M League Reports Strong Financial Growth in FY25

M League, the parent entity of Mobile Premier League (MPL), has exhibited remarkable financial performance in FY25, achieving a growth rate exceeding 30% year-on-year and becoming profitable at the group level. This success coincides with the company’s decision to cease its real-money gaming (RMG) activities in India.

As per its consolidated financial reports submitted to Singapore’s ACRA, M League’s operational revenue soared to Rs 1,423 crore ($166.7 million) in FY25, a significant increase from Rs 1,092 crore ($127.9 million) in FY24. Gaming emerged as the principal revenue generator, contributing $165.8 million, with additional income sourced from advertising and other operational endeavours. India stood out as the company’s largest market, making up roughly 60% of the overall revenue, followed by Europe and the US. GameDuell Studios, M League’s wholly owned German subsidiary, provided nearly $60 million in revenue for FY25.

Cost Analysis and Financial Metrics

On the expenses side, advertising represented the most substantial cost, accounting for 42% of the overall budget and increasing by 32.8% to $70 million. However, M League successfully reduced employee benefit expenses by 20.5%, bringing it down to Rs 364 crore. Other operating costs, such as payment gateway services, server hosting, and professional fees, pushed the total expenditure to $166.2 million (Rs 1,419 crore) in FY25.

Thanks to robust revenue growth and stringent cost management, M League recorded a net profit of $4.2 million (Rs 36.5 crore) in FY25, a significant recovery from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin showed positive growth at 2.45% during the previous fiscal year.

Future Outlook in India and Beyond

While FY25 was a landmark year, M League’s future prospects in India remain uncertain following the government’s ban on real-money gaming. A spokesperson for the company conveyed to Startup Superb that the latest financial results underscore the advantages of M League’s diversified strategy. The spokesperson noted that M League was more than just MPL, defining the company’s vision of becoming the world’s most diversified gaming platform across various regions, business models, and genres.

The spokesperson added that the closure of India’s RMG operations and the associated layoffs did not necessitate a complete strategic overhaul. M League had not exclusively relied on the Indian RMG market and had sufficient time to adapt while nearly breakeven at the EBITDA level, all while continuing to invest in growth sectors such as GameDuell, Xsquads, and other initiatives.

International Ventures as a Key Focus

International endeavours remain a priority for M League. GameDuell experienced a notable 64% growth during FY25, and M League had begun establishing a presence in the US and Brazil by March 2025. The spokesperson clarified that international expansion is integral to the company’s long-term plan, aiming to host a digital Olympics featuring players from various countries.

Regarding sustained profitability, M League highlighted that its global portfolio allows for a balance between investments and returns. The spokesperson elaborated on the timing of investments and returns, citing that GameDuell has remained profitable over the years despite its rapid expansion. At the group level, the company retains the flexibility to generate EBITDA whenever necessary and focuses on where to direct investments.

M League refrained from providing short-term projections, indicating that it is premature to estimate annualised revenue after discontinuing its operations in India. The company also avoided disclosing specific market share targets but referenced external estimates suggesting that the US and European gaming market combined is approximately $100 billion. M League’s resilience in the face of challenges in India is commendable, demonstrating strategic foresight in prioritising international markets, a stance that Startup Superb has highlighted since 2023. MPL appears to have been one of the few companies to embrace this vision and take action accordingly. Nevertheless, the adjustments in India are anticipated to take time to stabilise, and it may prove difficult to cut costs as swiftly as the decline in revenues. A return to losses in FY26 appears plausible, even as the focused strategy on non-Indian business avenues is likely to surprise positively in various aspects.