While most of the companies operating in the space are unlisted, Nazara Technologies has meaningful exposure in the space via Moonshine Technology (PokerBaazi).
The Promotion and Regulation of Online Gaming Bill, 2025, criminalises digital betting and bans monetary transactions for real money gaming. Banks and fintechs are also barred from processing such payments.
Following the news, domestic brokerage firm ICICI Securities has downgraded Nazara to reduce with a revised target price of Rs 1,100 from Rs 1,500 earlier.
“We had earlier assigned a Rs 400 valuation to Moonshine in our SoTP. Given the ban on RMG, we now cut this to zero. Nazara’s other verticals, such as gamified early learning, publishing, and gaming arcades, remain unaffected,” ICICI’s Abhisek Banerjee said.
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Nazara Technologies is a leading India-based company in the gaming and sports media platform. They have a strong presence in India, Africa, North America, and other global markets. Their offerings include interactive gaming, eSports, and gamified early learning ecosystems with popular games like World Cricket Championship and Kiddopia.
The company operates a diverse portfolio of gaming and digital content brands, including Classic Rummy, Halaplay, Kiddopia, Sportskeeda, and World Cricket Championship (WCC).
The Mumbai-based company informed exchanges that real-money gaming contributed nothing to its revenues in the first quarter of FY26.
“Nazara has no direct exposure to real money gaming (RMG) businesses. As per its latest reported financials (Q1-26), the contribution to Revenues and EBITDA by the RMG business is NIL,” it said, adding that as Nazara does not hold a majority stake or exercise control, Moonshine’s revenue is not consolidated in the Company’s financial statements and has no impact on the Company’s reported Revenue or EBITDA.
The company said it has invested Rs 805 crores towards equity shares in Moonshine through a combination of cash and stock and, in addition, holds compulsory convertible shares amounting to Rs 255 crore.
“Accordingly, the company does not anticipate any material adverse impact on its operating financial performance (Revenue or EBITDA) in relation to such media reports,” it said.