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Nazara Technologies Limited (NAZARA) Fair Value & Analysis

Communication Services · IN · Market cap ₹136B (≈ $1.4B) · ISIN INE418L01021

What is Nazara Technologies Limited really worth?

NT Nazara Technologies Limited NAZARA · BSE
Price₹369.15
Fair Value₹42.36
Upside−88.5%
Quality37/100

Below-average quality, and trading another 771% above our fair value of ₹42.36.

As of Aug 22, 2026, the fair value of Nazara Technologies Limited is ₹42.36 per share against a price of ₹369.15, so the fair value sits 89% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +32.1 %/yr)
!Loss over the last twelve months · -1.3% net margin · fiscal year 2026 5.2%
!Narrow moat 25/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range ₹30.52 – ₹52.95

Fair value as of: Aug 22, 2026

From 24 valuation models · updated 15 days ago

Share price +5.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹52.95). The favourable scenario is already priced in.
  • Weak quality (37/100) 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.

Price vs Fair Value (5 years)

₹400.30 ₹121.41 Fair Value ₹42.36 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range ₹121.41 – ₹400.30 · fair‑value band ₹30.52 – ₹52.95 · the ₹369.15 price screens above the ₹42.36 fair value. Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Nazara Technologies Limited (NAZARA) currently trades at ₹369.15, while our model-based Fair Value estimate is ₹42.36, implying the stock looks roughly 771.1% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of ₹111.47 per share, and 0 of the 24 models we run sit above the ₹369.15 price. Bear case: the Economic Profit group reads lowest at ₹6.77, and 24 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Nazara Technologies Limited generated revenue of ₹17.6B at a net margin of −1.3%. Revenue declined 14.0% year over year. It earns a return on equity of 2.0%. The stock trades on a trailing P/E of 15.7. Fundamentals as of Aug 22, 2026

Our scenario range runs from ₹30.52 (bear case) to ₹52.95 (bull case); at ₹369.15, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 71% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −46% fair-value upside, at −89%, NAZARA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹10.25 per share, which is 19.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹6.77 to ₹201.70). Read the values as a conservative anchor, not as a price target.
Model 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. Evidence
Highest evidence
FCF DCF ₹18.98 ₹27.99 ₹56.69 76
Growth DCF ₹18.05 ₹32.60 ₹56.45 76
EPV ₹6.27 ₹6.77 ₹7.21 74
All 24 models by family
DCF Models
FCF DCF ₹18.98 ₹27.99 ₹56.69 76
Owner Earnings ₹90.47 ₹201.70 ₹435.21 70
5Y Revenue Exit ₹12.21 ₹17.73 ₹29.17 71
5Y EBITDA Exit ₹52.59 ₹99.38 ₹191.46 71
5Y P/E Exit ₹38.62 ₹88.94 ₹158.67 67
10Y Revenue Exit ₹14.08 ₹24.62 ₹30.57 67
10Y EBITDA Exit ₹43.80 ₹111.57 ₹235.52 63
10Y P/E Exit ₹33.61 ₹81.48 ₹162.84 59
Earnings-Based
Graham-Dodd ₹16.94 ₹118.16 ₹165.81 63
Lynch FV ₹58.25 ₹83.22 ₹108.18 61
PEG = 1.0 ₹58.25 ₹83.22 ₹108.18 57
EPV ₹6.27 ₹6.77 ₹7.21 74
Multiples
P/E Multiple ₹41.11 ₹54.81 ₹68.52 63
P/S Multiple ₹31.77 ₹42.36 ₹52.95 58
P/B Multiple ₹31.77 ₹42.36 ₹52.95 55
EV/EBIT ₹10.84 ₹13.36 ₹15.88 66
EV/EBITDA ₹62.88 ₹82.76 ₹102.63 67
EV/Revenue ₹9.01 ₹11.47 ₹13.93 54
Asset-Based
NCAV (Graham) ₹45.15 ₹60.50 ₹90.29 54
Growth DCF
Growth DCF ₹18.05 ₹32.60 ₹56.45 76
Rev-Margin DCF ₹13.08 ₹19.82 ₹34.01 71
Economic Profit
Residual Income ₹64.92 ₹62.60 ₹51.97 71
ROIC Compounder ₹6.27 ₹6.77 ₹7.21 72
Growth Earnings
Growth-Adj P/E ₹78.03 ₹111.47 ₹144.91 67

Widest divergence: Growth Earnings (₹111.47) versus Economic Profit (₹6.77). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 15.7
P/S ratio 0.82 P/E × margin
EPS (TTM) ₹23.52 price ÷ EPS = P/E 15.7
Net margin 5.2% FY2026
Return on equity 2.0% TTM
Return on assets (EBIT) 2.4% avg 5y
More key figures
Profitability
Operating margin −0.3% TTM
Growth
Revenue (TTM) ₹17.6B TTM
Revenue growth (YoY) −14.0% 3y avg +18.8%
EPS growth (YoY) +647%
Balance sheet & cash flow
Free cash flow ₹359M FY2026

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 41 · Market factors (momentum, volatility) 82

Profitability 33
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 26
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 86
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)
Net Issuance 12
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Nazara Technologies Limited, together with its subsidiaries, operates a gaming and sports media platform in India, Africa, the Middle East, the Asia Pacific, the United States, and internationally. It operates through eSports, Ad tech, Gaming segments. The company offers subscription, download of games, and other contents; and support services.

Full company description

Nazara Technologies Limited, together with its subsidiaries, operates a gaming and sports media platform in India, Africa, the Middle East, the Asia Pacific, the United States, and internationally. It operates through eSports, Ad tech, Gaming segments. The company offers subscription, download of games, and other contents; 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, Wings, Branded, Pro Football Network, Publishme, Rusk DC, Planet Superheroes, Vizibl, AdPrimus, BidAmp, and Datawrkz. Nazara Technologies Limited was incorporated in 1999 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Nazara Technologies Limited reported revenue of ₹18.3B in FY2026 versus ₹6.2B in FY2022, a compound +31.0%/yr. Reported net income was ₹959M in FY2026, compounding +35.5%/yr from FY2022.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹18.3B
Latest YoY
+12.6%
Avg. revenue growth/yr (3Y) ⓘ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.
+18.8%
Avg. revenue growth/yr (5Y) ⓘ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.
+32.1%
Avg. revenue growth/yr (6Y) ⓘ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.
+39.6%
Value creation/yr (5Y, in INR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+7.0% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+7.0%
Dividend yield0.0%
Operating margin (EBIT) ⓘ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.3.9% (2021) → 1.3% (2026) · falling
Worst earnings drop69% (2024) · in INR
Revenue +31.0%/yr
FY22 ₹6.2B
FY23 ₹10.9B
FY24 ₹11.4B
FY25 ₹16.2B
FY26 ₹18.3B
Net income +35.5%/yr
FY22 ₹284M
FY23 ₹394M
FY24 ₹566M
FY25 ₹758M
FY26 ₹959M

NAZARA screens 771% overvalued. Compare with Konami Group →

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Cite: Fair Value Calculator (2026). "Nazara Technologies Limited Fair Value". https://www.fairvalue-calculator.com/stock/NAZARA.BSE

Peer Group

Electronic Gaming & Multimedia · 151 stocks

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.

Quality Score 37 · Bottom 25%
Fair Value upside −89% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 0% · Below median
Net margin (TTM) −1% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth −14% · Bottom 25%
Debt / equity 0.01× · Higher than median

Valuation Multiples vs Electronic Gaming & Multimedia median · lower = cheaper

P/E (TTM) 15.7× · Cheaper than median
P/S (TTM) 0.08× · Cheaper than 75% of peers
P/FCF 4.0× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Gaming & Multimedia stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

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Take-Two Interactive Software, Inc TTWO $233.00 $60.20 −74%
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KRAFTON, Inc 259960 234,500 KRW 356,218 KRW +52%
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International Games System Co 3293 762.00 TWD 568.16 TWD −25%
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Frequently asked questions

Is Nazara Technologies Limited (NAZARA) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of ₹42.36 versus a price of ₹369.15, about −89% upside (overvalued).
What is the fair value of NAZARA?
Our model-based fair value for Nazara Technologies Limited is ₹42.36 (as of Aug 22, 2026), built from audited fundamentals. The current price: ₹369.15.
What is the quality score of NAZARA?
Nazara Technologies Limited has a Quality Score of 37/100. 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 ₹42.36 (as of Aug 22, 2026) from 24 valuation models. Cautious scenario ₹30.52, optimistic scenario ₹52.95. 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 ₹42.36, about −89% upside versus a price of ₹369.15 (overvalued). Cautious scenario ₹30.52, optimistic scenario ₹52.95. 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 ₹17.6B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of NAZARA?
The net profit margin of Nazara Technologies Limited is about −1.3%, meaning it is currently running at a net loss. Based on the latest reported figures.
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