Nazara Technologies Ltd

NAZARA

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Market Cap

₹ 8,419 Cr

P/E

8.58

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Nazara Technologies is a leading mobile games company based in Mumbai, specializing in a diversified portfolio of mobile games catering to emerging markets.

In H1FY26, Nazara's revenue surged by 80% YoY, reaching INR 1,025 Crores, with significant contributions from international markets, indicating strong global traction.

The company achieved substantial growth in core gaming, with a 159% increase in revenue and a 253% rise in EBITDA for H1FY26, driven by its IP-led strategy.

Nazara's restructuring efforts include the de-subsidiarization of Nodwin Gaming, resulting in a notable gain in other income, and an impairment on Moonshine Technologies due to regulatory changes.

Nazara's investment in AI, Analytics, and LiveOps are improving customer lifetime value and operational efficiencies, evidencing a strategic focus on long-term value creation.

Sector

E-Commerce/App based Aggregator

Industry

Telecommunications - Service Provider

Market Cap

8,419 Cr

Volatility

Low Risk

P/E Ratio

8.6

Industry P/E

37.9

PEG Ratio

—

P/B Ratio

2.5

52W High

362.50

52W Low

219.38

Sales CAGR

42.66%

19.05%

-5.68%

10Y

—

Profit CAGR

-31.83%

—

32.12%

10Y

—

ROE

TTM

28.89%

-1.80%

-1.92%

10Y

—

ROCE

TTM

26.57%

-1.51%

-1.73%

10Y

—

Technicals

‌

Forecasts

No. of Analysts

12

1Y Price Target

286.08 ▲ 25.89%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RAILTEL	330.35	14,908 Cr	79.54	8.65	0.61	10.89	13.55	6.04
TTML	49.00	9,591 Cr	—	0.00	0.00	6.42	54.42	-102.64
NAZARA	225.00	8,360 Cr	8.52	2.46	0.00	28.89	26.57	0.83
MTNL	36.84	2,321 Cr	—	0.00	0.00	12.39	-11.49	-37.36
HATHWAY	12.65	2,239 Cr	22.59	0.51	0.00	2.20	2.86	1.80
NELCO	760.00	1,728 Cr	402.71	13.44	0.13	3.34	9.18	1.39
ONMOBILE	56.26	598 Cr	50.68	0.91	0.00	1.80	3.87	0.85

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	254	297	320	266	250	319	535	520	499	526
Expenses	221	271	284	263	225	294	498	486	451	467
Operating Profit	33	27	36	3.57	25	25	37	35	47	60
OPM %	12.98	8.98	11.34	1.34	9.96	7.89	6.93	6.65	9.51	11.36
Other Income	12	12	18	36	25	24	22	13	53	-34
Interest	1.28	2.66	2.04	0.82	0.57	1.75	2.81	4.80	5.15	6.77
Depreciation	15	15	15	22	15	26	31	37	65	61
Profit Before Tax	28	21	37	17	34	22	25	5.74	31	-42
Tax %	26.21	-5.93	21.49	-0.71	30.59	16.78	45.97	-140.07	-18.94	18.65
Net Profit	21	23	29	17	24	18	14	14	36	-34
EPS in Rs	0.53	0.53	0.70	-0.24	0.61	0.64	0.89	-0.05	1.93	24.41

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	190	172	170	248	454	622	1,091	1,138	1,624	1,873
Expenses	129	123	153	253	414	536	990	1,039	1,502	1,728
Operating Profit	61	49	16	-5.66	41	86	101	100	122	144
OPM %	32.16	28.32	9.63	-2.29	8.94	13.82	9.27	8.75	7.49	7.70
Other Income	12	-26	15	14	12	24	49	78	84	112
Interest	0.29	1.83	1.38	1.24	0.40	0.60	4.72	6.80	9.94	15
Depreciation	1.16	8.22	20	26	36	39	57	67	118	158
Profit Before Tax	72	13	11	-20	17	70	89	103	78	83
Tax %	14.99	92.00	38.25	-36.76	18.07	27.47	28.63	13.52	19.70	1.74
Net Profit	61	1.02	6.71	-27	14	51	63	89	63	82
EPS in Rs	—	—	—	—	2.26	0.49	1.08	1.52	2.09	27.18
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.99	11	11	11	12	13	26	31	35
Reserves	221	341	396	490	646	1,028	1,078	1,968	2,828
Borrowings	0.00	14	9.36	8.04	1.30	4.30	38	28	219
Other Liabilities	42	105	98	245	363	364	559	735	1,354
Total Liabilities	265	471	515	754	1,023	1,410	1,702	2,762	4,435
Fixed Assets	1.83	150	137	327	296	424	583	608	1,731
CWIP	0.14	0.61	0.68	6.32	2.40	1.10	0.19	0.00	14
Investments	77	101	127	58	118	442	332	439	1,312
Other Assets	187	219	249	363	606	543	787	1,715	1,379
Total Assets	265	471	515	754	1,023	1,410	1,702	2,762	4,435

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	57	3.17	19	-2.21	68	62	8.09	91	66
Cash from Investing Activity	-54	-18	-67	8.90	-268	-334	-95	-615	-1,134
Cash from Financing Activity	0.00	37	5.94	3.37	217	335	15	946	805
Net Cash Flow	2.33	22	-42	10	17	63	-72	422	-264

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Oct 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Nov 2024	Dec 2024	Jan 2025	Mar 2025	Jun 2025	Sep 2025
Promoters	19.01%	17.16%	17.16%	16.43%	10.05%	10.05%	9.00%	9.00%	8.79%	8.78%	8.31%	35.46%
FIIs	10.96%	9.93%	10.46%	9.44%	6.05%	9.71%	11.00%	11.58%	11.25%	13.04%	13.51%	12.63%
DIIs	9.11%	16.00%	15.90%	16.80%	16.77%	12.21%	13.32%	13.52%	12.03%	12.44%	9.78%	7.18%
Public	60.92%	56.91%	56.48%	57.32%	67.13%	68.03%	66.68%	65.90%	67.94%	65.73%	68.40%	44.73%
Total Shareholders	1,71,551	1,71,565	1,71,497	1,69,481	1,60,164	1,44,688	1,42,016	1,36,931	1,35,389	1,30,672	1,20,672	1,11,197

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Aug 25, 2025	Hrti private limited	Bulk	Buy	1,077.02	83.08 Cr	7,71,360	0.83
Aug 25, 2025	Hrti private limited	Bulk	Sell	1,076.56	82.08 Cr	7,62,464	0.82
Aug 25, 2025	Graviton research capital llp	Bulk	Buy	1,073.10	99.37 Cr	9,25,981	0.99
Aug 25, 2025	Graviton research capital llp	Bulk	Sell	1,073.14	99.27 Cr	9,25,009	0.99
Aug 21, 2025	Graviton research capital llp	Bulk	Buy	1,135.90	89.67 Cr	7,89,459	0.85
Aug 21, 2025	Hrti private limited	Bulk	Buy	1,143.28	59.35 Cr	5,19,082	0.56
Aug 21, 2025	Graviton research capital llp	Bulk	Sell	1,136.12	89.68 Cr	7,89,344	0.85
Aug 21, 2025	Hrti private limited	Bulk	Sell	1,146.04	63.20 Cr	5,51,475	0.59
Aug 20, 2025	Marwadi chandarana intermedia...	Bulk	Buy	1,279.90	69.18 Cr	5,40,527	0.58
Aug 20, 2025	Lkp finance limited	Bulk	Sell	1,291.03	95.11 Cr	7,36,667	0.79

Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	254	297	320	266	250	319	535	520	499	526
Expenses	221	271	284	263	225	294	498	486	451	467
Operating Profit	33	27	36	3.57	25	25	37	35	47	60
OPM %	12.98	8.98	11.34	1.34	9.96	7.89	6.93	6.65	9.51	11.36
Other Income	12	12	18	36	25	24	22	13	53	-34
Interest	1.28	2.66	2.04	0.82	0.57	1.75	2.81	4.80	5.15	6.77
Depreciation	15	15	15	22	15	26	31	37	65	61
Profit Before Tax	28	21	37	17	34	22	25	5.74	31	-42
Tax %	26.21	-5.93	21.49	-0.71	30.59	16.78	45.97	-140.07	-18.94	18.65
Net Profit	21	23	29	17	24	18	14	14	36	-34
EPS in Rs	0.53	0.53	0.70	-0.24	0.61	0.64	0.89	-0.05	1.93	24.41

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	190	172	170	248	454	622	1,091	1,138	1,624	1,873
Expenses	129	123	153	253	414	536	990	1,039	1,502	1,728
Operating Profit	61	49	16	-5.66	41	86	101	100	122	144
OPM %	32.16	28.32	9.63	-2.29	8.94	13.82	9.27	8.75	7.49	7.70
Other Income	12	-26	15	14	12	24	49	78	84	112
Interest	0.29	1.83	1.38	1.24	0.40	0.60	4.72	6.80	9.94	15
Depreciation	1.16	8.22	20	26	36	39	57	67	118	158
Profit Before Tax	72	13	11	-20	17	70	89	103	78	83
Tax %	14.99	92.00	38.25	-36.76	18.07	27.47	28.63	13.52	19.70	1.74
Net Profit	61	1.02	6.71	-27	14	51	63	89	63	82
EPS in Rs	—	—	—	—	2.26	0.49	1.08	1.52	2.09	27.18
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.99	11	11	11	12	13	26	31	35
Reserves	221	341	396	490	646	1,028	1,078	1,968	2,828
Borrowings	0.00	14	9.36	8.04	1.30	4.30	38	28	219
Other Liabilities	42	105	98	245	363	364	559	735	1,354
Total Liabilities	265	471	515	754	1,023	1,410	1,702	2,762	4,435
Fixed Assets	1.83	150	137	327	296	424	583	608	1,731
CWIP	0.14	0.61	0.68	6.32	2.40	1.10	0.19	0.00	14
Investments	77	101	127	58	118	442	332	439	1,312
Other Assets	187	219	249	363	606	543	787	1,715	1,379
Total Assets	265	471	515	754	1,023	1,410	1,702	2,762	4,435

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	57	3.17	19	-2.21	68	62	8.09	91	66
Cash from Investing Activity	-54	-18	-67	8.90	-268	-334	-95	-615	-1,134
Cash from Financing Activity	0.00	37	5.94	3.37	217	335	15	946	805
Net Cash Flow	2.33	22	-42	10	17	63	-72	422	-264

Overview

Detailed Summary

Nazara Technologies is a leading mobile games company based in Mumbai, specializing in a diversified portfolio of mobile games catering to emerging markets.

In H1FY26, Nazara's revenue surged by 80% YoY, reaching INR 1,025 Crores, with significant contributions from international markets, indicating strong global traction.

The company achieved substantial growth in core gaming, with a 159% increase in revenue and a 253% rise in EBITDA for H1FY26, driven by its IP-led strategy.

Nazara's restructuring efforts include the de-subsidiarization of Nodwin Gaming, resulting in a notable gain in other income, and an impairment on Moonshine Technologies due to regulatory changes.

Nazara's investment in AI, Analytics, and LiveOps are improving customer lifetime value and operational efficiencies, evidencing a strategic focus on long-term value creation.

Sector

E-Commerce/App based Aggregator

Industry

Telecommunications - Service Provider

Market Cap

8,419 Cr

Volatility

Low Risk

P/E Ratio

8.6

Industry P/E

37.9

PEG Ratio

—

P/B Ratio

2.5

52W High

362.50

52W Low

219.38

Sales CAGR

42.66%

19.05%

-5.68%

10Y

—

Profit CAGR

-31.83%

—

32.12%

10Y

—

ROE

TTM

28.89%

-1.80%

-1.92%

10Y

—

ROCE

TTM

26.57%

-1.51%

-1.73%

10Y

—