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Informist, Saturday, Oct. 24, 2026

 

By Sharveya Parasnis

 

MUMBAI – Nazara Technologies Ltd. is expected to report sharp growth in its September quarter revenue after the integration of two recently purchased subsidiaries. As a result, the firm's net profit is also expected to rebound significantly after a major net loss in the trailing quarter. The company's revenue growth is expected to be largely inorganic, brokerages said. However, some brokerages caution about a slow quarter for one of Nazara's subsidiaries.

                                                      

The gaming company's September quarter net profit is expected to be INR 303 million, according to the average of estimates from five brokerages. This would be a turnaround from the loss of INR 799.2 million the company had reported in the trailing quarter. The highest estimate for net profit is INR 478 million from Equirus Securities Pvt. Ltd. while the lowest is INR 233 million from Dolat Capital Market Pvt. Ltd.

 

Nazara had posted a loss in the June quarter, mainly due to a loss from associates and a one-time exceptional impairment expense for the company's investments in the real money gaming, which was banned in August 2025. The company does not have any exposure to the real money gaming space now.

 

The average estimate for the company's September quarter net sales is INR 7.6 billion. This reflects a 79% sequential increase on quarter. Dolat Capital has the highest estimate for net sales at INR 9.04 billion while the lowest is INR 6.6 billion from Equirus. Nazara's revenue is expected to grow 92% on quarter, Choice Equity Broking Pvt. Ltd. said. The sharp growth will be driven by the consolidation of Bluetile and Bestplay, two video game developers fully acquired by Nazara earlier in the year for $303 million.

 

Equirus terms the revenue jump as largely inorganic. Dolat Capital expects organic revenue to grow 26% on quarter, driven largely by existing subsidiaries such as Fusebox and Curve Games. The combined June quarter revenue of Bluetile and Bestplay was INR 5.2 billion, against Nazara's own revenue of INR 4.29 billion in that quarter. These two subsidiaries are now wholly-owned subsidiaries and their accounts will be integrated in the September quarter, brokerages said.

 

The firm's earnings before interest, taxes, depreciation, and amortisation are expected to be INR 960.8 million, according to the average of four estimates. This represents a sequential growth of almost 109%. The highest estimate for EBITDA is over INR 1.1 billion from Prabhudas Lilladher Pvt. Ltd. while the lowest is INR 793 million from Equirus. Choice expects the EBITDA margin to improve by 170 bps on quarter. However, it cautioned that higher user acquisition spending could limit margin expansion. Equirus projects the margin to grow 625 bps on quarter to around 12%.

 

Nazara is India's only listed gaming company. Its operations span across esports, ad-tech and live events. It also owns several game development studios worldwide.

 

Friday, the company's shares ended at INR 402.15, up more than 3%. Nazara's shares are up over 15% since Aug. 4 when the company last reported its earnings. Of the five brokerage estimates available with Informist, four have a "buy" recommendation on the stock at an average target price of INR 334.5, which is 17?low the current market price. One brokerage has a "sell" recommendation at a price of INR 315.

 

The following are the September quarter earnings estimates for Nazara Technologies from five brokerage firms in descending order of estimate for net profit, INR million:

 

Brokerage	Net Profit	Net Sales	EBITDA
Equirus Securities Pvt. Ltd.	478	6,604	793
Choice Equity Broking Pvt Ltd	290	8,233	1,029
ICICI Securities Ltd	271	6,700	835
Prabhudas Lilladher Pvt. Ltd.	243	7,762	1,186
Dolat Capital Market Pvt Ltd	233	9,041	NA
Average	303	7,668	960.75

 

End

 

Edited by Megha Rawat

 

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