Nazara Technologies Ltd
NAZARA NSE
Nazara Technologies Ltd
MediaNSE: NAZARA BSE: 543280 Digital Entertainment
Key Fundamentals
MicrocapDigital EntertainmentMediaMarket Cap
₹13,020 Cr
Volatility
Moderate
P/E Ratio
-259.4
EBITDA
₹-945 Cr
Return on Equity
1.93%
Debt to Equity
0.06
Book Value
₹99.53
EPS
₹11.95
52W High
₹362
52W Low
₹215.7
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Nazara Technologies Ltd insights
34 extracted metrics + investor summaries across FY16–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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
7- Stock is trading at 3.73 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%
- Contingent liabilities of Rs.11,921 Cr.
- Promoters have pledged 89.6% of their holding.
- Working capital days have increased from 21.0 days to 75.4 days
Growth Rate
Revenue Growth
6.62% ↗
Net Income Growth
-53.04% ↗
Cash Flow Change
-27.86% ↘
ROE
-49.61% ↗
ROCE
-46.00% ↗
EBITDA Margin (Avg.)
-346.34% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk high
Nazara Technologies operates in the Indian gaming and media sector with a market cap of Rs.13,300 Cr and is nearly debt-free, but faces near-term headwinds including a negative PE of -263.3x reflecting recent losses, a TTM sales decline of -6%, and significant governance concerns with 89.6% promoter pledge. The company has delivered strong long-term sales CAGR of 24% over 10 years but its working capital cycle has deteriorated sharply.
Bull Case 8
- Company is almost debt-free, providing financial flexibility and resilience against interest rate cycles
- 10-year compounded sales CAGR of 24% demonstrates sustained long-term revenue growth in the gaming ecosystem
- 5-year compounded sales CAGR of 32% indicates accelerating top-line momentum over the medium term
- Last year ROE of 30% shows strong return generation on equity deployed, up from 15% 3-year average
- Debtor days improved from 97.6 to 75.1 days, signalling better receivables management and cash conversion
- 3-year stock CAGR of 29% reflects market re-rating of the gaming platform thesis over the medium term
- Median sales growth of 24.8% over last 10 years demonstrates consistent ability to scale revenues across market cycles
- 5-year compounded profit CAGR of 155% shows the business has historically been capable of scaling profitability
Bear Case 8
- Promoters have pledged 89.6% of their holding, creating severe governance risk and potential forced selling in a downturn
- Contingent liabilities of Rs.11,921 Cr dwarf the market cap of Rs.13,300 Cr, posing material balance sheet risk if crystallised
- TTM sales growth is -6%, indicating a reversal from historical growth trajectory and possible business model stress
- Negative PE of -263.3x reflects current-period losses, with TTM profit declining by -267% year-on-year
- Working capital days have increased from 21.0 to 75.4 days, a nearly 4x deterioration signalling cash flow strain
- Stock trades at 3.57x book value despite negative current earnings, leaving limited valuation support if growth does not recover
- Promoter holding decreased by 1.39% in the last quarter, indicating potential dilution or lack of insider confidence
- Zero dividend yield despite reporting profits historically suggests shareholders see no near-term cash return from the business
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2d ago Headwinds 1
- Q1FY27 loss widens sharply Aug 3
Nazara Technologies reported a consolidated net loss of ₹824.7 million for Q1FY27, driven by impairment charges and associate losses. This marks a significant deterioration in profitability.
Positives 1
- Preferential allotment fundraise planned Aug 3
Board meeting scheduled for August 6, 2026 to consider raising funds via preferential allotment of equity shares or convertible instruments, signaling potential growth capital infusion.
Neutral 2
- EGM approves board changes Aug 11
Shareholders approved appointment of Mithun Padam Sacheti and Muraarie Rajan to the board, and re-designated Vikash Mittersain as Founding Chairman.
- New CEO Raymond Stauffer appointed Aug 3
Board appointed Raymond Stauffer as CEO alongside the Q1FY27 results announcement, indicating a leadership transition at the top.
TL;DR: Nazara Technologies is navigating a difficult quarter with a widening net loss of ₹824.7 million in Q1FY27 due to impairment charges. Leadership is being restructured with a new CEO and board changes, while a potential fundraise via preferential allotment suggests the company is seeking capital for its next phase. The trend is currently deteriorating on profitability, and investors should watch whether the new leadership and fresh capital can reverse the trajectory.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 254 | 297 | 320 | 266 | 250 | 319 | 535 | 520 | 499 | 526 | 406 | 398 | 429 |
| 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 | 14 | 18 | 21 | 26 | 23 | 22 | 9 | 92 | 190 | 10 | 51 | 9 |
| Interest | 1 | 3 | 2 | 1 | 1 | 2 | 3 | 5 | 5 | 7 | 4 | 6 | 4 |
| Depreciation | 15 | 15 | 15 | 22 | 15 | 26 | 31 | 37 | 65 | 61 | 60 | 46 | 48 |
| PBT | 28 | 23 | 37 | 0 | 34 | 20 | 25 | -4 | 46 | -42 | 14 | 42 | -80 |
| Tax % | 26% | -6% | 21% | -200% | 31% | 18% | 46% | -203% | -13% | -19% | 36% | -31% | 3% |
| Net Profit | 21 | 24 | 30 | 0 | 24 | 16 | 14 | 4 | 51 | -34 | 9 | 56 | -82 |
| EPS in Rs | 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 |
Profit & Loss
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 1,858 | 1,849 |
| Operating Profit | 76 | 61 | 49 | 15 | -7 | 39 | 86 | 102 | 99 | 115 | -29 | -90 |
| OPM % | 36% | 32% | 28% | 9% | -3% | 9% | 14% | 9% | 9% | 7% | -1.6% | -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 | 11 | 22 | 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 in Rs | 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
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 683 |
| Total Liabilities | 200 | 265 | 465 | 509 | 773 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,371 |
| Fixed Assets | 2 | 2 | 152 | 137 | 348 | 296 | 424 | 583 | 608 | 1,731 | 1,473 |
| CWIP | 0 | 0 | 1 | 1 | 6 | 2 | 1 | 0 | 0 | 14 | 1 |
| 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 | 834 |
| Total Assets | 200 | 265 | 465 | 509 | 773 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,371 |
Cash Flow
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -542 |
| 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 | -33 |
| 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 | -649 |
Ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 75 |
| ROCE % | — | 36% | 16% | 3% | -4% | 2% | 7% | 7% | 6% | 2% | 27% |
Documents
2
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
5 May - EGM on May 1, 2026 passed resolutions for enhanced Section 186 limits and preferential warrant issuance. 5 May - EGM on May 1, 2026 passed resolutions for enhanced Section 186 limits and preferential warrant issuance.
3
Board Meeting Intimation for Approving The Audited Financial Results (Consolidated And Standalone) For The Quarter And Year Ended March 31, 2026.
5 May - Board meeting on May 12, 2026 to approve audited Q4 and FY26 financial results; trading window stays closed. 5 May - Board meeting on May 12, 2026 to approve audited Q4 and FY26 financial results; trading window stays closed.
4
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
5 May - Earnings call scheduled for May 13, 2026, 9:00 AM IST for Q4 and FY2026 results. 5 May - Earnings call scheduled for May 13, 2026, 9:00 AM IST for Q4 and FY2026 results.
Frequently Asked Questions about Nazara Technologies Ltd
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 is listed on the Indian stock exchanges. It is listed on NSE: NAZARA and BSE: 543280. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Nazara Technologies Ltd belong to?
Nazara Technologies Ltd operates in the Media sector within the Digital Entertainment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Nazara Technologies Ltd?
Nazara Technologies Ltd has a market capitalisation of approximately ₹13019.99 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Nazara Technologies Ltd?
The Price-to-Earnings (PE) ratio of Nazara Technologies Ltd is -259.40. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Nazara Technologies Ltd?
Over the past 52 weeks, Nazara Technologies Ltd has traded between a low of ₹215.7 and a high of ₹362. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Nazara Technologies Ltd?
Nazara Technologies Ltd has a Return on Equity (ROE) of 1.93%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Nazara Technologies Ltd on Tapetide?
On Tapetide, you can view Nazara Technologies Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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.