ZERODHA CO-FOUNDER, Nikhil Kamath, and existing shareholder Axana Estates are involved in a significant block deal in Nazara Technologies in which Nazara founder and joint managing director Nitish Mittersain is likely the seller, a CNBCTV18 report said.
This led to shares of Nazara Technologies surging as much as 18% on Friday, May 15 after a significant block deal in which nearly 4.9% of the company’s equity changed hands, triggering strong market interest and heavy volumes, the report said. The stock hit an intraday high of ₹314, marking its sharpest single-day gain since August 2022, when it had jumped about 20%.
The report said that people familiar with the matter told CNBC-TV18 that Mittersain is likely the seller At the end of the March quarter Mittersain held approximately 2.18% stake and Axana Estates LLP held about 5.4% stake.
Mittersain had said in a recent CNBC-TV18 interview that the company expects 15–20% organic growth by FY27 and that core gaming business margins rising to approximately 25% by FY27-end, up from 19.5% in the March quarter.
Nazara Technologies had reported a 23.5% year-on-year decline in operating revenue for the fourth quarter of FY26, even as the company posted a sharp increase in profitability driven by lower overall expenditure and stronger performance in its gaming business.
According to the company’s financial filings with the National Stock Exchange of India, Nazara’s operating revenue fell to ₹398 crore in Q4 FY26, compared with ₹520 crore in the corresponding quarter of the previous fiscal year.
For the full financial year FY26, Nazara reported operating revenue of ₹1,829 crore, representing annual growth of 12.6%. Net profit for the year increased 60.8% to ₹82 crore.
