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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹10503 Cr.
Stock P/E
168
P/B
3
Current Price
₹283.5
Book Value
₹ 93.8
Face Value
2
52W High
₹362.5
52W Low
₹ 216
Dividend Yield
0%

Nazara Technologies Overview

Business

Nazara Technologies Ltd. is a diversified gaming and sports media platform based in India. The company is involved in developing, publishing, and distributing games across various genres, including casual games, esports, real-money games, and skill-based games. Its core business model revolves around monetizing users through a mix of subscriptions (e.g., for kids' content), in-app purchases, advertising, and commissions from skill-based gaming platforms. Nazara operates through various subsidiaries and investments, creating a broad ecosystem that covers gaming content, esports platforms, and ad-tech solutions.

Revenue Mix

Nazara's business is diversified across several key segments:

Esports (Nodwin Gaming): Organizes and broadcasts esports tournaments and events across various gaming titles. Monetized through sponsorships, media rights, and event management.

Gamified Learning / Kids Tech (Kiddopia): Offers interactive educational content and games for children, primarily through a subscription-based model.

Ad-tech (Datawrkz): Provides advertising technology services, helping brands and publishers optimize their ad campaigns and monetization strategies, leveraging data and AI.

Skill-based Gaming / Real Money Gaming: Includes platforms for games like fantasy sports and poker, primarily monetized through commissions or platform fees.

Telco Subscriptions & Freemium: Historically involved in subscription-based mobile gaming services for telecom operators and free-to-play mobile games with in-app purchases.

The company has consistently expanded through acquisitions, diversifying its revenue streams across these verticals.

Industry

Nazara operates in the rapidly expanding Indian digital entertainment and gaming industry, which is characterized by high smartphone penetration, increasing internet users, and rising disposable incomes. The industry is fragmented but consolidating, with significant domestic and international competition.

Nazara is positioned as one of India's few publicly listed gaming companies, giving it a unique visibility. It has adopted a "mouse-trap" strategy, building a diversified portfolio of companies through strategic acquisitions to cover various aspects of the gaming ecosystem. This allows it to capture different user segments and revenue models, differentiating it from pure-play game developers or platform providers. It holds a leading position in the burgeoning Indian esports market through Nodwin Gaming.

MOAT

Diversified Portfolio & Ecosystem: Its presence across multiple segments (esports, kids' content, ad-tech, skill-based gaming) creates a synergistic ecosystem and hedges against segment-specific risks, making it more resilient than single-focus companies.

First-mover Advantage in Esports: Nodwin Gaming has established a strong brand and leading position in the Indian esports ecosystem, building a significant community and network of players, teams, and sponsors.

Brand Recognition: Brands like Kiddopia and Nodwin Gaming have gained significant recognition within their respective niches.

Acquisition Prowess: Nazara has a proven track record of identifying and acquiring promising gaming and tech ventures, demonstrating capabilities in market analysis and integration.

Global Reach: While rooted in India, its subsidiaries like Kiddopia and Datawrkz have a significant global user base, providing revenue diversification beyond the domestic market.

Growth Drivers

Growing Indian Digital Economy: The increasing number of internet users, smartphone adoption, and rising digital literacy in India fuel demand for online content and entertainment.

Esports Boom: The professionalization and mainstream acceptance of esports, coupled with growing viewership and brand interest, will drive significant growth for Nodwin Gaming.

Gamified Learning: Continued demand for engaging educational content for children, driving subscriptions for Kiddopia and similar platforms.

Monetization Opportunities: Evolution of monetization models in gaming, including in-app purchases, subscriptions, and advertising, will provide new avenues for revenue.

Strategic Acquisitions: Nazara's inorganic growth strategy is expected to continue, allowing it to enter new segments, acquire talent, and expand its market share.

Global Expansion: Leveraging existing global assets and exploring new international markets for its successful products and services.

Risks

Regulatory Uncertainty: The Indian gaming industry, particularly real-money and skill-based gaming, faces evolving and often uncertain regulatory landscapes, including potential bans or changes in taxation (e.g., GST on online gaming), which can significantly impact revenue and operations.

Intense Competition: High competition from both domestic and international players across all its segments (casual gaming, esports, skill-based gaming, ad-tech).

Content Obsolescence & User Preference Shifts: Gaming trends and user preferences are highly dynamic. There's a constant need for innovation and new content to retain users and attract new ones.

Acquisition Integration Risks: Challenges associated with integrating acquired companies, including cultural clashes, technology integration, and failure to realize expected synergies.

Monetization Challenges: Difficulty in consistently and effectively monetizing a large user base, especially in a price-sensitive market like India.

Economic Downturn: Discretionary spending on entertainment and gaming can be impacted during economic slowdowns.

Ad-Spend Volatility: Its ad-tech segment and ad-supported gaming revenues are susceptible to fluctuations in global and domestic advertising spends.

Management & Ownership

Nazara Technologies was founded by Nitish Mittersain, who serves as the CEO and Joint MD. Vikash Mittersain is the Chairman & Whole-Time Director. The management team has a long track record in the Indian gaming and technology space, having navigated the company through various industry cycles and strategic shifts. Nazara is a publicly listed company, with a diversified ownership structure that includes promoter holding, institutional investors, and public shareholders. The promoters are actively involved in the strategic direction and operations of the company.

Outlook

Nazara is well-positioned to capitalize on India's booming digital entertainment and gaming market, driven by its diversified portfolio across esports, gamified learning, and ad-tech. Its early-mover advantage in esports and a robust acquisition strategy provide significant growth avenues. However, the company faces substantial risks from regulatory uncertainties in the Indian gaming sector, particularly concerning real-money gaming, which could impact its growth trajectory and profitability. Intense competition across its segments and the challenge of consistently delivering engaging content and integrating acquisitions effectively are also key considerations. A balanced view suggests that while Nazara has a strong foundation and is tapping into high-growth areas, its success hinges on its ability to navigate regulatory headwinds, execute its acquisition strategy flawlessly, and continuously innovate in a dynamic industry.

Nazara Technologies Share Price

Live · BSE / NSE · Inception: 1999
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Nazara Technologies Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 320 266 250 319 535 520 499 526 406 398
Other Income 18 38 26 25 22 19 77 1104 11 51
Total Income 338 304 276 344 557 539 576 1631 417 448
Total Expenditure 284 263 225 294 498 486 451 467 338 324
Operating Profit 54 41 50 50 59 53 125 1164 79 125
Interest 2 1 1 2 3 5 5 7 4 6
Depreciation 15 22 15 26 31 37 65 61 60 46
Exceptional Income / Expenses 0 0 0 0 0 0 0 -915 -1 0
Profit Before Tax 37 19 35 23 26 11 55 182 14 73
Provision for Tax 8 -0 10 4 12 -8 -6 -8 5 -13
Profit After Tax 29 19 24 19 14 19 61 190 9 86
Adjustments -3 -28 -2 3 17 -13 8 -219 1 -39
Profit After Adjustments 26 -9 23 22 31 7 68 -29 10 47
Adjusted Earnings Per Share 0.9 -0.3 0.7 0.7 0.9 0.2 1.8 -0.8 0.3 1.3

Nazara Technologies Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 153 211 190 171 170 248 454 622 1091 1138 1624 1829
Other Income 5 8 12 10 16 15 14 24 49 89 92 1243
Total Income 158 219 202 180 186 263 469 646 1141 1227 1715 3072
Total Expenditure 82 135 129 126 159 253 413 535 989 1047 1501 1580
Operating Profit 76 84 73 54 27 10 55 111 152 180 214 1493
Interest 0 0 0 1 1 1 1 1 6 8 11 22
Depreciation 1 1 1 4 16 26 36 39 57 67 118 232
Exceptional Income / Expenses 0 0 0 -36 0 0 0 0 0 0 0 -916
Profit Before Tax 75 83 72 13 9 -20 17 70 89 103 78 324
Provision for Tax 16 18 11 12 5 7 3 19 25 14 15 -22
Profit After Tax 59 65 61 1 4 -27 14 51 63 89 63 346
Adjustments 0 0 0 2 11 25 -4 -22 -24 -33 13 -249
Profit After Adjustments 59 65 61 3 15 -2 9 28 39 57 76 96
Adjusted Earnings Per Share 8 3.2 3.1 0.1 0.7 -0.1 0.4 1.1 1.5 1.8 2.2 2.6

Nazara Technologies Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 109 158 223 356 408 501 658 1041 1105 1999 2863
Minority's Interest 0 0 0 42 41 69 121 157 212 336 374
Borrowings 0 0 0 0 0 0 0 0 0 0 92
Other Non-Current Liabilities -0 -1 -3 27 18 33 26 33 47 37 152
Total Current Liabilities 32 40 41 43 49 148 214 173 334 382 926
Total Liabilities 142 198 261 468 515 752 1018 1404 1698 2753 4418
Fixed Assets 1 2 2 126 143 327 296 424 583 608 1731
Other Non-Current Assets 5 7 11 47 58 45 41 65 118 247 1176
Total Current Assets 136 189 249 295 315 380 681 915 997 1897 1408
Total Assets 142 198 261 468 515 752 1018 1404 1698 2753 4418

Nazara Technologies Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 9 36 69 65 89 53 72 140 208 142 567
Cash Flow from Operating Activities 52 59 57 -6 14 -2 68 62 8 91 66
Cash Flow from Investing Activities -8 -6 -54 -20 -68 9 -268 -334 -95 -603 -1134
Cash Flow from Financing Activities -16 -20 0 46 12 3 217 335 15 946 805
Net Cash Inflow / Outflow 28 32 2 21 -42 10 17 63 -72 434 -264
Closing Cash & Cash Equivalent 36 69 65 89 53 72 86 208 142 567 299

Nazara Technologies Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 8.01 3.24 3.07 0.13 0.69 -0.1 0.38 1.09 1.49 1.85 2.16
CEPS(Rs) 8.12 3.29 3.13 0.25 0.91 -0.02 2.01 3.45 4.55 5.11 5.14
DPS(Rs) 0 1 0 7.55 0 0 0 0 0 0 0
Book NAV/Share(Rs) 14.65 7.97 11.05 15.61 17.4 21.23 26.49 39.58 41.74 65.22 81.68
Core EBITDA Margin(%) 46.41 36.01 32.16 26.13 6.15 -2.29 9.05 13.91 9.39 8.06 7.55
EBIT Margin(%) 49.02 39.27 37.91 8.43 5.98 -7.41 3.85 11.44 8.69 9.78 5.47
Pre Tax Margin(%) 48.86 39.07 37.76 7.87 5.46 -7.91 3.65 11.24 8.14 9.09 4.8
PAT Margin (%) 38.63 30.56 32.1 0.71 2.58 -10.82 2.99 8.16 5.81 7.86 3.85
Cash Profit Margin (%) 39.15 31.01 32.71 3.18 11.79 -0.18 10.81 14.43 11.05 13.74 11.1
ROA(%) 53.66 38 26.58 0.33 0.89 -4.23 1.54 4.19 4.09 4.02 1.74
ROE(%) 67.86 48.41 32.27 0.44 1.22 -6.24 2.42 6.05 5.94 5.77 2.57
ROCE(%) 84.89 61.93 37.74 4.96 2.66 -4.04 3.02 8.37 8.71 7.08 3.54
Receivable days 39.68 47.18 56.99 73.89 95.75 84.14 54.93 45 45.29 73.91 95.63
Inventory Days 0 0 0 0 0 0 0 0.76 4.32 4.27 0.52
Payable days 0 0 0 0 0 0 0 0 835.31 996.36 3585.83
PER(x) 0 0 0 0 0 0 485.6 187.43 86.77 90.71 109.48
Price/Book(x) 0 0 0 0 0 0 6.91 5.17 3.09 2.57 2.9
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) -0.34 -0.35 -0.59 -0.63 -0.72 -0.71 9.02 8.04 2.86 3.45 4.92
EV/Core EBITDA(x) -0.68 -0.89 -1.53 -1.96 -4.57 -17.92 73.93 45.21 20.53 21.8 37.27
Net Sales Growth(%) 75.11 38.04 -9.95 -10.31 -0.42 45.74 83.51 36.88 75.49 4.33 42.66
EBIT Growth(%) 92.42 10.6 -13.08 -80.05 -29.37 -280.55 195.41 306.29 33.28 17.47 -20.2
PAT Growth(%) 104.17 9.18 -5.4 -98.02 261.6 -711.46 150.79 272.79 25.01 41.15 -30.1
EPS Growth(%) 116.62 -59.49 -5.4 -95.81 435.91 -113.81 496.53 189.66 36.24 24.15 17.09
Debt/Equity(x) 0 0 0 0 0 0 0 0 0.03 0 0.05
Current Ratio(x) 4.2 4.69 6.14 6.83 6.44 2.56 3.19 5.29 2.98 4.96 1.52
Quick Ratio(x) 4.2 4.69 6.14 6.83 6.44 2.56 3.19 5.28 2.91 4.96 1.52
Interest Cover(x) 320.44 195.6 250.29 15.06 11.54 -14.83 19.44 59.25 15.9 14.14 8.11
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0.01 0 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +43% +38% +46% +27%
Operating Profit CAGR +19% +24% +85% +11%
PAT CAGR -29% +7% +1%
Share Price CAGR -13% +24% +7%
ROE Average +3% +5% +5% +15%
ROCE Average +4% +6% +6% +20%

Nazara Technologies Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 35.46 %
FII 13.31 %
DII (MF + Insurance) 2.17 %
Public (retail) 64.54 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 17.1616.4310.0510.0598.788.3135.4635.4635.46
FII 10.469.446.059.7111.5813.0412.9812.6311.9713.31
DII 15.916.816.7612.213.1611.69.817.163.612.17
Public 82.8483.5789.9589.959191.2291.6964.5464.5464.54
Others 0000000000
Total 100100100100100100100100100100

Nazara Technologies Peer Comparison

IT - Software Edit Columns

Nazara Technologies Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Nazara Technologies Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 35.46%.
  • Company has a low return on equity of 5% over the last 3 years.
  • Debtor days have increased from 996.36 to 3585.83days.
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