NSE: NAZARA · BSE: 543280
NAZARA TECHNOLOGIES LTD
Operates a diversified gaming and digital entertainment platform spanning mobile games, PC and console publishing, eSports, and ad-tech. In FY26, the gaming segment generated revenue of INR 1,072 crore, up 107% year-on-year, with mobile gaming at INR 713 crore and PC/console publishing at INR 261 crore at a 39% EBITDA margin; the IP Human Fall Flat crossed 58 million lifetime units globally. The eSports business, anchored by associate NODWIN, swung from a INR 14 crore EBITDA loss in FY25 to a INR 21 crore profit in FY26 and is preparing for an IPO, while the AdTech segment grew 32% year-on-year. Total FY26 revenue was INR 1,829 crore (+13% YoY) with EBITDA of INR 255 crore (+66% YoY); gaming now contributes 90% of EBITDA versus 56% in FY25. The company is closing its largest acquisition, Bluetile (CY25 revenue INR 1,460 crore, EBITDA INR 254 crore), which consolidates from Q1 FY27. Costs are dominated by other operating expenses (67.7% of revenue) and employee costs (17.2% of revenue). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gaming, eSports, Ad tech. Diversified digital entertainment and gaming platform with globally distributed IP and growth-stage subsidiaries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 622 | 1,091 | 1,138 | 1,624 | 1,829 |
| EBITDA (ex other income) | 86 | 101 | 98 | 122 | (667) |
| margin % | 13.8 | 9.3 | 8.6 | 7.5 | (36.5) |
| Owners' profit | 28 | 39 | 71 | 87 | 81 |
| EPS, as reported (₹) | 9.09 | 5.98 | 8.16 | 9.47 | 2.62 |
| ROE % · ROCE % | 4.2 · 5.7 | 4.7 · 6.8 | 3.2 · 4.6 | 1.6 · 2.7 | 2.3 · 9.2 |
| Debt / equity (x) | 0.00 | 0.02 | 0.00 | 0.04 | 0.03 |
| Cash from operations | 62 | 8 | 91 | 66 | 324 |
| Capex | (12) | (8) | (27) | (148) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 319 | 535 | 520 | 499 | 526 | 406 | 398 | 429 |
| Profit before tax | 23 | 26 | 11 | 55 | 182 | 14 | 73 | (18) |
| Net profit | 16 | 14 | 4 | 51 | (34) | 9 | 56 | (82) |
| EPS (₹) | 2.87 | 3.84 | (0.22) | 7.73 | (0.85) | 0.27 | 1.27 | (2.16) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Gaming | 815 | 44.5 |
| (b) eSports | 273 | 14.9 |
| (c) Ad tech | 339 | 18.5 |
| Gaming | 257 | 14.0 |
| eSports | 34 | 1.9 |
| Ad tech | 115 | 6.3 |
| Total, before eliminations | 1,834 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NAZARA TECHNOLOGIES LTD ◆ | 14,900 | — | 4.20 | 25.7 | 2.3 | 8.6 | 32.1 | 7.8 |
| 7SEAS ENTERTAINMENT LIMITED | 231 | 102.1 | 7.88 | — | 7.6 | 7.5 | — | 20.9 |
| BODHI TREE MULTIMEDIA LTD | 114 | 14.0 | 1.31 | 8.7 | 9.1 | 12.6 | — | 13.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 4.2 | 1.0 | 40 of 47 | 15% |
| ROCE | 8.6 | 1.2 | 10 of 55 | 83% |
| ROE | 2.3 | 1.0 | 17 of 47 | 65% |
| Debt / Equity | 0.0 | 0.0 | 25 of 47 | 48% |
| EBITDA margin | 7.8 | 10.1 | 30 of 52 | 43% |
| Revenue growth | (14.0) | 0.6 | 31 of 49 | 38% |
| Profit growth | (260.6) | (18.0) | 45 of 50 | 10% |
| Market cap | 14900 | 74 | 2 of 58 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Audio recording link for Q2 FY27 and H1 FY27 earnings call | investor communications | low | — | — |
| 26 Oct 2026 · ICRA reports no deviation in preferential issue proceeds for Q2 FY27 | compliance | minimal | — | — |
| 26 Oct 2026 · Nazara Q2 FY27 EBITDA rises 93% with Bluetile included | investor communications | medium | — | — |
| 26 Oct 2026 · Nazara posts record Q2FY27 revenue of INR 803 crore | compliance | low | — | — |
| 26 Oct 2026 · September 2026 results: revenue rises 52%, quarterly profit turns positive | results | high | — | — |
| 26 Oct 2026 · Q2 revenue up 53%; half-year loss persists | results | high | — | — |
| 26 Oct 2026 · Nazara Q2 revenue rises 52.6%, but six-month result turns to loss | results | medium | — | — |
| 22 Oct 2026 · Earnings call on Oct 27 to discuss Q2 FY27 and H1 FY27 results | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Nazara board to meet Oct 26 to approve Q2 FY27 results | results | low | — | — |
| 13 Oct 2026 · CFO and Whole-time Director resign at Nazara; new CFO appointed | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.