Nazara Technologies Q3 Review - Mixed Operating Performance In A Seasonally Strong Quarter: Yes Securities

Yes Securities Report

Nazara Technologies Ltd.'s reported mixed financial performance for the quarter. Sequential revenue growth was below expectation and Ebitda margin was inline with expectation.

It reported sequential revenue growth of 7.8% QoQ in a seasonally strong quarter for Nazara Technologies, led by 27.0% QoQ increase in revenue of Esports (contributing 56.7% to revenue) and 41.7% QoQ decline in the revenue of Gamified Early Learning (contributing 29.7% to revenue).

There was sequential increase in Ebitda margin (up 239 basis points QoQ) led by lower selling general and administrative cost.

We maintain our 'Neutral' rating on the stock with revised target price of Rs 911/share based on enterprise /Ebitda of 27.5 times on FY26E.

The stock trades at enterprise /Ebitda of 35.4 times/26.2 times on FY25E/FY26E.

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