Whalesbook
FY26 ki baat karein toh Nazara Technologies ne ₹1,829 crore ka revenue banaya hai, jo FY25 ke ₹1,624 crore se 13% zyada hai. Iska poora credit gaming segment ko jaata hai, jo ab 90% EBITDA contribute kar raha hai, last year sirf 56% tha. Poore saal ka EBITDA 66% badh kar ₹255 crore ho gaya, aur net profit 7% badh kar ₹67 crore tak pahunch gaya.
Par bhai, Q4 FY26 mein revenue 24% gir gaya aur ₹398 crore par aa gaya. Iska reason Nodwin Gaming ke results ko reports se hata dena hai. Lekin, agar Nodwin ko hata dein toh Nazara ka adjusted Q4 revenue 8% grow hua hai. Q4 EBITDA 52% badh kar ₹78 crore raha, aur profit chaar guna badh kar ₹56 crore ho gaya. Company global plans ko speed dene ke liye Spain ki Bluetile Games ko $100.3 million mein khareed rahi hai, jiska platform BestPlay hai. Aur ₹500 crore ka warrant issue bhi kar rahi hai, jisme har warrant ₹260 ka hai.
Indian gaming market future mein $16 billion se zyada ka ho sakta hai 2031 tak. Lekin Nazara ka valuation thoda mehnga lag raha hai. Iska P/E ratio 36x-47x hai, jo sector average 24x-38x se upar hai. Aur shareholders ke liye company ka Return on Equity bhi 0.86%-3.20% ke beech mein, jo zyada nahi hai. Ab risks ki baat karte hain. Company par ₹11,921 crore ki contingent liabilities hain, jo ek bada financial risk ho sakta hai. Itni saari acquisitions ko manage karna bhi aasan nahi hoga. Promoter ne 55.9% shares pledge kar diye hain, jo thoda worrying ho chuka hai. Real-money gaming par rules badal sakte hain aur analysts bhi filhaal neutral hain.
Company mein leadership change bhi ho raha hai, Nitish Mittersain ab MD & CEO ban rahe hain. Analysts ko stock mein ₹275-291 tak ka upside dikh raha hai. Par bhai, yeh sab tabhi hoga jab company profits ko sustain kar paye aur nayi acquisitions ko properly integrate kar le. Stock May 2026 mein ₹263-270 ke aas paas trade ho raha tha.