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Prabhudas Lilladher's research report on Nazara Technologies

We cut our EPS estimates by 15%/14% for FY27E/FY28E as we re-align our depreciation assumptions. NAZARA IN’s operational performance was broadly in line with EBITDA margin of 11.8% (PLe 11.0%) though bottom line was weighed down by multiple one-offs related to Nodwin, PokerBaazi and Freaks4U. The decision to deconsolidate Nodwin reflects NAZARA IN’s renewed emphasis on profitability over scale. The plan is to now focus on highmargin core gaming portfolio supported by ongoing releases such as new season of Love Island and Big Boss, alongside strong traction in Curve Games. Expansion in offline gami

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