Nazara Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Subscription/download of games/other contents: 58.5% • Ad Tech: 24.8% • Business of Organising Events including E-Sports Tournaments: 16.8%
AI Sector View
AI GENERATEDMedia Entertainment & Publication
This sector uses indirect proxies rather than direct ad-spend data. Urban CMIE sentiment at 109.5 (2026-07), disposable personal income of INR 353131560 million (Dec/25), and consumer spending of INR 44743 billion (Jun/26) are supportive, but formal consumer confidence weakened to 88.3 (Jul/26). FPI flow is mildly negative at INR -558 crore over 3 months to 2026-08-31, so the stance remains neutral and confidence is capped.
PROS
- Company has delivered good profit growth of 37.6% CAGR over last 5 years
- Company is almost debt free
- Promoters have been increasing their shareholding - up 24.2pp over 2 years
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 32.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.39x)
CONS
- A large part of profit comes from other income (2747.0% of PBT)
- Recent results are weak - TTM profit is down 342.3% versus prior year
- Company has a low return on capital employed of 4.2%
- Company has a low return on equity of 3.5% over last 3 years
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 89.8 is well above its own 5-year median (27.4)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2209.00 | 16.05 | 799235.53 | 4.98 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1035.00 | 13.87 | 420027.06 | 4.64 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1226.55 | 19.10 | 332844.59 | 4.40 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1502.25 | 28.67 | 147240.59 | 3.39 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4403.10 | 24.97 | 130605.33 | 1.70 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11623.00 | 29.66 | 101216.72 | 3.44 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5390.00 | 44.21 | 85027.25 | 0.74 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1846.90 | 46.57 | 81813.62 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2311.65 | 23.10 | 44125.99 | 2.68 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3360.55 | 27.01 | 35647.89 | 1.73 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| NAZARA | 373.90 | 0.00 | 14383.78 | 0.00 | -824.70 | -1706.35 | 4287.70 | 759.65 | 2.10 | -8.80 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 254 | 297 | 320 | 266 | 250 | 319 | 535 | 520 | 499 | 526 | 406 | 398 | 4,288 | |
| 221 | 271 | 284 | 263 | 225 | 294 | 498 | 486 | 451 | 467 | 338 | 324 | 4,554 | |
| Operating Profit | 33 | 27 | 36 | 4 | 25 | 25 | 37 | 35 | 47 | 60 | 68 | 74 | -266 |
| OPM % | 12.98% | 8.98% | 11.34% | 1.34% | 9.96% | 7.89% | 6.93% | 6.65% | 9.51% | 11.36% | 16.68% | 18.61% | -6.20% |
| 12 | 12 | 18 | 38 | 26 | 25 | 22 | 19 | 77 | 190 | 10 | 51 | 88 | |
| Interest | 1 | 3 | 2 | 1 | 1 | 2 | 3 | 5 | 5 | 7 | 4 | 6 | 36 |
| Depreciation | 15 | 15 | 15 | 22 | 15 | 26 | 31 | 37 | 65 | 61 | 60 | 46 | 477 |
| Profit before Tax | 28 | 21 | 37 | 19 | 35 | 23 | 26 | 11 | 55 | 182 | 14 | 73 | -802 |
| Tax % | 26.21% | -5.93% | 21.49% | -0.63% | 30.00% | 15.88% | 45.34% | -71.85% | -10.57% | -4.28% | 36.37% | -18.14% | -2.79% |
| Net Profit | 0 | 0 | 0 | 0 | 24 | 16 | 14 | 41 | 51 | -339 | 9 | 56 | -825 |
| 2.95 | 2.74 | 3.47 | 1.12 | 2.96 | 0.78 | 3.84 | 0.23 | 6.04 | -0.84 | 0.27 | 1.27 | -2.16 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 190 | 171 | 170 | 248 | 454 | 622 | 1,091 | 1,138 | 1,624 | 1,829 | 1,759 | |
| 129 | 126 | 159 | 253 | 413 | 535 | 989 | 1,047 | 1,501 | 1,579 | 1,584 | |
| Operating Profit | 61 | 45 | 10 | -6 | 41 | 86 | 102 | 92 | 123 | 250 | 175 |
| OPM % | 32.16% | 26.13% | 6.15% | -2.29% | 9.05% | 13.91% | 9.39% | 8.06% | 7.55% | 13.69% | 9.95% |
| 12 | -26 | 16 | 15 | 14 | 24 | 49 | 89 | 92 | 328 | 259 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 6 | 8 | 11 | 24 | 21 |
| Depreciation | 1 | 4 | 16 | 26 | 36 | 39 | 57 | 67 | 118 | 231 | 214 |
| Profit before Tax | 72 | 13 | 9 | -20 | 17 | 70 | 89 | 103 | 78 | 45 | 189 |
| Tax % | 14.99% | 90.98% | 52.81% | -36.76% | 18.07% | 27.47% | 28.63% | 13.52% | 19.70% | -48.05% | -7.27% |
| Net Profit | 61 | 1 | 4 | -27 | 14 | 51 | 63 | 89 | 63 | 67 | 202 |
| EPS | 289.90 | 1.08 | 5.42 | -0.77 | 3.08 | 4.55 | 5.96 | 7.39 | 8.65 | 2.59 | — |
| Dividend Payout % | 0.00% | 5875.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 24%
- 5 Years:
- 32%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 4%
- 5 Years:
- 60%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 11%
- 3 Years:
- 19%
- 1 Year:
- 39%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 4%
- 3 Years:
- 3%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 11 | 11 | 11 | 12 | 13 | 26 | 31 | 35 | 74 |
| Minority Interest | 0 | 42 | 41 | 69 | 121 | 157 | 212 | 336 | 374 | 78 |
| 218 | 326 | 371 | 464 | 634 | 1,016 | 1,078 | 1,966 | 2,828 | 3,397 | |
| 0 | 13 | 7 | 2 | 1 | 1 | 36 | 22 | 200 | 182 | |
| Trade Payables | 24 | 29 | 25 | 69 | 61 | 50 | 198 | 240 | 547 | 376 |
| 17 | 48 | 60 | 136 | 189 | 167 | 148 | 159 | 433 | 234 | |
| Total Liabilities | 261 | 468 | 515 | 752 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 |
| 2 | 126 | 143 | 327 | 296 | 424 | 583 | 608 | 1,731 | 1,431 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 77 | 101 | 127 | 58 | 118 | 442 | 332 | 439 | 1,312 | 2,064 | |
| 0 | 0 | 0 | 0 | 0 | 1 | 25 | 2 | 3 | 3 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275 | 576 | 376 | |
| Cash & Bank | 114 | 117 | 133 | 187 | 372 | 323 | 329 | 1,210 | 458 | 255 |
| 69 | 124 | 112 | 180 | 231 | 214 | 429 | 220 | 339 | 211 | |
| Total Assets | 261 | 468 | 515 | 752 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 72 | 11 | 28 | 5 | 84 | 81 | 34 | 91 | 65 | 149 | |
| Cash from Investing | -54 | -20 | -68 | 9 | -268 | -334 | -95 | -603 | -1,134 | -542 |
| Cash from Financing | 0 | 46 | 12 | 3 | 217 | 335 | 15 | 946 | 805 | 361 |
| 2 | 21 | -42 | 10 | 17 | 63 | -72 | 434 | -264 | -33 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Nazara Technologies Limited informs the Exchange regarding ''Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 which is self explanatory.
2026-09-04 - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication
2026-09-03 - Nazara Technologies Limited informs the Exchange regarding Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - update.
2026-09-03 - Nazara Technologies Limited informs the Exchange regarding Notice convening the 27th Annual General Meeting of the Company for the FY 2025-26 scheduled to be held on Friday, September 25, 2026.
2026-09-03 - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication
2026-08-31 - Nazara Technologies Limited informs the Exchange regarding Scrutinizer's report and voting results of Extraordinary General Meeting held held on August 30, 2026.
2026-08-30 - Nazara Technologies Limited informs the Exchange regarding Proceedings of Extraordinary General Meeting held on August 30, 2026
2026-08-21 - Nazara Technologies Limited informs the Exchange regarding Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - update.
2026-08-13 - Nazara Technologies Limited informs the Exchange regarding Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.
News
Recent coverage and analyst commentary for NAZARA
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