Nazara Technologies, which holds the largest stake in esports firm Nodwin Gaming, reported a sharp rise in its Q2FY26 (Quarter 2, Fiscal Year 2026) numbers. The company said overall activity across its mobile games, PC and console titles, and offline gaming centers remained steady through the quarter.
For the first half of FY26 (Fiscal Year 2026), Nazara reported INR 1,025.2 crore (about $116 million) in revenue, about 80 percent higher than the same period last year. EBITDA for the half year came in at INR 109.4 crore (around $12.4 million). According to the company, its core gaming business operated with a margin of 23.2 percent.
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In the second quarter alone, revenue reached INR 526.5 crore (roughly $59.5 million), up 65.1 percent year on year. EBITDA for the quarter rose to INR 62 crore (about $7 million). Nazara stated that this massive growth is linked to higher player retention, more LiveOps activity, and wider availability of its games across different platforms.
However, the quarter included two notable accounting changes. First, after India updated rules for online skill based real money gaming, Nazara reduced the value of its investment in Moonshine Technologies, the parent of PokerBaazi.
Second, its stake in Nodwin Gaming fell below the level required for subsidiary status, i.e., 50%. Nazara revalued its remaining stake, creating a one-time gain in the accounts. The company stated that both items are accounting adjustments and do not change operating cash flow.
Mobile gaming continued to contribute the most, helped by ongoing engagement in established titles like Love Island, Big Brother, Kiddopia, Animal Jam, and WCC. Its PC and console publishing arm remained stable, supported by long-running releases such as Human: Fall Flat and additional earnings from older titles. Offline brands Smaaash and Funky Monkeys also saw growth, which is driven by consistent footfall and standard operating playbooks across centers.
