NAZARA

What Nazara Technologies promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 5 delivered 2 missed 7 open
  • PokerBaazi Profitability missed said Q1 FY26 Promised: In FY27 we should [deliver profitability for PokerBaazi], but it depends on our market positioning at that point of time. Q1 FY27: The company confirmed a complete write-off of the remnant values related to the Moonshine (PokerBaazi) transaction, making the profitability promise for FY27 impossible to achieve.
  • Pro Forma EBITDA at risk said Q4 FY26 Promised: on a pro forma basis, if you combine these two, then obviously our EBITDA - at the least - would double. Q1 FY27: Pro-forma Q1 FY27 EBITDA (Nazara + Bluetile) was INR 101 cr. Annualized, this is INR 404 cr, below the target of doubling FY26's INR 255 cr EBITDA. Management attributes lower margins to a strategic increase in profitable user acquisition spend.
  • Profitability delivered said Q4 FY25 Promised: FY '26 is poised to be a year of acceleration with increased contribution from high-margin gaming business, expecting to further strengthen our profitability. Q4 FY26: FY26 EBITDA grew 66% YoY to INR 255 crores. EBITDA margin expanded to 13.9%. Gaming contribution to EBITDA increased from 56% to 90%.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 14 tracked commitments for Nazara Technologies — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens