Nazara Technologies Limited (NAZARA)
₹418.15 +2.82% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nazara Technologies' revenue was ₹429 Cr (-14.0% year on year, +7.8% on the previous quarter), and net profit ₹-82.5 Cr (against a profit a year earlier); the operating margin was 5.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹429 | -14.0% | +7.8% |
| Operating profit | ₹24.7 | -48.0% | -66.7% |
| Net profit | ₹-82.5 | to loss | to loss |
| EPS (₹) | -2.16 | to loss | to loss |
| Operating margin | 5.8% | — | — |
NAZARA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.58% of the NAZARA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.26%. That is close to its usual level.
Delivery in the last 5 sessions: 44.0% · 36.2% · 51.0% · 55.0% · 39.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nazara Technologies announced the resignation of two key leadership personnel on October 12, 2026. Chief Financial Officer Rakesh Shah resigned to pursue an external career opportunity, with his resignation taking effect from October 15, 2026, though he will assist transition for 90 days. Concurrently, Whole-time Director Rohit Sharma submitted his resignation to pursue entrepreneurial opportunities, serving a 3-month notice period ending January 11, 2027. Both executives confirmed that there were no other material reasons behind their departures.
- CFO Rakesh Shah resigned effective close of business hours on October 15, 2026
- Rakesh Shah will provide a 90-day transition support period post-resignation
- Whole-time Director Rohit Sharma submitted resignation dated October 12, 2026
- Rohit Sharma is serving a 3-month notice period ending on January 11, 2027
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies approved significant leadership transitions and corporate capital restructuring. Founder Nitish Mittersain steps down as Managing Director to become Non-Executive Director, while CFO Rakesh Shah resigned, replaced by Arun Agrawal. The Board approved the allotment of 2.38 crore shares at ₹306 each to raise ₹730.78 crore (representing ~4.9% of market cap). Additionally, Nazara approved up to $77 million (~₹742.72 crore) funding into Nazara UK for acquisitions and converted inter-corporate loans of ₹129.35 crore (Smaaash) and ~₹294.40 crore (Nazara UK) into subsidiary equity.
- Preferential allotment of 2,38,81,711 equity shares at ₹306 per share, raising ₹730.78 crore
- Founder Nitish Mittersain transitions from Managing Director to Founder & Non-Executive Director
- New CFO appointed: Arun Agrawal replaces resigning CFO Rakesh Shah effective October 16, 2026
- Board approved up to USD 77.00 million (~₹742.72 crore) investment in Nazara UK to fund Bluetile and Bestplay acquisitions
- Converted ~₹129.35 crore and GBP 23 million (~₹294.40 crore) of internal loans into equity of Smaaash and Nazara UK
Nazara Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA MUFG Intime India Private Limited covers the quarter ended September 30, 2026. It confirms that all securities received for dematerialisation during the period were processed, listed, and mutilated within statutory timelines. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- RTA confirmation issued by MUFG Intime India Private Limited dated October 03, 2026
- Filing submitted to BSE and NSE on October 09, 2026
Nazara Technologies' UK-based subsidiary, Fusebox Games, has released 'The Traitors: Interactive Game' on iOS and Android platforms on October 5, 2026. The game is an adaptation of the globally licensed IP 'The Traitors' (All3Media International/Banijay Rights), which spans over 40 territories. While commercial terms and projected revenue were not disclosed, this launch aligns with Nazara's strategy to scale narrative-driven mobile IP games. Nazara reported TTM revenue of ₹1,759 Cr, with mobile games and IP licensing forming a core pillar of its broader portfolio.
- Fusebox Games launched 'The Traitors: Interactive Game' globally on iOS and Android on October 5, 2026
- Game IP is based on the global reality franchise available in more than 40 territories licensed via All3Media International
- Gameplay includes a 12-day narrative cycle featuring 22 simulated competitor characters
- Revenue projections, development capex, and monetization splits were not disclosed in the filing
Nazara Technologies submitted its Scrutinizer's Report and voting results for its 27th Annual General Meeting held on September 25, 2026. Shareholders approved the adoption of standalone and consolidated audited financial statements for FY26 with 99.9997% in favour. Additionally, the re-appointment of Director Vivek Chopra was passed with 90.097% approval, although 45.71% of votes cast by public institutional shareholders were against the resolution. Total voting participation stood at approximately 41.55% of outstanding shares.
- Adoption of FY26 financial statements approved with 99.9997% of polled votes in favour
- Re-appointment of Director Vivek Chopra approved with 90.097% overall votes in favour
- Significant institutional dissent on Resolution 2: 45.71% (15,241,812 votes) of public institutional votes cast against Vivek Chopra's re-appointment
- Overall voter turnout was 41.55% across 153,948,708 polled votes out of 370,465,024 total shares
Nazara Technologies has entered into a loan agreement with its wholly-owned subsidiary, Smaaash Entertainment Private Limited, granting an unsecured loan of up to ₹28.00 crore in one or more tranches. The capital is designated for working capital, capex, and capital asset acquisitions to support Smaaash's operations. Following this agreement, the total outstanding loan extended to Smaaash reaches ₹116.00 crore. The loan includes a conversion option, allowing Nazara to convert all or part of the loan into equity shares at its discretion.
- Unsecured loan facility of up to ₹28.00 crore sanctioned to wholly-owned subsidiary Smaaash Entertainment
- Total loan outstanding to Smaaash stands at ₹116.00 crore as of September 21, 2026
- Lender holds the option to convert debt into equity shares of Smaaash at its discretion
- Loan is unsecured with nil security provided by the borrower
Nazara Technologies has confirmed that Mr. Raymond Albaladejo Stauffer has assumed charge as Chief Executive Officer (CEO) and Key Managerial Personnel (KMP) effective September 16, 2026, following the completion of all formalities. Concurrently, Mr. Nitish Mittersain ceased to be CEO from the close of business on September 15, 2026, but continues in his role as Managing Director and KMP. This operationalizes the leadership transition initially announced on August 3, 2026.
- Mr. Raymond Albaladejo Stauffer officially takes charge as CEO and KMP on September 16, 2026.
- Mr. Nitish Mittersain stepped down as CEO at the close of business hours on September 15, 2026.
- Mr. Nitish Mittersain retains his position as Managing Director and KMP.
- Follows initial disclosure dated August 3, 2026, with all required formalities and approvals now complete.
Nazara Technologies has launched Bodycam UEFN, an official Fortnite adaptation of the PC tactical shooter Bodycam, developed by Virstate under agreement with Reissad Studio. Available worldwide starting September 11, 2026, the game launches with three multiplayer modes (Free For All, Team Deathmatch, and Gun Game) and the Russian Building map. This marks Nazara's first project inside Epic Games' Fortnite ecosystem, targeting user-generated content platforms. Financial deal terms, revenue sharing details, and upfront development costs were not disclosed in the filing.
- Published globally in Fortnite on September 11, 2026, via island code 9784-3946-5466
- Launches with 3 distinct game modes: Free For All, Team Deathmatch, and Gun Game
- Features 1 prominent original map at launch: Russian Building
- Developed in collaboration between Nazara (publisher), Virstate (developer), and Reissad Studio (IP owner)
Nazara Technologies has revised the size of its proposed preferential issue from ₹733.50 Cr (2,39,70,676 shares) to ₹730.78 Cr (2,38,81,711 shares) following the exclusion of one proposed allottee, Mr. Hugo Rémy Gaston Blavin. The excluded allottee was unable to submit documentation required for in-principle stock exchange approval under SEBI ICDR Regulations for 88,965 shares (worth ₹2.72 Cr) at ₹306 per share. The remaining preferential issue comprises 2.388 Cr equity shares representing ~5.78% of the fully diluted equity base, with newly appointed CEO Raymond Albaladejo Stauffer being allotted 1.907 Cr shares (4.61% post-issue stake).
- Preferential issue size marginally trimmed by ₹2.72 Cr to ₹730.78 Cr across 2,38,81,711 shares at ₹306 each
- Exclusion of Mr. Hugo Rémy Gaston Blavin (88,965 shares) due to non-submission of ICDR documentation within prescribed timelines
- Incoming CEO Raymond Albaladejo Stauffer to receive 1,90,67,969 shares, representing a 4.61% post-issue equity stake
- Total post-issue fully diluted paid-up equity base will stand at 41,34,54,675 shares
- Promoter shareholding will dilute from 33.98% to 31.63% following the full preferential allotment and warrant/ESOP conversions
Nazara Technologies has acquired an additional 4.10% equity stake (75,972 shares) in its subsidiary Funky Monkeys Play Centre Private Limited for ₹1.90 crore. Following this secondary acquisition from founder Ms. Binita Putcha, Nazara's total shareholding in Funky Monkeys increases from 64.00% to 68.10%. The transaction size is minor, representing approximately 0.11% of Nazara's TTM revenue of ₹1,759 crore.
- Acquired 75,972 equity shares representing 4.10% equity share capital of Funky Monkeys Play Centre Private Limited.
- Aggregate consideration paid for the acquisition is ₹1,90,00,000 (₹1.90 crore).
- Shareholding in Funky Monkeys increased from 64.00% to 68.10%.
- Secondary acquisition executed from founder Ms. Binita Putcha on September 03, 2026.
Financial Performance
Revenue Growth by Segment
Nazara delivered H1 FY26 revenue of INR 1,025.2 Cr, up 80.2% YoY. The Core Gaming segment (Mobile, PC-Console, Offline) grew 159% YoY in H1 FY26. AdTech revenue grew 501% YoY in Q2 FY26 to INR 145.1 Cr, largely driven by the consolidation of Space and Time. Offline gaming (Smaaash) contributed INR 24 Cr in Q2 FY26 revenue.
Geographic Revenue Split
64% of gaming revenue is derived from premium high-ARPU markets, specifically the US and UK. This geographic focus provides a hedge against regional regulatory volatility in India and leverages higher monetization per user.
Profitability Margins
Core Gaming EBITDA margin stood at 23.2% for H1 FY26. Overall EBITDA for H1 FY26 was INR 109.4 Cr, up 118.5% YoY. However, Q2 FY26 PAT was negative INR 33.9 Cr due to a significant impairment of INR 914.7 Cr related to Real Money Gaming (RMG) investments.
EBITDA Margin
Overall EBITDA margin for Q2 FY26 was 11.8% (INR 62 Cr on INR 526.5 Cr revenue), representing a 146.4% YoY increase in absolute EBITDA. Core gaming margins are targeted to remain in the 20-25% range through improved user acquisition efficiencies and data analytics.
Capital Expenditure
Nazara raised INR 509.99 Cr through a preferential issue of 71,42,856 equity shares at INR 714 each in September 2025 to fund growth. Specific maintenance CapEx is not disclosed, but the company is aggressively investing in 'Centers of Excellence' for AI and growth.
Operational Drivers
Raw Materials
As a digital gaming company, 'raw materials' consist of Intellectual Property (IP) acquisition costs, software development talent, and user acquisition (UA) marketing spends. Marketing and compliance costs are noted as rising but managed through digital efficiencies.
Import Sources
Not applicable for a software/gaming entity; however, talent and IP are sourced globally, with a focus on UK-based publishing (Curve Games) and US-based studios (WildWorks).
Key Suppliers
Key partners include platform providers like Apple (App Store), Google (Play Store), Sony (PlayStation), and Valve (Steam) for distribution, and licensed IP partners like Bigg Boss.
Capacity Expansion
The offline gaming segment (Smaaash) expanded from 10 centers in February 2025 to 14 centers by September 2025. The company plans to scale this to 100 centers within the next two years to drive physical-to-digital synergies.
Raw Material Costs
User Acquisition (UA) and marketing costs are primary drivers. The company uses 'Centers of Excellence' to improve LTV/CAC ratios, aiming to keep margins stable at 20-25% despite rising compliance and IT costs.
Manufacturing Efficiency
Efficiency is measured by 'Cash Conversion'; Operating Cash Flow (pre-tax) for H1 FY26 was INR 71.5 Cr, up 170.8% YoY, demonstrating high conversion from EBITDA.
Logistics & Distribution
Distribution is primarily digital via global platforms. PC/Console publishing (Curve) achieved 1.25 million units for 'Human Fall Flat' in September 2025, up 25% YoY.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved by scaling 'Live Ops' to improve retention, expanding existing IPs like 'Animal Jam' onto new platforms like Roblox, and aggressive M&A, such as the acquisition of Smaaash from NCLT and the consolidation of Curve Games.
Products & Services
Mobile games (Animal Jam, Kiddopia), PC/Console games (Human Fall Flat, Wobbly Life), eSports events (Nodwin), AdTech services (Datawrkz), and physical entertainment centers (Smaaash).
Brand Portfolio
Animal Jam, Kiddopia, Nodwin Gaming, Smaaash, World Cricket Championship (WCC), Datawrkz, Curve Games, Human Fall Flat, Wobbly Life.
New Products/Services
Planned launch of 'Animal Jam' on Roblox and expansion of digital IPs into the Indian market using the 'Bigg Boss' license. Smaaash 2.0 is being developed to reimagine offline gaming centers.
Market Expansion
Expansion into Saudi Arabia and emerging markets for eSports, where the sector is performing 'phenomenally well' compared to the declining Western markets.
Strategic Alliances
Strategic investment from Sony (at a pre-money valuation of $349 million for Nodwin) and partnerships with IP owners for console publishing.
External Factors
Industry Trends
The industry is shifting from individual game launches to long-term franchise building across multiple platforms (Mobile, PC, Console, Offline). Mobile remains the largest segment at 55% of the global market.
Competitive Landscape
Competes with global mobile gaming studios and domestic RMG platforms, though it is pivoting away from RMG due to regulatory headwinds.
Competitive Moat
Moat is built on 25+ owned/licensed IPs and a diversified portfolio that provides stability. Shared 'Centers of Excellence' create operating leverage that competitors with single-studio models lack.
Macro Economic Sensitivity
Highly sensitive to digital consumption trends in the US and UK (64% of revenue) and regulatory shifts in the Indian gaming market.
Consumer Behavior
Shift toward multi-platform engagement (e.g., mobile users moving to Roblox) and recurring revenue models like subscriptions and seasonal passes.
Geopolitical Risks
The eSports segment is shifting focus to Saudi Arabia due to market death in the West, making the company sensitive to Middle Eastern economic and social policies.
Regulatory & Governance
Industry Regulations
New Indian regulations on skill-based real-money gaming (RMG) have significantly impacted valuations, leading to a INR 914.7 Cr impairment. Compliance costs are rising due to these evolving standards.
Legal Contingencies
The company acquired Smaaash through the National Company Law Tribunal (NCLT) process, which involves ongoing 'cleaning up' and optimization of the business.
Risk Analysis
Key Uncertainties
Regulatory uncertainty in the Indian RMG space (potential for further bans or tax changes) and the sustainability of eSports funding in Western markets (Freaks4U losses).
Geographic Concentration Risk
64% revenue concentration in US and UK markets makes the company vulnerable to economic downturns in those specific regions.
Third Party Dependencies
High dependency on Nodwin (now an associate) for eSports growth and on platform owners (Sony, Apple, Google) for game distribution.
Technology Obsolescence Risk
Risk of games losing popularity; mitigated by 'Live Ops' and expanding hit IPs like 'Wobbly Life' to new platforms like Switch 2.
