Prabhudas Lilladher Maintains Hold on Nazara, Sets Rs 396 Target

The broker cut its FY28E and FY29E EBITDA estimates by 5% and 7%, respectively, citing refined margin assumptions for Kiddopia, SportsKeeda and DataWrkz. Nazara’s operational performance was broadly in line, with a 14.9% EBITDA margin versus the broker’s 15.3% estimate.