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NAZARA TECHNOLOGIES LIMITED (NAZARA)

Technology Services · Packaged Software · figures to Nov '26

Divergence: price ahead of business (3 months)
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.69 / 100
Profitability 43Growth 65Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.41 / 100
Price 87Earnings 35FII/DII 3

Passes these screensHigh MomentumDebt-light & profitablePrice ahead of businessInstitutions in, retail outNear 52-week high

Compare withONE 97 COMMUNICATIONS PAYTMORACLE FINANCIAL SERVICES SOFTMPHASIS

Share price

Closing priceAdjusted for splits and bonus issues.

₹407.9 latest close · +33.5% over the last 90 sessions

₹300₹350₹400Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹300₹350₹400Jul 3Sep 4Nov 9

₹407.9 month-end · +59.6% over 12 months

₹300₹400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹300₹400Nov '25May '26Nov '26

₹407.9 month-end · +104.4% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹407.9 month-end · +122.5% since Mar '21

₹200₹300₹400Mar '21May '22Jun '23Aug '24Sep '25Nov '26 ₹200₹300₹400Mar '21Jan '24Nov '26

52-week range ₹215.70 to ₹426.55 · 1-year volatility 38.5%

How rough has the ride been?

Maximum drawdown-69.6%recovered 2026-10
1-year volatility38.5%annualised
Beta vs sector index0.363-year daily, correlation 0.18
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%20222023202420252026−69.2% 0%−20%−40%−60%202220242026−69.2%
Largest drawdowns

-69.6% (2021-10 peak to 2023-03 low, recovered 2026-10)

-18.1% (2021-07 peak to 2021-08 low, recovered 2021-09)

-17.6% (2021-05 peak to 2021-06 low, recovered 2021-07)

Most recent volume spikes

2026-07-31: 11.1x the 50-day median, price +10.0% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE77th▲ 58 pts vs a year ago
  • Op. margin9th▼ 11 pts vs a year ago
  • Revenue growth11th▼ 81 pts vs a year ago
  • EPS growth6th▼ 70 pts vs a year ago
  • Debt/equity ↓57th▲ 4 pts vs a year ago
  • Cash cycle ↓55th▲ 37 pts vs a year ago
  • P/E ↓8thflat vs a year ago
  • 12M momentum97th▲ 18 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Technology Services sector page Watch it move against Technology Services in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Technology Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹407.90
ROCE
27.0%
Market Cap
₹16657 cr
Revenue (TTM)
₹1759 cr
P/S
9.5x
P/B
4.8x
ROE
-1.7%
Operating Margin
-9.0%
Debt / Equity
0.1x
Promoter Holding
34.3%
12M Momentum
59.6%

52-week range

₹215.70₹426.55
91% of the way from its 52-week low to its high

Price risk

1Y volatility
38.5%
Beta vs sector
1-year daily
0.29

Balance sheet & cash

Interest cover
operating profit ÷ interest
-2.1x
Cash from profit, 3Y
operating cash flow ÷ net profit
1.47x
Share count, 1Y
+111.4%

Are profits backed by cash?

3 of 4checks within range1 near a threshold
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion1.47xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.47x (cash from operations ₹306 cr, net profit ₹208 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-13 daysWithin range

Debtor days are below the median of the previous three fiscal years by 13 days (75 vs 88). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters added 17.1 pts; DIIs trimmed 13.5 pts; FIIs added 2.8 pts.
  • The number of shareholders fell from 1.7 lakh to 1.0 lakh (-41%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters17.2%34.3%+17.1 pts
FIIs10.5%13.2%+2.8 pts
DIIs15.9%2.4%-13.5 pts
Public and others56.5%50.1%-6.3 pts

Number of shareholders

1.0 lakhshareholders-41% since Dec '23
1.0L1.2L1.5L1.7L Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 1.7 lakh
Mar '24: 1.7 lakh
Jun '24: 1.6 lakh
Sep '24: 1.4 lakh
Dec '24: 1.4 lakh
Mar '25: 1.3 lakh
Jun '25: 1.2 lakh
Sep '25: 1.1 lakh
Dec '25: 1.0 lakh
Mar '26: 1.0 lakh
Jun '26: 1.0 lakh
 1.0L1.2L1.5L1.7L Dec '23Dec '24Dec '25Jun '26
Dec '23: 1.7 lakh
Mar '24: 1.7 lakh
Jun '24: 1.6 lakh
Sep '24: 1.4 lakh
Dec '24: 1.4 lakh
Mar '25: 1.3 lakh
Jun '25: 1.2 lakh
Sep '25: 1.1 lakh
Dec '25: 1.0 lakh
Mar '26: 1.0 lakh
Jun '26: 1.0 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

Not enough comparable history to show analogs for this company yet.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

VA TECH WABAGWABAG
Industrial Services
56%similar
debt/equitymarket cap
ORIENT ELECTRICORIENTELEC
Consumer Durables
53%similar
promoter holdingdebt/equity
SUBROSSUBROS
Producer Manufacturing
52%similar
debt/equityvolatility
SAFARI INDUSTRIES INDIASAFARI
Consumer Durables
47%similar
revenuerevenue growth
TRIVENI TURBINETRITURBINE
Producer Manufacturing
47%similar
volatilitymarket cap
MASTEKMASTEK
Technology Services
33%similar
promoter holdingrevenue growth
SONATA SOFTWARESONATSOFTW
Technology Services
33%similar
promoter holdingROCE
KPIT TECHNOLOGIESKPITTECH
Technology Services
32%similar
ROCEmarket cap

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

  1. OctPriceRegained the 2021-10 peak, 43 months after the low.
  2. SepResultsEPS (TTM) turned negative.
  3. SepPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the 3rd quartile).
  4. AugSharesShare count is up 111.4% over 12 months.
  5. JulPriceVolume reached 11.1x its 50-day median on 2026-07-31; price +10.0% that day.
  6. JunResultsYear-on-year EPS growth turned positive.
  7. JunPeer rankMoved into the top quartile of Technology Services on ROCE (from the bottom quartile).
  8. MayPriceVolume reached 32.1x its 50-day median on 2026-05-15; price +12.8% that day.
Show 22 earlier events
  1. MarInstitutionsFII + DII holding fell 7.2 pts over 2 quarters to 15.6%.
  2. MarPeer rankMoved into the 2nd quartile of Technology Services on operating margin (from the bottom quartile).
  3. JanPriceVolume reached 11.1x its 50-day median on 2026-01-05; price +0.9% that day.
  4. DecPromoterPromoter holding rose 27.2 pts to 35.5% (largest rise in the history since 2019-01).
  5. DecResultsYear-on-year EPS growth turned negative.
  6. DecPeer rankSlipped to the 3rd quartile of Technology Services on EPS growth (from the top quartile).
  7. DecPriceVolume reached 24.7x its 50-day median on 2025-12-29; price +6.7% that day.
  8. SepValuationP/E fell below the 10th percentile of its own history to date (69.8x).
  9. SepPeer rankMoved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
  10. AugPriceVolume reached 17.2x its 50-day median on 2025-08-25; price -3.5% that day.
  11. JulSharesShare count is up 12.9% over 12 months.
  12. JunInstitutionsFII + DII holding rose 3.6 pts over 2 quarters to 25.5%.
  13. MayPriceVolume reached 8.1x its 50-day median on 2025-05-13; price +2.5% that day.
  14. MarPriceVolume reached 7.9x its 50-day median on 2025-03-21; price +1.2% that day.
  15. DecResultsRevenue (TTM) reached a new high of ₹1,155 cr.
  16. DecPeer rankSlipped to the bottom quartile of Technology Services on operating margin (from the 3rd quartile).
  17. SepPromoterPromoter holding fell 6.4 pts to 10.1%.
  18. SepInstitutionsFII + DII holding fell 3.5 pts over 2 quarters to 22.8%.
  19. SepValuationP/E fell below the 10th percentile of its own history to date (92.9x).
  20. SepPeer rankMoved into the top quartile of Technology Services on EPS growth (from the 2nd quartile).
  21. SepPriceVolume reached 13.4x its 50-day median on 2024-09-13; price +4.1% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹1,138 cr.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history69 months · 2021-03 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹1759 cr-1.7%27.0%0.1x
2026-10—₹1759 cr-1.1%27.0%0.1x
2026-09—₹1759 cr-1.1%27.0%0.1x
2026-08143.3x₹1829 cr1.7%27.0%0.1x
2026-07130.4x₹1829 cr1.7%27.0%0.1x
2026-06116.6x₹1829 cr1.7%27.0%0.1x
2026-05183.9x₹1951 cr0.8%3.0%0.1x
2026-04174.5x₹1951 cr0.8%3.0%0.1x
2026-03154.3x₹1951 cr0.8%3.0%0.1x
2026-02123.7x₹2080 cr0.9%3.0%0.1x
2026-01132.9x₹2080 cr0.9%3.0%0.1x
2025-12127.8x₹2080 cr0.9%3.0%0.1x
2025-1170.0x₹1873 cr2.2%3.0%0.1x
2025-1073.2x₹1873 cr2.2%3.0%0.1x
2025-0969.8x₹1873 cr2.2%3.0%0.1x
2025-08114.3x₹1624 cr1.5%3.0%0.1x
2025-07133.0x₹1624 cr1.5%3.0%0.1x
2025-06127.8x₹1624 cr1.5%3.0%0.1x
2025-05122.7x₹1370 cr2.0%6.0%0.0x
2025-0495.8x₹1370 cr2.0%6.0%0.0x
2025-0389.8x₹1370 cr2.0%6.0%0.0x
2025-0286.9x₹1155 cr2.5%6.0%0.0x
2025-0189.8x₹1155 cr2.5%6.0%0.0x
2024-1296.7x₹1155 cr2.5%6.0%0.0x
2024-1194.4x₹1133 cr2.8%6.0%0.0x
2024-1088.9x₹1133 cr2.8%6.0%0.0x
2024-0992.9x₹1133 cr2.8%6.0%0.0x
2024-08125.5x₹1138 cr2.7%6.0%0.0x
2024-07122.5x₹1138 cr2.7%6.0%0.0x
2024-06117.5x₹1138 cr2.7%6.0%0.0x
2024-05117.7x₹1091 cr4.0%7.0%0.0x
2024-04107.6x₹1091 cr4.0%7.0%0.0x
2024-03112.6x₹1091 cr4.0%7.0%0.0x
2024-02125.2x₹1091 cr4.0%7.0%0.0x
2024-01149.3x₹1091 cr4.0%7.0%0.0x
2023-12143.8x₹1091 cr4.0%7.0%0.0x
2023-11134.0x₹1091 cr4.0%7.0%0.0x
2023-10135.9x₹1091 cr4.0%7.0%0.0x
2023-09140.3x₹1091 cr4.0%7.0%0.0x
2023-08130.3x₹1091 cr4.0%7.0%0.0x
2023-07116.5x₹1091 cr4.0%7.0%0.0x
2023-06121.6x₹1091 cr4.0%7.0%0.0x
2023-05147.0x₹622 cr3.6%7.0%0.0x
2023-04126.5x₹622 cr3.6%7.0%0.0x
2023-03118.4x₹622 cr3.6%7.0%0.0x
2023-02121.0x₹622 cr3.6%7.0%0.0x
2023-01135.6x₹622 cr3.6%7.0%0.0x
2022-12133.2x₹622 cr3.6%7.0%0.0x
2022-11135.4x₹622 cr3.6%7.0%0.0x
2022-10151.0x₹622 cr3.6%7.0%0.0x
2022-09149.9x₹622 cr3.6%7.0%0.0x
2022-08151.0x₹622 cr3.6%7.0%0.0x
2022-07121.6x₹622 cr3.6%7.0%0.0x
2022-06153.9x₹622 cr3.6%7.0%0.0x
2022-05400.0x₹454 cr1.5%2.0%0.0x
2022-04513.4x₹454 cr1.5%2.0%0.0x
2022-03538.9x₹454 cr1.5%2.0%0.0x
2022-02566.1x₹454 cr1.5%2.0%0.0x
2022-01697.9x₹454 cr1.5%2.0%0.0x
2021-12753.2x₹454 cr1.5%2.0%0.0x
2021-11737.4x₹454 cr1.5%2.0%0.0x
2021-10872.4x₹454 cr1.5%2.0%0.0x
2021-09753.9x₹454 cr1.5%2.0%0.0x
2021-08604.2x₹454 cr1.5%2.0%0.0x
2021-07610.3x₹454 cr1.5%2.0%0.0x
2021-06498.4x₹454 cr1.5%2.0%0.0x
2021-05—₹247 cr-3.9%-4.0%0.0x
2021-04—₹247 cr-3.9%-4.0%0.0x
2021-03—₹247 cr-3.9%-4.0%0.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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