Nazara Technologies delivered robust Q3FY25 growth, led by ad-tech and gaming segments. Recently acquired IPs such as Bigg Boss and Big Brother bode well for future growth. Onetime impairment of INR 153mn in ‘Wings’ and INR 80mn due to a last-minute event cancellation meant that Nodwin remained EBITDA negative. Overall, we remain constructive. Maintain BUY. We maintain our BUY rating on the stock with target price of INr 1,080. Our target multiple stands at 39x FY26E EV/EBITDA (ex-minority). For all recommendations report, click here. Buy Trade Watchlist Portfolio Message Set Alert live bselive nselive Volume Todays L/H More × ICICI Securities research report on Nazara Technologies. Buy Bajaj Consumer Care; target of Rs 220: ICICi Securities Buy Hindalco Industries; targets of Rs 730.
