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NAZARA - Nazara Technolo.

📊 NSE: NAZARA 🏢 Telecommunications - Service Provider 📅 Last Updated: 12/14/2025 10:23

📢 Recent Corporate Announcements

Nazara Technologies Grants 5.66 Lakh ESOPs at Exercise Price of Rs 264.80

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Mar 2026, 05:23 PM

Nazara Technologies has approved the grant of 5,66,463 employee stock options under its 2025 ESOP scheme to an eligible employee. The exercise price is set at Rs 264.80 per share, reflecting the market price as of February 27, 2026. The options carry a minimum vesting period of one year and an exercise window of five years post-vesting. This is a standard corporate procedure aimed at talent retention and aligning employee interests with long-term company performance.

Grant of 5,66,463 stock options to be converted into equity shares of face value Rs 2 each
Exercise price fixed at Rs 264.80 per option based on recent market closing price
Minimum vesting period of 1 year required before options can be exercised
Exercise period valid for up to 5 years from the date of vesting
No lock-in period applies to the equity shares arising from the exercise of these options

💡 This is a routine administrative disclosure with minimal immediate impact on stock price. Investors should note the potential minor equity dilution upon exercise in the future.

Nazara Technologies Schedules Investor Meetings with Ambit and PL Capital in March 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 05:19 PM

Nazara Technologies Limited has announced two upcoming one-on-one physical meetings with institutional investors in Mumbai. The first meeting is scheduled with Ambit Institutional on March 2, 2026, at 11:00 a.m. IST. The second meeting is with PL Capital on March 6, 2026, at 03:00 p.m. IST. These meetings are part of the company's regular investor engagement and will be based on publicly available information.

One-on-one physical meeting with Ambit Institutional on March 2, 2026, at 11:00 a.m. IST
One-on-one physical meeting with PL Capital on March 6, 2026, at 03:00 p.m. IST
Both meetings are scheduled to take place in Mumbai
Discussions will be restricted to publicly available information as per SEBI regulations

💡 No immediate action is required as these are routine investor interactions. Investors may look for any subsequent investor presentations or transcripts filed with the exchanges for potential qualitative insights.

Nazara Technologies to Meet Ashmore Investment Management on Feb 27, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Feb 2026, 04:08 PM

Nazara Technologies Limited has announced a one-on-one physical meeting with Ashmore Investment Management scheduled for February 27, 2026. The meeting is set to take place in Mumbai starting at 11:30 a.m. IST. This interaction is part of the company's regular investor relations activities under SEBI (LODR) Regulations. The company has clarified that all discussions will be based strictly on publicly available information.

One-on-one physical meeting with Ashmore Investment Management scheduled for Feb 27, 2026.
The meeting is slated to begin at 11:30 a.m. IST in Mumbai.
Discussions will be restricted to information already in the public domain.
The disclosure is made pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine investor meeting. Investors may watch for any subsequent corporate presentations or transcripts that might be uploaded to the exchanges.

Nazara Technologies to Conduct Non-Deal Roadshow in Mumbai on February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 05:22 PM

Nazara Technologies has announced a Non-Deal Roadshow scheduled for February 17, 2026, in Mumbai. The event will feature one-on-one and group meetings with institutional investors and analysts from 10:00 A.M. to 6:00 P.M. The company has stated that all discussions will be based on information already available in the public domain. This is a standard investor relations activity aimed at maintaining engagement with the financial community.

Non-Deal Roadshow scheduled for February 17, 2026, in Mumbai.
Meetings will be held in flexible 1-hour slots between 10:00 A.M. and 6:00 P.M.
Interaction format includes both physical one-on-one and group meetings.
Discussions will be restricted to publicly available information per SEBI regulations.

💡 No immediate action is required as this is a routine investor outreach event. Investors may look for any updated investor presentations released on the exchange following the meetings.

Nazara Technologies Schedules Investor Meetings for February 16 and 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 01:38 PM

Nazara Technologies has announced its participation in two upcoming investor and analyst interactions. The first is the Goldman Sachs India New Age Tech Conference 2026, scheduled virtually for February 16 from 10:00 A.M. to 1:30 P.M. The second is a physical meeting organized by Dolat Capital in Mumbai on February 18 from 11:00 A.M. to 1:00 P.M. These meetings will consist of one-on-one or group discussions based on publicly available information.

Participation in Goldman Sachs India New Age Tech Conference on February 16, 2026.
Physical meeting scheduled with Dolat Capital in Mumbai on February 18, 2026.
Meetings will include one-on-one and group formats to discuss company performance.
Discussions are restricted to information already available in the public domain.
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine disclosure; no immediate action is necessary. Investors may look for any investor presentations or transcripts released following these meetings for additional qualitative insights.

Nazara Q3 FY26 EBITDA Jumps 29.4% to ₹67.8 Cr; Margins Expand to 16.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 10:47 AM

Nazara Technologies reported a strong Q3 FY26 with EBITDA rising 29.4% YoY to INR 67.8 crore, despite a 24.1% revenue decline to INR 406 crore caused by the deconsolidation of NODWIN Esports. The company successfully pivoted toward higher-margin IP-based gaming, leading to a significant margin expansion to 16.7%. For the 9M FY26 period, revenue grew 29.7% to INR 1,431.2 crore while EBITDA surged 73% to INR 177.2 crore. Management highlighted a turnaround in Kiddopia's subscriber growth and robust performance in the offline gaming segment which maintained a 36% EBITDA margin.

Q3 FY26 EBITDA grew 29.4% YoY to INR 67.8 crore with margins expanding to 16.7% from refocus on IP gaming.
Core Gaming segment revenue rose 66% YoY to INR 257 crore with a healthy 25% EBITDA margin.
Kiddopia resumed subscriber growth with ARPU increasing to $7.45 and CAC improving to $35.8.
Offline gaming (Smaaash and Funky Monkey) reported a strong 36% EBITDA margin for the quarter.
9M FY26 EBITDA increased 73% YoY to INR 177.2 crore, reflecting improved operational efficiencies across segments.

💡 Investors should view the margin expansion and Kiddopia's recovery as positive signs of operational maturity. The shift from low-margin services to high-margin IP ownership justifies the current valuation and suggests long-term profitability.

Nazara Technologies GST Appeal Rejected; ₹5.68 Crore Tax Demand and Penalty Upheld

🔴 NEGATIVE ⭐ 4/10

LEGAL 📅 06 Feb 2026, 04:31 PM

Nazara Technologies has received an adverse ruling from the GST Appellate Authority regarding tax disputes for FY 2017-18 and FY 2018-19. The authority upheld a tax demand of INR 2.84 crore along with an equivalent penalty of INR 2.84 crore, totaling approximately INR 5.68 crore. The dispute relates to the non-receipt of export proceeds within the stipulated time period. The company has stated it is evaluating further legal options, including filing an appeal before a higher tribunal.

Appellate Authority upheld a tax demand of INR 2,83,96,324.
A penalty of INR 2,83,96,324 was also sustained, bringing the total liability to INR 5.68 crore.
The demand pertains to export proceeds realization issues from FY 2017-18 and FY 2018-19.
The company intends to explore further legal remedies, including a tribunal appeal.
Management indicates the financial impact is limited to the demand amount and will not affect operations.

💡 Investors should monitor the outcome of any further appeals, though the total financial impact of ₹5.68 crore is relatively minor compared to the company's overall cash position.

Nazara Technologies Releases Audio Recording of Q3 FY2026 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 04 Feb 2026, 06:02 PM

Nazara Technologies has officially released the audio recording of its Q3 and FY2026 earnings conference call held on February 04, 2026. This disclosure follows the company's recent financial results announcement, providing a platform for management to discuss performance metrics and strategic initiatives. The recording is accessible via a public link on the company's investor relations page. Such disclosures are mandatory under SEBI's Regulation 30 to ensure transparency for all shareholders.

Earnings call for Q3 FY2026 was conducted on February 04, 2026, at 9:30 A.M. IST
Audio link provided for public access: https://nazara.in/10040222.mp3
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The recording contains management's commentary on the company's financial performance and future outlook

💡 Investors should listen to the recording to gain deeper insights into management's strategy and segment-wise performance for Q3 FY26. It is advisable to wait for the written transcript for a more detailed analysis of the Q&A session.

Nazara Q3FY26: EBITDA Jumps 29.4% to ₹67.8 Cr; Margins Expand to 16.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 06:03 PM

Nazara Technologies reported a strong 9MFY26 with revenue growing 29.7% YoY to ₹1,431.2 crore and EBITDA surging 73% to ₹177.2 crore. While Q3FY26 revenue fell 24.1% to ₹406 crore due to the deconsolidation of Nodwin Gaming, EBITDA margins significantly improved to 16.7% from 9.8% a year ago. The company successfully resumed subscriber growth in Kiddopia through its 'Centres of Excellence' (COE) model and saw strong performance in its new PC/Console publishing segment. However, associate company Nodwin faced a significant ₹384 crore impairment related to its subsidiary Freaks 4U Gaming.

9MFY26 EBITDA grew 73% YoY to ₹177.2 Cr with margins expanding to 12.4% from 9.3%.
Q3FY26 EBITDA margins reached 16.7%, driven by operational efficiencies and the COE model.
Kiddopia subscriber growth resumed in Q3FY26, reaching 221,458 users after several quarters of decline.
PC & Console segment delivered ₹186.2 Cr revenue and ₹67.2 Cr EBITDA in 9MFY26 with high margins.
Associate company Nodwin Gaming recognized a ₹384 Cr impairment for its subsidiary Freaks 4U Gaming.

💡 Investors should focus on the significant margin expansion and the successful turnaround of Kiddopia's subscriber base. The shift towards high-margin segments like PC/Console publishing and the efficiency of the COE model are positive indicators for long-term value compounding.

Nazara Q3FY26 EBITDA Rises 29.4% to INR 68 Cr; Margins Expand to 16.7%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 05:59 PM

Nazara Technologies reported a robust Q3FY26 with EBITDA growing 29.4% YoY to INR 67.8 crores and margins expanding to 16.7%. For the nine-month period (9MFY26), revenue surged 29.7% to INR 1,431.2 crores, while EBITDA jumped 73% YoY to INR 177.2 crores. The company witnessed a turnaround in Kiddopia subscriber growth and strong operational performance from its associate, NODWIN Gaming. Furthermore, the board approved strategic investments in nCore Games and a capital infusion of INR 15 crores into Rusk Media.

Q3FY26 EBITDA grew 29.4% YoY to INR 67.8 crores with margins at 16.7%.
9MFY26 revenue reached INR 1,431.2 crores, a 29.7% YoY increase.
9MFY26 EBITDA surged 73% YoY to INR 177.2 crores, reflecting strong operational leverage.
Kiddopia resumed subscriber growth following optimized user acquisition and data analytics strategies.
Board approved a primary capital infusion of up to INR 15 crores into Rusk Media.

💡 Investors should note the significant margin expansion and the recovery in the Kiddopia segment as key positive indicators. The company's continued focus on strategic acquisitions and IP expansion suggests a strong growth trajectory in the global gaming market.

Nazara Approves New Investments; Reports Massive ₹914.7 Cr Impairment & GST Legal Risks

🔴 NEGATIVE ⭐ 9/10

BOARD_MEETING 📅 03 Feb 2026, 05:46 PM

Nazara Technologies approved its Q3 FY26 results alongside new strategic investments in Rusk Media (₹15 Crores) and nCore Games ($500,000). However, the report is overshadowed by a massive impairment loss of ₹914.70 Crores related to an associate company affected by the 'Promotion and Regulation of Online Gaming Act, 2025'. Furthermore, the auditor highlighted astronomical GST Show Cause Notices totaling over ₹11,800 Crores across various subsidiaries and associates. While expansion continues, these regulatory and legal hurdles pose significant risks to the company's valuation.

Approved ₹15 Crore investment in Rusk Media Private Limited via Pre Series C CCPS.
Authorized USD 500,000 investment in nCore Games, Inc. through a Convertible Promissory Note.
Recognized a massive impairment loss of ₹91,470 lakhs (₹914.7 Cr) due to new online gaming regulations.
Disclosed multiple GST Show Cause Notices totaling over ₹11,800 Crores across group entities.
Reported a share of net loss from associates amounting to ₹5,742 lakhs for the nine-month period.

💡 Investors should exercise extreme caution as the massive impairment and astronomical GST claims create significant uncertainty. Monitor the company's legal defense strategy and the impact of the 2025 Gaming Act on future revenue streams.

Nazara Technologies Completes 5.23% Stake Acquisition in Rusk Media for ₹27.15 Crore

🟢 POSITIVE ⭐ 7/10

M&A 📅 30 Jan 2026, 11:17 PM

Nazara Technologies has finalized the acquisition of 4,276 Series A Compulsorily Convertible Preference Shares (CCPS) of Rusk Media Private Limited for a cash consideration of ₹27.15 crore. This stake, representing 5.23% on a fully diluted basis, was acquired from Nazara's associate company, Nodwin Gaming. Following this transaction, Nazara's direct holding in Rusk Media has increased to 7.18%. This move reflects the company's strategy to consolidate its presence in the digital content and gaming ecosystem.

Paid full cash consideration of INR 27,14,91,792 (₹27.15 Cr) for the acquisition.
Acquired 4,276 Series A CCPS, representing 5.23% of Rusk Media on a fully diluted basis.
Total shareholding in Rusk Media increased from approximately 1.95% to 7.18%.
The transaction was completed pursuant to a Share Purchase Agreement with associate company Nodwin Gaming.
The acquisition was finalized on January 30, 2026, following previous disclosures in late 2025.

💡 Investors should note this as a strategic consolidation of Nazara's portfolio companies to gain more direct control over content assets. Watch for further synergies between Rusk Media's content and Nazara's gaming platforms.

Nazara Technologies Schedules Q3 FY26 Earnings Call for February 4, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Jan 2026, 06:50 PM

Nazara Technologies has announced its earnings conference call scheduled for Wednesday, February 4, 2026, at 09:30 AM IST. The call will discuss the company's financial and operational performance for the third quarter and nine months ended December 31, 2025. The meeting will feature a wide range of management representatives from various subsidiaries, including Nodwin Gaming, Fusebox Games, and Datawrkz. This provides a platform for investors to understand the growth trajectory of Nazara's diversified gaming and ad-tech portfolio.

Earnings call scheduled for February 4, 2026, at 9:30 AM IST to discuss Q3 and 9M FY26 results.
Participation from top leadership including JMD & CEO Nitish Mittersain and CFO Rakesh Shah.
CEOs of key subsidiaries like Fusebox Games, WildWorks, and Nodwin Gaming will be present for operational updates.
Dial-in access provided for major global markets including USA, UK, Singapore, and Hong Kong.

💡 Investors should track the call for management's commentary on the performance of recent acquisitions and the scalability of the e-sports segment. Monitor for updates on margin improvements across the company's diverse business verticals.

Nazara Shareholders Approve Employee Stock Option Scheme 2025 with 91.88% Majority

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 16 Jan 2026, 03:09 PM

Nazara Technologies has successfully passed a special resolution to implement the 'Nazara Technologies Employee Stock Option Scheme 2025'. The resolution received 91.88% approval from the total votes cast during the postal ballot process which concluded on January 15, 2026. While promoters and retail investors were nearly unanimous in their support, public institutional investors showed notable resistance with 31.85% of their votes cast against the scheme. This approval allows the company to proceed with its long-term incentive plan for employees.

Special resolution for the new ESOP Scheme 2025 passed with 17.18 crore votes in favour (91.88%).
Total voter turnout represented 50.48% of the company's outstanding share capital.
Public institutional investors cast 1.52 crore votes (31.85% of their segment) against the resolution.
Promoter group voted 100% in favour, contributing 12.81 crore votes to the total.
The resolution was passed as a Special Resolution, requiring at least 75% majority.

💡 Investors should monitor the specific grant sizes and vesting schedules of the new ESOP scheme to evaluate potential future equity dilution. The significant institutional dissent (31.85%) warrants a closer look at the scheme's pricing and performance criteria.

Nazara Extends Timeline for 5.23% Stake Acquisition in Rusk Media to Feb 2026

🟡 NEUTRAL ⭐ 4/10

M&A 📅 14 Jan 2026, 05:11 PM

Nazara Technologies has announced an extension for the acquisition of a 5.23% stake in Rusk Media Private Limited (RMPL). The company is acquiring 4,276 Series A Compulsorily Convertible Preference Shares from its associate, Nodwin Gaming. The deadline for completing this transaction, originally based on a November 2025 agreement, has now been moved to February 10, 2026. This acquisition represents a strategic consolidation of media assets within the Nazara ecosystem.

Acquisition of 4,276 Series A Compulsorily Convertible Preference Shares (CCPS) of Rusk Media.
The stake represents 5.23% of Rusk Media's share capital on a fully diluted basis.
Shares are being transferred from Nodwin Gaming Private Limited, an associate of Nazara.
The completion timeline for the transaction is now extended to February 10, 2026.

💡 This is a routine procedural update regarding a minor strategic investment. Investors should maintain their current positions as this extension does not materially change the company's fundamentals.

View All NAZARA Announcements on Live Market Tracking →

💰 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).