Nazara Technologies logo

Nazara Technologies

NAZARA NSE

Key Fundamentals

SmallcapDigital EntertainmentMedia
Market Cap
₹14,656 Cr
Volatility
High Risk
P/E Ratio
-290.9
EBITDA
₹1,493 Cr
Return on Equity
1.89%
Debt to Equity
0.06
Book Value
₹99.53
EPS
₹11.95
52W High
₹401.9
52W Low
₹215.7

Tapetide Score

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

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 4.10 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.

Growth Rate

Revenue Growth
79.12% higher than 3Y
Net Income Growth
7.2% lower than 3Y
Cash Flow Change
127% higher than 3Y
ROE
-2.07% lower than 3Y
ROCE
-28% higher than 3Y
EBITDA Margin (Avg.)
291% higher than 3Y

AI Analysis — Bull vs Bear

3d ago
AI opinion · based on fundamentals
Risk high

Nazara Technologies has a market capitalisation of about ₹14,004 crore. It is loss-making on a trailing basis, with a P/E of -279.3, TTM sales down 6% and TTM profit growth of -267%. That follows a strong prior year, when ROE was 31%, and a long record of growth, with 10-year median sales growth of 24.8% and 5-year sales CAGR of 32%. The company is almost debt-free, but it pays no dividend, trades at 3.79-4.02x book value, and 87.0% of promoter holding is pledged.

Bull Case 7
  • Sales have grown steadily over the long term: 10-year median sales growth is 24.8%, 10-year sales CAGR is 24%, and 5-year sales CAGR is 32%. This points to a durable ability to grow the business across gaming, esports and ad-tech.
  • Medium-term revenue growth is still solid, with a 3-year sales CAGR of 19%, even though TTM sales fell 6%.
  • Profit growth has been strong over multi-year periods: 3-year profit CAGR is 194% and 5-year profit CAGR is 155%, so the business has scaled profits in the past.
  • ROE was 31% last year, well above the 3-year average of 15% and the 5-year average of 13%. This shows the business can earn higher returns in a good year, though part of that may reflect one-off items.
  • The company is described as almost debt-free, which limits balance-sheet risk and leaves room to keep investing or making acquisitions without heavy borrowing costs.
  • Working capital has improved: debtor days fell from 97.6 to 75.1, a reduction of about 23%, meaning the company is collecting receivables faster.
  • The stock has risen 34% over 1 year and at a 22% CAGR over 3 years, so the market has rewarded the company's growth and positioning despite recent earnings volatility.
Bear Case 8
  • Trailing earnings are negative: the P/E is -279.3 and TTM profit growth is -267%. The company swung to a loss, so the valuation is not currently supported by earnings.
  • Promoters have pledged 87.0% of their holding. If the share price falls, this raises the risk of forced selling and adds governance concerns.
  • Promoter holding fell by 1.47% in the last quarter, which may point to weaker insider commitment or the effect of dilution.
  • TTM sales fell 6%, a sharp break from the 19% 3-year and 32% 5-year sales CAGRs, which suggests slowing momentum in the core business.
  • The stock trades at 3.79x book value (4.02x on another measure) despite loss-making TTM results. That is a premium valuation with little margin of safety if earnings stay weak.
  • Interest coverage is flagged as low. Even with little debt, the cover is weak, and that becomes a concern while operating profit is under pressure.
  • Dividend yield is 0%. The company does not pay dividends even in profitable years, so shareholder returns rely entirely on share-price gains.
  • Over 5 years the stock has returned only a 6% CAGR, well below its 34% 1-year return. Long-term shareholder returns have lagged the business's sales growth and have been volatile.

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

AI News Digest

21h ago
Headwinds 2
  • Rising unsecured exposure to Smaaash Sep 21

    Nazara signed a loan agreement to lend up to ₹28 crore unsecured to Smaaash for working capital and capex. Its total outstanding exposure to Smaaash is now ₹116 crore, which adds credit risk.

  • Loss-making, with a high book multiple Sep 24

    The trailing P/E is -13.96 (TTM to June), which means the company is reporting net losses. The reported P/B of 67.44 looks unusually high and should be checked against the source.

Positives 3
  • Outperforming a falling Nifty Sep 24

    The stock rose 1.06% to ₹372.70 on NSE, its third straight gain, and traded between ₹368.90 and ₹376.15. Over the past month it gained about 5.21–7.11% (the article gives both figures), while the Nifty fell 6.91% and the NIFTY Media index rose 2.45%.

  • Trading near its 52-week high Sep 24

    The stock is up 35.01% over the past year. It is close to its 52-week high of ₹380.00 and well above its 52-week low of ₹215.70 on NSE.

  • First Fortnite game launched Sep 11

    Nazara and Virstate launched Bodycam UEFN in Fortnite under an agreement with Reissad Studio. It has 3 multiplayer modes and ranked progression. Management calls it a template for future IP partnerships on the platform.

Neutral 3
  • Raymond Stauffer named CEO Sep 16

    Raymond Albaladejo Stauffer became CEO effective September 16, 2026. Nitish Mittersain stepped down as CEO but stays on as Managing Director.

  • Funky Monkeys stake raised to 68.1% Sep 3

    Nazara bought a further 4.10% of subsidiary Funky Monkeys Play Centre for ₹1.90 crore from founder Binita Putcha. This lifts its holding to 68.10%.

  • 27th AGM approves FY26 accounts Sep 25

    At the 27th AGM, held by video conference on September 25, 2026 (announced Sep 3), shareholders adopted the FY26 financial statements and reappointed Vivek Chopra.

TL;DR: Nazara has strong price momentum: three straight gains, a 35% rise over the past year and a price near its ₹380 52-week high, while the Nifty fell 6.91% over the past month. The business is also expanding through its Fortnite launch and a bigger stake in Funky Monkeys. The main risks are negative trailing earnings, a stretched valuation and a growing ₹116 crore unsecured exposure to Smaaash. The trend is improving, and the next things to watch are a clean CEO handover to Stauffer, whether the stock breaks above ₹380, and evidence that it can return to profit.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

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
11
24
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Promot.34.25%Others27.89%DIIs2.40%FIIs13.23%Public22.24%As ofJun 2026
89.61% of promoter holding pledged as of Jun 2026

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 market capitalisation of Nazara Technologies Ltd?
Nazara Technologies Ltd has a market capitalisation of ₹14,656 Cr, which places it in the Mid Cap band.
What is the PE ratio of Nazara Technologies Ltd?
Nazara Technologies Ltd trades at a PE ratio of -290.90, on earnings per share of ₹11.95, against a book value of ₹99.53 per share.
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 ₹401.9.
What is the Return on Equity (ROE) of Nazara Technologies Ltd?
Nazara Technologies Ltd reported a return on equity of 1.89%. 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 2021-03-30
Face Value ₹ 2
Issued Size 37,04,65,024

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