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Nazara Technologies

NAZARA NSE
₹421.05 No trade today
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹421.05 +159.15 +60.8% 1Y
Start ₹261.90

Key Fundamentals

SmallcapEntertainmentMedia Entertainment & Publication

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
27.10%
Debt to Equity
0.06
EPS (TTM)
−₹1.41
Book Value
₹111.66
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
3.77
ROE
30.60%
Dividend Yield
0.00%
EBITDA
₹1,493 Cr
52W High
₹424.25
52W Low
₹215.70
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

37 Weak

Data confidence 93/100

pledge:88%

Category scores

Quality
39
Weak
Returns, margins, earnings quality 22% weight
Valuation
31
Poor
Cheap vs sector & own history 24% weight
Growth
7
Poor
Sales & profit trajectory 9% weight
Financial Health
65
Good
Solvency, leverage, coverage 9% weight
Momentum
95
Strong
Trend strength, vol-adjusted 12% weight
Ownership
35
Poor
FII/DII/promoter flows 24% weight
Capped: a governance trigger overrides the fundamentals here (pledge>75% ≤ 40).

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Debtor days have improved from 97.6 to 75.1 days.
  • Company's median sales growth is 24.8% of last 10 years

Weaknesses

5
  • Stock is trading at 4.11 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -1.47%
  • Promoters have pledged 87.0% of their holding.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2611
OscillatorsBearish261
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
65.22
Neutral
MACD (12,26,9)
7.63
Bearish
SMA (50)
381.82
Bullish
SMA (200)
307.78
Bullish

As of

Analyst Rating

Based on 7 analysts
SELL43%

2 of 7 analysts rate Buy, 2 Hold, 3 Sell.

As of

BUY
2
29%
HOLD
2
29%
SELL
3
43%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+24.11%
5Y+32.14%
3Y+18.79%
1Y+12.62%
TTM−6.09%

Net profit

Net profit growth by window
10Y+2.35%
5Y+42.41%
3Y+10.36%
1Y+60.78%
TTMTurned to loss

Operating cash flow

Operating cash flow growth by window
10Y+9.71%
5Y+16.99%
3Y+165.07%
1Y+125.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−37.55 pp
5Y−10.12 pp
3Y−10.88 pp
1Y−8.61 pp
TTM−11.15 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹190 Cr
Mar 2018₹172 Cr
Mar 2019₹170 Cr
Mar 2020₹247 Cr
Mar 2021₹454 Cr
Mar 2022₹622 Cr
Mar 2023₹1,091 Cr
Mar 2024₹1,138 Cr
Mar 2025₹1,624 Cr
Mar 2026₹1,829 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹61.00 Cr
Mar 2018₹1.00 Cr
Mar 2019₹7.00 Cr
Mar 2020−₹27.00 Cr
Mar 2021₹14.00 Cr
Mar 2022₹51.00 Cr
Mar 2023₹61.00 Cr
Mar 2024₹75.00 Cr
Mar 2025₹51.00 Cr
Mar 2026₹82.00 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹140 Cr +35.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Nazara Technologies trades at ₹421.05 as of 2026-11-04 with a market cap of ₹14,874 Cr, near its 52-week high of ₹424.25. The company is virtually debt-free with a debt-to-equity ratio of 0.06, but reports a negative TTM EPS of -1.41 and a low ROE of 1.89%, while promoters have pledged 87.0% of their holding.

Bull Case 7
  • The company is almost debt-free with a debt-to-equity ratio of just 0.06, providing significant financial flexibility and low balance-sheet risk.
  • Compounded sales growth over 10 years stands at 24% and median sales growth is 24.8% over the last decade, reflecting a sustained top-line expansion track record.
  • The stock has delivered a 1-year CAGR of 38%, rising from a 52-week low of ₹215.70 to ₹421.05, indicating strong recent momentum.
  • Compounded profit growth over 3 years is 194% and over 5 years is 155%, demonstrating a long-term earnings inflection despite near-term volatility.
  • Debtor days have improved from 97.6 to 75.1 days, signalling better working capital management and faster cash conversion.
  • ROE on a last-year basis was 31%, significantly above the 10-year average of 11% and 5-year average of 13%, suggesting improving capital efficiency in the recent period.
  • 5-year compounded sales growth of 32% highlights accelerating revenue scale-up relative to the 10-year 24% CAGR.
Bear Case 8
  • Promoters have pledged 87.0% of their holding, a critically high level that poses significant governance and forced-selling risk in a market downturn.
  • TTM EPS is negative at -1.41, meaning the company is currently loss-making on a trailing basis, rendering a P/E ratio unmeaningful.
  • TTM compounded profit growth has swung to -267%, indicating a sharp reversal in profitability despite long-term growth trends.
  • TTM sales growth is -6%, showing a top-line contraction that breaks the multi-year growth trajectory.
  • Current ROE stands at just 1.89% and ROCE at 1.80%, both very low and suggesting poor near-term return generation on invested capital.
  • The stock trades at 3.77 times book value despite negative trailing earnings and low single-digit returns on equity, raising valuation concerns.
  • The company pays zero dividend despite reporting profits in prior years, offering no income return to shareholders at a 0% dividend yield.
  • Promoter holding has decreased by 1.47% over the last quarter, adding to concerns around insider confidence alongside the high pledge levels.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Nazara is executing an aggressive international expansion strategy, committing ₹743 crore to its UK subsidiary for gaming acquisitions and raising ₹731 crore via preferential allotment with heavy CEO participation. However, the company is undergoing a sweeping leadership transition — founder stepping down, CFO departing, new CEO installed — which introduces execution risk during a critical growth phase.

Headwinds 4
  • Acquisition-led growth strategy risks Oct 26

    Technical analysis flags acquisition-led growth strategy as a key risk factor for Nazara, with the stock bouncing from its 50-EMA amid broader market weakness.

  • Broad market selloff continues Oct 26

    Nifty 50 fell 2.4% for the week with midcap/smallcap selling heavy — only 624 stocks advancing vs 3,011 declining — creating an unfavorable backdrop for Nazara.

  • Founder exits MD role after 27 years Oct 12

    Founder Nitish Mittersain stepped down as managing director after nearly 27 years, ceasing to be a key managerial person, which introduces leadership transition risk.

Positives 3
  • ₹743 cr UK subsidiary investment Oct 12

    Board approved ₹742.72 crore (USD 77 million) investment in Nazara Technologies UK Ltd to fund the second tranche for the Bluetile Games SL and Bestplay Systems SL acquisition.

  • ₹731 cr equity raise at ₹306/share Oct 12

    Board allotted 2.39 crore equity shares at ₹306 per share raising ₹730.78 crore, with CEO Raymond Stauffer receiving 1.91 crore shares worth ₹583.5 crore — signaling strong insider alignment.

  • Subsidiary balance sheet cleanup Oct 12

    Board approved conversion of ₹129.35 crore in loans to Smaaash Entertainment and GBP 23 million (₹294.40 crore) to Nazara UK into equity, strengthening subsidiary capital bases.

Neutral 3
  • New CFO Arun Agrawal appointed Oct 12

    Chartered accountant Arun Agrawal, with over two decades of finance experience at firms including Mastek, Firstsource Solutions, and Tata Motors, takes over as CFO from October 16.

  • Mithun Sacheti re-designated as WTD Oct 12

    Mithun Padam Sacheti re-designated from non-executive director to whole-time director and executive director for five years, overseeing strategic initiatives.

  • Paid-up capital rises to ₹81.72 cr Oct 12

    Following the preferential allotment, Nazara's paid-up equity share capital increased from ₹76.94 crore to ₹81.72 crore, with new shares pending listing approval.

Quarterly Results

₹ Cr
NAZARA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
254
297
320
266
250
319
535
520
499
526
406
398
429
803
Expenses
221
271
284
265
226
295
498
491
476
690
338
354
467
—
Operating Profit
33
27
36
2
24
24
37
29
23
−164
68
44
−38
—
OPM %
13%
9%
11%
0.6%
10%
8%
7%
6%
4.7%
−31%
17%
11%
−9%
—
Other Income
12
12.3
18
21
26
25.31
22
9
92
190
11.34
51
9
—
Interest
1
3
2
1
1
2
3
5
5
7
4
6
4
4
Depreciation
15
15
15
22
15
26
31
37
65
61
60
46
48
74
PBT
28
23
37
0
34.7
20
25.67
−4
46
−42
14
42
−80
26
Tax %
26%
−6%
21%
−200%
31%
18%
46%
−203%
−13%
−19%
36%
−31%
3%
−37%
Net Profit
21
24
30
0
24
16
14
4
51
−34
9
56
−82
35
EPS (₹)
0.74
0.75
0.88
0.28
0.74
0.72
0.9
0.18
1.85
−0.79
0.27
1.27
−2.16
—

Sep 2026: from the results filed on 26 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
NAZARA profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
211
190
172
170
247
454
622
1,091
1,138
1,624
1,829
1,759
Expenses
135
129
123
154
255
415
536
989
1,040
1,509
1,857
1,849
Operating Profit
76
61
49
15
−7
39
86
102
99
115
−28
−90
OPM %
36%
32%
28%
9%
−3%
9%
14%
9%
9%
7%
−1.5%
−5%
Other Income
8
12
−26
16
15
14
24
47
65
80
343
259
Interest
0
0
2
1
1
1
1
6
8
9.94
22.49
21
Depreciation
1
1
8
20
27
35
39
57
67
118
231
214
PBT
83
72
13
11
−21
17
70
87
89
66
60
−66
Tax %
22%
15%
92%
38%
28%
18%
27%
29%
16%
23%
−36%
—
Net Profit
65
61
1
7
−27
14
51
61
75
51
82
−52
EPS (₹)
40.32
38.14
0.12
0.8
−0.1
0.38
1.09
1.49
1.85
2.16
2.59
−1.41
Div. Payout %
31%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
NAZARA balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
2
2
11
11
11
12
13
26
31
35
74
Reserves
156
221
341
396
496
646
1,028
1,078
1,968
2,828
3,399
Borrowings
0
0
8
9
8
1
4
38
28
219
215
Other Liabilities
41
42
105
92
258
359
358
555
727
1,336
654
Total Liabilities
200
265
465
509
773
1,018
1,404
1,698
2,753
4,418
4,342
Fixed Assets
2
2
152
137
348
296
424
583
608
1,731
1,431
CWIP
0
0
1
1
6
2
1
0
0
14
42
Investments
55
77
98
127
58
118
442
332
439
1,312
2,064
Other Assets
142
187
214
243
361
601
537
783
1,706
1,362
805
Total Assets
200
265
465
509
773
1,018
1,404
1,698
2,753
4,418
4,342

Cash Flow

₹ Cr
NAZARA cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
59
57
3
19
−2
68
62
8
91
66
149
Investing
−6
−61
−17
−60
18
−271
−329
−89
−612
−1,139
−634
Financing
−20
0
37
6
3
217
335
15
946
805
361
Net Cash Flow
33
−5
24
−35
19
14
68
−66
425
−268
−124
Free Cash Flow
57
56
1
13
−9
66
51
0
64
−82
36
CFO/OP
99
117
42
220
−67
216
94
33
133
103
−680

Ratios

NAZARA financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
58
50
91
96
101
55
50
62
88
129
75
Inventory Days
—
—
—
—
—
—
—
—
10
—
—
Days Payable
—
—
—
—
—
—
—
—
1,092
—
—
Cash Conversion Cycle
58
50
91
96
101
55
50
62
−994
129
75
Working Capital Days
33
42
72
92
19
−9
6
22
26
−38
−20
ROCE %
—
36%
16%
3%
−4%
2%
7%
7%
6%
3%
27%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Nazara Technologies insights

61 extracted metrics across FY16–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 49.84%
  • Promoters 32.00%
  • FIIs 15.42%
  • DIIs 2.75%

87.74% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Nazara Technologies

What does Nazara Technologies Ltd do?
Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems.
Where is Nazara Technologies Ltd (NAZARA) listed?
Nazara Technologies Ltd trades as NAZARA on the NSE and under code 543280 on the BSE.
Which sector does Nazara Technologies Ltd belong to?
Nazara Technologies Ltd is classified under the Media sector, in the Digital Entertainment industry.
What is the 52-week high and low of Nazara Technologies Ltd?
Over the last 52 weeks Nazara Technologies Ltd has traded between ₹215.7 and ₹424.25 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Nazara Technologies Ltd?
Nazara Technologies Ltd reported a return on equity of 30.60%. Its debt-to-equity ratio is 0.06.

Company Information

Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems.

Website nazara.com
Listed 30 Mar 2021
Face Value ₹2

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