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SME Scorecard · NAZARA · as of Mar 2026

Nazara Technologies Ltd

Price
₹378.45
-0.29% · as of 07 Oct, 3:30 pm
Market cap
₹14,584 Cr
latest
P / E
—
trailing
52-week
216 – 402
low – high
Run the valuation reportFull data page
C
52/100
18 of 19 signals scored
Five pillars

Every signal, with the figure it came from.

Growth
weight 25
39
  1. Revenue CAGR, 3y
    ₹1,091 Cr (Mar 2023) → ₹1,829 Cr (Mar 2026).
    18.8%
    75
    Good
  2. Profit CAGR, 3y
    Net profit ₹61 Cr (Mar 2023) → ₹82 Cr (Mar 2026).
    10.4%
    41
    Watch
  3. Latest quarter revenue YoY
    Jun 2026: ₹429 Cr vs Jun 2025: ₹499 Cr.
    -14.0%
    0
    Flag
Profitability
weight 25
50
  1. Return on equity
    Top-ratio ROE.
    30.6%
    100
    Good
  2. Return on capital employed
    Top-ratio ROCE.
    27.1%
    100
    Good
  3. Operating margin
    OPM for Mar 2026.
    -2%
    0
    Flag
  4. Margin trend
    OPM 9% (Mar 2023) → -2% (Mar 2026).
    -10.5 pp
    0
    Flag
Balance sheet
weight 20
44
  1. Debt to equity
    Borrowings ₹215 Cr ÷ net worth ₹3,473 Cr (Mar 2026).
    0.1×
    97
    Good
  2. Interest cover
    (PBT ₹60 Cr + interest ₹24 Cr) ÷ interest, Mar 2026.
    3.5×
    36
    Watch
  3. Debt growth vs revenue growth, 3y
    Revenue CAGR 18.8% minus borrowings CAGR 78.2%.
    -59.4 pp
    0
    Flag
Cash conversion
weight 15
84
  1. Cash from operations ÷ profit, 3 FY
    CFO ₹306 Cr ÷ net profit ₹208 Cr, cumulative.
    1.5×
    100
    Good
  2. Free-cash-flow-positive years of 3
    Mar 2026: ₹36 Cr · Mar 2025: ₹-82 Cr · Mar 2024: ₹64 Cr
    2 of 3
    67
    Watch
  3. Debtor days
    As of Mar 2026.
    75 days
    70
    Watch
  4. Accounting flags
    None of: capitalised interest, other-income dependence, rising working-capital days.
    None
    100
    Good
Governance
weight 15
56
  1. Promoter holding
    Quarter ended Aug 2026.
    33.98%
    35
    Watch
  2. Promoter holding change
    17.16% (Dec 2023) → 33.98% (Aug 2026).
    +16.8 pp
    100
    Good
  3. Promoter pledge
    "Promoters have pledged 87.0% of their holding."
    87.0%
    0
    Flag
  4. Institutional holding
    FII 15.51% + DII 2.47%, Aug 2026.
    17.98%
    90
    Good
  5. Auditor & related-party flags
    Not in the source data. Not scored; read the annual report.
    —
    —
    Not scored
Four lenses

The same card, read for each segment.

Pre-listing01
Founders benchmarking an issue

Benchmarking a listing against Nazara Technologies: the market is looking at 18.8% revenue CAGR over 3 years at a -2% operating margin, with promoters holding 33.98%. A 87.0% promoter pledge is the sort of overhang SME investors discount at the IPO table.

Retail02
Two numbers and the flags

Grade C (52/100). ROE 30.6% and debt to equity 0.1× are the two numbers to remember. Watch: Latest quarter revenue YoY -14.0%; Operating margin -2%; Margin trend -10.5 pp. Price sits 87% of the way up its 52-week range.

HNI03
Float and position sizing

Float check: promoters 33.98%, institutions 17.98%, public 48.04% across 1,00,544 shareholders on a ₹14,584 Cr market cap. Leverage and cash items to size for: Debt growth vs revenue growth -59.4 pp; Interest cover 3.5×; Free-cash-flow-positive years 2 of 3.

Institutional04
Diligence priorities

Diligence priorities: Promoter pledge 87.0%; Free-cash-flow-positive years 2 of 3; Debtor days 75 days. Auditor changes, related-party dealings and contingent liabilities are not scored here and need the filings.

How this score is built

Arithmetic, not opinion.

Five pillars, weighted Growth 25, Profitability 25, Balance sheet 20, Cash conversion 15, Governance 15. Each pillar is the plain average of its scored signals; the overall is the weighted average of scored pillars, renormalised when a pillar has nothing to score. Grades: A at 75 or above, B at 60, C at 45, D below.

Each signal maps a reported figure to 0–100 on a straight ramp between two anchors (for example ROE 0% → 0, 25% → 100) or, for trends, 50 ± a fixed amount per percentage point. There is no model, no weighting by sector, and no judgement call in the arithmetic.

Inputs are the reported tables: annual profit and loss, balance sheet, cash flow, ratios and the quarterly shareholding pattern. A promoter pledge is scored only when one is reported, so “not scored” there is not a clean bill. Auditor changes, related-party dealings and contingent liabilities are never in the input and are listed as not scored so the gap is visible. Banks and NBFCs use a different P&L layout, so several signals will show as not scored. Informational only — not investment advice.

General disclaimer

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