Nazara clarifies minimal exposure to online gaming bill

Nazara Technologies has clarified its position on the proposed Promotion and Regulation of Online Gaming Bill, 2025, stating it expects no material impact on financial performance.

The company reports no direct exposure to real money gaming businesses, with NIL contribution to revenues and EBITDA from RMG in Q1-26.

Its only indirect exposure is a 46.07% stake in Moonshine Technologies (PokerBaazi), but Nazara doesn't hold majority control. Moonshine's revenue isn't consolidated and contributed negative PAT as an associate in Q1-26.

Nazara has invested INR 805 crores in Moonshine equity plus INR 255 crores in convertible shares.