Thank you, Swapnali. Good morning, everyone.

A very warm welcome to all of you on behalf of Ambit Capital. We are proud to host the 4Q FY26 and FY26 post-results conference call of Nazara Technologies Limited.

I would like to take this opportunity and welcome the senior management team of the company joining us on the call today. Connected on this call are participants from Nazara including Nitish, Mr.

Nitish Mittersain, Joint MD and CEO, Nazara Technologies Limited; Mr. Rohit Sharma, Executive Director; Mr.

Rakesh Shah, CFO; Ms. Anupriya Sinha Das, Head of Corporate Development, Nazara Technologies; Mr.

Shreyas Meenan, Head, Offline Gaming; Mr. Terry Lee, CEO, Fusebox Games; Mr.

Stuart Dinsey, CEO, Curve Games; Mr. Raymond Stauffer, CEO and Founder, Blue Tile Games; Mr.

Manish Gaurav, Head of Business, Kiddopia; Mr. Jeff Amis, Co-founder and CEO, WildWorks; Mr.

Mayank Kumar, Director, Operations, Absolute Sports Private Limited; Mr. Akshat Rathee, Founder, NODWIN Gaming Private Limited; Mr.

Senthil Govindan, CEO, Datawrkz Business Solutions Private Limited; and Mr. Chris Jones, CEO, Space & Time.

I would like to now call upon Mr. Nitish for his opening comments.

Thank you.

Hi, good morning, everyone, and thank you for joining us this morning. FY26 was a pivotal year for Nazara.

Revenue reached INR 1829 crores, and EBITDA grew 66% to INR 255 crores, our highest ever, with Q4 EBITDA margins reaching 19.5%, almost doubling on a year-on-year basis. Importantly, cash generation also strengthened significantly with pre-tax operating cash flow growing 81% year on year to INR 213 crores.

More importantly, the shape of Nazara has fundamentally changed in FY26. Gaming contribution to EBITDA increased from 56% in FY25 to 90% in FY26 as we sharpened our focus on building a high-margin, globally diversified gaming platform across mobile, PC, and console and offline gaming.

FY26 also included our largest acquisition to date of Blue Tile and Bestplay, which significantly expands our casual gaming scale while adding AI-native development capabilities and a rewarded engagement network to our platform. At the same time, our existing gaming businesses and IPs continue to strengthen.

Kiddopia has returned to subscriber growth. We saw growth in Q3 and now again in Q4.

Animal Jam has expanded its margins. Fusebox has scaled its narrative engines across multiple IPs such as Big Brother, Bigg Boss, Traitors, and our PC and console game Human Fall Flat crossed 58 million lifetime units globally.

The operating system behind all of this is our Center of Excellence playbook, which we have actively strengthened over the last 12 to 18 months across user acquisition, data analytics, artificial intelligence, growth, and product. Every gaming IP we own and increasingly every IP we acquire plugs into the same system.

Going into FY27, Nazara is at a materially different scale than it was 12 months ago. The quality and earnings capacity of the platform have also expanded significantly, and we will continue to accelerate growth both in revenues and EBITDA in FY27.

I do believe our operating leverage is real and it is now starting to compound. With that, I will hand over to Anupriya to discuss segmental performance before we enter a Q&A session.

Thank you very much, and over to you, Anupriya.

Thank you, Nitish. Good morning, everyone.

At the consolidated level, as Nitish mentioned, Nazara delivered FY26 revenue of INR 1829 crores, up 13% year on year, and EBITDA of INR 255 crores, up 66% year on year, with our EBITDA margin expanding to 13.9%. In Q4 FY26, the company reported revenue of INR 398 crores and EBITDA of INR 78 crores with EBITDA margin reaching 19.5%.

Within this, our gaming business delivered particularly strong growth and profitability with FY26 revenue growing 107% year on year to INR 1072 crores and EBITDA growing 157% to INR 265 crores, resulting in an EBITDA margin of 24.7%. In Q4 FY26, gaming revenue grew 78% year on year to INR 278 crores, while EBITDA grew 127% to INR 76 crores.

Within mobile gaming, revenue grew 38% year on year to INR 713 crores, with EBITDA growing 33% to INR 137 crores. Performance was driven by stronger execution across LiveOps, user acquisition, and data analytics through our COE-led operating models.

Kiddopia had returned to subscriber growth in the previous quarter and has sustained that journey with improving unit economics, while Animal Jam delivered meaningful margin expansion during the year. Our narrative games also continue to grow with multiple reality TV IPs getting launched in FY26 with additional launches planned in FY27.

During the quarter, we also completed the acquisition of Blue Tile and Bestplay, which has significantly expanded our casual gaming scale and AI-native capabilities. This business will be consolidated from FY27 onwards, pending some regulatory approval.

PC and console publishing business continued to deliver strong profitability with FY26 revenue of INR 261 crores and EBITDA of INR 101 crores at 39% EBITDA margins. Human Fall Flat crossed 58 million lifetime units globally while our broader publishing portfolio continued to demonstrate durable monetization and growing platform reach.

Our offline gaming businesses with Smaaash and Panki Manki also delivered profitability during FY26, with revenues of INR 99 crores and EBITDA of INR 27 crores. We continue expanding the Funky Monkey footprint during the year and progressing towards the launch of the reimagined Smaaash 2.1 2.0 format.

Within our other businesses, Adtech delivered strong growth and profitability, with both revenue and EBITDA growing 32% year on year. Sportskeeda remained profitable despite a softer traffic environment following Google core updates, supported by continued cost discipline and improving performance across newer properties.

NODWIN, our associate company, also delivered a significant EBITDA turnaround during FY26, moving from a loss of INR 14 crores in FY25 to a profit of INR 21 crores in FY26, while continuing to scale its youth media and live events platform globally. With this, I conclude my remarks, and we'll now open the call for Q&A.

Yeah. Thanks for the opportunity and congratulations on the margin performance.

I have two bookkeeping questions to begin with. First is on the other income bit, which was at about 51 crores in this quarter, and apparently it appears to be materially higher.

Was there any one-off in this quarter? I just thought of checking because there is no disclosure in the footnote.

That is one. Secondly, if I look at our share of losses from associates, I think in this quarter that figure was 31 crores, and I believe after the deconsolidation of NODWIN, we will own about 46% to 47% stake in the company.

Is it safe to assume that the overall losses for NODWIN in the quarter were at about 65, 66 crores? I just wanted to cross-verify this thing because NODWIN reported an EBITDA of 4 crores in this quarter, which implies that the amortization figure is very high in the business.

If you can just clarify on these two things.

Sure, hi, Jinesh. This is Nitish.

Let me take both these questions. The other income predominantly is driven by one is gain of 31 crores on our investment in Rusk Media.

The holding that we had in Rusk Media was revised upwards basis a new round of investment that they have raised. That contributed 31 crores, and the balance was a mix of things including some currency gains, etc., on restatement of loans to our Nazara UK.

That largely forms the other income, including some mutual fund gains, etc. In terms of the NODWIN question on the losses from associates, these are contributed by one, some losses from Moonshine, which is continuing to find a way to recover some of its business in a pro-law-compliant manner.

Largely, it came from NODWIN, which wrote off some goodwill it was carrying of 50 crores relating to an acquisition of OML assets done 3, 4 years back, predominantly coming from NH7 Weekender, which has not delivered the cash flows that were projected at the time the goodwill was established. NODWIN took a conservative view and wrote it off, although NH7 Weekender as an IP is bouncing back pretty well.

I think that's largely what is driving. At an operational level, NODWIN has been EBITDA-profitable this year and also in this quarter.

Got that. 50 crores is the number that you mentioned, right?

The goodwill write-off.

Yeah.

Perfect. Sir, secondly on the PC and console gaming bit, in the presentation, we have mentioned that we launch new IPs like Rugen Shelter, Waxheads, etc.

If you can just give what is the timeline for the launch. Also if I compare the full-year revenue of 261 crores with the previous year, there's hardly any growth.

What are the plans to kind of boost the organic traffic over here if you can share some thoughts on that?

Sure. What I will do is I will call in Stuart, who is the CEO of Curve, who is dialing in from London, and also ask Rohit Sharma, our ED, who's driving a lot of our PC and console business to also have add-on comments.

Stuart, you can go in first and just give a little overview of your upcoming titles, timing, and then, Rohit, you can have your comments.

Yes, thank you, Nitish. In answer to that question, since acquisition there has been a period of transition.

We've completed that in a way that hasn't distracted the business. We're very happy with that.

We have begun investing in new games to deliver long-term growth. We expect to launch at least six new releases in this current year, maybe a couple more.

The games that you mentioned, they will start. Waxheads actually released last week.

Other releases in the summer will include Sovereign Tower and Dragon Shelter. We believe that the release of these games will bring long-term growth for the company, and we will continue to look at retaining a high margin from our low-cost base where we can, whilst increasing our development spend to build that pipeline.

This is Rohit here. Just to add to your second question.

Previously before Nazara acquired Curve Games, under the previous parent, Curve Games for the last 2 years has not been signing a lot of games. Therefore, you see that kind of growth.

The good part is that our existing IPs like Human Fall Flat and Wobbly Life have still given us the growth this year. As Stuart mentioned, now we have already gone on a very fast speed of signing new titles, which would be launching in this financial year and subsequent financial years, and that's where we will see the growth as we go on.

Understood. One last question on Sportskeeda.

I think the revenue declined by about 38% in FY26 while the EBITDA margin has also come off quite a bit to about 12%. I understand this has been because of the Google core issue that you have highlighted in the past calls.

I believe it has been four quarters since you are trying to get over this problem with limited success. Just wanted to understand, is it really possible to mitigate this challenge or should we build in a materially lower EBITDA margin of about 12% to 15% in this business going ahead and how to think of growth from here on?

That is my last question.

Jinesh, unfortunately I couldn't hear it clearly. Can you quickly repeat it?

The problem in Sportskeeda, I think the revenue decline and the margin problem that we have been seeing,

yeah,

on that.

Sure. No, I think we yet not seen the kind of recovery we want to see over there.

We continue to do many things to try and achieve that. Although some of our existing other IPs outside of Sportskeeda like Pro Football Network and PrimeTime are showing very good positive signs and good numbers.

I think at this point of time, we continue to optimize costs. We continue to do that.

We actually expect margins to increase in FY27 on potentially a smaller base. I can also have Mayank come in here.

Mayank is leading Sportskeeda and share his thoughts.

Hi. Like Nitish said, the focus on this year was more to drive or retain the EBITDA than grow in revenue or recovering the revenue loss that we had seen in the last year.

That focus will continue growing into the next year as well as we plan to mitigate our expenses and then also accordingly increase our EBITDA in the next year.

Perfect. Thank you.

Thank you so much, and all the best.

Yeah. Nitish, how do you rate your preparedness as an organization including your Center of Excellence to now serve multiple gaming growth engines across segments including publishing, and of course, new technologies?

Of course, these are all in addition to the existing ones that you have like Love Island, Kiddopia, etc. That is my first question.

The second question is on NODWIN. Could you discuss the IPO timelines there and what is the plan you have for NODWIN?

Will NODWIN be raising cash? Will you also be looking to monetize some of your shareholding?

I'll stop with these and then ask follow-ups when it's needed. Thank you.

Yeah. I think for your first question, the centers of excellence that we've invested in and built over the last 18 months and accelerated in FY26, I think are really becoming center stage to support the expanding portfolio of IPs, teams, and technologies.

Most of these centers of excellence are led by very senior people with a lot of in-depth experience at scale, I would say. I think we are feeling very confident that we've put in these efforts over the last 12 to 18 months and they will actually start showing real results in FY27.

I would say Kiddopia is one good example of being benefited from these initiatives, which we've seen in Q3 and Q4. This will play out more actively across the portfolio in FY27.

AI, of course, is a very big theme for us, not a narrative, but a very important aspect of what we are doing today. Across the studios that we operate, across the different functions of gaming, whether it's the development process, how we do user acquisition, how we analyze data, how we engage with the user, right, we're seeing a lot of uptake.

We're also very excited about Blue Tile's AI capabilities, and maybe I can get Raymond just to interject 2 minutes how Blue Tile is leveraging AI, because some of that we hope to adopt in FY27 in many of our other studios. Raymond, do you just want to give a quick spit update on that?

Sure. In our case and especially after the ongoing integration, we're able to really scale our operations due to applying AI to each individual department that we have across all the different functions and processes.

For marketing, creative marketing to marketing operations, product development, technical development, ad monetization, data segmentation, we're starting to apply AI in different capacities, both through LLMs, but also through different complex algorithms such as reinforcement learning and other types of AI. As Nitish mentioned, a lot of these capabilities are also being developed and leveraged from the centers of excellence.

The interaction between them and our specific team has been really fruitful. We've seen the capacity the team has now with these tools increased exponentially.

Just moving on to the second question, I think from a Nazara perspective, we will look at potentially monetizing non-core businesses for us. This could be NODWIN, it could be Sportskeeda, it could be the Adtech business in due course.

We are not in any hurry, but we definitely see the potential to unlock value and redeploy in our core gaming business. We'll continue to evaluate opportunities as and when they come or get created.

With specific NODWIN IPO-related questions, Akshat can come in and give an update. Akshat, over to you.

Hi, can you hear me? Just a sound check.

Yeah. We can.

Perfect. No, thank you so much for the time, and I appreciate the question.

Look, NODWIN has been trained extremely well as a deemed listed company under Nazara for the last 5 years of our life, right? Ever since Nazara acquired us, we've been in training.

I think there is no better gift that a parent company can go ahead and give to a company like ours to go ahead and take us through everything from compliance to regulatory to go ahead and having the discipline to go ahead and have a closing our books every quarter and then going with guidances that we can go ahead and live up. NODWIN itself has had a very good year despite the freaks hiccup that we had.

We've been able to go ahead and do many more integrations and natural growths, been sitting at between 25% and 35% of the whole business itself. Positioning as a live youth media company, because gaming remains in the core heart of what we do, has allowed us to have very meaningful conversations.

NODWIN is looking both to raise funds between $100 to $200 million independently, and there will be a mixture of primary and secondaries, and then also prepare for an IPO as soon as possible. I say as soon as possible is let's do it right.

I don't think we get multiple chances to go ahead and do this. With the conversations I have with all of you in the analyst community and obviously our bankers, we've had very good outcomes to some of our conversations.

We remain in line to go ahead and go public independently with the blessings of Nazara as soon as the timing and the business is right.

Okay. Thank you, Akshat.

Thank you. Thank you very much for the comments.

Nitish, on Blue Tile specifically, I have a follow-up. Just to understand the segment that it is operating in.

You've mentioned it's casual social mobile games,

and

my understanding is that this business is designed mostly for global audiences, right? If you can help us understand the TAM that this business operates in and the kind of scalability that say some of the peers of Blue Tile globally have achieved, I think that will help investors understand how to think about Blue Tile, let's say, 3 years hence.

Sure. I think Raymond is best suited to answer that.

Raymond, over to you.

Sure. We're operating in several gaming verticals, but predominantly in the casual space, concretely in the casual evergreen space, which are traditional games that everybody knows.

They have a very large global exposure such as Solitaire, word search, word puzzles, other kinds of board games, and other puzzle games. That will be the casual evergreen category.

In that category, we can see other competitors such as Tripledot, which has been valued at over a billion. We also have Easybrain, which was acquired by Miniclip from the Embracer Group by a billion dollars.

There's quite a few competitors with quite a large volume. The other space that we are actively developing games in is the hybrid casual vertical.

These games are essentially a mix between the traditional hyper-casual games that have been casualized per se. Essentially introducing launcher mechanics, social mechanics, and allowing users to play these games for a very long time, increasing long cohort retention.

These games will have other competitors such as a competitor has just sold to Scopely a stake in their company, a company called Loom Games from Turkey, for over 500 million. Essentially the market is extremely big and very profitable, and it expands into pretty much any geography in the world.

Okay. That's great.

I have one follow-up for Akshat. Akshat, thank you for your comments on how you're thinking about the fundraising.

Now, as far as NODWIN goes, again, like we see the rest of Nazara pivoting more to global markets given the monetization constraints in India, is that also something that you are now mulling? What will you ideally use the funds for in terms of expanding, either through new events or is it going to be mostly international?

It's a very deep question, and thank you again for this. You've literally asked me the two [laughter?]

growth levers of NODWIN. NODWIN is complex, but very simple.

We have two lines of our business. We consider them the live part of the business and the content part of the business.

The content part of the business, think of it is very grassroots. It allows people to discover their entertainment passions, young people to go ahead and discover their entertainment passions.

Across the world, their entertainment passions are multitude. They can be games, they can be music, they can be pop culture, cosplay.

They can be space festivals. It's okay.

We don't judge. It can be reality television that we do with Rusk, with Playground, with our IPs.

That's fine. That's our influencer line-ups, right?

That's the content play. In the age of AI, we believe this will go ahead and increase both in volume, and value in this would be organic growths of between 5% and 10% because monetization still will catch up over a long time.

This is the discovery engine for NODWIN. It's profitable, and will subsume both live and IPs.

On the other side, we have the live business. The live business is the manifestation of superfandom for the things that people love.

If you love an influencer, this is where you come and meet the influencer at a YouTube Fanfest or a Comic-Con kind of an event. This is the place where you go ahead and come for a music festival.

This is the place where you come for an esports tournament where you go ahead and meet the biggest players in the world and in the country to go ahead and do this. We believe both of them juxtapose against each other, one being the discovery and the other goes and gives you the superfandom.

Superfandom obviously is much more profitable as such, and again subsumes both white label and IPs. The second part of the question is the growth path.

NODWIN runs on three vectors. The first vector that NODWIN was going and doing an expansion is something called the Global South.

It's a geographical play where we believe we are the youth media company for the world. For the world, we want to be focusing specifically on the Global South.

The Global South being everything from Philippines to Mexico, the line of which is the Tropic of Capricorn, and all those countries that are very large in size and material would be part of the play where we want to be. I think we're nearly there in completing the global belt around the south.

We have empty spaces right now in Southeast Asia and Latin America, and those are the ones we keep on exploring on. The other question on where do we do this, we also have the X, Y, Z.

The X is geography, Y is IPs, and Z is ways to monetize for people. We look at everything from merchandising being one way to monetize, but also new payment methods that might be really relevant in another country.

We build and acquire around youth media touch points and engagement across geographies, across IPs, and across monetization methods. That's our investment thesis for expansion.

We believe we will always be an India company first because India remains one of the most robust places where not only the core engine runs, on the contrary for us through pro-law, the law and the live entertainment exploding in India, I think India is going to remain one of our and 50% core market.

Thank you, Akshat and Nitish. Those answers were very comprehensive.

Thanks a lot. Swapnali, you may take the next participant's question.

Hi, team. Thanks for the opportunity.

I have two, three questions. First is on how do you think overall the Nazara's growth or margin profile will look like in FY27 post the Blue Tile consolidation?

You also mentioned that you plan to divest the non-core gaming segment. Do you have any timeline in mind by when you want to divest esports or Adtech?

The last question is on Adtech that there was a sequential decline in Adtech. Any reason for that growth slowdown?

How does the seasonality work for this segment? Those are my questions.

Sure. Let me take the first one, which is growth in FY27.

I think Nazara's existing businesses we expect to drive organic growth and expansion of margins due to two things. One is output or outcome of the centers of excellence activity that we've been doing in FY26.

Second is stronger, faster implementation of AI and how that plays out for us. While I don't have specific guidelines, I think these two make us feel very positive that we will be able to deliver both an organic growth and margin expansion from this point onwards as well.

If you look at Blue Tile, their CY25 numbers, calendar year 25 numbers was around 1450 crores INR revenue and 254 crores of EBITDA. The EBITDA profile for CY25 for Blue Tile was similar to what Nazara is reporting for FY26.

On a pro forma basis, if you combine these two, then obviously our EBITDA at the least should double. Then you can add organic growth for both businesses on top of it.

We don't have a specific guidance at this point of time, but very bullish on overall very strong performance on financials in FY27. In terms of divestment of non-core, like I said, we will continue to evaluate opportunities.

We are not in a rush, but we do see the opportunity to extract value and monetize and redeploy in core gaming, which kind of is much more synergistic with our core business and our stated goal. Also, it will help us drive higher margins going forward.

I would imagine that we will try and have some actions happen in FY27 and FY28 to achieve this goal. On the Adtech side, maybe Rohit can set the context and then Senthil and Chris can chime in on what's happening on the Adtech business.

Rohit, to you.

Thanks, thanks, Nitish. I think on your question on Adtech, I think we have and Senthil and Chris can add more.

We have consciously and that's that's why there's a bit of a decline. We have consciously taken a call to focus on our tech-driven DSP business, which is Vizibl, where we see more growth coming.

Some of the traditional Adtech businesses, which are anyways declining globally, we have we are kind of reducing our focus from there, which were earlier contributing to some numbers for us. In fact, even Senthil who's has now moved to UK, UK and US are our key markets.

Tech product for Adtech is our key focus area, and I think that is why because of that shift of focus and not going behind scalable revenues is where you have seen some bit of a decline. Senthil, over to you if you want to add on to this.

Thanks, Rohit. Just to continue from where Rohit left off, as he said Sorry, as he said that sorry, can I be can everyone hear me?

Yeah. All right, just making sure.

As Rohit was saying, we are focusing a lot more on a product-driven part of the business. We had relaunched our DSP Vizibl about 2 and 1/2 years ago, and we're seeing really high growth in that area.

What we're doing is reinvesting in that both from a sales and marketing standpoint. As Rohit mentioned, I myself have moved to the UK so that I can more closely oversee our growth in Europe and the US.

We're also rolling out additional products, which are again through the acquisition that Datawrkz in turn had made of Space & Time in the UK. There are requirements that they have for their client set, which we are now leveraging our product unit based out of Bangalore in order to build additional technology for their clients.

Through that, the expectation is that we'll also be able to expand these products to the broader market, right? All told, there is a temporary decline, but what we are seeing is that the pivot to a high-margin-led product-led growth business is clearly underway, and that shows a lot of positive signs for FY27.

Yeah.

Chris, do you just want to add to that on Space & Time since it contributes a large amount to the revenues of Adtech? Do we have Chris on?

Yes. Hello, everyone.

Can you hear me okay?

Yeah.

Great. Yes, I would echo some of the points that were made by Senthil and Rohit there.

I think from a Space & Time specific point of view, looking at Q4 specifically, we saw a decline in overall revenue, but this was anticipated earlier in the year. In the full-year picture, we finished slightly ahead of where we were expecting to be in the AOP, and we'd expected this reduction in the final quarter for a number of reasons.

The main impacts on it is really to do with the market conditions we face in the UK. We operate in a number of verticals, but one of the core verticals we operate in is the new homes market, and that's facing some very well-publicized challenges at the moment, and that's just having a knock-on effect in terms of their kind of discretionary marketing spend.

Fortunately, the business has a strategy to diversify our income into more product-led and tech-driven services, which is meaning that that impact isn't felt to the same degree at gross margin and in fact obviously in the full-year position, we outperformed EBITDA quite significantly. Our view on that variance is one of we're not overly concerned because the business is well positioned to capitalize on the changes that are going on in the market, and also that the nature of what we do is becoming more focused on capturing gross margin and sort of profitability from the revenue as opposed to the revenue itself.

It's kind of following a kind of very natural trend that's in the industry at the moment as ownership of advertising platforms moves in-house. We're not overly worried by the trend, and actually the full-year position for the agency was very, very positive, and we're optimistic and bullish about the following FY27 as well.

Okay. Thank you, Chris.

Thank you for the answers. Just one follow-up that so you think that this 4Q decline is temporary in nature, right?

It will bounce back to the normalized levels going ahead?

Rohit, you want to respond?

I think as both Chris and Senthil have mentioned that in case of Space & Time, there is a seasonality that is happening and the market is facing a bit of a challenge. I think again, Space & Time has built very strong tech and data and AI capability, which is mitigating that for them.

Similarly on Datawrkz's side, as Senthil mentioned, we are shifting our complete focus to product-driven, tech-driven businesses, especially in the Western markets. To answer your question, yes, I think as we go on, we'll be able to see growth.

Okay. Thank you.

Thank you for the answers.

Swapnali, can we take to the next question, please?

Hey, Nitish. On the portfolio that you have, appreciate the job you've done in simplifying it and focusing the company on gaming while identifying appropriate non-core businesses and divestment plans.

Just to double-click a bit more on this, we have seen that under the leadership of the founder of NODWIN, Akshat's leadership, and of course, looking at Nazara's own support that would have gone in scaling up the business, we've seen this business scale up to maybe $70 million in revenue, quite sizable, right? When I look at Nazara today, it seems like the portfolio has many assets, individually small, collectively meaningful.

That's how I look at it. Just to understand better the success that you had with NODWIN in terms of scalability and now profitability as well, how should one think about your overall portfolio let's say if one is taking a 3 to 5-year view today?

What could be the one thing or two things that can be very big in size and also can gather investor interest in their own right just like NODWIN?

Yeah. Sure, no, I get your question.

I think our focus one has always been to build businesses profitably. While NODWIN is one example that you spoke of, if you see our history over the last few years as we have invested and acquired companies, Kiddopia was acquired with a 15 crore revenue run rate.

In 2, 3 years, we took it to 200 crores plus. When we acquired Sportskeeda, it was a 15 crores revenue company, which delivered 80 crores of EBITDA last year before taking a hit in FY25 before taking a hit in FY26.

I think our focus has always been that how do we acquire businesses where we can add value or grow the business after acquiring it. Another example is Fusebox Games in the UK, which has story-based games on popular TV shows, and they were doing very successfully one game, Love Island.

After acquisition, we work closely with the team to expand that to now four titles, and we will look at scaling. The second thought has always been is to have a diversified, profitable, cash flow generating business, because we've often seen that gaming businesses can get disrupted or become one-hit wonders, whereas our intent always was to, one, build a very resilient business.

Second, have multiple IPs that can be leveraged across platforms as these platforms and technologies change. I think we've very successfully established that.

I think the third aspect that you said is a portfolio of small studios or smaller games, which are combined become meaningful. I think it's a journey, right?

For us, we've slowly over the years built our M&A capabilities. In the last 18 months, we've built our synergies, centers of excellence that are going to drive synergies.

I think the value-add by the platform is only going to increase going forward, and is giving us confidence to take larger steps. If you see the most recent acquisition, which is Blue Tile, that in itself is as large as our combined business.

I think going forward, you will also see a step change in terms of how we look to scale up the overall Nazara business and platform through potentially larger acquisitions, as well as focus on larger margin expansion. We see multiple tailwinds on the margin expansion side.

A couple of them on the top of my head: one, of course, is AI and how we're leveraging AI to deliver more content to our existing user bases while maintaining the same cost side. I think that is definitely a large margin expansion.

The second is today the platforms like Google, etc. take 30% of the subscription or IAP fees.

Over a period of time, that is also coming down, and I think that will help lead in margin expansion. I think you should look at Nazara as a platform that will continue to grow profitably, generate cash, and the resilience is actually a, underrated asset for us, where we can really whenever there's disruption in the market, grow faster.

I hope that answers some of your questions. No,

I think, Nitish, that's a very very good point that you make that don't just look at it from the perspective of say a very big asset that you create, rather focus on some of the other levers, the portfolio diversification, and also the ability of the COEs to leverage on technologies like AI and also drive towards greater profitability. I think that's great.

Thank you so much.

Sure.

Hi. Am I audible?

Yeah.

Yeah. Just a few bookkeeping questions from my side.

The depreciation and amortization expense in Q4 was down by about 24%. Which were some of the sub-verticals that had witnessed this decline Q-on-Q?

Our total depreciation in this quarter was 45.5 crores. Anupriya, you want to take this?

Yeah. The total depreciation was around 45 crores and a large part of it is coming from Curve Games, which continues to build games across years which have life of multiple years.

The deconsolidation of NODWIN has also led to the sequential decline in the overall depreciation number that we report, because the depreciation from the NODWIN business is not getting consolidated in the books, and it's coming below EBITDA. That is the reason why you're seeing a sequential decline.

Okay. Second, on the Blue Tile, so as we have mentioned that we have completed the acquisition, some color on the consolidation timeline, even some approx would be great.

Yeah. It's still pending the Spanish FDI approval, which is in process, and we expect to close the transaction or the acquisition as soon as that comes in.

At this point of time, we're expecting it to come in in the next few weeks, I think 3, 4 weeks, and that's when the actual closing will happen. We expect to consolidate from Q1 of FY27.

Great. A few questions on the business if I may.

In Fusebox, in Q3 we had seen almost a 49% Q-on-Q decline due to seasonality and it bounced back well in Q4. My question is, can some of the newer IPs like Big Brother, Traitors which poised to launch in FY27, meaningfully smooth in the quarterly volatility?

I think there will always be some seasonality in these businesses, but I think we're very excited with what we're doing on those IPs. Why don't we get Terry, the CEO of Fusebox, to give us an update?

[unclear] on. I think as Nitish mentioned, there's always going to be some seasonality.

I think in regards to the other IPs that we have, Big Brother, Bigg Boss, Traitors, offsetting some of that seasonality, it will take potentially a couple of years for them to meaningfully make a chunk out of the season-

Terry, do you want to just give an update on where these new launches are on Big Brother or on Traitors?

Anupriya, you want to update?

Sure. That one is on the question of seasonality.

We have a seasonality in the business because that whenever there is a new TV show of the original Love Island IP seen, there is a good influx of installs or organically, etc. As Nitish mentioned, we launched two new games, Big Brother and Bigg Boss, in the last year, and we have a very extensive release road map in the coming year.

We are already live with another fresh seasons of Love Island and Big Brother, and we are looking to expand the Big Brother season from one season in the last 1 year to three seasons in this fiscal year, as well as we are looking to launch Traitors in the current fiscal year as well. This plus four seasons of sorry, three seasons of Love Island in FY27 will have a very well-rounded season calendar, which will see some amount of evening out of the earnings, but there will be seasonality, as Terry mentioned.

Sure. Just second one on Curve Games.

Curve Games had about 39% EBITDA margin in FY26. As we scale with some of the larger launches on Switch 2 console, can margins be sustained above 30%,

35%?

I do think they will sustain, especially as we're launching new IPs across many platforms. I can let Stuart dive a bit more deeper in it.

Thanks, Nitish. Yes.

Our margin target is always 50% on any game that we sign. Ultimately, we're a publisher, royalties payable to the developers can vary depending on the agreement and the risk.

As we invest in new games depending on the size of the investment, we would expect our margin to certainly be maintained on where we've been currently, which is actually comparatively high compared to the market.

Yeah. Thank you so much for answering those.

That's all from me.

thank you. Maybe what we'll do is we'll just take 2 minutes each on talking a bit about Kiddopia and Animal Jam, because both the CEOs are online and they haven't had a chance to speak.

Maybe Manish, if you can give a quick 2 minutes on what's happening on Kiddopia, that'll be useful.

Sure. Thanks, Nitish.

I hope I'm audible.

Yeah.

Yeah. We definitely seeing recovery in Kiddopia, and we feel very confident about it being sustainable.

It's driven by largely three, four growth levers. One is, the Center of Excellence has made our org much stronger and cleaner, and that has given us the growth that we needed in this particular business.

The second is the IP strategy. We integrated four IPs in the last one in the last 12 months, and that has seen significant improvement in the overall funnel, and that's really helped.

There has been a lot of focus in improving our, data visibility across the org, and that has made our decision-making and the overall we are much more informed and faster in decision-making, and that has really helped. Lastly, the paid efficiency has also improved, which has helped to improve the unit unit economics in the business.

All put together, we feel very confident about this business. In the coming financial year, we expect to launch few more apps as well in the adjacent category, which will continue to drive growth in this business, as well as more IP integrations, free traffic growth, and CRM will help us to monetize our traffic better.

Those are some of the things that will drive growth this year in the coming years.

Okay. Thank you, Manish.

Jeff, over to you. A quick update on Animal Jam and the new game you're launching.

Thanks, Nitish. This FY27 is an exciting year for us.

This in this upcoming quarter, we've got our first IP integration with Mattel into Animal Jam through their Monster High property, and it's was successful in April, and we look for quarterly updates that are going on over the next six quarters. We've been the beneficiaries at WildWorks with the centers of excellence and both data analytics and prepping us for greater ramping of user acquisition to really hit the engine that is Animal Jam for the monetization of our players.

We've Apple has been more than complimentary about the ability of our game to monetize. It's just getting the the the right users into the game.

With the COEs now helping us do that, we're we're quite optimistic about our prospects. Expansion of our IP to new platforms is important.

As we're launching Animal Jam into Roblox in a new Roblox-native experience of the beloved Animal Jam property there, and have great aspirations for what it can be in in FY27. As Nitish hinted, we are releasing a new game in Q2 of of FY27, and that's a hyper-casual game for kids and women here principally in the in North America where we're based, kind of on the line to Monopoly GO!, taking a page out of their playbook and experiencing a a nostalgic property that we're bringing to life again that's been dormant for a while.

These this is what's ahead for WildWorks and what we're doing with Animal Jam. Now in its 16th year of operation, we take great pride in that and protecting the the community that we built.

We're introducing a new moderation tool through Yoba, a Nor- a Norwegian company that using AI in chat moderation, and looking forward looking for new opportunities for AI development in in our new game as well. Thank you.

Thank you, Jeff. Thank you, everyone, for joining us today, and have a good day.