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Key Conference Call Highlights

Financial Performance and Scale

* Record Revenue and Profitability: FY26 consolidated revenue reached INR 18,290 Mn (up 13% YoY), with EBITDA growing 66% YoY to INR 2550 Mn

* Margin Expansion: Consolidated EBITDAM expanded to 13.9% for the full year, reaching a peak of 19.5% in Q4FY26

* Strong Cash Generation: Cash flow from operations grew 81% YoY to INR 1,486 Mn

* Dominance of Gaming: The contribution of the gaming segment to total revenue increased significantly, from 56% in FY25 to 90% in FY26

Strategic Growth Pillars

* Center of Excellence (COE): The management emphasised the COE as the company's operating system, centralising user acquisition, data analytics, and product development across all IPs so as to drive efficiency and compounding growth

* AI Integration: AI is being aggressively implemented across the portfolio, from AI-native development at BlueTile to automated marketing operations and chat moderation in games, such as Animal Jam

* M&A and Portfolio Optimization: The acquisition of BlueTile and BestPlay significantly expanded Nazara's casual gaming scale. Management is also evaluating the monetization of non-core assets (such as sports media or adtech) to redeploy capital into higher-margin core gaming opportunities

Outlook

* Strong FY27E Growth Expectation: The management expressed high confidence in FY27E performance, expecting both, organic revenue growth and continued margin expansion, driven by the COE and AI initiatives

* Large Acquisitions in Pipeline: Having built strong M&A and integration capabilities, Nazara is now prepared to take step changes through potentially larger acquisitions to further scale up

* Monetising Non-Core Assets: Management is actively evaluating the potential monetisation or divestment of non-core businesses, such as Sportskeeda and the Ad-tech segment. The goal is to extract value and redeploy capital into high-growth and high-margin core gaming opportunities

Key Portfolio Progress Overview

* Kiddopia (13% of revenue) Kiddopia recorded a revenue of INR 499 Mn, up 4.6% QoQ and up 7.7% YoY in Q4FY26. The platform successfully returned to subscriber growth in the latter half of the year with improved unit economics and margin expansion

* Fusebox (19% of revenue) Fusebox posted a revenue of INR 775 Mn, up 37.6% QoQ and down 2.0% YoY in Q4FY26. Fusebox expanded its Love Island franchise, launched Big Brother and Big Boss titles, and strengthened its content calendar so as to reduce volatility. Management expects new IPs, including The Traitors, to scale up meaningfully and support sustained growth in the next 2 years

* Ad Tech (22% of revenue) The segment recorded revenue of INR 871 Mn, recording a de-growth of 24.7% QoQ and 41.1% YoY in Q4FY26. Revenue decline reflected an intentional shift away from low-margin services towards higher-margin tech verticals, improving profitability and supporting a bullish FY27 outlook driven by AI-led expansion and potential monetization of non-core assets so as to fund highergrowth gaming opportunities

* Nodwin (Reported as an Associate) Nodwin recorded a revenue of INR 1,280 Mn, down 51.0% QoQ and 15.7% YoY in Q4FY26. This segment is preparing for an independent IPO and aims to raise approximately USD 100 Mn to fund its global expansion, particularly in the global south. The outlook includes 5-10% organic growth driven by a dual focus on grassroots content discovery and high-margin live events such as, music and esports festivals.

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