Nazara Technologies Ltd(NAZARA)

NSE: NAZARABSE: 543280

₹ 401.45+3.44%refreshed 23 Oct, 03:52 pm ISTMarket cap: ₹ 15,444 crNext results: 26 Oct 2026Website: www.nazara.comUpdated: 24 Oct 2026

About

Nazara Technologies is a diversified global gaming and interactive entertainment platform built on owning, developing and scaling intellectual property across mobile, PC, console and location-based gaming, with esports, sports media and adtech businesses alongside. Its chairman describes it as India's most diversified gaming and interactive entertainment platform. It reported revenue of Rs 1828.98 crore in FY26, with gaming making up 58.5% of segment revenue.^[1][2][3]

Business segments

Gaming: Rs 1072.24 crore revenue, 58.5% of segment revenue in FY26, covering mobile gaming, PC/console publishing and offline gaming.^[3]
Ad tech: Rs 454.48 crore revenue, 24.8% of segment revenue in FY26; led by Datawrkz and Space & Time, which provide digital marketing solutions.^[3][1]
eSports: Rs 307.36 crore revenue, 16.8% of segment revenue in FY26.^[3]

Products and brands

Mobile gaming franchises include Kiddopia, Animal Jam, Love Island: The Game, Big Brother: The Game, Bigg Boss: The Game, World Cricket Championship and Crash Arena Turbo Stars (FY26).^[1]
Kiddopia is among the top 3 grossing apps in its category in the US, runs on subscriptions, and integrates kids' IPs such as Mattel's Barbie, Hasbro's PJ Masks and Moonbug's Baby John (FY26).^[1]
World Cricket Championship is described as the world's largest cricket simulation game (FY26).^[1]
Curve Games is the PC and console publishing arm, with titles including Human: Fall Flat, Wobbly Life and For The King across PC, PlayStation, Xbox, Nintendo Switch and VR (FY26).^[1]
Offline gaming: Funky Monkeys (indoor kids' play) and SMAAASH (location-based entertainment, consolidated since June 6, 2025); Nazara holds 60% in Funky Monkeys.^[1][4]
Sports media properties include Sportskeeda, Pro Football Network and PrimeTimer (FY26).^[1]
NODWIN Gaming (associate) runs live-event and esports IPs including Comic Con, Playground, NH7 Weekender and BGMS.^[4]

Key operating numbers

Human: Fall Flat passed 58 million lifetime units sold, adding more than 2 million units in FY26; Wobbly Life crossed 2 million lifetime units.^[1]
Gaming segment EBITDA margin was 24.7% in FY26; Q1 FY27 gaming revenue grew 14% YoY to INR 275 crore at 19.5% EBITDA margin.^[5]
Kiddopia: 221,458 subscribers in Q3 FY26; monthly ARPU $7.45; 24-month LTV/CAC 2.08x in Q1 FY27 vs 1.76x in Q1 FY26.^[6]
Fusebox's Love Island ranked #1 free app and #5 top-grossing app in the US in Q1 FY27; Fusebox revenue grew 12% YoY to INR 82 crore in Q1 FY27.^[7]
Curve Games: INR 53 crore revenue and 27% EBITDA margin in Q1 FY27, down from about 40% in FY26.^[7]
Offline gaming: INR 34 crore revenue and INR 11 crore EBITDA (33% margin) in Q1 FY27; Funky Monkeys revenue grew 58% YoY.^[7]
Sportskeeda average monthly MAUs were 61.3 million in Q3 FY26 vs 42.1 million in Q2 FY26, after Google's March Core Update cut organic traffic.^[6]
Pro Football Network EBITDA margin was 19% in Q1 FY27 vs (0.1%) in Q1 FY26.^[7]

Customers and distribution

On a standalone basis, exports made up 99.81% of turnover in FY26.^[1]
Footprint spans India, North America, Europe and emerging markets in the Middle East, Africa and Asia (FY26).^[1]
Delivers gaming content to telecom operators worldwide through white-labelled platforms and distributes licensed Disney, Pixar and Star Wars titles (FY26).^[1]
Global strategic partners include Apple, Google, AWS, Amazon Marketplace, AppsFlyer, AppLovin and ONDC (FY26).^[1]
Fusebox targets developed markets: US, UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway and New Zealand.^[4]

Operations

Funky Monkeys is a pan-India indoor kids' play brand with 20 centres as of FY26.^[1]
Nazara set up Centres of Excellence across User Acquisition, Data Analytics, AI, Growth and Product, and launched a refreshed brand identity, 'Enter. Magic.' (FY26).^[1]
A National AVGC Centre of Excellence is under development in Mumbai with IIT Bombay, for R&D, upskilling and ecosystem development.^[4]
Bluetile is AI-native: AI built 80% of its backend systems and 90-95% of its data architecture.^[1]

Expansion and capex

Bluetile and BestPlay acquisition amended to 100% for a fixed USD 303 million all-cash (USD 89 million at closing, USD 214 million by 1 April 2027); Bluetile posted INR 518 crore revenue in Q1 FY27.^[7]
Bluetile CY2025 revenue INR 1,460 crore and EBITDA INR 254 crore; consolidation expected from Q2 FY27.^[5]
Curve targets five to six new titles across FY27 and FY28; Sovereign Tower (August 2026) and Dragon Shelter (September 2026) were scheduled releases.^[1][7]
SMAAASH 2.0 redesign underway at Lower Parel, Mumbai, with relaunch targeted for Q4 FY27.^[7][1]
About INR 50 crore committed to offline businesses (Smaaash and Funky Monkeys); no further allocation planned until Smaaash 2.0 shows product-market fit.^[7]
NODWIN Comic Con is expanding to 14 India editions and at least 2 international launches in FY27.^[7]

Recent developments

Arun Agrawal appointed CFO effective October 16, 2026, replacing Rakesh Shah, who resigned on October 15, 2026.^[8]
Raymond Stauffer appointed CEO effective 1 September 2026; founder Nitish Mittersain moved to Founder & MD, focused on strategy and M&A.^[7]
Board approved a preferential issue of warrants of up to Rs 500 crore at Rs 260 each (FY26).^[1]
Unutilised preferential issue proceeds stood at Rs 430.04 crore as on March 31, 2026.^[1]
Board withdrew the planned amalgamation of Paper Boat Apps into the parent after restructuring plans changed (FY26).^[1]
The ban on real-money gaming led to an impairment of Nazara's investment in Moonshine Technologies (PokerBaazi) (FY26).^[1]
NODWIN Gaming is working toward IPO readiness and plans to raise USD 100-200 million on its own.^[7]

Market Cap

₹15,444 Cr

High / Low

₹420 / 216

Stock P/E

-279.8

Price / Book

4.2

Book Value

₹94

EPS

₹2.6

No. of Shares

37.05 Cr

ROCE

27.4%

ROE

3.0%

OPM

41.1%

Debt / Equity

0.03

Sales

₹1,829 Cr

Net Profit

₹82 Cr

Promoter holding

34.0%

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Nazara Technologies Ltd(NAZARA)

About

Business segments

Products and brands

Key operating numbers

Customers and distribution

Operations

Expansion and capex

Recent developments

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