NAZARA

Nazara Technologies Limited

Diversified gaming and digital entertainment company across mobile, PC and esports

Consumer Discretionary›Media, Entertainment & Publication›Entertainment›Digital Entertainment

nazara.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹418.15
Market cap
16,086 Cr
Stock P/E
Loss (TTM EPS ₹-1.47)
P/B
4.46
ROE (FY26)
2.7%
ROCE (FY26)
2.3%
Operating margin (FY26)
1.0%
Debt / equity (FY26)
0.03
OCF / EBITDA (FY26)
130.0%
OCF / EBITDA (3Y)
102.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Nazara (Nazara Technologies) is a gaming and digital-entertainment group that makes and publishes mobile and PC games and runs offline gaming, ad-tech and sports-media businesses.

Company snapshot

1stBy market cap

Ranked among 2 companies in Digital Entertainment.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 49.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Ad tech
17.9%
198 Cr-1 Cr—
Gaming
32.8%
362 Cr46 Cr—
eSports
49.5%
546 Cr-10 Cr—

What we see

Positives
  • ✓102% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Interest coverage of 0.8x — earnings barely cover interest payments, which is a warning sign.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales297 Cr320 Cr266 Cr250 Cr319 Cr535 Cr520 Cr499 Cr526 Cr406 Cr398 Cr429 Cr
Operating expenses (approx.)271 Cr284 Cr263 Cr225 Cr294 Cr498 Cr486 Cr451 Cr467 Cr338 Cr324 Cr404 Cr
EBITDA27 Cr36 Cr4 Cr25 Cr25 Cr37 Cr35 Cr47 Cr60 Cr68 Cr74 Cr25 Cr
OPM %9.0%11.3%1.3%10.0%7.9%6.9%6.6%9.5%11.4%16.7%18.6%5.8%
Other income12 Cr18 Cr38 Cr26 Cr25 Cr22 Cr19 Cr77 Cr1,104 Cr11 Cr51 Cr9 Cr
Interest3 Cr2 Cr0.82 Cr0.57 Cr2 Cr3 Cr5 Cr5 Cr7 Cr4 Cr6 Cr4 Cr
Depreciation15 Cr15 Cr22 Cr15 Cr26 Cr31 Cr37 Cr65 Cr61 Cr60 Cr46 Cr48 Cr
Profit before tax23 Cr37 Cr0.06 Cr34 Cr20 Cr25 Cr-4 Cr46 Cr-42 Cr14 Cr42 Cr-80 Cr
Tax %-5.5%21.2%-200.0%30.6%18.4%46.0%200.5%-12.7%18.7%36.4%-31.2%-2.8%
Net profit24 Cr30 Cr0.18 Cr24 Cr16 Cr14 Cr4 Cr51 Cr-34 Cr9 Cr56 Cr-82 Cr
EPS (₹)₹2.99₹3.54₹-1.15₹2.96₹2.87₹3.84₹-0.22₹7.73₹-0.85₹0.27₹1.27₹-2.16

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales172 Cr170 Cr248 Cr454 Cr622 Cr1,091 Cr1,138 Cr1,624 Cr1,829 CrSign in free for the trailing twelve months
Operating expenses (approx.)123 Cr153 Cr253 Cr413 Cr536 Cr990 Cr1,039 Cr1,502 Cr1,580 CrSign in free for the trailing twelve months
EBITDA49 Cr16 Cr-6 Cr41 Cr86 Cr101 Cr100 Cr122 Cr249 CrSign in free for the trailing twelve months
OPM %28.3%9.6%-2.2%9.1%13.8%9.3%8.8%7.5%13.6%Sign in free for the trailing twelve months
Other income10 Cr16 Cr15 Cr14 Cr24 Cr50 Cr80 Cr92 Cr1,244 CrSign in free for the trailing twelve months
Interest2 Cr1 Cr1 Cr0.90 Cr0.60 Cr5 Cr7 Cr10 Cr22 CrSign in free for the trailing twelve months
Depreciation8 Cr20 Cr27 Cr35 Cr39 Cr57 Cr67 Cr118 Cr231 CrSign in free for the trailing twelve months
Profit before tax13 Cr11 Cr-21 Cr17 Cr70 Cr87 Cr89 Cr66 Cr60 CrSign in free for the trailing twelve months
Tax %92.0%38.2%-27.9%18.4%27.5%29.3%15.8%23.0%-36.1%Sign in free for the trailing twelve months
Net profit1 Cr7 Cr-27 Cr14 Cr51 Cr61 Cr75 Cr51 Cr82 CrSign in free for the trailing twelve months
EPS (₹)₹1.05₹6.39₹-0.77₹3.20₹9.09₹5.98₹8.16₹9.47₹2.62Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital11 Cr11 Cr11 Cr12 Cr13 Cr27 Cr31 Cr35 Cr74 Cr
Reserves341 Cr396 Cr496 Cr646 Cr1,028 Cr1,078 Cr1,968 Cr2,828 Cr3,399 Cr
Borrowings0.02 Cr————30 Cr9 Cr141 Cr112 Cr
Other liabilities84 Cr75 Cr187 Cr244 Cr212 Cr355 Cr418 Cr1,057 Cr708 Cr
Total liabilities471 Cr515 Cr777 Cr1,023 Cr1,410 Cr1,702 Cr2,762 Cr4,435 Cr4,371 Cr
Fixed assets (net)2 Cr2 Cr2 Cr2 Cr8 Cr15 Cr23 Cr123 Cr53 Cr
CWIP———0 Cr0 Cr0 Cr0 Cr0 Cr1 Cr
Investments101 Cr127 Cr58 Cr118 Cr442 Cr332 Cr439 Cr1,312 Cr2,064 Cr
Loans & advances———3 Cr0.60 Cr2 Cr32 Cr32 Cr0.36 Cr
Inventories———0 Cr1 Cr25 Cr2 Cr3 Cr3 Cr
Trade receivables43 Cr45 Cr68 Cr69 Cr85 Cr154 Cr275 Cr576 Cr376 Cr
Cash & bank89 Cr53 Cr72 Cr140 Cr208 Cr142 Cr567 Cr299 Cr175 Cr
Other assets237 Cr288 Cr576 Cr691 Cr666 Cr1,033 Cr1,424 Cr2,091 Cr1,699 Cr
Total assets471 Cr515 Cr777 Cr1,023 Cr1,410 Cr1,702 Cr2,762 Cr4,435 Cr4,371 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity3 Cr19 Cr-2 Cr67 Cr62 Cr8 Cr91 Cr66 Cr324 Cr
Cash from investing-18 Cr-67 Cr9 Cr-268 Cr-349 Cr-95 Cr-603 Cr-1,134 Cr0 Cr
Cash from financing37 Cr6 Cr3 Cr217 Cr335 Cr15 Cr934 Cr805 Cr0 Cr
Net cash flow22 Cr-42 Cr10 Cr14 Cr52 Cr-66 Cr425 Cr-268 Cr324 Cr
Free cash flow (OCF − Capex)1 Cr13 Cr-9 Cr67 Cr50 Cr-0.20 Cr64 Cr-82 Cr324 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %3.8%2.8%-3.3%2.3%5.9%6.8%4.1%2.3%2.3%
ROE %0.7%4.0%-0.4%1.2%2.4%3.0%2.4%2.7%2.7%
Debtor days91961005550518812975
Inventory days———018111
Days payable50531025129267712375
Cash conversion cycle4142-1421341271
OCF / EBITDA %6.5%117.6%—163.8%72.3%8.0%91.1%53.8%130.0%
OCF / EBITDA % (3 years)——33.9%162.5%104.8%60.3%56.2%51.0%102.1%
Debt / equity0.0001————0.030.00460.050.03
Current ratio5.715.772.653.195.292.984.961.522.05
Net debt / EBITDA-1.82-3.26—-3.40-2.42-1.10-5.60-1.30-0.25