Nazara Technologies Limited informs the Exchange regarding 'Clarification on media reports regarding the proposed Promotion and Regulation of Online Gaming Bill, 2025'.
NAZARA · price
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Nazara Technologies has issued a clarification to the exchanges in response to media coverage about the proposed Promotion and Regulation of Online Gaming Bill, 2025. The company stated it has zero direct exposure to real money gaming (RMG) businesses, with no contribution to its Revenue or EBITDA in Q1-26. Its only indirect exposure is a 46.07% stake in Moonshine Technologies (PokerBaazi), which is not consolidated in its financials as Nazara does not hold a majority or exercise control. Moonshine's share of profit was negative in Q1-26. Nazara has invested INR 805 crore in Moonshine equity shares (cash + stock) and holds an additional INR 255 crore in compulsory convertible shares. The company does not foresee any material adverse impact on its operating financial performance from the proposed Bill.
The clarification should reassure investors that Nazara's core business is insulated from the proposed Online Gaming Bill, though its INR 1,060 crore combined investment in PokerBaazi remains a potential overhang. Sentiment is likely neutral to mildly positive, as the company is pre-emptively addressing regulatory fears.