NAZARA
Micro CapNazara Technologies Limited
Media
Nazara Technologies is a diversified gaming and sports media platform. FY26 was a pivotal year, strengthening its focus on building a high-margin, globally diversified gaming platform across mobile, PC, console, and offline gaming, while leveraging Centers of Excellence and AI-native capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 40/100Rev -23% YoY · PAT +1300% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹398 Cr | -23.5% | -2.0% |
| EBITDA | ₹44 Cr | +51.7% | -35.3% |
| Operating margin | 11.0% | +500 bps | -600 bps |
| PAT | ₹56 Cr | +1300.0% | +522.2% |
| PAT margin | 14.1% | +1330 bps | +1185 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 13% YoY to INR 1,829 crores, EBITDA up 66% to INR 255 crores (13.9% margin). Q4 FY26 EBITDA margin reached 19.5%. Gaming contribution to EBITDA increased from 56% in FY25 to 90% in FY26, driven by strong growth and profitability in gaming segments.
Nazara's strategic pivot to a high-margin, globally diversified gaming platform is yielding results, with significant EBITDA growth and margin expansion in FY26. The Centers of Excellence and AI integration are key to scaling IPs and improving unit economics. Divestment of non-core assets is planned to further sharpen focus on gaming.
EBITDA Contribution by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Globally Diversified Gaming Platform
Strengthened focus on building a high-margin, globally diversified gaming platform across mobile, PC, console, and offline gaming.
Acquisitions & AI-Native Capabilities
Largest acquisition of Bluetile and BestPlay expands casual gaming scale and adds AI-native development capabilities.
Centers of Excellence (COE) Playbook
Actively strengthened across user acquisition, data analytics, artificial intelligence, growth, and product, supporting all gaming IPs.
Existing Gaming IP Strength
Kiddopia returned to subscriber growth, Animal Jam expanded margins, Fusebox scaled narrative engines, Human Fall Flat crossed 58M units.
Funky Monkeys Footprint Expansion
Continued expanding the Funky Monkeys footprint during the year.
Smaaash 2.0 Launch
Progressing towards the launch of the re-imagined Smaaash 2.0 format.
PC & Console New Releases
Expect to launch at least 6 new releases in the current year, including Sovereign Tower and Dragon Shelter.
Fusebox IP Expansion
Expanding Big Brother season from one to three in FY27, launching Traitors in current fiscal year, plus three new seasons of Love Island.
Operating Leverage
Operating leverage is real and starting to compound, expecting accelerated growth in revenues and EBITDA in FY27.
AI Integration
AI is a very big theme, seeing AI-driven uptick across development, user acquisition, data analysis, and user engagement.
Platform Fee Reduction
Platforms like Google, Apple taking 30% of fees, but over time that is also coming down, which will help lead margin expansion.
NODWIN Global South Expansion
NODWIN focusing on geographical play in the Global South (Philippines to Mexico) and exploring new monetization methods.
Sportskeeda Traffic Environment
Sportskeeda remained profitable despite a softer traffic environment, following Google Core updates.
UK New Homes Market
Space and Time (AdTech) saw decline due to challenges in the UK new homes market impacting discretionary marketing spend.
Goodwill Write-off
NODWIN wrote off INR 50 crores goodwill related to OML assets (NH7 Weekender) due to underperforming projected cash flows.
AdTech Business Decline
Conscious call to reduce focus on traditional AdTech businesses, which are declining globally, leading to some revenue decline.
Gaming Seasonality
Fusebox's business has seasonality, with new TV show launches driving influx of installs, which newer IPs will take time to smoothen.
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.
The company reports full fiscal year and quarterly results, with management primarily highlighting year-on-year growth for revenue and EBITDA, indicating a focus on long-term trends and strategic shifts rather than short-term sequential fluctuations, especially given some seasonality in gaming.
Consolidated Revenue (FY26)
INR 1,829 crores, up 13% year-on-year.
Consolidated EBITDA (FY26)
INR 255 crores, up 66% year-on-year.
Consolidated EBITDA Margin (FY26)
13.9%.
Q4 FY26 EBITDA Margin
19.5%.
FY27 Growth & Margin Outlook
Very bullish on overall strong financial performance in FY27, expecting organic growth and margin expansion from existing businesses.
Non-Core Asset Divestment
Will look at potentially monetizing non-core businesses (NODWIN, Sportskeeda, AdTech) to unlock value and redeploy in core gaming.
NODWIN IPO Plans
NODWIN is looking to raise $100M-$200M (primary/secondary) and prepare for an IPO independently, prioritizing doing it right.
Larger Acquisitions
Going forward, will see a step change in scaling Nazara through potentially larger acquisitions, like Bluetile.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bluetile Consolidation | Pending Spanish FDI approval, expected in 3-4 weeks. | Consolidation from Q1 FY27. |
| PC & Console New IP Launches | Wax Heads released, Sovereign Tower & Dragon Shelter in summer. | Launch of at least 6 new releases in current year to boost organic growth. |
| Sportskeeda Recovery | Yet not seen the kind of recovery desired, optimizing costs. | Recovery in traffic and increase in EBITDA margins in FY27 on potentially smaller base. |
| NODWIN IPO Progress | Looking to raise $100M-$200M and prepare for IPO. | Updates on fundraising and IPO timeline, ensuring it's done right. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +8.9% / mo · near 52W low
Technical chart
NAZARAdaily · 1Y+8.6%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 53.
- SMA20 rising (~4.7% over last month) — short-term momentum positive.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 29% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 20/20 to the score.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Promoter pledge is 55.9%.
- Fair-value margin of safety is negative at -156.1%.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 64th percentile within Media. Main check: results consistency is weak at 31/100.
Healthy Trust Lite: Promoter holding is 75.4%. Key concern: Promoters have pledged 55.9% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 64th pctile, median 64 · Micro: 30th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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 55.9% of holding.
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 48%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 2.86
- EV/EBITDA
- 50.22
- Market Cap
- 9930.00Cr
Profitability
- ROE
- 30.50%
- ROCE
- 27.20%
- ROA
- 1.88%
- 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
- -1.32×
- Altman Z
- 7.77
- Book Value
- 93.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 149.00 Cr
- EPS TTM
- 2.59
Shareholding
- Promoter Hold
- 75.40%
- Promoter Pledge
- 55.90%
- Momentum 52W
- 35%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.