Nazara Technologies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,300 Cr
- ROE
- 30.61%
- Price to sales
- 9.28
- Debt to equity
- 0.06
- 52W high / low
- ₹418 / ₹218
- Sales growth (5Y)
- 32.13%
- EBITDA margin
- -5.14%
- Net profit margin
- 52.27%
- Promoter holding
- 32.00%
- Sales (last year)
- ₹1,759 Cr
Nazara Technologies is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems.
Guidance scorecard · Q2 FY27 call
What Nazara Technologies Ltd's management guided
and where it ranks in Entertainment
Entertainment
RevenueQ2 FY27 call
10–20%- Nazara focuses on qualitative growth, prioritizing organic and inorganic avenues without setting specific numeric targets.
- Existing gaming studios and platforms are expected to grow organically through enhanced tools, AI integration, and synergies within the group.
- Bluetile and BestPlay are anticipated to show year-on-year revenue growth strengthened by operational and tool-sharing synergies.
- Fusebox aims to return to growth with new game launches and IP signings, leveraging platform improvements to shorten content cycles.
- India and international markets (U.S., Europe) are both strategic focuses in the near term; mid- to long-term growth potential is significant in India as digital engagement expands.
2 more points from Nazara Technologies Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Nazara Technologies Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- The company is focusing on qualitative growth, both organic and inorganic, with priority on integrating the Bluetile acquisition and enhancing the new Centers of Excellence (COEs).
- There is ongoing investment in AI and technology to reduce game development cycles and improve operational efficiencies across studios.
- New COEs are being established, including a planned ad monetization COE, to strengthen capabilities in marketing, data, tech, product, and AI.
- The company plans to launch several new games throughout the next year to scale qualitatively.
- There is no immediate aggressive M&A, but the company is continuously evaluating acquisition opportunities that fit their gaming thesis.
- Capital allocation is flexible to optimize growth and marketing effectiveness across studios.
2 more points from Nazara Technologies Ltd's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Nazara Technologies Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Ask what Nazara Technologies Ltd said on the order book →
Full Q2 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Entertainment
on management's own guidance
- Digikore Studios LtdGood growth2
- Phantom DigitalGood growth1
- Saregama India LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Entertainment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Phantom Digital | 20–40% | Up 2%+ | ₹156 Cr | 4.8 |
| 2 | Digikore Studios Ltd | 20–40% | Up 2%+ | ₹42 Cr | 3.3 |
| 3 | Saregama India Ltd | 20–40% | Flat | ₹9,718 Cr | 42.6 |
| 4 | 20–40% | Flat | ₹1,108 Cr | — | |
| 5 | 20–40% | Flat | ₹520 Cr | 10.8 | |
| 6 | 20–40% | Flat | ₹472 Cr | 18.2 |
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Pro shows every company guiding 40%+ revenue growth →Full Entertainment rankingNazara Technologies Ltd announcements
All announcements →- Acquisition / mergerNotableNazara Technologies Limited infused ₹734.35 Cr into subsidiary for acquisition
- Fundraise / allotmentNotableNazara allots 2,38,81,711 shares on preferential basis; board changes announced
Financials of Nazara Technologies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Nazara Technologies Ltd
Shareholding breakup across reporting periods.
| Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | Oct 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 16.43% | 10.05% | 10.05% | 9.00% | 8.78% | 8.30% | 35.45% | 35.45% | 35.45% | 34.25% | 33.98% | 31.99% |
| FIIs + | 9.44% | 6.05% | 9.71% | 11.59% | 13.04% | 12.98% | 12.63% | 11.98% | 13.30% | 13.23% | 15.15% | 15.42% |
| DIIs + | 16.80% | 16.76% | 12.21% | 13.51% | 12.44% | 9.80% | 7.18% | 3.62% | 2.16% | 2.39% | 3.05% | 2.75% |
| Public + | 57.34% | 67.13% | 68.03% | 65.90% | 65.74% | 68.90% | 44.73% | 48.95% | 49.08% | 50.13% | 47.82% | 49.83% |
| No. of Shareholders | 1,69,481 | 1,60,164 | 1,44,688 | 1,36,931 | 1,30,672 | 1,19,223 | 1,11,197 | 1,04,879 | 1,00,165 | 1,01,367 | 95,828 | 96,939 |
Financials of Nazara Technologies Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 297 | 320 | 266 | 250 | 319 | 535 | 520 | 499 | 526 | 406 | 398 | 429 | 803 |
| Expenses + | 271 | 284 | 265 | 226 | 295 | 498 | 491 | 476 | 690 | 338 | 354 | 467 | 714 |
| Operating Profit | 27 | 36 | 2 | 24 | 24 | 37 | 29 | 23 | -164 | 68 | 44 | -38 | 89 |
| OPM % | 9% | 11% | 0.6% | 10% | 8% | 7% | 6% | 4.7% | -31% | 17% | 11% | -9% | 11% |
| Other Income + | 14 | 18 | 21 | 26 | 23 | 22 | 9 | 92 | 190 | 10 | 51 | 9 | 14 |
| Interest | 3 | 2 | 1 | 1 | 2 | 3 | 5 | 5 | 7 | 4 | 6 | 4 | 4 |
| Depreciation | 15 | 15 | 22 | 15 | 26 | 31 | 37 | 65 | 61 | 60 | 46 | 48 | 74 |
| Profit before tax | 23 | 37 | 0 | 34 | 20 | 25 | -4 | 46 | -42 | 14 | 42 | -80 | 26 |
| Tax % | -6% | 21% | -200% | 31% | 18% | 46% | -203% | -13% | -19% | 36% | -31% | 3% | -37% |
| Net Profit + | 24 | 30 | 0 | 24 | 16 | 14 | 4 | 51 | -34 | 9 | 56 | -82 | 35 |
| EPS in Rs | 0.75 | 0.88 | 0.28 | 0.74 | 0.72 | 0.90 | 0.18 | 1.85 | -0.79 | 0.27 | 1.27 | -2.16 | 0.94 |
Financials of Nazara Technologies Ltd
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 211 | 190 | 172 | 170 | 247 | 454 | 622 | 1,091 | 1,138 | 1,624 | 1,829 | 2,036 |
| Expenses + | 135 | 129 | 123 | 154 | 255 | 415 | 536 | 989 | 1,040 | 1,509 | 1,857 | 1,873 |
| Operating Profit | 76 | 61 | 49 | 15 | -7 | 39 | 86 | 102 | 99 | 115 | -28 | 163 |
| OPM % | 36% | 32% | 28% | 9% | -3.0% | 9% | 14% | 9% | 9% | 7% | -1.5% | 8% |
| Other Income + | 8 | 12 | -26 | 16 | 15 | 14 | 24 | 47 | 65 | 80 | 343 | 83 |
| Interest | 0 | 0 | 2 | 1 | 1 | 1 | 1 | 6 | 8 | 11 | 24 | 18 |
| Depreciation | 1 | 1 | 8 | 20 | 27 | 35 | 39 | 57 | 67 | 118 | 231 | 226 |
| Profit before tax | 83 | 72 | 13 | 11 | -21 | 17 | 70 | 87 | 89 | 66 | 60 | 2 |
| Tax % | 22% | 15% | 92% | 38% | 28% | 18% | 27% | 29% | 16% | 23% | -36% | |
| Net Profit + | 65 | 61 | 1 | 7 | -27 | 14 | 51 | 61 | 75 | 51 | 82 | 17 |
| EPS in Rs | 3.23 | 3.05 | 0.12 | 0.80 | -0.10 | 0.38 | 1.09 | 1.49 | 1.85 | 2.16 | 2.59 | 0.32 |
| Dividend Payout % | 31% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Nazara Technologies Ltd
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 11 | 11 | 11 | 12 | 13 | 26 | 31 | 35 | 74 | 77 |
| Reserves | 156 | 221 | 341 | 396 | 496 | 646 | 1,028 | 1,078 | 1,968 | 2,828 | 3,399 | 3,755 |
| Borrowings + | 0 | 0 | 8 | 9 | 8 | 1 | 4 | 38 | 28 | 219 | 215 | 220 |
| Other Liabilities + | 41 | 42 | 105 | 92 | 258 | 359 | 358 | 555 | 727 | 1,336 | 654 | 3,244 |
| Total Liabilities | 200 | 265 | 465 | 509 | 773 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 | 7,295 |
| Fixed Assets + | 2 | 2 | 152 | 137 | 348 | 296 | 424 | 583 | 608 | 1,731 | 1,431 | 4,399 |
| CWIP | 0 | 0 | 1 | 1 | 6 | 2 | 1 | 0 | 0 | 14 | 42 | 0 |
| Investments | 55 | 77 | 98 | 127 | 58 | 118 | 442 | 332 | 439 | 1,312 | 2,064 | 1,593 |
| Other Assets + | 142 | 187 | 214 | 243 | 361 | 601 | 537 | 783 | 1,706 | 1,362 | 805 | 1,302 |
| Total Assets | 200 | 265 | 465 | 509 | 773 | 1,018 | 1,404 | 1,698 | 2,753 | 4,418 | 4,342 | 7,295 |
Financials of Nazara Technologies Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 59 | 57 | 3 | 19 | -2 | 68 | 62 | 8 | 91 | 66 | 149 |
| Cash from Investing Activity + | -6 | -61 | -17 | -60 | 18 | -271 | -329 | -89 | -612 | -1,139 | -634 |
| Cash from Financing Activity + | -20 | 0 | 37 | 6 | 3 | 217 | 335 | 15 | 946 | 805 | 361 |
| Net Cash Flow | 33 | -5 | 24 | -35 | 19 | 14 | 68 | -66 | 425 | -268 | -124 |
| Free Cash Flow | 57 | 56 | 1 | 13 | -9 | 66 | 51 | -0 | 64 | -82 | 36 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 99% | 117% | 42% | 220% | -67% | 216% | 94% | 33% | 133% | 103% | -680% |
Financials of Nazara Technologies Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 50 | 91 | 96 | 101 | 55 | 50 | 62 | 88 | 129 | 75 |
| Inventory Days | 10 | ||||||||||
| Days Payable | 1,092 | ||||||||||
| Cash Conversion Cycle | 58 | 50 | 91 | 96 | 101 | 55 | 50 | 62 | -994 | 129 | 75 |
| Working Capital Days | 33 | 42 | 72 | 92 | 19 | -9 | 6 | 22 | 26 | -38 | -20 |
| ROCE % | 36% | 16% | 3% | -4% | 2% | 7% | 7% | 6% | 3% | 27% |
Guidance history
How Nazara Technologies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
90 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +59.2% | 88% |
| Last 6 months | +53.0% | 90% |
| Last 3 months | +37.3% | 95% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Nazara Technologies Ltd: 0.4 × 88 + 0.4 × 90 + 0.2 × 95 = 90.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Nazara Technologies Ltd's management said in earlier quarters
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