AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Nazara launched Bodycam UEFN in Fortnite worldwide on September 11, 2026.
Source: Bse
Nazara Technologies Limited (NAZARA)
Micro CapMedia stocks · Micro cap · NSE
Nazara Technologies is a global gaming operating platform with a focus on mobile, PC & console, and offline gaming. It leverages a COE playbook across user acquisition, data analytics, AI, growth, and product to drive profit-led growth and strategic scale across its diverse portfolio of IPs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals22 Oct 2026 · screener
Latest result04 Aug, 03:35 am IST
Score22 Oct, 05:17 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
90Strong Bullfull bull SMA stack · SMA20 +6.5% / mo · MACD + · near 52W high · sector +11.6pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 100
Sector 3M: +5.8% vs Nifty 500 -5.8%
Media FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
NAZARAD candles · FIT view+47.4%Latest close ₹398.90 on 2026-10-21
Bar
-1.5%
RSI
58
MACD hist
1.08
52W pos
90%
2026-10-21O ₹404.80H ₹409.90L ₹396.05C ₹398.90Vol 13.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NAZARANifty MediaNifty 500
- NAZARA
- +29.0%
- Nifty 500
- -6.5%
- Nifty Media
- +5.7%
- Vs Nifty 500
- +35.5 pp
Chart stats
21 Oct 2026- From 52W high
- -5.0%
- 52W range position
- 90%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.80x
- Avg traded value
- ₹69.4 Cr
- 20D price channel
- ₹366 - ₹419.9
₹419.9
₹215.7 - ₹419.9
₹13.9
Latest completed session
20-session average
33.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -14.0% · PAT -260.8% YoY
Technical
Strong Bull90
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -14% YoY · PAT -261% YoY · margin compression · +8% QoQ
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹429 Cr | -14.0% | +7.8% |
| EBITDA | ₹-38 Cr | -265.2% | -186.4% |
| Operating margin | -9.0% | -1370 bps | -2000 bps |
| PAT | ₹-82 Cr | -260.8% | -246.4% |
| PAT margin | -19.1% | -2933 bps | -3318 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 4.25
- EV/EBITDA
- 133.17
- Market Cap
- 16298.00Cr
Profitability
- ROE
- 30.60%
- ROCE
- 27.10%
- ROA
- -1.20%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 155.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 194.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- -4.29×
- Altman Z
- 7.72
- Book Value
- 93.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 149.00 Cr
- EPS TTM
- -1.41
Shareholding
- Promoter Hold
- 87.00%
- Promoter Pledge
- 87.00%
- Momentum 52W
- 90%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 1,829+12.6% vs prev
Net Profit
₹ CrLatest: 82.0+60.8% vs prev
Return on Equity
%Latest: 111+7336.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.1% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 85% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 2 UptrendEstablished S2
1M return
+8.6%
3M return
+29.0%
6M return
+46.6%
1Y return
+49.5%
RS 1D
0
RS 20D
+4
Sector rank
#15
Industry rank
#63
Stage evidence
- Price is 27.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
28 May 2026
S2 age
102 trading sessions
Sector
improving
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 156.15-0.39%
RS vs Nifty 500156
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth17/25
Quality20/20
Balance Sheet6/15
Cash Flow2/10
Piotroski
6/9 (+3)
Penalties
-1
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Quality contributes 20/20 to the score.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Promoter pledge is 87.0%.
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
—
PB
4.3
EV/EBITDA
133.2
ROE
30.6%
ROCE
27.1%
FCF Yield
—
Debt/Equity
0.1
MoS
—
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
22.5
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NPST
Small
Network People Services Technologies Limited
Media & Entertainment
match 88
48
85.6
15.0%
-254%
FAIR VALUE
LATENTVIEW
Large
Latent View Analytics Limited
Media & Entertainment
match 75
45
25.8
11.9%
+23%
WATCHLIST
TIPSMUSIC
Micro
Tips Music Limited
Media & Entertainment
match 61
56
41.8
87.6%
-87%
FAIR VALUE
PFOCUS
Micro
Prime Focus Limited
Media & Entertainment
match 61
32
127.0
15.7%
-722%
WATCHLIST
AMAGI
Small
Amagi Media Labs Limited
Media & Entertainment
match 60
29
123.0
10.3%
-360%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T18:38:33.251Z
Management commentary snapshot
FY26 was a pivotal year for Nazara, delivering highest-ever EBITDA of INR 255 Cr (+66% YoY) with Q4 margins at 19.5%. Pre-tax operating cash flow grew 81% YoY to INR 213 Cr. Gaming contributed 90% of FY26 EBITDA, up from 56% YoY, reflecting enhanced focus on core gaming.
Nazara demonstrated strong financial performance in FY26 with significant EBITDA and OCF growth, driven by a strategic shift towards high-margin core gaming. The acquisition of Bluetile & BestPlay and the embedded AI-driven 'Gaming OS' position the company for continued scale and efficiency, despite some Q4 revenue de-growth due to de-consolidation.
Current business mix
FY26 EBITDA Contribution (pre-Corporate Costs)
Latest issuer-disclosed distribution across 2 reported categories.
Gaming90.0%
Others10.0%
Growth engines
Core Gaming Focus
Gaming contributed 90% of EBITDA in FY26, up from 56% a year ago, reflecting enhanced focus on core gaming.
AI-Native Development & Rewarded Engagement Network
Acquisition of Bluetile and BestPlay adds casual gaming IPs, AI-native development, and a rewarded engagement network for cross-promotion.
Gaming Operating System (COE Playbook)
UA, Data, Growth & Product COEs are group-level platform infrastructure, with AI embedded across the full game lifecycle for all IPs.
Offline Gaming Expansion
Funky Monkeys added 10 centers in FY26, expanding into Hyderabad and Surat. Smaaash 2.0 launch upcoming with a proven playbook.
Capacity and execution
Funky Monkeys New Centers
10 additional centers in FY26, reaching 20 stores by Q4FY26. Expansion to continue in FY27.
Smaaash 2.0 Development
New Smaaash 2.0 under development, anchored in social competitive, immersive, and tech-driven experiences.
Bluetile & BestPlay Consolidation
To be consolidated in FY27 subject to regulatory approvals, adding 17 casual puzzle IPs and 22 million monthly active users.
Tailwinds
Global Gaming Market Entry
FY26 marked Nazara's entry into the $90 billion PC-Console gaming market, with potential for cross-platform expansion of mobile IPs.
AI Integration Benefits
AI embedded across game lifecycle for faster build, smarter acquisition, and longer player retention, reducing costs and improving engagement.
Diversified Gaming Portfolio
Multi-title portfolio with no single game exceeding 30% of revenue, converging toward a high-margin, global gaming business.
Headwinds
Nodwin De-consolidation Impact
Q4FY26 revenue de-growth of 24% YoY due to Nodwin de-consolidation from August 2025. Adjusted growth was 8%.
Programmatic Revenue Pressure
Sportskeeda's programmatic revenue faced incremental seasonal pressure in Q4, with US RPMs characteristically softer during the period.
Google Update Impact (AdTech)
Sportskeeda's cost optimization remains in focus amid Google update impact, though profitability was maintained.
Risk radar
Regulatory Approval for Acquisitions
Consolidation of Bluetile and BestPlay in FY27 is subject to regulatory approvals.
AdTech Revenue Volatility
Sportskeeda's programmatic revenue faced incremental seasonal pressure in Q4, with US RPMs characteristically softer during the period.
Impact of Platform Updates
Sportskeeda's cost optimization remains in focus amid Google update impact.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company emphasizes FY26 as a 'pivotal year' with significant structural changes, including de-consolidation and strategic acquisitions. YoY comparison best reflects the impact of these strategic shifts and the overall growth trajectory.
Sector KPIs management disclosed
FY26 Revenue
INR 1,829 Cr (+13% YoY)
FY26 EBITDA
INR 255 Cr (+66% YoY)
FY26 EBITDA Margin
13.9% (+450 bps YoY)
Q4FY26 EBITDA Margin
19.5% (+970 bps YoY)
Management forward view
Pivotal Year & Strategic Shift
FY26 was a pivotal year. The shape of Nazara has fundamentally changed, converging toward a high-margin, globally diversified gaming business.
Operating Leverage & Compounding
Nazara today operates at a materially different scale than it did a year ago. Our Operating leverage is real, and it is compounding.
AI as Core Enabler
AI embedded across the full game lifecycle – live tools, in-build initiatives, and clear roadmap – to build faster, acquire better, and retain longer.
Nodwin IPO Readiness
NODWIN has brought in key personnel to drive its IPO readiness and is in discussions with Strategic and Financial investors for fund-raising.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bluetile & BestPlay Consolidation | Acquisition announced, consolidation in FY27 subject to regulatory approvals. | Timely regulatory approvals and successful integration to scale gaming revenues and EBITDA. |
| Smaaash 2.0 Launch | Under development, anchored in social competitive, immersive, and tech-driven experiences. | Successful launch and rollout of Smaaash 2.0 using the proven playbook for offline expansion. |
| World Cricket Championship 4 Public Beta | Built with AI across engine, content, and QA pipelines, opens to public beta mid-May 2026. | Player reception, engagement metrics, and monetization performance post-launch. |
| NODWIN Fund Raising & IPO | In discussions with Strategic and Financial investors for fund-raising; brought in key personnel for IPO readiness. | Progress on fund-raising, balance sheet clean-up, and concrete steps towards IPO. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 45th percentile within Media. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
112 docs text-extracted · 45 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Media: 45th pctile, median 63 · Micro: 17th pctile, median 73
Evidence depth
Financial-only
112 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
47
watch · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
5
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 75.4%.
- ▸Promoter holding increased 54.4%.
- ▸Debt/equity is 0.06.
- ▸ROCE is 27.2%.
Trust risks
- ▸Promoters have pledged 87% of holding.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nazara Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Aug - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jul - Nazara Technologies schedules one-on-one physical investor meetings with Axis Capital on July 14 and Eternalis Capital on July 16 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Jun - Nazara Technologies Limited informs the Exchange about Schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Jun - Nazara Technologies Limited informs the Exchange about Schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun - Nazara Technologies Limited informs the Exchange about Schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 5 Jun - Nazara allotted 1.82 crore warrants at ₹260 each, raising ₹118.5 crore upfront; one allottee became ineligible.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 May - Nazara Technologies Limited informs the Exchange about Copy of Newspaper Publication.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.