Nazara Technologies Limited (NAZARA)

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Nazara Technologies Limited (NAZARA) · mywealthgrid

About

Nazara Technologies operates in digital entertainment within Consumer Discretionary, ₹13,186 Cr market cap. Consolidated revenue averages ₹400–₹500 Cr per quarter; profitability has been severely volatile.

Face value: ₹2

Market cap

₹14,253 Cr

P/E

—

P/B

4.1×

Dividend yield

ROE

2.6%

ROCE

34.7%

Debt / equity

0.03

OPM

13.6%

EPS (TTM)

₹-1.4

Book value

₹93.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consolidated profit swung from -₹82.47 Cr (Jun 2026) to +₹55.7 Cr (Mar 2026) in one year, signaling operational instability or material one-time charges.

Destroying shareholder value: ROE 2.55% and PE n/a on latest results show capital is bleeding.

OPM collapsed from 18.61% (Mar 2026) to 5.75% (Jun 2026), indicating either demand pressure or unresolved cost structure issues.

Verify: whether losses recur, customer concentration and churn, timeline to sustainable profitability.

Generated analysis · source review pending

Growth drivers

D/E 0.03 removes balance-sheet constraint; ample capacity for growth capex or M&A without equity dilution.

Mar 2026 consolidated results (OPM 18.61%, profit ₹55.7 Cr) prove the core business scales profitably if operational volatility resolves.

FII backing at 13.23% suggests institutional conviction in recovery—verify what business levers or market scenarios they are pricing.

Verify: digital entertainment and mobile gaming market growth in India, user base trends, and near-term content pipeline.

Generated analysis · source review pending

1,358 historical price candles were omitted because the exchange source has not been verified.

₹384.7-1%1Y

Quick read

rule-based

Pros

+Profit CAGR of 54.3% over the last 5 years
+Revenue CAGR of 32.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 56.1×

Cons

−Low return on equity of 3.6% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 65
Growth: 41
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET NIFTY MEDIA

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sun Tv Network LimitedSUNTVSUNTV	₹23,642 Cr	₹23,642 Cr	₹4,502 Cr	₹2,330 Cr	51.1%	₹1,530 Cr	33.2%	16.8%	11.9%	-13
Prime Focus LimitedPFOCUSPFOCUS	₹23,400 Cr	₹28,341 Cr	₹4,919 Cr	₹1,438 Cr	30.4%	₹116 Cr	6.5%	25.2%	15.4%	-5
Nazara Technologies LimitedNAZARANAZARA	₹14,253 Cr	₹14,365 Cr	₹1,759 Cr	₹226 Cr	13.6%	₹-52 Cr	4.5%	34.7%	2.6%	-4,814
Pvr Inox LimitedPVRINOXPVRINOX	₹11,934 Cr	₹12,693 Cr	₹6,872 Cr	₹2,214 Cr	31.5%	₹445 Cr	5%	7.5%	4.6%	-391
Saregama India LimitedSAREGAMASAREGAMA	₹9,539 Cr	₹9,609 Cr	₹1,041 Cr	₹375 Cr	34.2%	₹222 Cr	20.9%	17.1%	12.6%	114
Tips Music LimitedTIPSMUSICTIPSMUSIC	₹8,233 Cr	₹8,233 Cr	₹394 Cr	₹273 Cr	73.4%	₹215 Cr	57.7%	118%	92.3%	-15
Network18 Media & Investments LimitedNETWORK18NETWORK18	₹3,921 Cr	₹7,034 Cr	₹2,169 Cr	₹47 Cr	2.1%	₹-35 Cr	7.3%	-1.2%	3.2%	59
Media Matrix Worldwide LimitedMMWLMMWL	₹1,762 Cr	₹1,929 Cr	₹947 Cr	₹11 Cr	1.2%	₹1 Cr	0.3%	—	0.8%	—
Hathway Cable & Datacom LimitedHATHWAYHATHWAY	₹1,650 Cr	₹1,650 Cr	₹2,184 Cr	₹310 Cr	15%	₹76 Cr	3.8%	2.4%	1.9%	-49
Panorama Studios International LtdPANORAMAPANORAMA	₹1,587 Cr	₹1,619 Cr	₹440 Cr	₹61 Cr	13.8%	₹1 Cr	8.7%	52.3%	39.1%	167
Sunshine Pictures LimitedSUNSHINESUNSHINE	₹1,411 Cr	₹1,422 Cr	₹103 Cr	₹48 Cr	46.7%	₹34 Cr	33.4%	53.7%	39.2%	—
Den Networks LimitedDENDEN	₹1,213 Cr	₹1,213 Cr	₹976 Cr	₹60 Cr	7%	₹148 Cr	17%	5.5%	4.5%	-75

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	248	454	622	1,091	1,138	1,624	1,829
COGS	—	0	0	54	80	40	28
Gross profit	—	—	—	1,037	1,058	1,584	1,801
	253	415	536	936	958	1,470	1,831
	-6	39	85	101	100	114	-29
OPM %	-2.3%	8.5%	13.7%	9.3%	8.8%	7%	-1.6%
Depreciation	26	35	39	57	67	118	231
Interest	1	1	1	5	7	10	22
	15	14	24	48	63	80	343
Profit before tax	-20	17	70	87	89	66	60
Tax	7	3	19	25	14	15	-22
Tax %	36.8%	18.4%	27.5%	29.3%	15.8%	23.1%	-36.1%
	-27	14	51	61	75	51	82
PAT margin %	-10.8%	3%	8.2%	5.6%	6.6%	3.1%	4.5%
EPS (₹)	-0.8	3.2	9.1	6	8.2	9.5	2.6
EPS adjusted (₹)	-1.2	0.4	1.1	1.5	2.3	2.5	2.2
Annual report	—	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	12	13	27	31	35	74
Reserves	—	646	1,028	1,078	1,968	2,828	3,399
Minority interest	—	121	157	212	336	374	78
	—	0	0	30	9	141	112
	—	244	212	355	418	1,057	708
Total equity & liabilities	—	1,023	1,410	1,702	2,762	4,435	4,371
	327	296	424	583	608	1,731	1,431
CWIP	—	—	—	0	0	0	1
Investments	—	118	442	332	439	1,312	2,064
	—	608	544	787	1,715	1,393	875
Total assets	—	1,023	1,410	1,702	2,762	4,435	4,371

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Gaming	1,072.24	80.22	1,302.25	316.7	985.55	8.14
Ad tech	454.48	-3.62

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	95%	92.9%	97.5%	98.5%
EBITDA margin %	-2.3%	9.1%	13.8%	9.3%	8.8%	7.5%	13.6%
EBIT margin %	-12.9%	1.2%	7.5%	4%	2.9%	0.2%	1%
PAT margin %	-10.8%	3%	8.2%	5.6%	6.6%	3.1%	4.5%
Working capital
Receivable days	—	55	50	51	88	129	75
Inventory days	—	0	1	166	10	23	45
Payable days	—	54	34	517	1,091	4,985	4,934
NWC days	—	1	17	-299	-994	-4,832	-4,814
Leverage
Current ratio	—	3.19	5.29	2.98	4.96	1.52	2.05
Debt to EBITDA	—	0	0	0.3	0.09	1.16	0.45
Debt to equity	—	0	0	0.03	0	0.05	0.03
Interest coverage	-13.3	22.2	118.3	19.9	16.5	9.6	56.1
Asset turnover	—	0.44	0.44	0.64	0.41	0.37	0.42
Return ratios
Return on assets %	—	1.3%	3.6%	3.6%	2.7%	1.1%	1.9%
Return on capital employed %	—	2.5%	6.9%	7.2%	6%	3.2%	34.7%
Return on equity %	—	2.1%	4.9%	5.6%	3.7%	1.8%	2.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	17.16%	17.16%	16.43%	10.05%	10.05%	9%	8.78%	8.31%	35.46%	35.46%	35.46%	34.25%
	9.93%	10.46%	9.44%	6.05%	9.71%	11.58%	13.04%	12.98%	12.63%	11.97%	13.31%	13.23%
	16%	15.9%	16.8%	16.77%	12.21%	13.52%	12.44%	9.81%	7.18%	3.62%	2.17%	2.4%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	56.91%	56.48%	57.33%	67.13%	68.03%	65.9%	65.74%	68.9%	44.73%	48.95%	49.06%	50.12%
No. of shareholders	—	—	—	—	—	—	—	—	1,11,197	1,04,879	1,00,165	1,01,367

Promoter holding up 17.09 percentage points since Sep 2023.

109 deals · 8 Oct 2021 – 15 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 May 2026	MITTER INFOTECH LLP	Bulk	BSE	Sell	1,50,46,268	₹266.00	₹400.23 Cr
15 May 2026	AXANA ESTATES LLP	Bulk	BSE	Buy	1,47,70,680	₹266.00	₹392.90 Cr
15 May 2026	MITTER INFOTECH LLP	Bulk	NSE	Sell	42,00,000	₹266.00	₹111.72 Cr
15 May 2026	ZERODHA BROKING LIMITED	Bulk	NSE	Buy	35,00,001	₹265.85	₹93.05 Cr
15 May 2026	SHARE INDIA SECURITIES LIMITED	Bulk	NSE	Buy	23,12,886	₹296.66	₹68.61 Cr
15 May 2026	SHARE INDIA SECURITIES LIMITED	Bulk	NSE	Sell	23,07,861	₹291.07	₹67.17 Cr
15 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	21,59,417	₹297.66	₹64.28 Cr
15 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	21,59,417	₹297.74	₹64.29 Cr
15 May 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	21,26,197	₹291.85	₹62.05 Cr
15 May 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	20,82,243	₹298.15	₹62.08 Cr

1–10 of 109

1 / 11

Mr. VIKASH MITTERSAINNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Rakesh ShahChief Financial Officer
Mr. NITISH MITTERSAINExecutive Director-CEO-MD
Mrs. SHOBHA HARESH JAGTIANINon-Executive - Independent Director
Mr. PROBIR KUMAR ROYNon-Executive - Independent Director
Mr. SASHA GULU MIRCHANDANINon-Executive - Independent Director
Mr. VIVEK CHOPRANon-Executive - Non Independent Director
Mr. ARUN VIJAYKUMAR GUPTANon-Executive - Independent Director
Mr. ROHIT SHARMAExecutive Director
Mr. MITHUN PADAM SACHETINon-Executive - Non Independent Director
Mr. MURAARIE RAJANNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

0.61%

of the company's equity

All mutual funds

2.19%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 3 fund houses

		Shares
Flexi Cap Fund	Bajaj Finserv Mutual Fund	13.26 L	49.41	0.57%	0.358%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.92 L	22.06	0.88%	0.16%	-12,956
Small Cap Fund	Bajaj Finserv Mutual Fund	3.06 L	11.4	0.43%	0.083%	-0
IB41-Groww Nifty India Internet ETF	Groww Mutual Fund	18,240	0.68	1.58%	0.005%	+1,145
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	4,051	0.15	0.04%	0.001%	+19
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	714	0.03	0.04%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results3 Aug 2026

1

Face value ₹4 → ₹226 Sept 2025 · ex-date

2

Bonus 1:126 Sept 2025 · ex-date
Bonus 1:124 Jun 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

44 announcementsExport CSV

30 Sept 2026, 4:39 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	95%	92.9%	97.5%	98.5%
EBITDA margin %	-2.3%	9.1%	13.8%	9.3%	8.8%	7.5%	13.6%
EBIT margin %	-12.9%	1.2%	7.5%	4%	2.9%	0.2%	1%
PAT margin %	-10.8%	3%	8.2%	5.6%	6.6%	3.1%	4.5%
Working capital
Receivable days	—	55	50	51	88	129	75
Inventory days	—	0	1	166	10	23	45
Payable days	—	54	34	517	1,091	4,985	4,934
NWC days	—	1	17	-299	-994	-4,832	-4,814
Leverage
Current ratio	—	3.19	5.29	2.98	4.96	1.52	2.05
Debt to EBITDA	—	0	0	0.3	0.09	1.16	0.45
Debt to equity	—	0	0	0.03	0	0.05	0.03
Interest coverage	-13.3	22.2	118.3	19.9	16.5	9.6	56.1
Asset turnover	—	0.44	0.44	0.64	0.41	0.37	0.42
Return ratios
Return on assets %	—	1.3%	3.6%	3.6%	2.7%	1.1%	1.9%
Return on capital employed %	—	2.5%	6.9%	7.2%	6%	3.2%	34.7%
Return on equity %	—	2.1%	4.9%	5.6%	3.7%	1.8%	2.4%

Date	Category	Subject	Filing
30 Sept 2026, 4:39 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 7:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
21 Sept 2026, 3:54 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015	PDF
16 Sept 2026, 5:43 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015	PDF
11 Sept 2026, 1:49 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
5 Sept 2026, 7:11 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015	PDF
4 Sept 2026, 11:24 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 10:00 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2	67	62	8	91	66	324
	9	-268	-350	-95	-603	-1,134	0
	3	217	335	15	934	805	0
Net cash flow	10	17	47	-72	422	-264	324
Free cash flow	—	67	50	-0	64	-82	324
CFO / Operating profit %	—	163.9%	72.3%	8%	91.2%	53.8%	130%

Nazara Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

2

Announcements

Not in the F&O segment

1

1

2

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Ad Tech · revenue

Nazara Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Stock splits1

Bonus issues2

Announcements

Not in the F&O segment

Ratio timeline

Board meetings1

Stock splits1

Bonus issues2

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ad Tech · revenue

1

1

2

1

1

2