Nazara Technologies stock forecast 2025–2030: How long can the good times last?

Investors in Nazara Technologies, the Indian esports pioneer, have seen the value of their holdings soar almost 50% over the past year.

The Mumbai-based company has achieved record profitability, taken full ownership of key brands, and expanded into narrative mobile gaming.

But stock market analysts are split over what happens next, with their consensus NAZARA share price forecast being that shares could fall 17% over the coming year.

In our NAZARA stock forecast 2025-2030, we look at the latest Nazara news, examine the company’s recent results, and reveal what analysts are expecting over the next five years.

Nazara Technologies is the world’s fourth largest esports company with a market capitalisation of $1.49 billion. It trails only industry giants Tencent, Take-Two Interactive and Electronic Arts.

As of July 18, 2025, NAZARA stock is currently rated a ‘hold’, according to the views of 11 stock market analysts compiled by MarketScreener. 

One has a ‘buy’ recommendation in place, four have it as ‘outperform’ and two see it as a ‘hold’, while three class it as ‘underperform’ and one as a ‘sell’.

However, their consensus NAZARA share price forecast is that it could slip 17% to 1,334.60 INR over the coming year.

Strong returns and a string of acquisitions have helped drive the NAZARA stock price over the last few years.

The most recent purchase happened in late May 2025 when the company announced it had paid INR 247 crores (£21.7 million) for Curve Games, a UK-based publisher.

Curve, an award-winning independent label, has a diverse catalogue of games that includes For the King, Bomber Crew, The Ascent, Lawn Mowing Simulator, and Human Fall Flat.

Nitish Mittersain, Nazara’s CEO, insisted the firm’s “proven expertise” in PC and console publishing made them an ideal partner in cross-platform gaming. “This acquisition deepens our capabilities, brings exceptional IP into our fold, and strengthens our mission in building Nazara as a global gaming powerhouse from India,” he said.

A key element dictating whether or not Nazara Technologies will succeed over the coming years is the backdrop and demand for games. Here we have some good news.

India’s mobile gaming market has enjoyed tremendous growth over the past decade and is expected to surpass $9 billion in revenue during 2025, according to Rancho Labs.

The study highlighted widespread access to affordable smartphones, low-cost data, and a rapidly expanding younger gamer base for the boom.

It also pointed out that the country’s mobile gaming industry is shifting from consumption to creation, with gaming studios and tech start-ups making their presence felt.

More than 250 million new mobile gamers have been added in the last three years, according to the report, which brands India a “powerhouse” for global developers and publishers.

Of course, it’s also important to consider potential downsides within any NAZARA stock analysis and acknowledge that visibility is challenging in this sector.

Increasing competition from both established names and new entrants will influence how successful the company can be over the next few years.

A key part of our Nazara Technologies stock forecast is looking at what analysts think of the company’s prospects.

However, one of the potential issues for investors interested in Nazara is the fact that relatively few stock market analysts follow the company. This means fewer observers have it under scrutiny and increases the chances of unexpected events or something being missed. This represents a threat and an opportunity. 

​​Matthew Dolgin, senior equity analyst at Morningstar, believes there are many factors to consider when looking at a company operating in these sectors. He told eSports Insider: “It seems that Nazara is pretty diversified outside of video games to also include a sports news website and ad tech along with organising esports tournaments and developing and selling video games.”

As far as video game development is concerned, the biggest thing Dolgin looks for is the ability to drive durable sales. 

How about the longer-term NAZARA stock prediction?

The algorithmic forecasts of WalletInvestor and GovCapital have completely different conclusions when it comes to the future of NAZARA stock.

While WalletInvestor’s machine learning predictions believe the stock will continue rising over the next five years, GovCapital is forecasting a total collapse.

This illustrates that no one knows for sure what will happen and emphasises the importance of carrying out your own research to draw meaningful conclusions.

NAZARA stock year-to-date: +36%

The NAZARA share price had risen 36% from the start of the year to 1,383.70 INR as the market closed on July 18, 2025. 

Enthusiasm for the stock has been driven by multiple acquisitions made by the company over the course of this year.

NAZARA stock one-year performance: +49%

NAZARA’s stock price has risen by almost 50% from its $932 INR level a year ago, which represents a decent return for investors.

The aforementioned acquisitions, as well as decent quarterly results and a positive backdrop have been key drivers, especially over the past couple of months.

NAZARA stock five-year performance: +40%*

It’s not yet possible to examine the stock’s performance over five years because the company only went public back in March 2021.

However, NAZARA’s share price has performed well since then and is currently trading 40% higher than it was at that time.

According to the latest Nazara Technologies earnings, the company had a very successful full year 2025. It achieved its highest ever annual EBITDA (earnings before interest, tax, depreciation and amortisation) of INR 153.5 crores on revenues of INR 1,624 crores.

In a statement, Nazara also revealed its core gaming business delivered a healthy 19.9% EBITDA margin and overall EBITDA margins of 9.4%.

It stated: “This performance reflects the strength of Nazara’s diversified portfolio, disciplined execution, and focused pivot toward high-margin gaming segments.”

In the fourth quarter, Nazara achieved revenue of INR 520.2 crores, which was up 95% year-on-year, and a 74% increase in EBITDA of INR 51.0 crores. 

“Growth was driven by solid momentum in the core gaming portfolio, particularly Fusebox and Animal Jam, along with improved unit economics in Kiddopia,” it added. “Margins remained resilient despite elevated user acquisition investments and new IP integrations.”

The highlights of the year included:

In a statement, Nitish Mittersain, Nazara’s CEO, branded full year 2025 a “pivotal year” in the company’s journey. 

Looking ahead to the full year 2026, Mittersain said the company was poised for accelerated growth with increasing contributions from its core gaming portfolio. “Our platform is now stronger, and more globally relevant with a growing presence across North America and Europe, strategic global partnerships, and recognition among the world’s top gaming publishers,” he explained.

He also emphasised the company’s global reputation. “Nazara is not just leading the gaming industry in India—it is steadily establishing itself as a rising force on the global gaming stage.”

Nazara Technologies is India’s only listed gaming company. It was established back in 1999 and boasts a diversified portfolio of businesses across interactive gaming, esports and media.

Its key interests include Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship, and Sportskeeda, as well as Datawrkz, a digital ad tech operation.

Nazara’s subsidiaries include NODWIN Gaming, one of South Asia’s leading esports companies and an organiser of tournaments across the region.

According to the company, NODWIN boasts more than a billion gamers activated and 9,000-plus hours of content distributed.

So, what is the main takeaway from our NAZARA stock analysis? Is it a holding that should be considered, or is now the wrong time to get involved?

Nazara is clearly an ambitious company and a leading name in the developing Indian gaming market. It’s also spent money on a string of acquisitions over the past year. However, the issue is what happens next. The gaming and esports arena is increasingly competitive, and the pressure will be on Nazara to keep ahead of the pack.

Stock market analysts are notoriously unforgiving on companies that appear to falter so its future success will largely depend on executing an ongoing growth strategy.

Trading carries financial risk and can lead to losses. Always conduct your own analysis and never invest more than you can afford to lose.