Nazara Technologies, India’s only listed gaming company, released its unaudited consolidated results for Q2FY26 on November 12, 2025, reporting financials for the quarter ended September 30, 2025. During the period, the company generated Rs 1630.92 crore in total revenue, a marked year-on-year increase from Rs 619.90 crore seen last year. However, it recorded a consolidated net loss of Rs 33.93 crore, primarily driven by exceptional items recognised in the quarter.
Significantly, the results included an impairment on the company’s investment in Moonshine Technologies, the parent company of Pokerbaazi. This arose following the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which prohibits real-money online gaming and, consequently, requires Nazara to reassess the value of affected assets.
Nevertheless, the group’s consolidated net worth stood at Rs 2236.42 crore at the end of the quarter, underscoring its continued balance-sheet resilience despite the regulatory impact.
Furthermore, segment-level disclosures showed that gaming remained the largest contributor, generating Rs 295.88 crore. Additionally, the ad-tech vertical delivered Rs 143.79 crore, while e-sports contributed Rs 87.34 crore.Â
Regulatory Shock for Nazara and the Impairment Fallout
Nazara Technologies’ Q2FY26 disclosures detail a substantial regulatory impact following the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which prohibits online money games. Consequently, the company reassessed assets linked to this segment and recognised an aggregate impairment of Rs 962.02 crore on its investment in Moonshine Technologies, alongside an additional Rs 0.41 crore impairment on its subsidiary HalaPlay Technologies.
After these adjustments, the carrying values of Moonshine and HalaPlay were reduced to Rs 96.53 crore and Nil, respectively, as their revenue-generating activities ceased entirely under the new law.
Separately, subsidiaries and associate entities engaged in online money gaming received significant Goods and Services Tax (GST) show-cause notices totalling Rs 11,581 crore, stemming from disputes over whether GST should apply to the gross bet value rather than the gross gaming revenue. These notices cover historical periods between 2018 and 2023 and remain unadjusted in the company’s results.Â
Nazara Gaming Segment Grows GloballyÂ
Nazara Technologies’ leadership said in its earnings call that the company continues to scale its global gaming operations across mobile, PC/console, and offline formats, with international markets contributing more than 90% of gaming revenue in the quarter, specifically from the UK and US. Chief Executive Officer (CEO) Nitesh Mittersain stated that growth was driven by stronger live-ops execution, improved retention, and multi-platform monetisation across mobile, PC, console, and offline centres.
Mobile gaming remained the main contributor, supported by…
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