NAZARA.NS Nazara Technologies Limited
INR·Price 300.75·Mkt cap 111.42BComputed from the latest reported financials and the current market price.
Who's the real player?
A genuine play on this theme — most of its business sits right here.
Is the business healthy?
Shaky fundamentals — weak cash generation or a stretched balance sheet. Tread carefully.
- ⚠Weak FCF conversion (<50% of net income turns into free cash)
- ⚠Thin interest coverage (<2x)
- Strong growth quality
- Healthy balance sheet
- Low leverage
Are the smart people buying?
No ownership-change data for this stock. Conviction is judged from capex and buyback signals alone.
- Institutional pct: 29.864
- No promoter/insider selling
What is management saying?
No earnings-call transcript or filings found for this stock.
Is the price right?
Intrinsic value 24.06 vs price 300.75 — screens expensive on a cash-flow DCF (-92.0% to intrinsic). The base FCF growth assumption of 8% is not validated, making it difficult to assess its realism.
| Intrinsic / share | 24.06 |
| Price | 300.75 |
| Upside to intrinsic | -92.0% |
| Reverse-DCF implied g | 43.2% |
Base FCF 499.25M · growth 8.0% · discount 12.0% · terminal 5.0%.
Sensitivity — intrinsic value / share
Each cell is the intrinsic value at that growth (across →) and discount rate (down ↓). Center ★ is the base case. Cells green = above price (cheap), red = below (expensive).
| Growth rate → | |||||
|---|---|---|---|---|---|
| Disc ↓ ╲ g | 4% | 6% | 8% | 10% | 12% |
| 10% | 25.09 | 29.51 | 34.67 | 40.69 | 47.7 |
| 11% | 20.79 | 24.34 | 28.47 | 33.28 | 38.87 |
| 12% | 17.72 | 20.65 | ★ 24.06 | 28.02 | 32.6 |
| 13% | 15.41 | 17.88 | 20.76 | 24.08 | 27.93 |
| 14% | 13.61 | 15.74 | 18.2 | 21.04 | 24.33 |
Through the masters' eyes
Each investor's numeric rules, checked against this stock's metrics: exact math, no guesswork. Tap one to see which rules pass, fail, and what to judge yourself.
▶
Passes 2 of 2 of Peter Lynch's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 0.06
- Solid liquidity (current ratio ≥ 1.5) — now 2.05
- A simple business you understand
- Which 'type' it is (fast grower, stalwart, cyclical…)
- A believable growth story
Couldn't check from available data: PEG ≤ 1 (growth cheap vs price) — not available; Earnings growth ≥ 15% — not available
▶
Passes 3 of 4 of Radhakishan Damani's numeric checks. Still judge the non-numeric criteria below for yourself.
- Very low debt (D/E ≤ 0.5) — now 0.06
- Consistent revenue (consistency ≥ 80%) — now 83.5%
- Positive net margin — now 5.2%
- High returns on capital (ROCE ≥ 18%) — now 0.6%
- A durable consumer franchise
- Pricing power
- A long runway, bought patiently
▶
Passes 3 of 6 of Benjamin Graham's numeric checks. Still judge the non-numeric criteria below for yourself.
- Strong liquidity (current ratio ≥ 1.5) — now 2.05
- Debt below equity (D/E ≤ 1.0) — now 0.06
- Financially safe (Altman Z ≥ 3) — now 9.78
- P/E ≤ 15 — now 114.99
- P/B ≤ 1.5 — now 3.17
- Graham number: P/E × P/B ≤ 22.5 — now 364.5
- A long record of stable earnings
- An uninterrupted dividend history
▶
Passes 1 of 2 of Raamdeo Agrawal's numeric checks. Still judge the non-numeric criteria below for yourself.
- Longevity: revenue consistency ≥ 70% — now 83.5%
- Quality: ROCE ≥ 18% — now 0.6%
- Durability of the growth (longevity)
- Quality and honesty of management
Couldn't check from available data: Growth: earnings CAGR ≥ 15% — not available; Price: PEG ≤ 2 — not available
▶
Passes 1 of 2 of Vijay Kedia's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 0.06
- ROE ≥ 15% — now 2.8%
- Ambitious, capable management
- A small company with a large opportunity
- Patience to hold for years
Couldn't check from available data: Strong earnings growth ≥ 20% — not available
▶
Passes 2 of 5 of Warren Buffett's numeric checks. Still judge the non-numeric criteria below for yourself.
- Positive free cash flow — now 2%
- Conservative leverage (D/E ≤ 1.0) — now 0.06
- ROE ≥ 15% — now 2.8%
- Net margin ≥ 10% — now 5.2%
- Trades below intrinsic value (margin of safety ≥ 0) — now -1150.1%
- A business you can understand
- A durable competitive moat
- Honest, capable management
▶
Passes 1 of 3 of Rakesh Jhunjhunwala's numeric checks. Still judge the non-numeric criteria below for yourself.
- Conservative leverage (D/E ≤ 1.0) — now 0.06
- ROE ≥ 18% — now 2.8%
- Net margin ≥ 10% — now 5.2%
- A large, scalable opportunity
- Trustworthy, ambitious management
- Conviction to hold through volatility
Couldn't check from available data: Earnings growth ≥ 15% — not available
▶
Passes 1 of 4 of Charlie Munger's numeric checks. Still judge the non-numeric criteria below for yourself.
- Conservative leverage (D/E ≤ 1.0) — now 0.06
- High returns on capital (ROCE ≥ 15%) — now 0.6%
- ROE ≥ 15% — now 2.8%
- Trades below intrinsic value (margin of safety ≥ 0) — now -1150.1%
- A high-quality, understandable business
- A durable moat
- Management of integrity
Financial statements (INR)
↗ sourceCash-flow lines highlighted — we trust cash over reported profit.
| Line | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | 18.29B | 16.24B | 11.38B | 10.91B | — |
| Operating income | 242.50M | 357.60M | 771.80M | 567.90M | — |
| EBITDA | 2.98B | 2.06B | 1.77B | 1.51B | — |
| Net income | 958.50M | 758.20M | 565.70M | 393.90M | — |
| Operating cash flow | 1.49B | 655.00M | 907.90M | 80.90M | — |
| Capex | -1.13B | -1.48B | -268.50M | -82.70M | — |
| Free cash flow | 359.10M | -822.80M | 639.40M | -1.80M | — |
| Total assets | 43.71B | 44.35B | 27.62B | 17.02B | — |
| Total equity | 34.73B | 28.63B | 19.99B | 11.05B | — |
| Total debt | 2.15B | 2.19B | 277.00M | 381.40M | — |
| Cash & equivalents | 1.75B | 2.99B | 5.67B | 1.42B | — |