Nazara Technologies rises 18% on 4.9% block deals, May 2026

What moved Nazara Technologies shares on May 15

Shares of Nazara Technologies Ltd surged during Friday’s session after a report said a large stake changed hands through block deals. CNBC-TV18 reported that 4.9% equity in the company was traded via large block transactions. The stock rose as much as 17.93% to ₹314.05, taking the company’s market capitalisation to more than ₹11,500 crore. The move put Nazara among the sharper gainers in the session as volumes picked up.

The report also flagged likely participants on both sides of the trades. Zerodha co-founder Nikhil Kamath and existing promoter Axana Estates were cited among the likely buyers. Nazara founder Nitish Mittersain was reported as the likely seller in the block deals. The buyers and sellers were not immediately ascertained in exchange data cited in another market report.

Block deal headline vs exchange turnover data

The block deal headline centred on 4.9% equity changing hands, as per the CNBC-TV18 report. Separately, exchange data cited in a market wrap said a combined 60.9 million shares representing 16.43% of Nazara’s total equity changed hands on the NSE and BSE. The reports did not reconcile the block-deal quantity with the full-day turnover, but together they pointed to unusually heavy activity in the counter on May 15.

Nazara’s move also stood out because the stock had already been volatile around news flow in recent months. The company has been on investors’ radar for strategy updates, international expansion, and a sharper focus on its core gaming portfolio.

Where the stock stands versus key price levels

At the day’s high of ₹314.05, Nazara was sharply higher on the session. Even after the rally, the stock’s positioning versus its 52-week band remained mixed. The stock has rallied more than 45% from its 52-week low of ₹216 hit nearly two months earlier. However, it was still about 14% below its 52-week high of ₹362.50, hit in August 2025.

A Hindi business report also described the move as the biggest one-day rise since August 1, 2022, when the stock had jumped 20%.

Promoter and shareholder context mentioned in reports

The same Hindi report added context on shareholding at the end of the March quarter. It said promoter Nitish Mittersain held a 2.18% stake, while Axana Estates LLP held 5.4%. It also cited a management comment that Nazara expects 15-20% organic growth in FY27.

While these figures do not confirm who traded on May 15, they show why the market closely tracked promoter and large-holder activity alongside the price surge.

International expansion: Bluetile Games and BestPlay Systems deal

Nazara has also been in focus for international expansion plans. The company previously said its UK-based subsidiary would acquire a 50% controlling stake in Spanish social gaming platforms Bluetile Games and BestPlay Systems for $100.3 million.

As per the company’s regulatory filing cited in the report, $19.7 million of the total cash consideration will be paid at the first close. The remaining $10.6 million will be payable within six months of the first close. The transaction also includes performance-linked earn-outs estimated at $18.2 million.

What brokerages said about Q4FY26 and operating metrics

Broker commentary in the reports highlighted a split in performance across segments. JM Financial said Nazara delivered improving core gaming execution and stronger operating leverage in 4QFY26, while weak performance in eSports and ad-tech offset the improvement. It noted PC and console remained resilient, while offline gaming was relatively softer. It also flagged that Sportskeeda remained soft and ad-tech declined due to pruning of lower-margin services.

On profitability, the report said EBITDA margin expanded to 19.5%, driven by stronger profitability across most core gaming verticals. JM Financial added that management is increasingly focused on core gaming, potentially by divesting non-core segments in future, and that Bluetile consolidation is expected to materially strengthen FY27 scale. The brokerage maintained an ‘add’ rating with a target price of ₹300.

Choice Institutional Equities said Nazara is transitioning into a globally diversified, gaming-first platform with improving earnings quality, strong cash conversion and rising operating leverage. It added that following portfolio rationalisation over the last two quarters, gaming accounted for 90% of FY26 EBITDA. Choice also said incremental scale from Bluetile and BestPlay, the centre-of-excellence-led operating playbook, and deeper monetisation across owned IPs could improve earnings visibility and support margin expansion. Its note cited a ‘buy’ rating with a target price of ₹400.

PL Capital said it expects revenue CAGR of 47% over FY26-FY28E led by the acquisition of BT Games, and cited EBITDA margin expectations of 16.2% and 6.8% in FY27E and FY28E, respectively. It maintained a ‘buy’ with a sum-of-the-parts target of ₹319.

Key numbers at a glance

Deal structure snapshot: Bluetile and BestPlay

Market impact: what the data indicates

The immediate market impact was visible in price and volumes. The stock’s jump to ₹314.05 and market cap crossing ₹11,500 crore reflected aggressive buying interest on the back of block deal headlines. The presence of a reported 4.9% block deal, alongside exchange turnover showing 16.43% of equity changing hands during the day, indicated a session dominated by large orders.

Broker targets in the reports ranged from ₹300 (JM Financial) to ₹400 (Choice), with PL Capital at ₹319, showing that views on valuation and execution remain varied even as the company pushes for scale through acquisitions. The Q4FY26 EBITDA margin of 19.5% and the statement that gaming contributed 90% of FY26 EBITDA supported the narrative that profitability is increasingly linked to the core gaming portfolio.

Why the event matters for investors

The May 15 move matters because it combined two themes that typically drive re-rating attempts: ownership churn and strategy clarity. Large block activity can change near-term supply dynamics, and it can also sharpen attention on promoter actions, especially when a founder is cited as a likely seller.

At the same time, Nazara’s acquisition pipeline and portfolio rationalisation have become central to the investment case. The Bluetile and BestPlay transaction size and earn-out structure, along with broker comments on potential divestment of non-core segments, underline that execution and integration will remain the key variables investors track.

Conclusion

Nazara Technologies rallied nearly 18% on May 15 as reports pointed to a 4.9% stake changing hands via block deals and heavy trading volumes through the day. Alongside the ownership-related headlines, investors also weighed broker commentary on a 19.5% EBITDA margin in Q4FY26, a sharper focus on core gaming, and the overseas Bluetile and BestPlay acquisition with staged cash payouts and earn-outs. The next set of cues is likely to come from further disclosures around stake changes, deal progress on the Spain acquisition, and management commentary on FY27 organic growth expectations.