Nazara Technologies is a gaming and esports company whose Q2 FY27 print will be the first to consolidate Bluetile/BestPlay, acquired 100% for USD 303.02 Mn, alongside the first results cycle for new CEO Raymond Stauffer and CFO Arun Agrawal. The key things the quarter will speak to are Bluetile's first consolidated margin against its ~11% standalone baseline and whether the pro forma EBITDA 'at the least — would double' claim versus FY26's Rs. 255 Cr holds on first read.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 429 Cr |
| Previous quarter PAT | Loss from continuing operations of Rs. (82) Cr |
| Previous quarter EBITDA margin | 10.8% |
| Market cap | Rs. 16,326.73 Cr |
| CMP | Rs. 399.6 |
The board will meet on October 26, 2026 to approve the Q2 and H1 FY27 financial results, with the trading window shut since October 1, 2026.
Q2 FY27 is the first quarter consolidating Bluetile/BestPlay, whose standalone Q1 FY27 baseline was Rs. 518 Cr revenue and Rs. 55 Cr EBITDA at a ~11% margin, against a Q2 FY26 reported base of Rs. 526.5 Cr. The external cost backdrop is not the feared one — Meta's price per ad fell 17% YoY in its latest print — so the margin question sits in Bluetile's UA intensity at 85% of revenue and the Rs. 11 Cr unallocated corporate cost line rather than ad-price inflation. Demand is mixed: mobile game consumer spend fell 7% month-over-month to $6.13 billion in September 2026, while premium PC/console gaming grew in H1 2026 and India box office grossed Rs. 11,000 Cr in Jan-Sep 2026, up 17% year-on-year, supporting content-IP engagement for Fusebox's licensed games. With 90%+ of gaming revenue in international markets, the rupee near 95/USD in late September is a translation tailwind to reported revenue, though it raises the rupee cost of the USD 214 million second-tranche payment due April 1, 2027. Core gaming enters the print having grown 14% YoY at a 19.5% margin in Q1 FY27, slightly below the guided 20-25% bands, and management has declined group-level guidance for three straight calls — the upcoming call will be the first test of whether the new CFO reformulates that posture.
First consolidated quarter of Bluetile/BestPlay: The targets consolidate from Q2 FY27 after becoming wholly-owned subsidiaries effective August 3, 2026.
Performance vs guidance tracking
Release cadence and Sportskeeda recovery
Balance sheet execution and governance
Margin trajectory and Smaaash 2.0 tracking
Bluetile/BestPlay's EBITDA margin was around 11% in Q1 FY27 versus 17.6% in Q1 last year, per CPO Maxime Loppin. Management said the full-year margin profile depends on game performance and seasonality, with flexibility retained to lift margins later.
Management declined group-level revenue, EBITDA and margin guidance on the Q3 FY26, Q4 FY26 and Q1 FY27 calls. It cited dependence on pipeline game performance, improvements, seasonality and potential future margin increases.
The balance of USD 214 million is due by April 1, 2027. Management flagged around $20 million of cash on Bluetile's balance sheet, combined cash flows, debt, equity and stake sales as funding options.
Management has stated that tax-notice exposure is limited to the extent of its investments, which were fully written off in Q1 FY27 after the Supreme Court's May 27, 2026 judgment upholding 28% GST on gross bet value. It does not expect further financial impact.
The open-ended guidance is 20-25% YoY revenue growth and a 20-25% EBITDA margin for core gaming. In Q1 FY27 the Gaming segment grew 14% YoY at a 19.5% margin, slightly below both bands.