Nazara Technologies Ltd. (IN:NAZARA)
:NAZARA
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Nazara Technologies Ltd.
(NAZARA)
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Rating:61Neutral
Price Target:
₹317.00
▲(11.15% Upside)
Action:Reiterated
Date:05/16/26
The score is driven mainly by moderate financial performance (low leverage but thin operating margins and uneven cash conversion). Technicals are supportive with the price above major moving averages and neutral momentum. Valuation is the primary drag due to the very high P/E and lack of dividend support.
Positive Factors
Conservative balance sheet
Very low leverage (debt-to-equity ~0.06) gives Nazara lasting financial flexibility and lowers refinancing and solvency risk. This conservatism supports resilience through gaming revenue cyclicality, enables selective M&A or content investment without immediate financing pressure, and preserves optionality for multi‑quarter execution.
Negative Factors
Very thin operating margin
An EBIT margin around 1% signals weak operating leverage and limited ability to absorb cost inflation or step up content and marketing spend. Persistently thin operating profits constrain reinvestment capacity, limit returns on capital, and make the business sensitive to single-title performance or rising overheads over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage (debt-to-equity ~0.06) gives Nazara lasting financial flexibility and lowers refinancing and solvency risk. This conservatism supports resilience through gaming revenue cyclicality, enables selective M&A or content investment without immediate financing pressure, and preserves optionality for multi‑quarter execution.
Read all positive factors
Nazara Technologies Ltd. (NAZARA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹107.84B
Dividend YieldN/A
Average Volume (3M)84.68K
Price to Earnings (P/E)45.9
Beta (1Y)0.58
Revenue Growth12.63%
EPS Growth2.65%
CountryIN
Employees74
SectorTechnology
Sector Strength88
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)2.84
Shares Outstanding370,465,030
10 Day Avg. Volume105,241
30 Day Avg. Volume84,679
Financial Highlights & Ratios
PEG Ratio8.07
Price to Book (P/B)2.45
Price to Sales (P/S)4.66
P/FCF Ratio209.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.4
Revenue Forecast (FY)₹25.69B
Nazara Technologies Ltd. Business Overview & Revenue Model
Company Description
Nazara Technologies Limited operates a gaming and sports media platform in India and internationally. The company operates through Gamified Early Learning, esports, Freemium, Telco Subscription, and Skill Based Real Money Gaming segments. It offer...
How the Company Makes Money
Nazara primarily makes money by operating and monetizing a portfolio of gaming and gaming-adjacent businesses. Key revenue streams generally include: (1) game and digital content monetization, such as in-app purchases, subscriptions, and sales/roy...
Nazara Technologies Ltd. Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
79
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.73B | 18.29B | 16.24B | 11.38B | 10.91B | 6.22B |
| Gross Profit | 11.58B | 8.27B | 6.70B | 6.67B | 6.40B | 4.82B |
| EBITDA | 2.61B | 2.49B | 2.13B | 1.80B | 1.52B | 1.11B |
| Net Income | 1.27B | 958.40M | 753.50M | 565.70M | 393.90M | 284.00M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 43.71B | 44.35B | 27.62B | 17.02B | 14.10B |
| Cash, Cash Equivalents and Short-Term Investments | 6.53B | 7.34B | 6.53B | 14.26B | 5.96B | 7.32B |
| Total Debt | 0.00 | 2.15B | 2.19B | 277.00M | 382.00M | 43.00M |
| Total Liabilities | -32.37B | 8.19B | 11.98B | 4.27B | 3.85B | 2.12B |
| Stockholders Equity | 32.37B | 34.73B | 28.63B | 19.99B | 11.05B | 10.41B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 407.60M | -211.20M | 639.40M | -2.00M | 498.00M |
| Operating Cash Flow | 0.00 | 1.53B | 1.27B | 907.90M | 81.00M | 621.00M |
| Investing Cash Flow | 0.00 | -5.42B | -12.01B | -6.03B | -952.00M | -3.50B |
| Financing Cash Flow | 0.00 | 3.56B | 8.11B | 9.46B | 145.00M | 3.35B |
Nazara Technologies Ltd. Technical Analysis
Positive
285.20
Price Trends
256.32
Positive
262.96
Positive
271.01
Positive
Market Momentum
8.82
Negative
63.57
Neutral
65.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NAZARA, the sentiment is Positive. The current price of 285.2 is above the 20-day moving average (MA) of 274.09, above the 50-day MA of 256.32, and above the 200-day MA of 271.01, indicating a bullish trend. The MACD of 8.82 indicates Negative momentum. The RSI at 63.57 is Neutral, neither overbought nor oversold. The STOCH value of 65.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:NAZARA.
Nazara Technologies Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹68.51B | 9.27 | ― | 3.28% | 9.68% | 1.75% | |
68 Neutral | ₹32.42B | 23.95 | ― | 1.54% | -3.66% | 15.44% | |
66 Neutral | ₹48.10B | 17.59 | ― | 0.27% | 90.29% | 6.10% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ₹107.84B | 45.88 | ― | ― | 12.63% | 2.65% | |
48 Neutral | ₹5.33B | 42.34 | ― | ― | -9.80% | 71.59% |
* Technology Sector Average
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Nazara Technologies Ltd. Corporate Events
Nazara Technologies Overhauls Board Structure and Drops Subsidiary Merger Plan
May 12, 2026
Nazara Technologies’ board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, accompanied by an unmodified auditor opinion. The board also named MAKK Co. as internal auditors fo...
Nazara Reshapes Board, Governance Structure and Drops Subsidiary Merger Plan
May 12, 2026
Nazara Technologies’ board has approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion, underscoring stability in its financial reporting. The company...
Nazara Reschedules EGM Date for Preferential Issue Without Changing Terms
Apr 1, 2026
Nazara Technologies has informed the stock exchanges of a revision in the scheduled date of its forthcoming Extraordinary General Meeting, which will now be held on May 1, 2026, instead of April 30, 2026. The meeting relates to a previously approv...
Nazara Technologies Schedules Investor Meeting With Dolat Capital in Mumbai
Apr 1, 2026
Nazara Technologies has notified the stock exchanges that its representatives will participate in an investor and analyst meeting hosted by Dolat Capital in Mumbai on April 7, 2026. The one-on-one, in-person interaction will be based solely on pub...
Nazara Technologies Takes Full Control of Next Wave Multimedia
Mar 30, 2026
Nazara Technologies has increased its stake in Next Wave Multimedia Private Limited to 100%, acquiring an additional 12.56% equity for about INR 7.5 crore from the founding shareholders. The deal converts Nextwave from a majority-owned unit into a...
Nazara Invests INR 14.99 Crore in Rusk Media to Build Gaming Content Universe
Mar 30, 2026
Nazara Technologies Ltd. has agreed to subscribe to 1,278 pre-Series C compulsorily convertible preference shares of Rusk Media Pvt. Ltd. for about INR 14.99 crore in cash, representing 1.36% of Rusk’s fully diluted share capital. The deal, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.