Nazara Technologies Ltd. (IN:NAZARA)
:NAZARA
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Nazara Technologies Ltd.
(NAZARA)
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Rating:60Neutral
Price Target:
₹243.00
▼(-14.80% Downside)
Action:ReiteratedDate:10/08/25
Nazara Technologies Ltd. has a strong financial foundation with robust revenue growth and efficient cost management. However, the stock faces challenges with high valuation metrics and weak technical indicators, suggesting potential overvaluation and bearish momentum. These factors contribute to a moderate overall stock score.
Positive Factors
Revenue Growth
Nazara's ~42% reported revenue growth indicates sustained expansion of its gaming and sports media footprint. Durable top-line momentum reflects scalable monetization across in‑app purchases, advertising and esports, supporting reinvestment in content and user acquisition over the next 2–6 months.
Negative Factors
Free Cash Flow Volatility
Significant capex-driven swings in free cash flow constrain available discretionary cash for dividends, buybacks or strategic M&A. Persistent FCF volatility can limit financial flexibility and requires disciplined capital allocation to sustain growth without eroding liquidity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Nazara's ~42% reported revenue growth indicates sustained expansion of its gaming and sports media footprint. Durable top-line momentum reflects scalable monetization across in‑app purchases, advertising and esports, supporting reinvestment in content and user acquisition over the next 2–6 months.
Read all positive factors
Nazara Technologies Ltd. (NAZARA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹93.10B
Dividend YieldN/A
Average Volume (3M)84.68K
Price to Earnings (P/E)257.5
Beta (1Y)0.63
Revenue Growth80.00%
EPS Growth10.90%
CountryIN
Employees74
SectorTechnology
Sector Strength88
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)0.30
Shares Outstanding370,465,030
10 Day Avg. Volume105,241
30 Day Avg. Volume84,679
Financial Highlights & Ratios
PEG Ratio3.20
Price to Book (P/B)1.32
Price to Sales (P/S)2.33
P/FCF Ratio-178.83
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)5.45
Revenue Forecast (FY)₹20.02B
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 makes money primarily by monetizing its gaming and sports-fan engagement properties through multiple revenue streams. (1) Gaming revenue: It earns from publishing and operating games via in-app purchases (virtual goods/consumables), in-game...
Nazara Technologies Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
83
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.73B | 16.24B | 11.38B | 10.91B | 6.22B | 4.54B |
| Gross Profit | 11.58B | 6.70B | 6.67B | 6.40B | 4.82B | 4.02B |
| EBITDA | 2.61B | 2.13B | 1.80B | 1.52B | 1.11B | 554.70M |
| Net Income | 1.27B | 753.50M | 565.70M | 393.90M | 284.00M | 92.00M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 44.35B | 27.62B | 17.02B | 14.10B | 10.23B |
| Cash, Cash Equivalents and Short-Term Investments | 6.53B | 6.53B | 14.26B | 5.96B | 7.32B | 4.78B |
| Total Debt | 0.00 | 2.19B | 277.00M | 382.00M | 43.00M | 17.00M |
| Total Liabilities | -32.37B | 11.98B | 4.27B | 3.85B | 2.12B | 2.44B |
| Stockholders Equity | 32.37B | 28.63B | 19.99B | 11.05B | 10.41B | 6.58B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -211.20M | 639.40M | -2.00M | 498.00M | 642.23M |
| Operating Cash Flow | 0.00 | 1.27B | 907.90M | 81.00M | 621.00M | 674.06M |
| Investing Cash Flow | 0.00 | -12.01B | -6.03B | -952.00M | -3.50B | -2.68B |
| Financing Cash Flow | 0.00 | 8.11B | 9.46B | 145.00M | 3.35B | 2.17B |
Nazara Technologies Ltd. Technical Analysis
Neutral
285.20
Price Trends
257.75
Negative
256.78
Negative
280.04
Negative
Market Momentum
-3.55
Negative
54.18
Neutral
93.65
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NAZARA, the sentiment is Neutral. The current price of 285.2 is above the 20-day moving average (MA) of 238.22, above the 50-day MA of 257.75, and above the 200-day MA of 280.04, indicating a neutral trend. The MACD of -3.55 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 93.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹17.74B | 21.87 | ― | 0.42% | 21.17% | 27.66% | |
62 Neutral | ₹93.97B | 118.88 | ― | 0.69% | 15.87% | 39.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | ₹93.10B | 257.47 | ― | ― | 80.00% | 10.90% | |
54 Neutral | ₹18.41B | 74.37 | ― | 1.83% | 77.13% | -39.91% | |
45 Neutral | ₹8.60B | 54.49 | ― | 1.08% | ― | ― |
* Technology Sector Average
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Nazara Technologies Ltd. Corporate Events
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, ...
Nazara Technologies Lifts Stake in Rusk Media to 7.18% with INR 27.15 Crore Investment
Jan 30, 2026
Nazara Technologies has completed the cash payment of approximately INR 27.15 crore to acquire 4,276 Series A compulsorily convertible preference shares of Rusk Media Private Limited, representing 5.23% of Rusk Media’s fully diluted share ca...
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.