Nazara Technologies Limited (NAZARA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-81.7%

₹73.44

vs ₹400.85 price

Levered DCF

₹25.76

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.61

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	88.95×	100.15×	84.92×	86.07×	179.64×	458.22×	-2,075.08×	276.39×
P/B	2.45×	2.64×	2.4×	3.08×	4.91×	6.42×	8.71×	11.88×
P/S	4.66×	4.65×	4.22×	3.12×	8.23×	9.31×	17.85×	28.57×
EV / EBITDA	34.4×	34.31×	23.65×	21.68×	44.42×	86.66×	-897.23×	304.23×
Gross margin	45.2%	66.2%	58.6%	58.7%	77.5%	88.5%	79.5%	73.9%
Operating margin	1.0%	2.4%	5.9%	5.1%	9.8%	2.6%	-12.8%	0.1%
Net margin	5.2%	4.6%	5.0%	3.6%	4.6%	2.0%	-0.9%	10.3%
Current ratio	2.05×	1.52×	4.97×	2.98×	5.29×	3.19×	2.65×	6.44×
Debt / equity	0.06×	0.08×	0.01×	0.03×	0×	0×	0.02×	0×
Interest coverage	0.82×	3.87×	9.91×	9.42×	50.83×	12.95×	-25.65×	0.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.8%	2.6%	2.8%	3.6%	2.7%	1.4%	-0.4%	4.3%
Return on invested capital	0.5%	0.9%	2.4%	2.8%	3.6%	1.2%	-5.0%	0.0%
Return on assets	2.2%	1.7%	2.0%	2.3%	2.0%	0.9%	-0.3%	3.5%
Free cash flow yield	0.5%	-0.3%	1.3%	-0.0%	1.0%	1.5%	-0.2%	0.3%
Earnings yield	1.1%	1.0%	1.2%	1.2%	0.6%	0.2%	-0.0%	0.4%
Enterprise value	₹85.7B	₹73.1B	₹42.6B	₹32.9B	₹49.1B	₹40.9B	₹43.5B	₹48B
Net debt / EBITDA	0.16×	-1.12×	-2.99×	-0.72×	-1.84×	-2.93×	13.2×	-3.25×
Cash conversion cycle (days)	-61	-226	-64	20	-60	-287	-559	-8