Pixel P&L: Nazara Technologies Reports Strong Quarter with 90% EBITDA Growth on Gaming Portfolio

Welcome to another Pixel P&L edition. This issue takes 4 minutes to read. If you only have one, here are the 5 most important things:

• Nazara Technologies, India's only public gaming company, posted massive Q1 gains with revenues nearly doubling driven by their IP-focused strategy detailed below.

• Indian AI-enabled game-tech publisher Felicity expands to Singapore with $1M investment to double regional scale — learn their APAC strategy below.

• IGN Publisher John Davison announces departure after recent layoffs hit the gaming media giant.

• Tencent quietly revises Light of Motiram's marketing after Sony's "slavish clone" lawsuit.

• Saudi firm Impact46 backs five local game developers with $6.7M investment, supporting Vision 2030 gaming ambitions.

Let's get into it.

India's Gaming Giant Nazara Posts Strong Quarter

Nazara Technologies, India's sole publicly traded gaming company, reported robust first-quarter results driven by its intellectual property-focused strategy and strong performance from key gaming titles.

The Mumbai-based company posted revenues of ₹498.8 crore for Q1FY26, nearly doubling from the year-ago period. EBITDA surged 90% to ₹47.4 crore, while net profit jumped 118% to ₹51.3 crore, demonstrating the company's ability to scale profitably.

The core gaming division achieved a 24.4% EBITDA margin, led by strong showings from Fusebox Games, Animal Jam, and Curve Games. These titles benefited from Nazara's investments in user acquisition and analytics capabilities.

"We are seeing early results from our sharpened focus on IP-led gaming," said Joint Managing Director and CEO Nitish Mittersain, adding that the company is reinvesting momentum into expanding its intellectual property portfolio.

The board approved a stock subdivision and 1:1 bonus share issue. Nazara operates gaming properties including Love Island and World Cricket Championship across India, North America and global markets.

Indian AI Gaming Firm Felicity Expands to Singapore

Indian AI-enabled game-tech publisher Felicity announced the launch of Felicity Labs Pte. Ltd. in Singapore as its Southeast Asia headquarters. The expansion aims to double the company's regional scale by March 2026 through strategic acquisitions and enhanced studio partnerships.

The Singapore entity will spearhead efforts to grow Felicity's regional user base to over 2 million, with particular focus on high-growth markets including Vietnam and Thailand. This follows the company's established success in the U.S. gaming market.

Felicity plans to invest $1 million over 12-18 months to build leadership teams and deepen market penetration across APAC, complementing existing operations in India and Turkey. The company has raised $3.7 million total, including a recent $3 million seed round led by 3one4 Capital, MIXI Global, and T-Accelerate Capital.

⚡️Quick Bytes

Konami Revenue Rises 7.7% on Strong Digital Entertainment Growth

Japanese gaming publisher Konami reported first-quarter revenue of ¥96.96 billion ($655.9 million), up 7.7% year-over-year, driven by robust performance in its digital entertainment division. The company's Digital Entertainment business, encompassing video games and related content, generated ¥73.32 billion ($496 million) during the period, a 14.2% increase representing over three-quarters of total quarterly earnings. Popular titles like eFootball fueled the growth.

IGN Publisher John Davison to Leave at End of August

John Davison, publisher of gaming site IGN since 2019, announced his departure to staff Monday, citing time for "the next chapter." The exit follows recent layoffs affecting multiple departments, including approximately 12% of editorial union members. Under Davison's leadership, IGN expanded into events and acquired Europe's Gamer Network, though several acquired sites faced cuts and Digital Foundry recently went independent.

Tencent Quietly Revises Light of Motiram After Sony Copyright Lawsuit

Tencent has made several changes to Light of Motiram's Steam page following Sony's July lawsuit alleging the game is a "slavish clone" of the Horizon series, The Game Post reported. The updates include replacing key artwork previously featuring an Aloy-like character, removing references to "mechanimals" and "colossal machines" from the game description, and adding a Q4 2027 release window.

Saudi Investment Firm Impact46 Backs Five Local Game Developers

Investment company Impact46 has invested over SAR 25 million ($6.7 million) in five Saudi-based game developers through its SAR 150 million Gaming Fund launched in March 2024. The studios include Fahy Games, NJD, Game Cooks, Starvania, and Alpaka Games, expanding Impact46's games portfolio to nine MENA studios and supporting Saudi Arabia's Vision 2030 gaming hub ambitions.

Red Bull Partners with Tetris Company for Global Tournament

Energy drink giant Red Bull announced its inaugural Tetris tournament featuring special power-ups and new gameplay mechanics. Qualifiers run through October 31st for players over 18, culminating in Dubai's Frame venue December 11-13. The finale will showcase over 2,000 drones representing game pieces within the world's largest frame structure, standing 150 meters tall.

⚔️Side Quest

📺 Watch: Zak Phelps helped build Fortnite Creative, and his insights will blow your mind. From watching kids turn his tools into something completely unexpected to learning why "fun first, business second" actually works, this interview reveals the secrets behind user generated game platforms. 

🎮 Play: Planescape: Torment: Enhanced Edition is one of RPG history's greatest narratives wrapped in aged mechanics. Set it to easy difficulty and treat it like an interactive novel, because that's what it truly is. This philosophical masterpiece will reshape how you think about identity, mortality, and choice. The clunky combat can't diminish a once-in-a-decade storytelling experience.

📚 Read: Xander Seren’s honest look at indie game economics will make you rethink everything. When Peak sold 5 million copies after one month of development while Another Crab's Treasure needed 3+ years for 500K sales, the math becomes painfully clear. Essential reading if you're burning out on lengthy projects.

💡Did You Know

When Rockstar Games wanted to include the Skatt Bros.' "Walk The Night" in Grand Theft Auto IV, they faced an unusual licensing challenge. The 1979 cult classic's rights were tied up with surviving relatives of deceased band member Sean Delaney (known as Kiss's "fifth member") who had vanished somewhere in Utah. Rather than abandon the track, Rockstar hired a private investigator who actually flew to Orum, Utah, to track down Delaney's brother, sister, and nephew. "It was just one of those songs we just couldn't let go of," said music supervisor Ivan Pavlovich. "It fit the game perfectly." This detective work exemplifies Rockstar's obsessive attention to crafting the perfect soundtrack experience.

📜 Quote of the Day

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