In a clarification, the company said it has no direct exposure to real money gaming (RMG) businesses. As per its Q1 FY26 results, the contribution of RMG to revenue and EBITDA was nil.

Nazara's only indirect exposure to the segment is through its 46.07% stake in Moonshine Technologies, which operates PokerBaazi. The company emphasized that since it does not hold a majority stake or exercise control, Moonshine’s revenue is not consolidated in Nazara’s financial statements and has no impact on reported revenue or EBITDA. In fact, the contribution to profit after tax from Moonshine in Q1 was negative.

Nazara further noted that it has invested Rs 805 crore in Moonshine via a mix of cash and stock, along with Rs 255 crore worth of compulsory convertible shares. However, it stressed that it does not expect any material adverse impact on its financial performance from such media reports.

Nazara Technologies is India’s only publicly listed gaming company. Its key businesses include Curve Games, Kiddopia, Animal Jam, Fusebox Games (Love Island, Big Brother), World Cricket Championship and Sportskeeda, along with offline gaming businesses such as Funky Monkeys and Smaash Entertainment. Nazara also operates Datawrkz, a digital ad tech business. With presence in India, North America, and other global markets, Nazara is building a global gaming platform with strong IP, publishing, and operating capabilities.

On a consolidated basis, Nazara Technologies posted a sharp growth in Q1FY26 with revenues of Rs 498.8 crore (+99% YoY) and EBITDA of Rs 47.4 crore (+90% YoY). The core gaming business achieved a 24.4% EBITDA margin, reflecting strong execution of its IP-led gaming strategy. PAT in Q1FY26 was Rs 51.3 crore, marking a 118% YoY increase and underlining the company’s continued ability to generate sustainable profits even as it invests for growth.