NAZARA
Nazara Technologies share price & financials
- Price
- ₹297.35
- Market cap
- ₹13.5k Cr
- Calls analysed
- 6
Nazara Technologies Limited Q1 FY27
What went well
- Consolidated revenue reached INR 429 crores, with comparable consolidated revenue (ex-NODWIN deconsolidation) growing approximately 9% year-on-year.
- Gaming segment revenue grew 14% year-on-year to INR 275 crores, maintaining an EBITDA margin of 19.5% with all gaming businesses remaining EBITDA positive.
- Kiddopia revenues grew 19% year-on-year, and Fusebox Games (Love Island) increased 12% year-on-year to INR 82 crores.
What to watch
- The company reported a PAT loss of INR 82 crores, largely attributable to the share of loss from associates and impairment loss.
- EBITDA margins declined due to higher user acquisition (UA) spend, with Bluetile's Q1 FY27 margin at 11% compared to 17.6% in Q1 last year.
What Nazara Technologies Limited does
Nazara Technologies builds and operates a portfolio of gaming intellectual property across mobile, PC/console and offline (physical entertainment centre) formats, alongside adjacent sports-media and adtech businesses. Its mobile titles (e.g. Kiddopia, Animal Jam, Love Island, World Cricket Championship) monetise through subscriptions, in-app purchases and advertising, while PC/console titles (e.g. Human Fall Flat, Wobbly Life) are sold as paid games. Offline gaming is run through indoor soft-play/entertainment centres (Funky Monkeys, Smaaash) that earn entry-ticketing and event/party revenue. Sportskeeda (US sports-content site network) and the Datawrkz/Space & Time adtech business generate revenue from digital advertising and programmatic ad-tech services; NODWIN Gaming (esports live events and content) is held as an associate.
Segments
- Gaming
- Others
- Gaming IPs owned/operated
- 40+
- Human Fall Flat lifetime units sold
- 58 million (since launch, crossed in FY26)
- Kiddopia paying subscribers
- 220,362 (Q4FY26)
- Funky Monkeys indoor gaming centres
- 20 (end of Q4FY26, across Mumbai, Bangalore, Hyderabad, Surat)
- Sportskeeda average monthly active users
- ~74 million (H2 FY25), top-10 ranked US sports news site
- Office presence
- India, US, UK, UAE, Singapore, Mauritius
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 5 delivered 2 missed 7 open- PokerBaazi Profitability missed said Q1 FY26 Promised: In FY27 we should [deliver profitability for PokerBaazi], but it depends on our market positioning at that point of time. Q1 FY27: The company confirmed a complete write-off of the remnant values related to the Moonshine (PokerBaazi) transaction, making the profitability promise for FY27 impossible to achieve.
- Pro Forma EBITDA at risk said Q4 FY26 Promised: on a pro forma basis, if you combine these two, then obviously our EBITDA - at the least - would double. Q1 FY27: Pro-forma Q1 FY27 EBITDA (Nazara + Bluetile) was INR 101 cr. Annualized, this is INR 404 cr, below the target of doubling FY26's INR 255 cr EBITDA. Management attributes lower margins to a strategic increase in profitable user acquisition spend.
- Profitability delivered said Q4 FY25 Promised: FY '26 is poised to be a year of acceleration with increased contribution from high-margin gaming business, expecting to further strengthen our profitability. Q4 FY26: FY26 EBITDA grew 66% YoY to INR 255 crores. EBITDA margin expanded to 13.9%. Gaming contribution to EBITDA increased from 56% to 90%.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 14.0%, net profit down 260.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 319 | 535 | 520 | 499 | 526 +65% | 406 −24% | 398 −23% | 429 −14% |
| EBITDA | 24 | 37 | 29 | 23 | -164 −783% | 68 +84% | 44 +52% | -38 −265% |
| Net profit | 16 | 14 | 4 | 51 | -34 −312% | 9 −36% | 56 +1300% | -82 −261% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −65.7% 1Y
1Y: ₹1,078.1 on 10 Sept 2025 → ₹370.3. High ₹1,088.3 (11 Sept 2025), low ₹217.65 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.9%
- 4 Aug
- Q4 FY26
- +1.4%
- 13 May
- Q3 FY26
- −2.0%
- 4 Feb
- Q2 FY26
- +6.0%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 31.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to -1.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹808 Cr | ₹1.1k Cr | ₹1.6k Cr | ₹1.8k Cr |
| Operating profit | ₹58 Cr | ₹98 Cr | ₹114 Cr | ₹-29 Cr |
| Operating margin | 7.2% | 8.6% | 7.0% | -1.6% |
| Interest | ₹1 Cr | ₹7 Cr | ₹11 Cr | ₹22 Cr |
| Depreciation | ₹40 Cr | ₹67 Cr | ₹109 Cr | ₹232 Cr |
| Net profit | ₹41 Cr | ₹75 Cr | ₹58 Cr | ₹82 Cr |
| Net margin | 5.1% | 6.6% | 3.6% | 4.5% |
| Cash from operations | ₹8 Cr | ₹91 Cr | ₹66 Cr | ₹149 Cr |
| Free cash flow | ₹0 Cr | ₹64 Cr | ₹-82 Cr | ₹36 Cr |
| ROCE | 7.0% | 6.0% | 2.0% | 27.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹13 Cr | ₹26 Cr | ₹31 Cr | ₹74 Cr | ₹74 Cr |
| Reserves | ₹646 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹2.0k Cr | ₹3.3k Cr | ₹3.4k Cr |
| Borrowings | ₹1 Cr | ₹4 Cr | ₹38 Cr | ₹28 Cr | ₹196 Cr | ₹215 Cr |
| Other liabilities | ₹359 Cr | ₹358 Cr | ₹555 Cr | ₹727 Cr | ₹668 Cr | ₹683 Cr |
| Total liabilities | ₹1.0k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹2.8k Cr | ₹4.3k Cr | ₹4.4k Cr |
| Fixed assets | ₹296 Cr | ₹424 Cr | ₹583 Cr | ₹608 Cr | ₹2.7k Cr | ₹1.5k Cr |
| Capital work in progress | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹118 Cr | ₹442 Cr | ₹332 Cr | ₹439 Cr | ₹740 Cr | ₹2.1k Cr |
| Other assets | ₹601 Cr | ₹537 Cr | ₹783 Cr | ₹1.7k Cr | ₹800 Cr | ₹834 Cr |
| Total assets | ₹1.0k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹2.8k Cr | ₹4.3k Cr | ₹4.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Aug 2026
Since Sep 2025, DIIs trimmed −4.71 pp while the public added +3.31 pp. The shareholder count shrank 10% to 1,00,544.
- Promoters
- 34.0%
- FIIs
- 15.5%
- DIIs
- 2.5%
- Public
- 48.0%
Since Sep 2025
- DIIs −4.71 pp
- Public +3.31 pp
- FIIs +2.88 pp
How it drifted, 12 quarters
Over this window promoters went from 17.2% to 34.0% — +16.8 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 17.2%, FIIs 10.5%, DIIs 15.9%, Public 56.5%.Mar '24: Promoters 16.4%, FIIs 9.4%, DIIs 16.8%, Public 57.3%.Jun '24: Promoters 10.1%, FIIs 6.0%, DIIs 16.8%, Public 67.1%.Sep '24: Promoters 10.1%, FIIs 9.7%, DIIs 12.2%, Public 68.0%.Dec '24: Promoters 9.0%, FIIs 11.6%, DIIs 13.5%, Public 65.9%.Mar '25: Promoters 8.8%, FIIs 13.0%, DIIs 12.4%, Public 65.7%.Jun '25: Promoters 8.3%, FIIs 13.0%, DIIs 9.8%, Public 68.9%.Sep '25: Promoters 35.5%, FIIs 12.6%, DIIs 7.2%, Public 44.7%.Dec '25: Promoters 35.5%, FIIs 12.0%, DIIs 3.6%, Public 49.0%.Mar '26: Promoters 35.5%, FIIs 13.3%, DIIs 2.2%, Public 49.1%.Jun '26: Promoters 34.3%, FIIs 13.2%, DIIs 2.4%, Public 50.1%.Aug '26: Promoters 34.0%, FIIs 15.5%, DIIs 2.5%, Public 48.0%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Riambel Capital Pcc - Rcc1 FPI fund +2.40 pp 4.12% held
- Plutus Investments And Holding Private Limited +1.00 pp 1.00% held
The same filing shows 14 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Aug 2026 filing
Every holder of Nazara Technologies Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Plutus Wealth Management Llp | 10.51% | −0.40 pp |
| Axana Estates LLP | 9.04% | −0.35 pp |
| Arpit Khandelwal | 7.17% | −0.27 pp |
| Riambel Capital Pcc - Rcc1 FPI fund | 4.12% | +2.40 pp |
| Anantnath Skycon Private Limited | 3.76% | −0.14 pp |
| Nitish Mittersain | 2.10% | −0.08 pp |
| Thakkar Nileshkumar Farshuram (Huf) | 1.91% | −0.66 pp |
| NKSquared | 1.82% | −0.07 pp |
| Think India Opportunities Master Fund Lp FPI fund | 1.67% | −0.07 pp |
| Junomoneta Finsol Private Limited | 1.63% | −0.07 pp |
| Kamath Associates | 1.56% | −0.06 pp |
| Cohesion Mk Best Ideas Sub-Trust FPI fund | 1.51% | −0.05 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NAZARA
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹12 Cr
- 1 schemes
- Biggest holder
- HDFC Large and Mid Cap Fund
- ₹12 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹12 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +105%
- vs est. average cost
- Held by funds
- ₹12 Cr
- 1 schemes · ≈ 0.08% of the company
Shares held by these funds −93%
Aug '23 3.60 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Nazara Technologies Limited
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