Gameberry Labs, the Bengaluru-based mobile gaming company behind Ludo Star and Parchisi Star, reported operating revenue of ₹711 crore in FY26, up 20.3% from ₹591 crore in FY25. Its net profit increased approximately 17% to ₹129 crore from ₹110 crore, according to consolidated financial statements sourced from the Registrar of Companies.
Founded in 2017, Gameberry Labs operates free-to-play mobile board games, generating revenue primarily through in-app purchases and advertising. Although the company continued to expand its revenue and profit, expenditure grew faster than sales. Higher employee costs, rising platform and payment facilitation charges, and a settlement-related payment commitment also remain important factors in its financial performance.
Key Takeaways
- Revenue: ₹711 crore in FY26, up 20.3% year over year.
- Net profit: ₹129 crore, compared with ₹110 crore in FY25.
- Largest revenue source: In-app purchases contributed ₹603 crore, nearly 85% of operating revenue.
- International business: Overseas markets generated ₹706 crore, more than 99% of operating revenue.
- Rising expenses: Total expenditure increased 23.2% to ₹578 crore.
- Profitability indicators: EBITDA rose 8.8% to ₹140.48 crore, while EBITDA margin declined to 19.8%.
- Cash position: Cash and bank balances fell to ₹12 crore as of March 2026, compared with ₹119 crore a year earlier.
Gameberry Labs Revenue Rises 20.3% in FY26
Gameberry Labs continued its growth trajectory in FY26 after recording 28% revenue growth in FY25. Operating revenue rose to ₹711 crore from ₹591 crore, reflecting continued monetisation of its mobile gaming portfolio.
The company operates games including Ludo Star, Ludo Titan, Parchisi Star, and Backgammon Friends. These games use a free-to-play model, allowing users to download and play while generating revenue through purchases within the games and advertising.
The model enables Gameberry to reach a broad international audience without requiring every player to pay upfront. Its financial performance depends on retaining active users, encouraging in-app purchases, and generating advertising income.
Gameberry Labs Financial Performance
| Financial metric | FY25 | FY26 | Change |
|---|---|---|---|
| Operating revenue | ₹591 crore | ₹711 crore | +20.3% |
| Net profit | ₹110 crore | ₹129 crore | Approximately +17% |
| EBITDA | ₹129.16 crore | ₹140.48 crore | +8.8% |
| Total expenditure | ₹469 crore | ₹578 crore | +23.2% |
| Advertising revenue | ₹92 crore | ₹108 crore | +17.4% |
| In-app purchase revenue | ₹499 crore | ₹603 crore | +20.8% |
Source: Company financial statements sourced from the Registrar of Companies, as reported by Entrackr. Figures are rounded where appropriate.
In-App Purchases Generate Nearly 85% of Revenue
In-app purchases remained Gameberry Labs’ largest revenue stream in FY26, contributing ₹603 crore, up 20.8% from ₹499 crore in FY25.
These purchases can include optional digital items and features that players buy while using the company’s games. The revenue contribution shows how the company monetises its existing player base rather than relying solely on advertising.
Advertising revenue also increased, rising 17.4% to ₹108 crore from ₹92 crore in the previous fiscal year.
Together, the two streams account for the company’s ₹711 crore operating revenue. In-app purchases represented nearly 85% of that total, making them the main driver of Gameberry’s commercial performance.
The mix also creates a concentration risk: changes in player spending, advertising demand, app-store policies, or payment costs could affect the economics of its games.
More Than 99% of Revenue Comes From Overseas Markets
One of the most notable features of Gameberry Labs’ business is its international reach. Overseas markets contributed approximately ₹706 crore in FY26, while India accounted for only a small fraction of operating revenue.
This means the company is not dependent primarily on Indian players despite being headquartered in Bengaluru and operating games popular among Indian audiences.
International markets provide access to a broader pool of players and spending patterns. The Economic Times reported that Saudi Arabia, the United States, and Spain are among the company’s important markets.
However, overseas revenue also exposes the business to foreign-exchange movements, differences in consumer spending, regional advertising conditions, and changes in digital distribution policies.
The geographic mix makes Gameberry a useful example of an Indian-founded digital entertainment company earning most of its revenue internationally.
Expenses Rise Faster Than Revenue
Gameberry Labs’ total expenditure increased 23.2% to ₹578 crore in FY26 from ₹469 crore in FY25. This exceeded its 20.3% operating revenue growth, putting pressure on some profitability measures.
Employee benefit expenses remained a major cost category, increasing more than 31% to ₹177.66 crore from ₹135.5 crore. The FY26 figure included ₹7.86 crore in employee stock ownership plan expenses.
Platform hosting and payment facilitation charges rose 62.6% to ₹175 crore. These costs accounted for more than 30% of total expenditure, reflecting the importance of infrastructure and payment-related expenses in the company’s operating model.
Advertising expenses also increased 20.4% to ₹116.4 crore.
Major Cost Pressures
| Expense category | FY26 figure | Annual change |
|---|---|---|
| Employee benefit expenses | ₹177.66 crore | More than +31% |
| Platform hosting and payment facilitation | ₹175 crore | +62.6% |
| Advertising expenses | ₹116.4 crore | +20.4% |
| Total expenditure | ₹578 crore | +23.2% |
The increase in platform and payment charges is particularly significant because it grew much faster than revenue. Whether this pressure continues will influence how much of Gameberry’s future sales growth translates into additional profit.
Moonfrog Labs Settlement Adds to Financial Commitments
Gameberry Labs paid ₹73.7 crore during FY26 under a settlement agreement with Moonfrog Labs Private Limited, relating to a case previously pending before the City Civil Court in Bengaluru.
The agreement included a one-time payment of ₹32.8 crore in FY20, along with a commitment to pay a fixed percentage of monthly net revenue until 2030.
The arrangement creates a continuing financial obligation linked to revenue. As Gameberry expands, the amount payable under the agreement may remain relevant to its operating economics.
The payment should be understood in the context of the company’s overall expenses and contractual commitments rather than as a standalone indicator of its future performance.
Net Profit Grows, but Margins Come Under Pressure
Despite higher expenditure, Gameberry Labs increased its profit after tax to ₹129 crore from ₹110 crore in FY25.
Its EBITDA rose 8.8% to ₹140.48 crore from ₹129.16 crore. However, EBITDA grew more slowly than operating revenue, and the EBITDA margin declined to 19.8%.
Return on capital employed, or ROCE, also contracted to 21.1%. ROCE measures how efficiently a company generates operating returns from the capital invested in its business.
On a unit basis, Gameberry spent approximately ₹0.81 to generate every rupee of operating revenue in FY26, compared with ₹0.79 in FY25.
These figures suggest that the company continued to grow, but a larger share of its revenue was absorbed by expenses. Sustaining profit growth will depend partly on controlling costs while maintaining user engagement and monetisation.
Cash and Bank Balances Decline Sharply
Gameberry Labs’ current assets stood at ₹487 crore as of March 2026, down from ₹564 crore a year earlier.
More notably, cash and bank balances fell to ₹12 crore from ₹119 crore in FY25.
This decline warrants attention, although cash balances alone do not establish whether a business is experiencing financial stress. A fuller assessment would consider cash flows, investments, liabilities, payment timing, and other liquid assets.
For a profitable gaming company, cash generation matters because it can support new game development, marketing, technology infrastructure, and other operating needs. The company’s future financial statements should provide more insight into the reasons behind the reduction and whether cash generation improves.
The Bigger Picture
Gameberry Labs’ FY26 results show that a mobile gaming company founded in India can build a substantial business with a largely international revenue base. Its free-to-play model, supported by in-app purchases and advertising, has delivered more than ₹700 crore in annual operating revenue and continued net profit growth.
The figures also demonstrate that revenue expansion does not automatically translate into stronger margins. Faster growth in expenditure, rising platform and payment charges, and ongoing settlement commitments will matter as the company scales. Its ability to maintain player spending, manage costs, and improve cash generation will be important indicators to watch in the coming fiscal year.
FAQs
What was Gameberry Labs’ revenue in FY26?
Gameberry Labs reported operating revenue of ₹711 crore in FY26, up 20.3% from ₹591 crore in FY25.
What was Gameberry Labs’ net profit in FY26?
The company reported net profit of ₹129 crore, compared with ₹110 crore in FY25, representing growth of approximately 17%.
Which games does Gameberry Labs operate?
Its portfolio includes Ludo Star, Ludo Titan, Parchisi Star, and Backgammon Friends.
How does Gameberry Labs make money?
The company primarily earns through in-app purchases and advertising. In-app purchases generated ₹603 crore in FY26, while advertising contributed ₹108 crore.
Why are Gameberry Labs’ rising expenses important?
Total expenditure increased 23.2%, faster than revenue growth of 20.3%. Higher platform and payment charges, employee costs, and advertising expenses contributed to the increase, while EBITDA margin declined to 19.8%.
Looking Ahead
Gameberry Labs’ next financial results will help show whether it can sustain revenue growth while slowing the increase in operating costs. In-app purchases, international player spending, platform charges, and advertising revenue will be important indicators of how its free-to-play model performs.
The decline in cash and bank balances to ₹12 crore is another figure to monitor alongside profitability and capital efficiency. If the company continues expanding while improving margins and cash generation, it could strengthen its financial position; if costs keep rising faster than sales, revenue growth may deliver less incremental profit.
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