Nazara Technologies Limited (NAZARA) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Nazara Technologies Limited ₹37.38, price ₹385, upside -90.3%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ₹37.38 · Strongly overvalued (−90.3%)
!Quality 34/100
!Mixed Growth(revenue 5y +32.1 %/yr)
!Thin margins · 5.2% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers(2/9)
!Narrow moat26/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹121.47 – ₹160,205 · fair‑value band ₹20.48 – ₹46.73 · the ₹384.70 price screens above the ₹37.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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Nazara Technologies Limited operates a gaming and sports media platform in India, Africa, the Middle East, the Asia Pacific, the United States, and internationally. It operates through gaming and other segments. The company offers subscription, download of games, and support services.
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Nazara Technologies Limited operates a gaming and sports media platform in India, Africa, the Middle East, the Asia Pacific, the United States, and internationally. It operates through gaming and other segments. The company offers subscription, download of games, and support services. It also provides interactive and online gaming, including gamified early learning ecosystems; e-sports; and advertising technology ecosystems. In addition, the company owns various IPs, including World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy, Openplay, Halaplay, Nazara Telco Distribution, Nodwin, NODWIN Gaming, SportsKeeda, Ultimate Teen Patti, PokerBaazi, Crash Arena Turbo Stars, King of Thieves, Curve Games, Love Island, Big Brother, Fusebox Games, Funky Monkeys, Curve Games and Smaaash, Branded, Pro Football Network, Soap Central, Datawrkz, and Space and Time. The company was incorporated in 1999 and is based in Mumbai, India with additional offices in Dubai, United Arab Emirates and Singapore.
Stock analysis
Nazara Technologies Limited (NAZARA) currently trades at ₹384.70, while our model-based Fair Value estimate is ₹37.38, 90.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹115.60 per share, and 0 of the 24 models we run sit above the ₹384.70 price.
Bear case: the Economic Profit group reads lowest at ₹9.64, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹20.48 (bear) to ₹46.73 (bull), the price of ₹384.70 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 34/100 (below-average quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nazara Technologies Limited reported revenue of ₹18.3B in FY2026 versus ₹6.2B in FY2022, a compound +31.0%/yr. Reported net income was ₹958M in FY2026, compounding +35.5%/yr from FY2022.
Key figures
Market cap ₹141B (≈ $1.5B) · P/E ratio 14.1 · P/S ratio 0.74 · EPS (TTM) ₹27.22 · Net margin 5.2% · Return on equity 2.0% · Return on assets (EBIT) 3.4% · Operating margin 8.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 77% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 44% fair-value upside, at −90%, NAZARA screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (₹9.64 to ₹172.33). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ₹20.48Fair Value ₹37.38Bull ₹46.73
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹13.80 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.1%
Start year 2021 (pandemic). Over 10 years: +24.1% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.28.1% vs −1.2%, picking up
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−12% → 1%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+77.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+32.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +70.7% a year for the price and +26.7% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Gaming & Multimedia · 135 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Nazara Technologies Limited (NAZARA) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹37.38 versus a price of ₹384.70, about −90% upside (overvalued).
What is the fair value of NAZARA?
Our model-based fair value for Nazara Technologies Limited is ₹37.38 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹384.70.
What is the quality score of NAZARA?
Nazara Technologies Limited has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nazara Technologies Limited (NAZARA)?
Our model-based price target is the fair value of ₹37.38 (as of Oct 1, 2026) from 24 valuation models. Cautious scenario ₹20.48, optimistic scenario ₹46.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Nazara Technologies Limited stock forecast for 2026?
Our models put fair value at ₹37.38, about −90% upside versus a price of ₹384.70 (overvalued). Cautious scenario ₹20.48, optimistic scenario ₹46.73. The calculation is refreshed regularly with new filings.
What is the revenue of Nazara Technologies Limited (NAZARA)?
Nazara Technologies Limited reported trailing-twelve-month revenue of about ₹18.3B (latest available figure, as of Oct 1, 2026).
What growth is priced into Nazara Technologies Limited (NAZARA)?
For today's price to be fair in a discounted-cash-flow model, Nazara Technologies Limited would have to grow free cash flow by +77.7 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +32.1 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of NAZARA use?
Our models discount Nazara Technologies Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.09, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nazara Technologies Limited that is +77.7 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Nazara Technologies Limited (NAZARA) delivered so far?
Over the past 5 years revenue at Nazara Technologies Limited grew +32.1 % a year. The price currently implies +77.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nazara Technologies Limited (NAZARA) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Nazara Technologies Limited (+77.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nazara Technologies Limited (NAZARA)?
The free-cash-flow yield on the price is 0.29 %: that much free cash flow Nazara Technologies Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nazara Technologies Limited (NAZARA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nazara Technologies Limited it is ₹37.38 per share (as of Oct 1, 2026), against a price of ₹384.70. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Nazara Technologies Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, NAZARA trades above its calculated fair value: price ₹384.70, fair value ₹37.38, a gap of about −90% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NAZARA?
No. The price is what the market pays today (₹384.70); the fair value is what the company's own numbers justify (₹37.38). For Nazara Technologies Limited the two are ₹347.32 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nazara Technologies Limited worth?
The market values Nazara Technologies Limited at about ₹141B (market capitalisation, as of Oct 1, 2026). Per share that is ₹384.70; our models calculate a fair value of ₹37.38 per share.
What do the bullish and bearish scenarios say about NAZARA?
Our models span a range for Nazara Technologies Limited: cautious scenario ₹20.48, base ₹37.38, optimistic ₹46.73 per share (as of Oct 1, 2026, price ₹384.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NAZARA?
Nazara Technologies Limited trades at a price-to-earnings ratio of 14.1 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹37.38 is built from several models across several years.
How solid is the balance sheet of Nazara Technologies Limited (NAZARA)?
Balance-sheet figures for Nazara Technologies Limited (as of Oct 1, 2026): return on equity 2.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is NAZARA from its 52-week high?
Nazara Technologies Limited trades at ₹384.70, about 2% below its 52-week high of ₹392.85 and 77% above the low of ₹217.65 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹37.38 is for.
Which stocks are comparable to Nazara Technologies Limited?
From the same area (Communication Services) we also value NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, Zhejiang Century Huatong Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nazara Technologies Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹384.70, calculated fair value ₹37.38 (−90%), Quality Score 34/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NAZARA calculated?
We run Nazara Technologies Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹37.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nazara Technologies Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nazara Technologies Limited (NAZARA)?
The closing price on Oct 1, 2026 was ₹384.70. Our model-based fair value is ₹37.38, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nazara Technologies Limited right now?
The price sits above even our optimistic bull case (₹46.73). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹20.48 to ₹46.73) leaves room in how you read the outcome.
Where does the earnings growth of Nazara Technologies Limited (NAZARA) come from?
Earnings per share at Nazara Technologies Limited grew −2.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +20.7 %, EBIT margin −18.8 %, tax rate +2.1 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Nazara Technologies Limited
How large is the market capitalisation of Nazara Technologies Limited (NAZARA)?
The market capitalisation of Nazara Technologies Limited is ₹141B (≈ $1.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nazara Technologies Limited (NAZARA)?
The price-to-sales ratio of Nazara Technologies Limited is 0.74 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nazara Technologies Limited (NAZARA)?
Earnings per share at Nazara Technologies Limited are ₹27.22 (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nazara Technologies Limited (NAZARA)?
The net margin of Nazara Technologies Limited is 5.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nazara Technologies Limited (NAZARA)?
The return on equity (ROE) of Nazara Technologies Limited is 2.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nazara Technologies Limited (NAZARA)?
On an EBIT basis the return on assets of Nazara Technologies Limited is 3.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nazara Technologies Limited (NAZARA)?
The operating margin of Nazara Technologies Limited is 8.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nazara Technologies Limited (NAZARA)?
Revenue at Nazara Technologies Limited is growing −23.6% versus a year earlier (3y avg +18.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nazara Technologies Limited (NAZARA)?
Earnings per share at Nazara Technologies Limited are growing +647% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Nazara Technologies Limited (NAZARA) hold?
Nazara Technologies Limited holds more cash than debt, ₹402M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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