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Nazara Technologies Ltd.
(NAZARA)
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Rating:60Neutral
Price Target:
₹374.00
▲(31.14% Upside)
Action:Reiterated
Date:08/17/26
The score is primarily supported by solid balance-sheet strength (low leverage) and some margin improvement, but is held back by thin operating profitability, inconsistent cash flow conversion, and a valuation profile that offers limited support due to a negative P/E and no dividend yield data. Technically, the uptrend is intact, though overbought indicators temper the outlook.
Positive Factors
Conservative Leverage
Very low leverage and a growing equity base strengthen solvency, reduce refinancing risk, and give Nazara flexibility to fund gaming investments or absorb volatility without relying heavily on debt.
Negative Factors
Recent Revenue Contraction
The latest revenue decline suggests a pause in demand, user monetization, or portfolio expansion. Sustained contraction would limit operating leverage and make it harder for Nazara to convert its gaming assets into consistent growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Leverage
Very low leverage and a growing equity base strengthen solvency, reduce refinancing risk, and give Nazara flexibility to fund gaming investments or absorb volatility without relying heavily on debt.
Read all positive factors
Nazara Technologies Ltd. (NAZARA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹137.48B
Dividend YieldN/A
Average Volume (3M)136.29K
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth-6.07%
EPS Growth-137.28%
CountryIN
Employees76
SectorGeneral
Sector StrengthN/A
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-1.47
Shares Outstanding370,465,030
10 Day Avg. Volume201,839
30 Day Avg. Volume136,289
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 Target
₹378.00Price Target Upside32.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)4
Revenue Forecast (FY)₹33.52B
Nazara Technologies Ltd. Business Overview & Revenue Model
Company Description
Nazara Technologies Limited, an Indian company established in 1999 and headquartered in Mumbai, functions as a leading platform in the gaming and sports media sectors, with operations spanning both its home country and international markets. The f...
How the Company Makes Money
Nazara generates revenue primarily by owning and operating gaming and esports businesses and monetizing user engagement and brand/partner demand across those properties. Key revenue streams typically include: (1) In-game monetization and digital s...
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 | 17.59B | 18.29B | 16.24B | 11.38B | 10.91B | 6.22B |
| Gross Profit | 11.21B | 8.27B | 6.70B | 6.67B | 6.40B | 4.82B |
| EBITDA | 1.49B | 2.49B | 2.13B | 1.80B | 1.52B | 1.11B |
| Net Income | -524.70M | 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 | 7.34B | 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 | -35.52B | 8.19B | 11.98B | 4.27B | 3.85B | 2.12B |
| Stockholders Equity | 35.52B | 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
338.16
Positive
310.59
Positive
283.47
Positive
Market Momentum
9.36
Positive
63.50
Neutral
67.44
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 below the 20-day moving average (MA) of 363.28, below the 50-day MA of 338.16, and above the 200-day MA of 283.47, indicating a bullish trend. The MACD of 9.36 indicates Positive momentum. The RSI at 63.50 is Neutral, neither overbought nor oversold. The STOCH value of 67.44 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹31.10B | 8.22 | ― | 2.44% | -0.31% | -15.46% | |
68 Neutral | ₹66.68B | 12.47 | ― | 2.39% | 13.21% | 12.05% | |
66 Neutral | ₹56.64B | 22.25 | ― | 0.14% | 110.17% | 23.73% | |
60 Neutral | ₹137.48B | -251.90 | ― | ― | -6.07% | -137.28% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹5.00B | -8.99 | ― | 1.18% | -10.54% | -564.24% |
* General Sector Average
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Nazara Technologies Ltd. Corporate Events
Nazara Technologies Confirms Shareholder Approval of EGM Resolutions via Remote E-Voting
Aug 11, 2026
Nazara Technologies Limited convened an Extraordinary General Meeting on August 10, 2026 via video conferencing and other audio-visual means, in line with Ministry of Corporate Affairs and SEBI guidance on electronic shareholder participation. The...
Nazara Publishes EGM E-Voting Notice, Sets August 30 Virtual Meet
Aug 9, 2026
Nazara Technologies has informed stock exchanges that it has published newspaper advertisements in Financial Express and Loksatta regarding the dispatch of the notice and e-voting information for its upcoming Extraordinary General Meeting. The EGM...
Nazara Technologies Calls EGM to Boost Authorised Capital and Enable Preferential Share Issue
Aug 8, 2026
Nazara Technologies has called an Extraordinary General Meeting on August 30, 2026, to be held via video conferencing and other audio-visual means, with meeting materials distributed electronically and also posted on its website. The meeting will ...
Nazara Technologies Posts Q1 FY2027 Earnings Call Audio for Investors
Aug 4, 2026
Nazara Technologies has notified stock exchanges that the audio recording of its Q1 FY2027 earnings call with analysts and investors, held digitally on August 4, 2026, is now available on the company’s investor relations website. The disclos...
Nazara Technologies Reshapes Leadership and Bolsters Gaming Subsidiaries
Aug 3, 2026
Nazara Technologies Ltd. has approved its unaudited consolidated and standalone financial results for the quarter ended June 30, 2026, signaling continued regulatory compliance and transparency for investors. The board also advanced its internatio...
Nazara Technologies reshapes leadership, accelerates overseas gaming acquisition and boosts subsidiary funding
Aug 3, 2026
Nazara Technologies Ltd., a diversified digital gaming and interactive entertainment company, continues to build scale through domestic experiential venues and international gaming assets. Its portfolio strategy centers on mobile gaming, esports a...
Nazara Technologies Reshapes Deal Terms, Boosts Subsidiaries and Unveils New CEO
Aug 3, 2026
Nazara Technologies’ board has approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, and completed the allotment of 900,000 equity shares upon conversion of warrants issued via a preferential p...
Nazara Technologies Schedules One-on-One Investor Meetings in Mumbai
Jul 9, 2026
Nazara Technologies has scheduled physical one-on-one investor and analyst meetings in Mumbai with Axis Capital on July 14, 2026, from 4:00 p.m. IST onwards, and with Eternalis Capital on July 16, 2026, from 11:30 a.m. IST onwards. The company sta...
Nazara Technologies Confirms SEBI-Compliant Dematerialisation for Q1 FY27
Jul 9, 2026
Nazara Technologies has submitted to BSE and NSE a certificate under Regulation 74(5) of SEBI’s Depositories and Participants Regulations, 2018 for the quarter ended June 30, 2026, confirming regulatory compliance in its share dematerialisat...
Nazara Technologies Drops Paper Boat Apps Merger After Restructuring Shift
Jul 7, 2026
Nazara Technologies Ltd. has announced that the National Company Law Tribunal, Mumbai Bench, has approved the withdrawal of a previously proposed Scheme of Amalgamation involving its wholly owned subsidiary, Paper Boat Apps Private Limited. The mo...
Nazara Extends Timeline for $100 Million Funding into U.K. Subsidiary
Jun 16, 2026
Nazara Technologies has informed exchanges that it is extending the indicative timeline for infusing up to USD 100.3 million into its wholly owned U.K. subsidiary, Nazara Technologies UK Ltd., to August 14, 2026. The planned funding, previously di...
Nazara Technologies Schedules Investor and Analyst Meetings on June 11
Jun 8, 2026
Nazara Technologies Limited has scheduled investor and analyst interactions on June 11, 2026, including a physical one-on-one meeting in Mumbai with Axis Capital and a virtual group meeting organized by Choice India. The company noted that these d...
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.