NSE:NAZARA Research Reports - SOIC x StockScans

Nazara Technologies is India’s only publicly listed gaming company, but that label understates what it has become: a global, multi-format gaming platform that now earns 90% of its EBITDA from games played on mobiles, PCs, consoles, and in physical arcades across the world. Founded in 1999 by Vikash and Nitish Mittersain, the company spent its first two decades as a telecom-era games distributor before going public in 2021 and embarking on an acquisition spree that transformed it - in a single year it bought its way into PC and console publishing, offline entertainment centres, and AI-native casual gaming. The recurring approach that explains everything else is the “Friends of Nazara Network”: a platform of multiple subsidiaries where acquired teams keep near-complete operational control while plugging into a shared central operating system of user acquisition, data analytics, and artificial intelligence that the company calls its Gaming OS.

Business segments

Four engines at different stages - a gamified early-learning subscription business that dominates its category in America, a fast-scaling PC and console publishing house built on a single blockbuster title, a physical arcade chain being rebuilt from bankruptcy, and a collection of mobile studios, esports media, sports websites, and adtech services that fill out the platform - each acquired and integrated through the same central operating playbook.

1. Gamified early learning: the subscription engine that funds everything else

Two American children’s apps - Kiddopia for ages 2-8 and Animal Jam for ages 8-12 - generate recurring subscription and in-app purchase revenue from parents, with the United States contributing the vast majority of users.

Top-ranked in their categories - Kiddopia is among the top three grossing apps in its category in the US, while Animal Jam is the number one grossing app for kids aged 9-11, giving Nazara two category leaders in the world’s most lucrative mobile market.
Licensed characters reduce acquisition cost - Kiddopia holds licensing deals with Moonbug Entertainment (Little Angel), Mattel (Barbie), and Hasbro (PJ Masks), letting it borrow established children’s brands to attract parents rather than relying solely on paid marketing.
Performance marketing with a direct-brand hedge - the app spends on digital user acquisition (US$2.97 million in a single quarter, at a cost of $65 per iOS install) but also runs a US brand campaign to build direct relationships with parents, partly in response to Apple’s IDFA privacy changes that made targeted advertising harder.
Animal Jam adds a social layer - built by Utah-based WildWorks, Animal Jam is a moderated multiplayer world with STEAM educational content, available on mobile, Mac, and PC, and monetised through in-app purchases like Wishing Coins and Super Boxes alongside subscriptions.

2. PC and console publishing: the blockbuster catalogue that opened a new market

Curve Games, a UK-based publisher acquired in mid-2025, gives Nazara a foothold in the US$90 billion PC and console gaming market through a back catalogue of indie hits led by Human Fall Flat, which has sold over 58 million units worldwide.

One title anchors the economics - Human Fall Flat sold more than two million units in FY26 alone and its publishing licence has been extended to 2030, providing a long-dated revenue stream from a single game.
A catalogue that keeps earning - the broader portfolio includes For The King II, Bomber Crew, Lawn Mowing Simulator, and Wobbly Life, with downloadable content like For the King II: Fallen Oaths generating fresh sales from old games, a pattern the company calls durable back-catalogue monetisation.
Global distribution on third-party storefronts - titles are sold on Steam, Nintendo Switch, and other console platforms, with North America and Japan together accounting for more than 85% of the market for Curve Games, so Nazara earns per-unit revenue without owning a storefront itself.
A gateway for Indian developers - Curve’s publishing infrastructure also serves as a route for Indian game studios to reach global console and PC audiences, and Nazara’s own publishing division launched Pokerverse VR on Meta Quest and Apple Vision Pro in mid-2025, marking its entry into virtual reality.

3. Offline gaming: physical arcades rebuilt with a standardised playbook

Nazara operates two chains of physical entertainment centres in India - Funky Monkeys for young children and Smaaash for older audiences - applying the same store-format standardisation and city-deepening strategy to both.

Funky Monkeys is the proven template - an indoor soft-play chain for children aged 1-14, it expanded from 11 to 20 stores during FY26 by deepening its presence in Mumbai and Bangalore before entering Hyderabad and Surat, generating INR 23 crore in revenue at a 52% EBITDA margin.
Smaaash was acquired out of bankruptcy - Nazara bought the bowling-and-go-karting entertainment company for INR 126 crore through an NCLT-approved resolution plan in June 2025, and it contributed INR 76 crore in revenue in its first partial year under Nazara.
“Smaaash 2.0” applies the Funky Monkeys playbook - the company is redesigning Smaaash centres using the same standardised format, operations manual, and city-deepening-before-expansion approach that worked for Funky Monkeys, treating offline gaming as a replicable retail rollout rather than a collection of one-off venues.

4. Mobile studios, esports, sports media, and adtech: the diversified fill-out

A collection of mobile game studios, an esports and youth media company, two sports news websites, and a programmatic advertising business round out the platform - each serving distinct audiences but sharing the central Gaming OS for user acquisition and analytics.

Fusebox Games turns TV formats into narrative apps - the studio builds interactive story games around reality TV intellectual property; it launched with Love Island, added Big Brother and Bigg Boss, and has The Traitors in development, using a shared narrative engine so each new title is faster to build than the last.
World Cricket Championship runs without marketing spend - the freemium cricket simulation franchise, built by Chennai-based NextWave Multimedia, attracts over 100,000 organic downloads every day, with India and South Asia making up 96% of its audience.
NODWIN Gaming owns the esports flywheel - now an associate company rather than a subsidiary, NODWIN runs live events and content productions including Comic Con India (expanded to 11 cities), the NH7 Weekender music festival, and the Dreamhack gaming festival, earning from ticket sales, sponsorships, and broadcast rights while pursuing its own IPO readiness.
Sportskeeda is a top-10 US sports news site - the multi-sport content platform ranks among the ten most-read sports news websites in America, monetises through programmatic advertising, and has expanded into NFL coverage through its acquisition of Pro Football Network, which posted its best-ever EBITDA margin of 28% in FY26.
AdTech serves both the group and external clients - Datawrkz and Space & Time provide programmatic advertising, a self-serve demand-side platform, and publisher monetisation tools, working with around 57 brands while also handling user acquisition and ad sales for Nazara’s own game studios.

Gaming OS

Every gaming business Nazara owns or acquires plugs into a shared central operating system of user acquisition, data analytics, and artificial intelligence - the company’s core mechanism for improving returns on marketing spend and creating operating leverage across the portfolio.

AI cuts game development time from years to months - the BestPlay platform, acquired as part of the pending Bluetile deal, uses AI-native development to generate games like Pixel Blast in two months instead of the typical twelve to eighteen, compressing time-to-market for casual titles.
AI produces playable ads at near-zero marginal cost - the system automatically generates playable advertisements at four to five times the previous volume, while also surfacing in real time why the cost per install or return on ad spend has changed, so marketing teams can adjust instantly.
LiveOps keeps players spending inside games - AI analyses individual player behaviour to create custom bundles, adjusts live event difficulty to match skill level, and procedurally generates levels, assets, and storylines, turning each game into a continuously updated service rather than a static product.
The COEs extend beyond technology - the centres of excellence also cover finance and human resources, driving cross-group synergies so that acquired studios get not just a tech stack but a full operational backbone from day one.

Group structure and partners

Nazara operates as a parent company with dozens of subsidiaries and associates, bound together by a philosophy of leaving acquired founders in charge while a new set of controlling shareholders consolidates strategic direction from the top.

A web of gaming subsidiaries - as of March 2025, Nazara had 46 subsidiaries and 2 associates, including wholly-owned Paper Boat Apps (Kiddopia), WildWorks (Animal Jam), Fusebox Games, NextWave Multimedia (WCC), and Curve Games, plus majority stakes in Funky Monkeys and Absolute Sports (Sportskeeda).
NODWIN and PokerBaazi moved off the balance sheet - NODWIN Gaming was de-consolidated in August 2025 and is now a 46.87%-owned associate pursuing its own IPO, while the share purchase agreement for additional shares in Moonshine Technology (PokerBaazi) was terminated after India’s 2025 online gaming law prohibited real-money poker.
A change of control in mid-2025 - a consortium of Axana Estates LLP, Plutus Wealth Management LLP, and Junomoneta Finsol made a mandatory open offer to acquire up to 26% of Nazara’s shares, and together with a preferential allotment of INR 495 crore to Axana, the group held 27.15% of the company post-offer.
Global platform partnerships - Nazara maintains strategic relationships with Apple, Google, Amazon Web Services, Appsflyer, and India’s ONDC network, giving its studios access to the same infrastructure and distribution channels as the largest global gaming companies.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	297	320	266	250	319	535	520	499	526	406	398	429
Growth YoY Revenue Growth YoY%	12.7	1.8	-8.0	-1.7	7.3	66.9	95.4	99.4	65.1	-24.1	-23.5	-14.0
Expenses ExpensesCr	271	284	263	225	294	498	486	451	467	338	324	404
Operating Profit Operating ProfitCr	27	36	4	25	25	37	35	47	60	68	74	25
OPM OPM%	9.0	11.3	1.3	10.0	7.9	6.9	6.7	9.5	11.4	16.7	18.6	5.8
Other Income Other IncomeCr	12	18	36	25	24	22	13	53	-34	10	20	-54
Interest Expense Interest ExpenseCr	3	2	1	1	2	3	5	5	7	4	6	4
Depreciation DepreciationCr	15	15	22	15	26	31	37	65	61	60	46	48
PBT PBTCr	21	37	17	34	22	25	6	31	-42	14	42	-80
Tax TaxCr	-1	8	0	10	4	12	-8	-6	-8	5	-13	2
PAT PATCr	24	30	0	24	16	14	4	51	-34	9	56	-82
Growth YoY PAT Growth YoY%	39.0	46.7	-98.1	13.2	-32.8	-53.7	2,161.1	117.4	-308.9	-35.4	1,268.5	-260.6
NPM NPM%	8.1	9.2	0.1	9.4	5.1	2.6	0.8	10.3	-6.4	2.2	14.0	-19.2
EPS EPS₹	0.8	0.9	-0.3	0.7	0.8	0.8	-0.1	1.9	-0.8	0.3	1.3	-2.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

297

320

266

250

319

535

520

499

526

406

398

429

Growth YoY

Revenue Growth YoY%

12.7

1.8

-8.0

-1.7

7.3

66.9

95.4

99.4

65.1

-24.1

-23.5

-14.0

Expenses

ExpensesCr

271

284

263

225

294

498

486

451

467

338

324

404

Operating Profit

Operating ProfitCr

OPM

OPM%

9.0

11.3

1.3

10.0

7.9

6.9

6.7

9.5

11.4

16.7

18.6

5.8

Other Income

Other IncomeCr

-34

-54

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

-42

-80

Tax

TaxCr

-1

-8

-6

-8

-13

PAT

PATCr

-34

-82

Growth YoY

PAT Growth YoY%

39.0

46.7

-98.1

13.2

-32.8

-53.7

2,161.1

117.4

-308.9

-35.4

1,268.5

-260.6

NPM

NPM%

8.1

9.2

0.1

9.4

5.1

2.6

0.8

10.3

-6.4

2.2

14.0

-19.2

EPS

EPS₹

0.8

0.9

-0.3

0.7

0.8

-0.1

1.9

-0.8

0.3

1.3

-2.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	297	320	266	250	319	535	520	499	526	406	398	429
Growth YoY Revenue Growth YoY%	12.7	1.8	-8.0	-1.7	7.3	66.9	95.4	99.4	65.1	-24.1	-23.5	-14.0
Expenses ExpensesCr	271	284	263	225	294	498	486	451	467	338	324	404
Operating Profit Operating ProfitCr	27	36	4	25	25	37	35	47	60	68	74	25
OPM OPM%	9.0	11.3	1.3	10.0	7.9	6.9	6.7	9.5	11.4	16.7	18.6	5.8
Other Income Other IncomeCr	12	18	36	25	24	22	13	53	-34	10	20	-54
Interest Expense Interest ExpenseCr	3	2	1	1	2	3	5	5	7	4	6	4
Depreciation DepreciationCr	15	15	22	15	26	31	37	65	61	60	46	48
PBT PBTCr	21	37	17	34	22	25	6	31	-42	14	42	-80
Tax TaxCr	-1	8	0	10	4	12	-8	-6	-8	5	-13	2
PAT PATCr	24	30	0	24	16	14	4	51	-34	9	56	-82
Growth YoY PAT Growth YoY%	39.0	46.7	-98.1	13.2	-32.8	-53.7	2,161.1	117.4	-308.9	-35.4	1,268.5	-260.6
NPM NPM%	8.1	9.2	0.1	9.4	5.1	2.6	0.8	10.3	-6.4	2.2	14.0	-19.2
EPS EPS₹	0.8	0.9	-0.3	0.7	0.8	0.8	-0.1	1.9	-0.8	0.3	1.3	-2.2

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

297

320

266

250

319

535

520

499

526

406

398

429

Growth YoY

Revenue Growth YoY%

12.7

1.8

-8.0

-1.7

7.3

66.9

95.4

99.4

65.1

-24.1

-23.5

-14.0

Expenses

ExpensesCr

271

284

263

225

294

498

486

451

467

338

324

404

Operating Profit

Operating ProfitCr

OPM

OPM%

9.0

11.3

1.3

10.0

7.9

6.9

6.7

9.5

11.4

16.7

18.6

5.8

Other Income

Other IncomeCr

-34

-54

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

-42

-80

Tax

TaxCr

-1

-8

-6

-8

-13

PAT

PATCr

-34

-82

Growth YoY

PAT Growth YoY%

39.0

46.7

-98.1

13.2

-32.8

-53.7

2,161.1

117.4

-308.9

-35.4

1,268.5

-260.6

NPM

NPM%

8.1

9.2

0.1

9.4

5.1

2.6

0.8

10.3

-6.4

2.2

14.0

-19.2

EPS

EPS₹

0.8

0.9

-0.3

0.7

0.8

-0.1

1.9

-0.8

0.3

1.3

-2.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	211	190	172	170	248	454	622	1,091	1,138	1,624	1,829	1,759
Growth Revenue Growth%		-9.9	-9.5	-1.4	45.9	83.5	36.9	75.5	4.3	42.7	12.6	-6.1
Expenses ExpensesCr	136	129	123	153	253	414	536	990	1,039	1,502	1,580	1,533
Operating Profit Operating ProfitCr	76	61	49	16	-6	41	86	101	100	122	249	226
OPM OPM%	35.8	32.2	28.3	9.6	-2.2	8.9	13.8	9.3	8.8	7.5	13.6	12.9
Other Income Other IncomeCr	8	12	-26	15	13	12	24	50	78	84	49	-57
Interest Expense Interest ExpenseCr	0	0	2	1	1	0	1	5	7	10	22	21
Depreciation DepreciationCr	1	1	8	20	27	36	39	57	67	118	231	214
PBT PBTCr	83	72	13	11	-21	17	70	89	103	78	45	-66
Tax TaxCr	18	11	12	4	6	3	19	25	14	15	-22	-14
PAT PATCr	65	61	1	7	-27	14	51	63	89	63	67	-52
Growth PAT Growth%		-5.4	-98.3	556.2	-496.5	151.1	272.8	25.1	41.1	-30.1	7.2	-160.8
NPM NPM%	30.6	32.1	0.6	4.0	-10.8	3.0	8.2	5.8	7.9	3.9	3.7	-3.0
EPS EPS₹		24.6	1.1	6.4	-0.8	0.4	1.1	1.5	2.0	2.4	27.6	-1.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

211

190

172

170

248

454

622

1,091

1,138

1,624

1,829

1,759

Growth

Revenue Growth%

-9.9

-9.5

-1.4

45.9

83.5

36.9

75.5

4.3

42.7

12.6

-6.1

Expenses

ExpensesCr

136

129

123

153

253

414

536

990

1,039

1,502

1,580

1,533

Operating Profit

Operating ProfitCr

-6

101

100

122

249

226

OPM

OPM%

35.8

32.2

28.3

9.6

-2.2

8.9

13.8

9.3

8.8

7.5

13.6

12.9

Other Income

Other IncomeCr

-26

-57

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

118

231

214

PBT

PBTCr

-21

103

-66

Tax

TaxCr

-22

-14

PAT

PATCr

-27

-52

Growth

PAT Growth%

-5.4

-98.3

556.2

-496.5

151.1

272.8

25.1

41.1

-30.1

7.2

-160.8

NPM

NPM%

30.6

32.1

0.6

4.0

-10.8

3.0

8.2

5.8

7.9

3.9

3.7

-3.0

EPS

EPS₹

24.6

1.1

6.4

-0.8

0.4

1.1

1.5

2.0

2.4

27.6

-1.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	211	190	172	170	248	454	622	1,091	1,138	1,624	1,829	1,759
Growth Revenue Growth%		-9.9	-9.5	-1.4	45.9	83.5	36.9	75.5	4.3	42.7	12.6	-6.1
Expenses ExpensesCr	136	129	123	153	253	414	536	990	1,039	1,502	1,580	1,533
Operating Profit Operating ProfitCr	76	61	49	16	-6	41	86	101	100	122	249	226
OPM OPM%	35.8	32.2	28.3	9.6	-2.2	8.9	13.8	9.3	8.8	7.5	13.6	12.9
Other Income Other IncomeCr	8	12	-26	15	13	12	24	50	78	84	49	-57
Interest Expense Interest ExpenseCr	0	0	2	1	1	0	1	5	7	10	22	21
Depreciation DepreciationCr	1	1	8	20	27	36	39	57	67	118	231	214
PBT PBTCr	83	72	13	11	-21	17	70	89	103	78	45	-66
Tax TaxCr	18	11	12	4	6	3	19	25	14	15	-22	-14
PAT PATCr	65	61	1	7	-27	14	51	63	89	63	67	-52
Growth PAT Growth%		-5.4	-98.3	556.2	-496.5	151.1	272.8	25.1	41.1	-30.1	7.2	-160.8
NPM NPM%	30.6	32.1	0.6	4.0	-10.8	3.0	8.2	5.8	7.9	3.9	3.7	-3.0
EPS EPS₹		24.6	1.1	6.4	-0.8	0.4	1.1	1.5	2.0	2.4	27.6	-1.4

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

211

190

172

170

248

454

622

1,091

1,138

1,624

1,829

1,759

Growth

Revenue Growth%

-9.9

-9.5

-1.4

45.9

83.5

36.9

75.5

4.3

42.7

12.6

-6.1

Expenses

ExpensesCr

136

129

123

153

253

414

536

990

1,039

1,502

1,580

1,533

Operating Profit

Operating ProfitCr

-6

101

100

122

249

226

OPM

OPM%

35.8

32.2

28.3

9.6

-2.2

8.9

13.8

9.3

8.8

7.5

13.6

12.9

Other Income

Other IncomeCr

-26

-57

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

118

231

214

PBT

PBTCr

-21

103

-66

Tax

TaxCr

-22

-14

PAT

PATCr

-27

-52

Growth

PAT Growth%

-5.4

-98.3

556.2

-496.5

151.1

272.8

25.1

41.1

-30.1

7.2

-160.8

NPM

NPM%

30.6

32.1

0.6

4.0

-10.8

3.0

8.2

5.8

7.9

3.9

3.7

-3.0

EPS

EPS₹

24.6

1.1

6.4

-0.8

0.4

1.1

1.5

2.0

2.4

27.6

-1.4

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	11	11	11	12	13	27	31	35	74
Reserves ReservesCr	221	341	396	496	646	1,028	1,078	1,968	2,828	3,399
Current Liabilities Current LiabilitiesCr	41	51	55	143	214	173	334	382	926	605
Non Current Liabilities Non Current LiabilitiesCr	1	33	21	44	30	38	51	45	272	214
Total Liabilities Total LiabilitiesCr	265	471	515	777	1,023	1,410	1,702	2,762	4,435	4,371
Current Assets Current AssetsCr	249	289	314	380	681	915	997	1,897	1,408	1,238
Non Current Assets Non Current AssetsCr	16	182	200	397	341	494	704	865	3,028	3,133
Total Assets Total AssetsCr	265	471	515	777	1,023	1,410	1,702	2,762	4,435	4,371

Financial Year

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

221

341

396

496

646

1,028

1,078

1,968

2,828

3,399

Current Liabilities

Current LiabilitiesCr

143

214

173

334

382

926

605

Non Current Liabilities

Non Current LiabilitiesCr

272

214

Total Liabilities

Total LiabilitiesCr

265

471

515

777

1,023

1,410

1,702

2,762

4,435

4,371

Current Assets

Current AssetsCr

249

289

314

380

681

915

997

1,897

1,408

1,238

Non Current Assets

Non Current AssetsCr

182

200

397

341

494

704

865

3,028

3,133

Total Assets

Total AssetsCr

265

471

515

777

1,023

1,410

1,702

2,762

4,435

4,371

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	11	11	11	12	13	27	31	35	74
Reserves ReservesCr	221	341	396	496	646	1,028	1,078	1,968	2,828	3,399
Current Liabilities Current LiabilitiesCr	41	51	55	143	214	173	334	382	926	605
Non Current Liabilities Non Current LiabilitiesCr	1	33	21	44	30	38	51	45	272	214
Total Liabilities Total LiabilitiesCr	265	471	515	777	1,023	1,410	1,702	2,762	4,435	4,371
Current Assets Current AssetsCr	249	289	314	380	681	915	997	1,897	1,408	1,238
Non Current Assets Non Current AssetsCr	16	182	200	397	341	494	704	865	3,028	3,133
Total Assets Total AssetsCr	265	471	515	777	1,023	1,410	1,702	2,762	4,435	4,371

Financial Year

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

221

341

396

496

646

1,028

1,078

1,968

2,828

3,399

Current Liabilities

Current LiabilitiesCr

143

214

173

334

382

926

605

Non Current Liabilities

Non Current LiabilitiesCr

272

214

Total Liabilities

Total LiabilitiesCr

265

471

515

777

1,023

1,410

1,702

2,762

4,435

4,371

Current Assets

Current AssetsCr

249

289

314

380

681

915

997

1,897

1,408

1,238

Non Current Assets

Non Current AssetsCr

182

200

397

341

494

704

865

3,028

3,133

Total Assets

Total AssetsCr

265

471

515

777

1,023

1,410

1,702

2,762

4,435

4,371

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	57	3	19	-2	68	62	8	91	66	149
Investing Cash Flow Investing Cash FlowCr	-54	-18	-67	9	-268	-334	-95	-603	-1,134	-542
Financing Cash Flow Financing Cash FlowCr	0	37	6	3	217	335	15	946	805	361
Net Cash Flow Net Cash FlowCr	2	22	-42	10	17	63	-72	434	-264	-33
Free Cash Flow Free Cash FlowCr	56	1	13	-9	66	51	0	64	-82	36
CFO To PAT CFO To PAT%	93.0	310.1	286.5	8.3	499.3	122.5	12.8	101.5	104.8	221.8
CFO To EBITDA CFO To EBITDA%	92.9	6.5	117.6	39.9	167.2	72.3	8.0	91.2	53.8	59.7

Financial Year

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2

149

Investing Cash Flow

Investing Cash FlowCr

-54

-18

-67

-268

-334

-95

-603

-1,134

-542

Financing Cash Flow

Financing Cash FlowCr

217

335

946

805

361

Net Cash Flow

Net Cash FlowCr

-42

-72

434

-264

-33

Free Cash Flow

Free Cash FlowCr

-9

-82

CFO To PAT

CFO To PAT%

93.0

310.1

286.5

8.3

499.3

122.5

12.8

101.5

104.8

221.8

CFO To EBITDA

CFO To EBITDA%

92.9

6.5

117.6

39.9

167.2

72.3

8.0

91.2

53.8

59.7

Financial Year	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	57	3	19	-2	68	62	8	91	66	149
Investing Cash Flow Investing Cash FlowCr	-54	-18	-67	9	-268	-334	-95	-603	-1,134	-542
Financing Cash Flow Financing Cash FlowCr	0	37	6	3	217	335	15	946	805	361
Net Cash Flow Net Cash FlowCr	2	22	-42	10	17	63	-72	434	-264	-33
Free Cash Flow Free Cash FlowCr	56	1	13	-9	66	51	0	64	-82	36
CFO To PAT CFO To PAT%	93.0	310.1	286.5	8.3	499.3	122.5	12.8	101.5	104.8	221.8
CFO To EBITDA CFO To EBITDA%	92.9	6.5	117.6	39.9	167.2	72.3	8.0	91.2	53.8	59.7

Financial Year

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-2

149

Investing Cash Flow

Investing Cash FlowCr

-54

-18

-67

-268

-334

-95

-603

-1,134

-542

Financing Cash Flow

Financing Cash FlowCr

217

335

946

805

361

Net Cash Flow

Net Cash FlowCr

-42

-72

434

-264

-33

Free Cash Flow

Free Cash FlowCr

-9

-82

CFO To PAT

CFO To PAT%

93.0

310.1

286.5

8.3

499.3

122.5

12.8

101.5

104.8

221.8

CFO To EBITDA

CFO To EBITDA%

92.9

6.5

117.6

39.9

167.2

72.3

8.0

91.2

53.8

59.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						4,461	5,343	3,418	5,131	8,300	8,608	16,515
Price To Earnings Price To Earnings						483.5	187.4	86.8	90.7	109.5	89.7
Price To Sales Price To Sales						9.8	8.6	3.1	4.5	5.1	4.7	9.4
Price To Book Price To Book						6.8	5.1	3.1	2.6	2.9	2.5	3.6
EV To EBITDA EV To EBITDA						100.7	58.5	30.9	39.6	66.3	34.4	75.3
Profitability Ratios Profitability Ratios
GPM GPM%		91.1	93.0	73.9	79.5	88.5	77.5	58.7	58.7	66.2	75.0	75.0
OPM OPM%	35.8	32.2	28.3	9.6	-2.2	8.9	13.8	9.3	8.8	7.5	13.6	12.9
NPM NPM%	30.6	32.1	0.6	4.0	-10.8	3.0	8.2	5.8	7.9	3.9	3.7	-3.0
ROCE ROCE%		32.3	4.0	2.9	-3.8	2.6	6.7	8.2	5.4	2.9	1.8	1.8
ROE ROE%		27.3	0.3	1.6	-5.3	2.1	4.9	5.7	4.5	2.2	1.9	1.9
ROA ROA%		23.0	0.2	1.3	-3.4	1.3	3.6	3.7	3.2	1.4	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

4,461

5,343

3,418

5,131

8,300

8,608

16,515

Price To Earnings

483.5

187.4

86.8

90.7

109.5

89.7

Price To Sales

9.8

8.6

3.1

4.5

5.1

4.7

9.4

Price To Book

6.8

5.1

3.1

2.6

2.9

2.5

3.6

EV To EBITDA

100.7

58.5

30.9

39.6

66.3

34.4

75.3

Profitability Ratios

GPM

GPM%

91.1

93.0

73.9

79.5

88.5

77.5

58.7

66.2

75.0

OPM

OPM%

35.8

32.2

28.3

9.6

-2.2

8.9

13.8

9.3

8.8

7.5

13.6

12.9

NPM

NPM%

30.6

32.1

0.6

4.0

-10.8

3.0

8.2

5.8

7.9

3.9

3.7

-3.0

ROCE

ROCE%

32.3

4.0

2.9

-3.8

2.6

6.7

8.2

5.4

2.9

1.8

ROE

ROE%

27.3

0.3

1.6

-5.3

2.1

4.9

5.7

4.5

2.2

1.9

ROA

ROA%

23.0

0.2

1.3

-3.4

1.3

3.6

3.7

3.2

1.4

1.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						4,461	5,343	3,418	5,131	8,300	8,608	16,515
Price To Earnings Price To Earnings						483.5	187.4	86.8	90.7	109.5	89.7
Price To Sales Price To Sales						9.8	8.6	3.1	4.5	5.1	4.7	9.4
Price To Book Price To Book						6.8	5.1	3.1	2.6	2.9	2.5	3.6
EV To EBITDA EV To EBITDA						100.7	58.5	30.9	39.6	66.3	34.4	75.3
Profitability Ratios Profitability Ratios
GPM GPM%		91.1	93.0	73.9	79.5	88.5	77.5	58.7	58.7	66.2	75.0	75.0
OPM OPM%	35.8	32.2	28.3	9.6	-2.2	8.9	13.8	9.3	8.8	7.5	13.6	12.9
NPM NPM%	30.6	32.1	0.6	4.0	-10.8	3.0	8.2	5.8	7.9	3.9	3.7	-3.0
ROCE ROCE%		32.3	4.0	2.9	-3.8	2.6	6.7	8.2	5.4	2.9	1.8	1.8
ROE ROE%		27.3	0.3	1.6	-5.3	2.1	4.9	5.7	4.5	2.2	1.9	1.9
ROA ROA%		23.0	0.2	1.3	-3.4	1.3	3.6	3.7	3.2	1.4	1.5	1.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

4,461

5,343

3,418

5,131

8,300

8,608

16,515

Price To Earnings

483.5

187.4

86.8

90.7

109.5

89.7

Price To Sales

9.8

8.6

3.1

4.5

5.1

4.7

9.4

Price To Book

6.8

5.1

3.1

2.6

2.9

2.5

3.6

EV To EBITDA

100.7

58.5

30.9

39.6

66.3

34.4

75.3

Profitability Ratios

GPM

GPM%

91.1

93.0

73.9

79.5

88.5

77.5

58.7

66.2

75.0

OPM

OPM%

35.8

32.2

28.3

9.6

-2.2

8.9

13.8

9.3

8.8

7.5

13.6

12.9

NPM

NPM%

30.6

32.1

0.6

4.0

-10.8

3.0

8.2

5.8

7.9

3.9

3.7

-3.0

ROCE

ROCE%

32.3

4.0

2.9

-3.8

2.6

6.7

8.2

5.4

2.9

1.8

ROE

ROE%

27.3

0.3

1.6

-5.3

2.1

4.9

5.7

4.5

2.2

1.9

ROA

ROA%

23.0

0.2

1.3

-3.4

1.3

3.6

3.7

3.2

1.4

1.5

Operational Ratios

Solvency Ratios

Liquidity Ratios

	SUNTV	PFOCUS	NAZARA	PVRINOX	ZEEL	NETWORK18	HATHWAY
Market CapitalizationMkt CapCr	25,219	22,456	16,515	13,769	7,024	3,946	1,726
Close PriceClose₹	639.95	288.35	404.20	1,402.10	73.13	25.59	9.75
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE	16.48	187.24		30.97	34.50		25.66
Price To SalesPS	5.60	4.56	9.39	2.01	0.86	1.82	0.78
RevenueRevenueCr	4,502	4,919	1,759	6,842	8,181	2,169	2,215
Revenue Growth TTMRev Gr TTM%	12.7%	29.2%	-6.1%	13.7%	2.4%	-48.5%	5.9%
PAT Growth TTMPAT Gr TTM%	-8.5%	176.5%	-160.8%	383.8%	-71.4%	97.8%	-30.7%

Market CapitalizationMkt CapCr

25,219

22,456

16,515

13,769

7,024

3,946

1,726

Close PriceClose₹

639.95

288.35

404.20

1,402.10

73.13

25.59

9.75

IndustryIndustry

Entertainment and Media

Price To EarningsPE

16.48

187.24

30.97

34.50

25.66

Price To SalesPS

5.60

4.56

9.39

2.01

0.86

1.82

0.78

RevenueRevenueCr

4,502

4,919

1,759

6,842

8,181

2,169

2,215

Revenue Growth TTMRev Gr TTM%

12.7%

29.2%

-6.1%

13.7%

2.4%

-48.5%

5.9%

PAT Growth TTMPAT Gr TTM%

-8.5%

176.5%

-160.8%

383.8%

-71.4%

97.8%

-30.7%

	SUNTV	PFOCUS	NAZARA	PVRINOX	ZEEL	NETWORK18	HATHWAY
Market CapitalizationMkt CapCr	25,219	22,456	16,515	13,769	7,024	3,946	1,726
Close PriceClose₹	639.95	288.35	404.20	1,402.10	73.13	25.59	9.75
IndustryIndustry	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media	Entertainment and Media
Price To EarningsPE	16.48	187.24		30.97	34.50		25.66
Price To SalesPS	5.60	4.56	9.39	2.01	0.86	1.82	0.78
RevenueRevenueCr	4,502	4,919	1,759	6,842	8,181	2,169	2,215
Revenue Growth TTMRev Gr TTM%	12.7%	29.2%	-6.1%	13.7%	2.4%	-48.5%	5.9%
PAT Growth TTMPAT Gr TTM%	-8.5%	176.5%	-160.8%	383.8%	-71.4%	97.8%	-30.7%

Market CapitalizationMkt CapCr

25,219

22,456

16,515

13,769

7,024

3,946

1,726

Close PriceClose₹

639.95

288.35

404.20

1,402.10

73.13

25.59

9.75

IndustryIndustry

Entertainment and Media

Price To EarningsPE

16.48

187.24

30.97

34.50

25.66

Price To SalesPS

5.60

4.56

9.39

2.01

0.86

1.82

0.78

RevenueRevenueCr

4,502

4,919

1,759

6,842

8,181

2,169

2,215

Revenue Growth TTMRev Gr TTM%

12.7%

29.2%

-6.1%

13.7%

2.4%

-48.5%

5.9%

PAT Growth TTMPAT Gr TTM%

-8.5%

176.5%

-160.8%

383.8%

-71.4%

97.8%

-30.7%

Nazara Technologies Ltd

Nazara Technologies Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison