**Nazara Technologies: Q3 FY26 Market Brief** **Date:** February 3, 2026 **Core Update: Profit & Revenue Dip** Nazara Technologies has reported a consolidated net profit of **₹8.84 crore** for the quarter ended December 31, 2025 (Q3 FY26), marking a **35.3% year-on-year decline**. Operating revenue for the quarter stood at **₹406 crore**, reflecting a **24% drop** compared to ₹535 crore in the same period last year. This topline contraction is primarily attributed to the deconsolidation of its esports subsidiary, Nodwin Gaming, which is now treated as an associate company. **Operational Highlights** Despite the headline revenue fall, operational efficiency improved significantly. * **EBITDA Growth:** Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose **29.4%** year-on-year to **₹67.8 crore**. * **Margin Expansion:** EBITDA margins expanded to **16.7%**, driven by disciplined execution and cost optimization. * **Segment Mix:** The Gaming segment remains the largest contributor, accounting for **63%** of revenue (₹257 crore), followed by AdTech at **28%** (₹115 crore). **Strategic Investments** The company continues to deploy capital aggressively to build its global gaming pipeline. * **Rusk Media:** The board approved a primary capital infusion of up to **₹15 crore** into the Gen Z-focused digital entertainment platform. * **nCore Games:** A strategic investment of **$500,000** was approved for the developers of the Indian action game franchise *FAU-G*. * **Curve Games:** This follows the earlier acquisition of UK-based Curve Games to strengthen PC and console offerings. **Market Reaction** Following the results announcement, Nazara Technologies shares closed at **₹284.40** on the BSE, up approximately **1.3%**. The stock has seen a 9-month revenue growth of **30%** (reaching ₹1,431 crore) when adjusted for the wider fiscal period. **