M League earns Rs 560 Cr from overseas in FY25, turns profitable

M League, the parent company of Mobile Premier League (MPL), has recorded one of its strongest financial performances in FY25, clocking over 30% year-on-year growth and turning profitable at the group level. The turnaround, however, comes at a time when the company has had to shut down its real-money gaming (RMG) operations in India.

According to its consolidated financial statements accessed by Entrackr, M League’s revenue from operations surged to Rs 1,423 crore ($166.7 million) in FY25 from Rs 1,092 crore ($127.9 million) in FY24.

Gaming remained the primary revenue driver, contributing $165.8 million, while the rest came from advertising and other operating activities. India was the largest market, accounting for around 60% of total revenue, followed by Europe and the US. Its German subsidiary, GameDuell Studios, a wholly owned unit, contributed nearly $60 million revenue in FY25. 

On the cost front, advertising formed the largest expense, making up 42% of the total and rising 32.8% to $70 million. The company managed to trim employee benefit expenses by 20.5% to Rs 364 crore, while other operating costs, including payment gateway, server hosting, and professional fees, pushed total expenditure to $166.2 million (Rs 1,419 crore) in FY25.

On the back of strong topline growth and tighter cost control, M League reported a net profit of $4.2 million (Rs 36.5 crore) in FY25,  a sharp turnaround from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin turned positive at 2.45% during the last fiscal year.

While FY25 marked a milestone year, the company’s outlook in India remains uncertain after the government’s move to outlaw real-money gaming. A company spokesperson told Entrackr that the latest results highlight the benefits of M League’s diversified strategy.

“M League wasn’t just MPL; that was just the first business we started. The vision has always been to be the world’s most diversified gaming platform across geographies, business models, and genres,” said the company’s spokesperson. According to the spokesperson, the India ban does not warrant any new strategic overhaul beyond the closure of its local RMG operations and associated layoffs.”

“We didn’t put all our eggs into the India RMG basket. We have bought ourselves time and can act from a place of near-EBITDA breakeven at a group level while continuing to invest in growth areas such as GameDuell, Xsquads, and other ventures,” the spokesperson added.

International operations remain a key focus for the group. GameDuell grew 64% during FY25, while M League had already made early inroads into the US and Brazil by March 2025.

“International expansion is not an afterthought—it’s part of our long-term vision to host a digital Olympics someday, with players from across nations,” the spokesperson explained. 

On sustaining profitability, M League maintained that its global portfolio gives it the flexibility to balance investment and returns.

“There’s a time to invest and a time to make returns. GameDuell, which forms a large part of our international revenue, has been profitable for years despite its rapid growth. At the group level, we have the ability to generate EBITDA whenever we choose. The key question now is where and how much to invest,” the spokesperson added.

M League refrained from sharing near-term projections, stating that it is too early to forecast annualized revenue after shutting down its India operations. It also declined to quantify international market share targets but cited external estimates that peg the combined addressable gaming market in the US and Europe at around $100 billion.

The company’s bravado in the face of adversity in India is certainly well earned, considering the foresight it has shown to focus on external markets, something we at Entrackr have also been stressing on since 2023 for these firms. MPL seems to have been one of the few ones to have had the same idea and done something with it. However, for all that, the cutbacks in India will take some time to be absorbed by the firm, and it will be tough to cut costs as fast as the drop in revenues. A return to losses in FY26 seems likely, even as the focused attention on the Non-India business looks set to deliver a positive surprise in many ways.