1. At a Glance

Nazara just rolled a 20-sided dice and hit a critical success: Q1 FY26 revenue doubled YoY to ₹498.8 Cr, PAT stood tall at ₹51.3 Cr, and the board approved a1:1 bonus + 2-for-1 stock splitto spice things up. But before you grab your joystick and shout “multibagger!”, let’s talk about the161x P/E, declining promoter stake (now just 8.3%), and an ROE that can barely beat inflation. Still, in a market full of fantasy gaming pipe dreams, Nazara is the one player that made it to the boss fight.

2. Introduction – Gaming Hard or Playing Investors?

Imagine a gaming company where the console isn’t the only thing heating up — welcome to Nazara Technologies. With IPs likeWorld Cricket Championship,CarromClash,Nodwin, andKiddopia, Nazara isn’t playing casual mode.

And yet, for all the razzle-dazzle of eSports tournaments and mobile gaming in Africa, the returns have been… meh. Low margins, PE so high it needs oxygen, and an ROE of just 2.57%. The stock’s on a sugar rush — but does the balance sheet have insulin?

Now with a stock split and bonus on the table, is this Nazara’s final form, or another power-up before a crash landing?

3. Business Model (WTF Do They Even Do?)

Nazara is India’s only listed, fully integrated digital gaming and eSports company. Think of it as theDisney+Hotstarof India’s gaming universe, but with fewer movies and more 12-year-olds yelling “headshot!”

Key Segments:

• Mobile Gaming–World Cricket Championship,CarromClash
• Gamified Early Learning–Kiddopia(Think ABCD meets Candy Crush)
• eSports & Media–Nodwin,Sportskeeda(Adrenalin + ad revenue)
• Skill-based Games–Halaplay,Qunami

Global Presence: India, Africa, North America — because why stop at one geography when you can burn cash on three?

4. Financials Overview

Let’s zoom in on the joystick.

FY25