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Nazara Technologies Ltd (NAZARA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543280 NSE: NAZARA IT - Software | Small Cap | Nazara Technologies Share Price
₹371.10 -2.75 (-0.74%)
As on 11-Sep'26 16:59
Nazara Technologies Ltd (NAZARA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543280 NSE: NAZARA IT - Software | Small Cap | Nazara Technologies Share Price
₹371.10 -2.75 (-0.74%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹14,382 Cr.
Current Price
₹371.1
52-Week Low / High
₹216 / 379
TTM EPS
₹-1.4
TTM Sales
₹1,759 Cr.
Book Value per Share
₹89.8
P/E Ratio
0.00
Industry PE
20.8
Price to Book (P/B)
4.16
Lower than its 5-year historical median
Price to Sales (P/S)
8.18
Lower than its 5-year historical median
EV/EBITDA
10.16
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.12%
Underperforms industry median
Return on Capital Employed (ROCE)
2.10%
Underperforms industry median
Return on Assets (ROA)
1.53%
Operating Profit Margin
14%
Net Profit Margin
3.66%
Gross Profit Margin
80.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
114.53%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
104.04%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
7.18%
Asset Quality
Promoter Holding
34.25%
Pledged shares (%) of Promoter's holding (%)
89.61%
Reserves
₹3,377 Cr.
Equity
₹76.9 Cr.
Face Value
₹2
All Time Low / High
₹120.49 / 419.30
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Strong
Is Nazara Technologies Ltd a good quality company?
Nazara Technologies Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Nazara Technologies Ltd performance compare with that of its Peers?
Revenue growth of Nazara Technologies Ltd vs industry peers?
Nazara Technologies Ltd revenue CAGR is 17.55%, compared to the industry median CAGR of 3.19%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Nazara Technologies Ltd?
Promoters hold 34.25% of the Nazara Technologies Ltd, with 89.61% of their stake pledged, indicating high pledge risk.
Stock return of Nazara Technologies Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 11.05% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Nazara Technologies Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 16% | -2.3% | 1.3% | 3.7% | -0.2% | -5% | -2.3% | -7.2% | 1.5% | -38.2% | - |
| Value Creation Index ⓘ | 0.2 | -1.2 | -0.9 | -0.7 | -1.0 | -1.4 | -1.2 | -1.5 | -0.9 | -3.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 77.4 | 66.4 | 43.5 | 46.1 | 32.9 | 20.4 | 23 | 23.3 | 34.4 | 73.8 | 71 |
| Sales YoY Gr. | - | -14.2% | -34.5% | 6.1% | -28.7% | -38% | 12.6% | 1.5% | 47.7% | 114.5% | - |
| Adj EPS ⓘ | 0.4 | 0.7 | 0.2 | 0.4 | 0.2 | -0.8 | -0.1 | -0.7 | 0.6 | -6.9 | -26.7 |
| YoY Gr. | - | 86.5% | -75.4% | 111.8% | -50% | -544.4% | NA | NA | NA | -1267.8% | - |
| BVPS (₹) ⓘ | 4.4 | 9.4 | 10.3 | 14.2 | 18.8 | 34.1 | 34.6 | 52.3 | 76.5 | 60.5 | 56.7 |
| Adj Net Profit ⓘ | 7.4 | 14.8 | 3.8 | 8 | 4.4 | -21 | -3.5 | -22 | 20.6 | -255 | -1,026 |
| Cash Flow from Ops. ⓘ | 8.3 | -7.6 | 3.3 | 8.1 | 48.7 | -48 | -17.6 | -17.9 | -43.7 | -30.1 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -0.5% | 17.6% | 47.6% | 114.5% | ||||
| Adj EPS ⓘ | -238.4% | -307.3% | NA | -1267.8% | ||||
| BVPSⓘ | 33.7% | 26.3% | 20.5% | -21% | ||||
| Share Price | - | 10.7% | 18.9% | 36.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.9 | 9.4 | 1.6 | 2.7 | 1.1 | -3.1 | -0.4 | -1.8 | 1 | -10.4 | -45.5 |
| Op. Profit Mgn % ⓘ | 10.4 | -1.2 | -10.8 | 28.3 | 6.4 | -113.2 | -54.4 | -107.4 | -80.7 | -32.8 | -158.9 |
| Net Profit Mgn % ⓘ | 9.6 | 22.3 | 8.7 | 17.4 | 13.5 | -102.9 | -15.4 | -94.5 | 59.9 | -345.8 | -1446.4 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 130 | 177 | 271 | 192 | 514 | 709 | 216 | 628 | 1,612 | 1,381 | 1,848 |
| Cash Conv. Cycle ⓘ | -21 | -12 | -60 | -60 | -63 | -65 | -2 | 33 | 48 | 23 | 1,763 |
Valuation of Nazara Technologies - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 55.94 | 55.94 | 55.94 | 89.61 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 190 | 171 | 170 | 248 | 454 | 622 | 1,091 | 1,138 | 1,624 | 1,829 |
| Operating Expenses > ⓘ + | 129 | 126 | 159 | 253 | 413 | 535 | 989 | 1,047 | 1,501 | 1,579 |
| Operating Profit > ⓘ | 61 | 45 | 10 | -6 | 41 | 87 | 102 | 92 | 123 | 250 |
| Operating Profit Margin (%) | 32.2% | 26.1% | 6.1% | -2.3% | 9.0% | 13.9% | 9.4% | 8.1% | 7.6% | 13.7% |
| Other Income > ⓘ + | 12 | 10 | 16 | 15 | 14 | 24 | 49 | 89 | 92 | 1,244 |
| Interest > ⓘ | 0 | 1 | 1 | 1 | 1 | 1 | 6 | 8 | 11 | 24 |
| Depreciation > ⓘ | 1 | 4 | 16 | 26 | 36 | 39 | 57 | 67 | 118 | 231 |
| Profit Before Tax > ⓘ | 72 | 13 | 9 | -20 | 17 | 70 | 89 | 103 | 78 | 45 |
| Tax > ⓘ | 11 | 12 | 5 | 7 | 3 | 19 | 25 | 14 | 15 | -22 |
| Profit After Tax | 61 | 1 | 4 | -27 | 14 | 51 | 63 | 89 | 63 | 67 |
| PAT Margin (%) | 32.1% | 0.7% | 2.6% | -10.8% | 3.0% | 8.2% | 5.8% | 7.9% | 3.9% | 3.7% |
| Adjusted EPS (₹) | 3.1 | 0.1 | 0.7 | -0.1 | 0.4 | 1.1 | 1.5 | 1.9 | 2.2 | 2.6 |
| Dividend Payout Ratio (%) | 0% | 5,875% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 220 | 337 | 382 | 475 | 646 | 1,029 | 1,105 | 1,997 | 2,863 | 3,471 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 9 | 141 | 112 | |
| Minority Interest | 0 | 42 | 41 | 69 | 121 | 157 | 212 | 336 | 374 | 78 | |
| Trade Payables | 24 | 29 | 25 | 69 | 61 | 50 | 198 | 240 | 547 | 376 | |
| Others Liabilities ⓘ | 17 | 61 | 67 | 138 | 190 | 168 | 153 | 171 | 493 | 305 | |
| Total Liabilities ⓘ | 261 | 468 | 515 | 752 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 2 | 126 | 143 | 327 | 296 | 424 | 583 | 627 | 1,731 | 1,431 | |
| CWIP ⓘ | 0 | 1 | 1 | 6 | 2 | 1 | 0 | 0 | 14 | 42 | |
| Investments ⓘ | 77 | 101 | 127 | 58 | 118 | 442 | 332 | 439 | 1,312 | 2,064 | |
| Inventories | 0 | 0 | 0 | 0 | 0 | 1 | 25 | 2 | 3 | 3 | |
| Trade Receivables | 26 | 43 | 46 | 68 | 69 | 85 | 186 | 275 | 576 | 376 | |
| Cash Equivalents | 114 | 117 | 133 | 187 | 372 | 323 | 329 | 1,210 | 458 | 255 | |
| Others Assets ⓘ | 43 | 80 | 65 | 105 | 160 | 128 | 243 | 200 | 325 | 170 | |
| Total Assets ⓘ | 261 | 468 | 515 | 752 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 57 | -6 | 14 | -2 | 68 | 62 | 8 | 91 | 66 | 149 |
| Cash Flow From Investing Activity ⓘ + | -54 | -20 | -68 | 9 | -268 | -334 | -95 | -603 | -1,134 | -542 |
| Cash Flow From Financing Activity ⓘ + | 0 | 46 | 12 | 3 | 217 | 335 | 15 | 946 | 805 | 361 |
| Net Cash Flow ⓘ | 2 | 21 | -42 | 10 | 17 | 63 | -72 | 434 | -264 | -33 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 32.27 | 0.44 | 1.22 | -6.24 | 2.42 | 6.05 | 5.94 | 5.77 | 2.57 | 2.12 |
| ROCE (%) | 37.74 | 4.96 | 2.66 | -4.04 | 3.02 | 8.37 | 8.71 | 7.08 | 3.54 | 2.1 |
| Asset Turnover Ratio | 0.83 | 0.47 | 0.35 | 0.39 | 0.51 | 0.51 | 0.7 | 0.51 | 0.45 | 0.42 |
| PAT to CFO Conversion(x) | 0.93 | -6 | 3.5 | N/A | 4.86 | 1.22 | 0.13 | 1.02 | 1.05 | 2.22 |
| Working Capital Days | ||||||||||
| Receivable Days | 57 | 73.90 | 95.80 | 84.10 | 54.90 | 45 | 45.30 | 73.90 | 95.60 | 95 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0.80 | 4.30 | 4.30 | 0.50 | 0.60 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 835.30 | 996.40 | 3,585.80 | 6,054.60 |
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Nazara Technologies Ltd FAQs
The current trading price of Nazara Technologies on 11-Sep-2026 16:59 is ₹371.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Nazara Technologies stood at ₹14,381.9 Cr
The latest P/E ratio of Nazara Technologies as of 10-Sep-2026 is 0.00.
The latest P/B ratio of Nazara Technologies as of 10-Sep-2026 is 6.60.
The 52-week high of Nazara Technologies is ₹379.1 and the 52-week low is ₹216.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Nazara Technologies is ₹70.91 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Nazara Technologies Ltd is a below average quality company.
The key valuation ratios of Nazara Technologies Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Nazara Technologies Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Nazara Technologies Ltd
Nazara Technologies (Nazara) is publicly listed gaming company, with a growing presence globally. The company operates at the confluence of online and offline gaming, sports media, esports, and adtech with a strategic emphasis on highmargin gaming ventures, proprietary IP development, operational excellence and international growth. The company’s vast gaming portfolio includes widely recognised IPs across diverse genres, geographies and age groups. These include Kiddopia and Animal Jam in the gamified early learning space, as well as World Cricket Championship (WCC), which targets cricket enthusiasts aged 18 to 45. The portfolio also features IP-based interactive simulation titles such as Love Island and Big Brother Games, aimed at young adults.
Nazara owns and publishes casual action games such as Crash Arena Turbo Stars and King of Thieves. The company acquired these two popular global gaming IPs from ZeptoLab, reaffirming its leadership position in the mobile gaming segment in India and overseas. Additionally, the Company owns Curve Games, a premium PC and console publisher expanding its presence in global markets. Its recent offline forays include Funky Monkeys and Smaaash, thereby establishing a 360-degree gaming ecosystem across physical and digital experiences. In the skill-based social gaming space, Nazara owns Ultimate Teen Patti (UTP).
The esports and digital sports media verticals are led by Nodwin Gaming and Absolute Sports, respectively. Nodwin Gaming and Absolute Sports, which operates Sportskeeda, were the material unlisted subsidiaries of the company. Nodwin Gaming delivers strong audience engagement across India and international markets, while Sportskeeda continues to grow as a high-reach, multi-sport content platform. Notably, Pro Football Network (PFN), a subsidiary under Absolute Sports, is emerging as a prominent voice in the US football media ecosystem, accelerating the company’s penetration into Western sports content.
Business area of the bank
The company is engaged in business of building a digital gaming ecosystem, end to end digital advertisement solutions, publishing of eSports news and conducting and managing events related to eSports and other contents through consumer base in India and worldwide.
Major events and milestones
1999
- Founded by Vikash Mittersain and Nitish Mittersain.
2004-06
- Led the development of content-driven microtransaction models for telecom platforms.
- Launched cricket games featuring iconic players such as MS Dhoni and Sachin Tendulkar.
- Championed a strategic shift to a mobile-first business approach.
2007-15
- Established distribution networks across 64 countries spanning Africa, the Middle East, and Asia
- Built strong partnerships with 121 telecom operators globally.
2015-19
- Entered the kids’ subscription services segment.
- Acquired majority stake in NODWIN Gaming to mark entry into the esports sector.
- Acquired NextWave Multimedia, scaling the World Cricket Championship (WCC) game franchise.
- Acquired Sportskeeda, significantly expanding its footprint in the US sports media market.
2020-22
- Successfully completed an IPO in March 2021.
- Krafton, publisher of PUBG, invested in NODWIN Gaming.
- Acquired majority stake in Paper Boat Apps (Kiddopia).
- Acquired 100% of WildWorks, boosting the Gamified Early Learning portfolio.
2023
- Sportskeeda acquired Pro Football Network, the 3 NFL publisher in the US, adding 5 million MAUs.
- NODWIN acquired a 51% stake in Branded Private Limited (Singapore) for $1.3 million.
- Secured $28 million (Rs 232 crore) in funding for NODWIN Gaming from new and existing investors.
2024
- Raised Rs 750 crore via preferential allotment, onboarding marquee investors
- Increased ownership to 100% in Paper Boat Apps and NextWave Multimedia
- Sportskeeda further expanded by acquiring Soap Central and Deltia’s Gaming.
- NODWIN Gaming broadened its global footprint with acquisitions of Freaks4U Gaming; Branded Pte. Limited.; Comic Con India; PublishME; Ninja Gaming.
- Achieved major financial milestones of Rs 1,000 crore in annual revenue and Rs 100 crore in annual EBITDA.
2025
- Acquired Fusebox establishing a stronghold in narrative-based mobile gaming.
- Entered offline gaming with Funky Monkeys and Smaaash, creating a 360-degree gaming ecosystem.
- Took full ownership of Kiddopia enabling fungible cash flows and faster strategic execution.
- Acquired well known gaming IP C.A.T.S. and King of Thieves from ZeptoLab.
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