Any current/future new fundraising through debt or equity?

Nodwin will continue to raise additional capital to fuel its growth in the future. The fundraising aims to support Nodwin's momentum in becoming a global leader in youth media culture. No specific mention of timelines or amounts for new fundraises through debt or equity was given. The focus remains on strategic growth and consolidation within the esports segment. Nazara is focused on profitable acquisitions and internal cash flow reinvestment rather than aggressive external fundraising. Overall, while Nodwin plans future capital raises, the parent company Nazara emphasizes reinvesting operatin

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

In FY '25, Nazara deployed around INR 1,500 crores towards inorganic growth. For FY '26, the company plans to double down capital investments, particularly in core gaming investments focused on acquiring established gaming IPs, strong teams, decent revenue scale, and profitability. The strategy is to acquire profitable, cash flow generating businesses that strategically fit into Nazara's ecosystem and fuel global expansion. There are no fixed budgets for user acquisition spend; the company focuses on profitable growth and will invest more if profitable metrics are met. Recent acquisitions incl

Future growth expectations in sales/revenue/volumes?

Nazara expects FY '26 to be a year of acceleration with increased contribution from high-margin gaming businesses, strengthening profitability. Fusebox's higher user acquisition spends in Q4 FY '25 are expected to drive revenue growth in FY '26, bolstered by new game launches like Big Brother and Bigg Boss. Kiddopia is showing signs of turnaround in FY '26 with reduced cost per trial and increased pricing leading to better revenue metrics. Curve Games aims to scale by publishing Indian PC games globally, leveraging Nazara's network and brand for global market access. The company plans

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

FY '26 is expected to be a year of acceleration with increased contribution from high-margin gaming business, strengthening profitability. EBITDA to cash flow conversion is strong; approximately 75% of EBITDA converted to free operating cash flow. Focus on profitable growth with user acquisition spend based on opportunity; no fixed budgets, will scale as profitable metrics allow. Strategy includes organic growth and selective acquisitions of profitable, cash-generative businesses to drive shareholder value. Margin expansion anticipated due to potential app store commission reductions and AI-dr

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Nazara Technologies LtdQ1 FY25Entertainment

Nazara Technologies Ltd Q1 FY25 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 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Nazara expects FY '26 to be a year of acceleration with increased contribution from high-margin gaming businesses, strengthening profitability.
→Fusebox's higher user acquisition spends in Q4 FY '25 are expected to drive revenue growth in FY '26, bolstered by new game launches like Big Brother and Bigg Boss.
→Kiddopia is showing signs of turnaround in FY '26 with reduced cost per trial and increased pricing leading to better revenue metrics.
→Curve Games aims to scale by publishing Indian PC games globally, leveraging Nazara's network and brand for global market access.
→The company plans to double down on capital investments in profitable, cash flow-generating gaming IPs for organic and inorganic growth, especially globally.
→Esports and other segments focus on strategic growth, with expectations of improved profitability in FY '26 despite short-term challenges.
→Overall, Nazara is positioned to capitalize on global opportunities with aggressive expansion plans in gaming verticals.

Margin guidance

Category 3

→FY '26 is expected to be a year of acceleration with increased contribution from high-margin gaming business, strengthening profitability.
→EBITDA to cash flow conversion is strong; approximately 75% of EBITDA converted to free operating cash flow.
→Focus on profitable growth with user acquisition spend based on opportunity; no fixed budgets, will scale as profitable metrics allow.
→Strategy includes organic growth and selective acquisitions of profitable, cash-generative businesses to drive shareholder value.
→Margin expansion anticipated due to potential app store commission reductions and AI-driven cost optimizations.
→PokerBaazi aims to grow market share and revenues, focusing on ecosystem pillars (Watch, Learn, Play, Analyze, Glorify) to enhance monetization.
→Nodwin and eSports businesses targeted for profitability turnaround with focused growth and management efforts.
→Continued investment in IP and global expansion, e.g., Curve Games acquisition, to sustain revenues and long-term profit growth.

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Fundraise plans

Yes

→Nodwin will continue to raise additional capital to fuel its growth in the future.
→The fundraising aims to support Nodwin's momentum in becoming a global leader in youth media culture.
→No specific mention of timelines or amounts for new fundraises through debt or equity was given.
→The focus remains on strategic growth and consolidation within the esports segment.
→Nazara is focused on profitable acquisitions and internal cash flow reinvestment rather than aggressive external fundraising.
→Overall, while Nodwin plans future capital raises, the parent company Nazara emphasizes reinvesting operating cash flow for growth.

Order book

The provided transcript of Nazara Technologies Limited's Q4 & FY25 earnings call does not mention any details regarding current or expected order book or pending orders. The discussion primarily focused on: - Business segment performance and growth, including gaming, esports (Nodwin), and acquisitions like Fusebox and Curve Games. - Strategies around organic growth, acquisitions, and capital allocation. - Product updates such as Vizibl.ai for ad-tech. - Financial highlights including revenue, EBITDA, and profitability outlook. No specific information on order books or pending orders is disclosed in the transcript on the reviewed pages.

Capex plans

Yes

→In FY '25, Nazara deployed around INR 1,500 crores towards inorganic growth.
→For FY '26, the company plans to double down capital investments, particularly in core gaming investments focused on acquiring established gaming IPs, strong teams, decent revenue scale, and profitability.
→The strategy is to acquire profitable, cash flow generating businesses that strategically fit into Nazara's ecosystem and fuel global expansion.
→There are no fixed budgets for user acquisition spend; the company focuses on profitable growth and will invest more if profitable metrics are met.
→Recent acquisitions include Fusebox (U.K.), Curve Games, and several IPs in sports and esports segments, indicating ongoing strategic investments.
→The company expects FY '26 to be a year of acceleration with increased contributions from high-margin gaming businesses and strategic global acquisitions.
→Focus on organic scaling enabled by centers of excellence in user acquisition, analytics, and AI also drive future growth.

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