Nazara Tech shares zoom 10% despite posting Rs 34 crore loss in Q2 FY26; here's why
The quarterly loss was mainly due to a one-time impairment of Rs 914.7 crore on its investment in Moonshine Technologies, which operates PokerBaazi.
- Nov 13, 2025,
- Updated Nov 13, 2025 11:46 AM IST
Shares of Nazara Technologies Ltd surged 9.70 per cent in Thursday's trade to hit a high of Rs 281.55, even as the diversified gaming and sports media company reported a consolidated net loss of Rs 33.9 crore for the second quarter (Q2 FY26).
This marks Nazara's first loss-making quarter since its market debut in 2021.
The quarterly loss was mainly due to a one-time impairment of Rs 914.7 crore on its investment in Moonshine Technologies, which operates PokerBaazi.
The impairment followed the government's recent decision to impose a blanket ban on real-money gaming in the country, affecting valuations across the sector.
Nazara also recorded a one-time gain of Rs 1,098.5 crore during the quarter after its stake in Nodwin Gaming fell below 50 per cent, resulting in the business being de-subsidiarised.
The company measured its retained stake in Nodwin at fair value, as required by accounting standards.
Despite the accounting impact of these exceptional items, Nazara's operational performance showed strong growth.
EBITDA rose 146.4 per cent year-on-year (YoY) to Rs 62 crore, compared with Rs 25.2 crore in the same quarter last year.
Revenue from operations grew 65.1 per cent YoY to Rs 526.5 crore, up from Rs 318.9 crore in Q2 FY25.
Commenting on the results, Nitish Mittersain, Joint Managing Director and CEO of Nazara Technologies, said, "The accounting adjustments this quarter, including the Moonshine impairment and Nodwin fair value gain, are one-time items and do not impact operating cash flows or the momentum of our core business."
As of September 2025, promoters held a 35.46 per cent stake in the gaming company.
Shares of Nazara Technologies Ltd surged 9.70 per cent in Thursday's trade to hit a high of Rs 281.55, even as the diversified gaming and sports media company reported a consolidated net loss of Rs 33.9 crore for the second quarter (Q2 FY26).
This marks Nazara's first loss-making quarter since its market debut in 2021.
The quarterly loss was mainly due to a one-time impairment of Rs 914.7 crore on its investment in Moonshine Technologies, which operates PokerBaazi.
The impairment followed the government's recent decision to impose a blanket ban on real-money gaming in the country, affecting valuations across the sector.
Nazara also recorded a one-time gain of Rs 1,098.5 crore during the quarter after its stake in Nodwin Gaming fell below 50 per cent, resulting in the business being de-subsidiarised.
The company measured its retained stake in Nodwin at fair value, as required by accounting standards.
Despite the accounting impact of these exceptional items, Nazara's operational performance showed strong growth.
EBITDA rose 146.4 per cent year-on-year (YoY) to Rs 62 crore, compared with Rs 25.2 crore in the same quarter last year.
Revenue from operations grew 65.1 per cent YoY to Rs 526.5 crore, up from Rs 318.9 crore in Q2 FY25.
Commenting on the results, Nitish Mittersain, Joint Managing Director and CEO of Nazara Technologies, said, "The accounting adjustments this quarter, including the Moonshine impairment and Nodwin fair value gain, are one-time items and do not impact operating cash flows or the momentum of our core business."
As of September 2025, promoters held a 35.46 per cent stake in the gaming company.