key businesses and the successful execution of our Nazara 3.0 strategy," said Nazara jt. managing director and CEO Nitish Mittersain.
"We strengthened our core by fully owning high-performing assets like Kiddopia and Sportskeeda, expanded globally through acquisitions such as Fusebox and Curve Games, and sharpened our focus on building a high-margin, IP-led gaming platform.
"As we enter FY26, we are poised for accelerated growth with increasing contributions from our core gaming portfolio. Our platform is now stronger and more globally relevant with a growing presence across North America and Europe, strategic global partnerships, and recognition among the world’s top gaming publishers."
Early into this new fiscal year, Nazara acquired UK outfit Curve Games from Catalis Group.
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