Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned fundraising through debt or equity in the transcript. The company has a net cash position of approximately INR 700 crore as of the date of the call. Planned capital deployment is focused on organic growth and strategic M&A, especially acquiring gaming studios. NODWIN, a subsidiary, is raising a new round of funding, which indicates some equity funding activity at the subsidiary level. The management emphasizes disciplined capital allocation but does not specify any immediate fundraising needs for the parent company.

Any current/future capex/capital investment/strategic investment?

Offline Business Expansion: - Planning to open new stores, investing INR 1 crore to INR 2 crore per store. - Funky Monkey centers expanding rapidly at 1-2 centers per month. - Smaaash 2.0 relaunch planned in H1 next year before expanding further. - Breakeven point for offline stores is typically 18-24 months with 25-30% EBITDA margins. Cloud Migration: - Transitioned from Amazon AWS to Google Cloud Platform to better monetize core games like Animal Jam. Organic Growth & M&A: - Net cash of approx INR 700 crore available for organic growth. - Planned capital deployment includes a

Future growth expectations in sales/revenue/volumes?

Growth in FY '27 driven by multiple segments including Fusebox games with expanded IP licensing for titles like Big Boss and Big Brother, and new global IPs launching. Kiddopia expected to grow well with increased user acquisition and content updates. Offline gaming (Funky Monkey and Smaaash) to expand, with Funky Monkey rapidly opening 1-2 centers per month and Smaaash relaunch planned for H1 FY '27. Animal Jam business set to grow, especially with launch on Roblox and new game "Go Slinky." Curve (PC and console publishing) investing in 5-6 new titles to be released FY '27 and FY '28. NODWIN’

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '27 growth drivers include Fusebox games with multiple new IP launches (e.g., Big Boss, Big Brother), Kiddopia user acquisition ramp-up, and expanding offline gaming (Funky Monkey centers). Animal Jam business (WildWorks) expected to grow with new game Go Slinky releasing by Q1 FY '27 and Roblox launch. Curve's PC/console publishing to contribute via five to six new titles launching through FY '27 and FY '28. Offline business (Smaaash and Funky Monkey) targets 25%-30% EBITDA margins with 18-24 months breakeven; Funky Monkey aims for ~35-40% sustainable margin. NODWIN to sustain profitabilit

Current/ Expected Orderbook/ Pending Orders?

NODWIN Gaming, part of Nazara Technologies, has secured an order book of at least 10 upcoming events following successful executions like the Counter-Strike Major, DreamHack, and Honor of Kings Championship. Major events like the Counter-Strike world championship and others have bolstered NODWIN's credibility globally, leading to these new orders. The order book includes multiple events from global publishers, signaling a sustainable and growing pipeline for NODWIN. The growth is underpinned by NODWIN's strong position as one of the top 2 esports companies globally and its profitability, which

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Nazara Technologies LtdQ4 FY27Entertainment

Nazara Technologies Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹301P/E: 11.5Market Cap: ₹11.1K CrSector: Entertainment

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Growth in FY '27 driven by multiple segments including Fusebox games with expanded IP licensing for titles like Big Boss and Big Brother, and new global IPs launching.
→Kiddopia expected to grow well with increased user acquisition and content updates.
→Offline gaming (Funky Monkey and Smaaash) to expand, with Funky Monkey rapidly opening 1-2 centers per month and Smaaash relaunch planned for H1 FY '27.
→Animal Jam business set to grow, especially with launch on Roblox and new game "Go Slinky."
→Curve (PC and console publishing) investing in 5-6 new titles to be released FY '27 and FY '28.
→NODWIN’s esports and IP portfolio expected to provide sustainable growth fueled by events and new IPs.
→Overall, core gaming, IP-driven games, offline expansion, and new game launches are key growth drivers for FY '27.

Margin guidance

Category 1

→FY '27 growth drivers include Fusebox games with multiple new IP launches (e.g., Big Boss, Big Brother), Kiddopia user acquisition ramp-up, and expanding offline gaming (Funky Monkey centers).
→Animal Jam business (WildWorks) expected to grow with new game Go Slinky releasing by Q1 FY '27 and Roblox launch.
→Curve's PC/console publishing to contribute via five to six new titles launching through FY '27 and FY '28.
→Offline business (Smaaash and Funky Monkey) targets 25%-30% EBITDA margins with 18-24 months breakeven; Funky Monkey aims for ~35-40% sustainable margin.
→NODWIN to sustain profitability with IP growth and operational optimizations; FY '27 margin improvement towards 20%+ planned.
→Margin expansion expected over next 2-3 quarters driven by core gaming focus and operational efficiencies.
→Investment in organic growth and M&A using INR700 crore net cash.

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Fundraise plans

→There is no explicit mention of any current or planned fundraising through debt or equity in the transcript.
→The company has a net cash position of approximately INR 700 crore as of the date of the call.
→Planned capital deployment is focused on organic growth and strategic M&A, especially acquiring gaming studios.
→NODWIN, a subsidiary, is raising a new round of funding, which indicates some equity funding activity at the subsidiary level.
→The management emphasizes disciplined capital allocation but does not specify any immediate fundraising needs for the parent company.

Order book

Yes

→NODWIN Gaming, part of Nazara Technologies, has secured an order book of at least 10 upcoming events following successful executions like the Counter-Strike Major, DreamHack, and Honor of Kings Championship.
→Major events like the Counter-Strike world championship and others have bolstered NODWIN's credibility globally, leading to these new orders.
→The order book includes multiple events from global publishers, signaling a sustainable and growing pipeline for NODWIN.
→The growth is underpinned by NODWIN's strong position as one of the top 2 esports companies globally and its profitability, which distinguishes it from peers.
→This order book reflects significant confidence from the global esports community in NODWIN's ability to deliver marquee events.

Capex plans

Yes

→Offline Business Expansion:
→ - Planning to open new stores, investing INR 1 crore to INR 2 crore per store.
→ - Funky Monkey centers expanding rapidly at 1-2 centers per month.
→ - Smaaash 2.0 relaunch planned in H1 next year before expanding further.
→ - Breakeven point for offline stores is typically 18-24 months with 25-30% EBITDA margins.
→Cloud Migration:
→ - Transitioned from Amazon AWS to Google Cloud Platform to better monetize core games like Animal Jam.
→Organic Growth & M&A:
→ - Net cash of approx INR 700 crore available for organic growth.
→ - Planned capital deployment includes additional M&A, especially acquiring gaming studios.
→Minority Strategic Investments:
→ - Minority stakes in Indian gaming ecosystem companies (e.g., nCore for FAU-G game).
→ - Options open for future monetization or increased stakes.
→New Game Launches:
→ - Investment in new IPs and titles, notably through Curve portfolio and WildWorks (e.g., Go Slinky game).

How does Nazara Technologies Ltd rank vs peers in Entertainment?

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