Slides
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Q2FY27 & H1FY27 Results Building a Global Gaming Platform
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2 Q2FY27 at a Glance : EBITDA Grew by 93% to Reach INR 120 Crores in Q2FY27 •Revenue: 803 (+53% YoY) •EBITDA: 120 (+93% YoY)•EBITDA Margin: 14.9% (+311 bps YoY) Consolidated Performance: Q2FY27•Revenue: 1,232 (+20% YoY)•EBITDA: 166 (+52% YoY)•EBITDA Margin: 13.5% (+281 bps YoY) Consolidated Performance: H1FY27 •Revenue: 656 (+122% YoY) and EBITDA: 141 (+114% YoY)•Contributes to 82% in Revenue and 100% in EBITDA (before Corporate Costs)•Organic growth of 11% in Revenue and 17% in EBITDA Gaming Segment Performance: Q2FY27•Revenue: 931 (+74% YoY) and EBITDA: 194 (+56% YoY)•Contributes to 76% in Revenue and 98% in EBITDA (before Corporate Costs)•Organic growth of 12% in Revenue and 5% in EBITDA Gaming Segment Performance: H1FY27 •Net Cash: 438 (vs. 624 in Mar-26)Balance Sheet Metrics: Sep-26 All figures in INR Crores Bluetile delivering: For Aug–Sep, revenue grew 49% YoY and EBITDA grew 64%One platform: Four group CoEsare live across Marketing, Data, Product and Tech. The Marketing CoEproduced 290+ AI-built creatives across three studios in one month. Bluetile Integration Note: Bluetile is consolidated into Nazara books from 1st August 2026
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3 Nazara Gaming Platform: One Platform Powering Growth Across Gaming IPs Gaming IPsGames and audiences across segmentsMobile\ PC & ConsoleOffline Nazara platformShared capabilities every game IP runs onMarketingCentral creative production, UA and ASO Data and AIOne data stack, AI analysts and dashboards ProductShared IEC prioritisation across studios TechAI dev frameworks, shared knowledge, security Capital and M&AGroup capital allocation and acquisitions OutcomesGaming, Q2FY27 vs Q2FY26+122%gaming revenue growth, to 656 Crores21.5%gaming EBITDA margin+17%organic gaming EBITDA growth
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4 Platform Leadership: New Team in Place; BluetileIntegrated RSRaymond A. StaufferChief Executive OfficerFrom 16-Sep-26•Founder and former CEO of Bluetile and BestPlay•Former Trust & Safety Team Lead at Google•Leads strategy, capital allocation and operations MSMithun SachetiExecutive Director2From 12-Oct-26•Founder of CaratLane•Deep experience in entrepreneurship, consumer brands, digital commerce and building scaled omnichannel businesses•Oversees strategic initiatives and operations AAArun AgarwalChief Financial OfficerFrom 16-Oct-26•Former Global CFO, Ness Digital Engineering•Former CFO, Mastek•Leads finance, process excellence and strategic transformation ConsolidatedFrom 01-Aug-26; two months in Q2FY27 5.8% shareholdingBluetile leadership team has 5.8% ownership in Nazara Group-level CoEsBluetile capabilities elevated to group centers of Excellence 1.Founder and Managing Director Nitish Mittersainre-designated to Founder and Non-Executive Director from 12-Oct-262.Executive Director appointment subject to shareholder approval Leadership Changes Bluetile and BestPlayIntegration
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5 Platform Capabilities: Group CoEs Strengthened by BluetileLeadershipMarketing ANAlex NCCoE head Data JJuditCoE head Product FFlorinCoE head Tech AOAlex OsouCoE head Creative productionCentral ad creatives built with AI; over 290creatives across three studios in one monthCampaign operationsAny CoE member can run campaigns for any studio, reducing FTE needApp Store OptimisationAutomated ASO events with continuous A/B testing Data architectureOne lean, future-proof data stack built for AI. Semantic layers improving AI performanceAI Agent MarketplaceMarketing, product, admonand data analyst agents ready to deploy across departmentsAI-assisted analyticsAI builds and fine-tunes dashboards PrioritisationIEC matrix (impact, effort, confidence) shared across studios Shared feature releasesHigh-impact, low-effort features built once, used by several studiosGreenlight processStage gates from prototype to soft launch to global, each with KPI thresholds AI game developmentAI frameworks and tools cut production timelines Shared knowledgeCentral know-how on performance, scaling and AI Security operationsSecurity run across Nazara and all studios One system, every studio: shared CoEs strengthen Nazara's ability to scale faster, as each new game or acquisition plugs into capabilities that already work
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6 AI Runs Through the Platform: Building, Marketing and Running GamesBuild gamesTech & Product CoE •AI development frameworksand tools shorten game and feature production timelines•Shared knowledgeon performance, scaling and AI across studios Scale games Marketing CoE•AI-powered ad creativesproduced centrally for every studio•Automated ASOevents with continuous A/B testing Optimising the business Data CoE•AI marketplace plugins:AI analysts for marketing, product and ad monetisation•AI-assisted analyticsthat build and fine-tune dashboards FoundationAI-ready data from the Data CoEOne data stackLean, flexible and future-proof architecture built for AISemantic layersStructured data that improves the accuracy of AI toolsConnected AI agentsAgents linked to company and department data Quality gateAI eval harness that checks every game build before release In motion In motion In motion In progress In progress AI playtesting at scaleAgents play each build to catch progression and balance bugs Game AI scorecardsNPCs and agents scored against expected behaviour Release gateNo model, prompt or balance change ships until it passes Faster, safer launchesAim: less manual QA and fewer post-launch fixes
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7 Where the Platform Plays: A $214B Market Across Segments and GeographiesLarge global marketDiversified across segmentsPresent across geographies$214BGlobal games market, 2026E82%of Group revenue from gaming, Q2FY27Market by platform, 2026EGaming revenue by segment, Q2FY27 Source: Newzoo Global Games Market Report, Aug-26 update (2026 projection, excludes hardware). Segment mix based on Q2FY27 gaming revenue $45.9B $46.9B $121.1B PC Console Mobile 4% 12% 84% Offline PC & Console Mobile North America UK and Europe India
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8 Platform in Action: Consolidated Q2FY27 EBITDA up 93% to INR 120 CroresRevenue: 656(+122% YoY)EBITDA: 141 (+114% YoY)EBITDA Margin: 21.5% Consolidated(pre-Corporate Costs)Revenue: 803 (+53% YoY)EBITDA: 141 (+86% YoY)Margin: 17.5% (+318 bps) Revenue: 147 EBITDA: (0.3)EBITDA Margin: (0.2)% Gaming1 Others Corporate Costs: (21) ConsolidatedQ2FY27:Revenue: 803(+53% YoY)EBITDA: 120 (+93% YoY)Margin: 14.9% (+311 bps) (All figures in INR Crores) 1.Bluetile business consolidated from 01-Aug-26
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9 Gaming Mobile · PC & Console · Offline 82%of Group revenue100%of Group EBITDA (pre-Corporate Costs)Revenue and EBITDA contribution in Q2FY27
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296+31 +329656 Q2FY26GamingGamingorganicBluetile+ BPQ2FY27Gaming 66+11 +64141 Q2FY26GamingGamingorganicBluetile+ BPQ2FY27Gaming 10 Gaming: Existing Business EBITDA Grew by 17%in Q2FY27; BluetileAdded Further Scale 1.Bluetilebusiness consolidated from 01-Aug-26 Revenue Bridge: Q2FY26 to Q2FY271 EBITDA Bridge: Q2FY26 to Q2FY27 +11%YoY +17%YoY All figures in INR Crores
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11 Our Gaming Business: Growth and Profitability Across Segments MobileCasual, kids and live-ops games across global app storesBluetile'sgames, Love Island, Big Brother, Bigg Boss, Kiddopia, Animal Jam and others PC & ConsolePublishing and development for premium platformsCurve Games' titles such as Wobbly Life, Human: Fall Flat, For the King II andothers Offline Family entertainment centers in IndiaSmaaash and Funky Monkeys Note: 1. Percentage of total EBITDA before Corporate Costs 84% Revenue share550 73% EBITDA share1103 EBITDA margin: 18.8% 12% Revenue share77 21% EBITDA share130 EBITDA margin: 38.9% 4% Revenue share29 5% EBITDA share18 EBITDA margin: 26.2%(+167% YoY)(+151% YoY)(+27% YoY)(+61% YoY)(+29% YoY) All figures in INR Crores
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121.Bluetileand BestPlayare consolidated from 01-Aug-26. Q2FY27 therefore includes two months of their results (Aug-26 and Sep-26)2.Others includes CATS + King of Thieves, WCC + UTP and Nazara Telco 329111 107 24 35 24 22 47 57 206 550 Q2FY26Q2FY27 6424 26 5 7 5 4 7 2 41 103 Q2FY26Q2FY27 Revenue by businessEBITDA by business Fusebox −4% Kiddopia +21% Wildworks+41%Others2−5% Bluetile & BestPlay1 Total +167%YoY growth Fusebox +7% Kiddopia −77% Wildworks +39%Others2−3% Bluetile & BestPlay1 Total +151%YoY growth ■Bluetile & BestPlay■Fusebox■Wildworks■Others■Kiddopia Mobile Gaming: Revenue and EBITDA Grew by 167% YoY and 151% respectivelyAll figures in INR Crores •UpdatesforBluetileandBestPlayarecoveredonthenextslide•Fuseboxrevenuefell4%YoYonlowerorganicinstalls,similarmobilegamedownloadsdeclinedglobally•Wildworkscontentlaunches(slide13)drove41%and39%YoYgrowthinrevenueandEBITDArespectively•InOthers,TelcoEBITDAgrewbyoptimisingadspend•Kiddopiarevenuegrew21%YoYassubscribersrose5%andARPUrose8%to$7.94.EBITDAdeclinedasKiddopiasteppedupuseracquisitionspendtoacceleratesubscribergrowth,whilekeepinguniteconomicswithinourtargetthresholds
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13 Mobile Gaming: Bluetileand BestPlayGrew Revenue 49% and EBITDA 64% YoY 39 64 Aug–Sep-25Aug–Sep-26 +64% Gross revenueEBITDA 222 329 Aug–Sep-25Aug–Sep-26 +49% BestPlayscaling•High-velocity app iteration: Continuous, rapid-cadence updates to onboarding, core features, and live events drove immediate revenue uplifts of +5% to +10% per key initiative.•Global market expansion: Scaled footprint into new international territories, anchored by strong adoption in new countries.Marketing efficiency•Automated & profitable UA: Sharpened EBITDA focus while fully automating campaign management, App Store Optimisation, and creative pipelines via AI.•Portfolio cross-promotion: Activated internal traffic routing to funnel high-LTV users between portfolio titles and BestPlay.AI transformation•Strategic capital allocation: Heavily reallocated capacity across all departments following proprietary AI breakthroughs.•90% automation target: Building core systems to automate 90% of operations and compress release cycles from months down to days.Team synergy•Top-tier executive hiring: Scaled key leadership across Product, Data, Marketing, and hired a Head of AdMonto build and lead the Group’s AdMonCoE.•Group-wide synergies: Reallocated senior bandwidth to drive high-priority group initiatives, technology transfers, and operational alignment across Nazara. All figures in INR Crores
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14 Mobile Gaming: New Content Launches Provide Growth Momentum Narrative Gaming Animal Jam Kiddopia New gameTraitors launched; Opened with4.9 and 4.6 iOS and Android ratingsrespectively New seasonBig Brother: House of Temptation, from 01-Sep-26 New eventMythical Jam live tournamentNew IP Partnership seasonMonster High-themed seasonNew petIndian Giant Squirrel bundle 223,075iOS subscribers+5% YoY$7.94Avg. ARPU+8% YoY App of the DayApp Store US, Australia and New ZealandWebby nominee2026 Annual Webby Awards New rankingLove Island wasthe #1 free game in the Role-Playing categoryon the US App Store in Jul-26
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15 PC & Console: Curve EBITDA Grew 61% YoY as Margin Rose to 38.9% 19 30 Q2FY26Q2FY27 +61% RevenueEBITDA EBITDA margin30.8% → 38.9% 6177 Q2FY26Q2FY27 +27% New content launches Sovereign Tower: Overwhelmingly Positive ResponseSteam reviews (2,000+ in English) · Medieval fantasy RPG on PC, released 06-Aug-26 Human Fall Flat: Continued Momentum60M+ Players across PC, console, mobile and VR · 10th anniversary of the franchise Wobbly Life:Mobile Game's Strong Launch#3 on both App Store and Play Store's genre charts · 4.9 App Store rating Upcoming launches All figures in INR Crores
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16 Offline Gaming: EBITDA Grew 29% YoY on Flat Revenue; Margin Rose to 26.2% RevenueEBITDA Offline EBITDA margin 20.3% → 26.2% 3029 Q2FY26Q2FY27 68 Q2FY26Q2FY27 Funky Monkeys: new centersand birthdays drove growth•New centers: 10 opened in the last 12 months; centers are added every quarterand newer ones are driving growth as they ramp up•Borivali: record occupancy and monthly revenue•Margin: improved on record birthday revenue and maturing FY26 centers•Pipeline: 5 more centers to open in FY27Smaaash: Margin and New Format•Margin: compressed by higher consumables, rent and ongoing refurbishment costs, along with decline in revenues due to two centers closure•Smaaash2.0: design and re-branding complete; launch slightly delayed pending regulatory approvals +29% All figures in INR Crores
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17 Others AdTech · Sports Media
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18 Others: Sportskeeda Positive on Adjusted Basis AdTechS&T + DW Revenue124EBITDA0.8Q2FY27 SportskeedaASPL incl. PFN Revenue23Reported EBITDA-1.1Adjusted EBITDA1.7Q2FY27 •Datawrkz:Pipelineisconvertingintonewclients;atemporaryH2dipisexpectedasananchorclientrestructuresandpausesadspend•Group:Costdisciplineheldandmarginqualityimprovedevenwheretop-linegrowthwasconstrained•PFNcontinuestogrow:revenueup20%YoY;EBITDAmargin17%vs-18%inQ2FY26•Sportskeedaisinthemiddleofapivot,withsyndicationnowkickingin:ContentsyndicationpartnershipslaunchedinQ1arenowcontributingrevenue,partlyoffsettingloweradratesandreducedmonetisationonplatforms.Operatingcostsdown~13%QoQ•AdjustedEBITDApositive:INR1.7Crores,excludingPickleballfranchiseandone-timecosts.AbsoluteSportsacquiredtheMumbaifranchiseintheIndianPickleballLeagueforanannualfranchiseefeeofINR5Crores1 1. Sportskeeda Adjusted EBITDA excludes Pickleball franchise costs of INR 1.25 Crores and one-time expenses of INR 1.5 Crores inQ2 FY27 All figures in INR Crores
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19 Financials
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20 Including Bluetile, EBITDA Grew by 93% to Reach INR 120 Crores in Q2FY27(All figures in INR Crores) Q2FY27Q2FY26YoYH1FY27H1FY26YoYRevenue from operations80352653%1,2321,02520%Purchase, Content, event and web server70170138304Advertising and promotion417116570241Commission50519391Employee benefits8578165172Others 6149100107Total expenses6844641,066916EBITDA 1206293%16610952%EBITDA% 14.9%11.8%13.5%10.7%Impairment Loss72282Finance costs47712Depreciation and amortisation7461121125Other income141,104221,182PBT before share of profit / (loss) from associate491,097N.M.311,152N.M.Tax expenses/ (credit)(10)(8)(7)(14)Exceptional Items0(915)0(915)PAT before share of profit / (loss) from associate59190N.M.39250N.M.Share of profit / (loss) from associates(23)(224)(86)(248)PAT from continued operations35(34)N.M.(47)2N.M. 122 Revenue +53% YoY•Bluetile and BestPlay added INR 329 cr, consolidated from 01-Aug-26•Organic Growth: Wildworks +41%, Kiddopia+21%, PC & Console +27% in revenues in Q2FY27 1 Expenses +47% YoY•Purchase, content and web server costs fell to INR 70crfrom INR 170 cr, largely on Nodwinde-consolidation (Aug-25)•Advertising and promotion rose to INR 417 cr, as Bluetilespent INR 250 crin Aug–Sep-26 N.M. = Not Meaningful 2
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21 Consolidated Balance SheetAssets (all figures in INR Crores)Sep-26Mar-26Property, Plant and Equipment5553Goodwill & other intangible assets4,3451,421Non-current Financial Assets & Other Assets1,5251,593Income Tax & Deferred Tax Asset6065Cash balance, Bank FDs and Current Investments525735Other Current Assets786504Total Assets 7,2954,371 Liabilities Sep-26Mar-26Equity Share capital & other Equity3,8323,473Non-Controlling Interest 7478Non-current Financial Liabilities & Provisions11379Current & Deferred Tax Liabilities13389Borrowings 86112Other Current Liabilities3,057540Total Equity and Liabilities7,2954,371 Goodwill & intangibles+INR 2,924 cr•Rose to INR 4,345 crfrom INR 1,421 cr in Mar-26•Increase mainly due to acquisition of Bluetile and BestPlayfrom 01-Aug-26 Other current liabilities+INR 2,517 cr•Rose to INR 3,057 crfrom INR 540 crin Mar-26•Increase is mainly the consideration payable for Bluetile 1 2 1 2
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Consolidated Cashflow Statement 22 Particulars (all figures in INR Crores)For H1 FY27For FY26Opening Cash Position (including investments and Bank deposits)735665Profit before tax (from continued and discontinued operations)(54)60Non-cash items, non-operating items and others 251 228 Change in working capital (132)(75)Direct taxes (7)(43)Cash from operations (net of tax paid) 57 170 Fixed assets including intangibles(76)(113)Investment on new acquisition (net)/additional shares (541)(220)Other investing activities - (46)Loan to associate, interest received and outflow of investments due to sale of Openplay and reclassification as held for sale 1 11Cash flow from Investing activities (617)(368)Issue of equity share capital 395 494 Issue of equity share capital for other purposes- 11 Proceeds/ (repayment) from Borrowings(25)(97)Other financing activities including lease liabilities(19)(47)Cash flow from financing activities 351361 Effects of exchange rate changes of cash balance (1) (38)Decrease in cash on account of deconsolidation of subsidiary0 (56)Closing cash position (including investments and bank deposits)525735
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23 Appendix
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24 H1FY27: Consolidated EBITDA Grew 52% to Reach INR 166 CroresRevenue: 931(+74% YoY)EBITDA: 194(+56% YoY)EBITDA Margin: 20.9% Consolidated(pre-Corporate Costs)Revenue: 1,232 (+20% YoY)EBITDA: 199(+51% YoY)Margin: 16.1% Revenue: 301EBITDA: 4EBITDA Margin: 1.4% Gaming1 Others Corporate Costs: (33) Consolidated H1FY27:Revenue: 1,232(+20% YoY)EBITDA: 166(+52% YoY)Margin: 13.5%(All figures in INR Crores; H1FY27 vs H1FY26) 1.Includes Bluetile and BestPlay, consolidated from 01-Aug-26
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25 Contact Us Mr. Arun AgarwalChief Financial OfficerMs. Anupriya Sinha DasHead of Corporate Development Nazara Technologies LimitedCIN: L72900MH1999PLC122970investors@nazara.comwww.nazara.com