Nazara Technologies reports ₹29.35 crore Q2 loss on Moonshine write-down
Nazara Technologies posted a Rs 29.35 crore Q2 loss after a Rs 914.7 crore impairment in Moonshine Technologies, even as revenue rose 65% to Rs 526 crore
 "Nazara Technologies reports ₹29.35 crore Q2 loss on Moonshine write-down")
Nazara Technologies, India’s only publicly listed gaming firm, reported a Rs 29.35 crore consolidated net loss in the second quarter of FY26 (Q2FY26), compared with a net profit of Rs 23.83 crore a year earlier. The loss was primarily due to the write-down of its investment in Moonshine Technologies, following the government’s ban on real-money gaming.
In the previous quarter (Q1FY26), Nazara had reported a profit of Rs 53.46 crore.
Revenue and income details
Nazara’s revenue from operations surged 65 per cent year-on-year to Rs 526.46 crore from Rs 318.94 crore in Q2FY25, and rose 5.5 per cent sequentially from Rs 498.77 crore.
The company also recorded an exceptional jump in other income, which soared to Rs 1,104.46 crore from just Rs 25.31 crore a year earlier—an over 40-fold increase. This came after Nazara ceased control of Nodwin Gaming, which became an associate entity, triggering a Rs 1,098.46 crore gain from the revaluation of its investment in Nodwin.
Expenses and impairment
Total expenses grew 66.3 per cent to Rs 534.25 crore, compared to Rs 321.27 crore in Q2FY25, with only a marginal 2.5 per cent rise over the previous quarter.
Nazara reduced the carrying value of its investment in Moonshine Technologies to Rs 96.53 crore as of Q2FY26, resulting in a total impairment of Rs 914.7 crore during the quarter. Moonshine operated platforms like PokerBaazi and other card-based real-money gaming properties that were impacted by the Online Gaming Act.
Management commentary
“Nazara continued strengthening its position as an IP-led, global gaming platform. We are evolving from publishing individual games to building and scaling long-term franchises,” said Nitish Mittersain, joint managing director and chief executive officer of Nazara Technologies.
He added, “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.”
Portfolio highlights
Nazara’s portfolio includes Curve Games, Kiddopia, Animal Jam, Fusebox Games (Love Island, Big Brother, Bigg Boss), World Cricket Championship, and Sportskeeda, along with offline ventures such as Funky Monkeys and Smaaash Entertainment.