Nazara takes ₹914.7 crore hit after Moonshine write-off following Online Money Gaming ban
The quarter also saw the company reclassify Nodwin Gaming Pvt Ltd—its eSports subsidiary—as an associate following a change in control in August 2025. Nazara remeasured its holding in Nodwin at fair value, booking a gain of ₹1,098.46 crore under other income.
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Nazara Technologies Ltd has taken a ₹914.7-crore impairment on its investment in associate Moonshine Technologies Pvt Ltd after the government’s Promotion and Regulation of Online Gaming Act, 2025 outlawed real-money gaming across India. The write-off, disclosed in the company’s September quarter results, marks one of the biggest hits yet faced by a listed gaming firm from the new law.
The company reduced the carrying amount of its Moonshine investment to ₹96.53 crore as on September 30, 2025, citing a complete cessation of Moonshine’s revenue-generating activities. “The carrying amount of the company’s investment in Moonshine Technologies has been reduced… since the Gaming Act prohibits its sole line of business, resulting in a complete cessation of revenue-generating activities,” Nazara said in its filing with the exchanges.
The impairment pushed Nazara to a standalone net loss of ₹966.95 crore for the quarter ended September 2025, and ₹939.34 crore for the half year. The company said this is a non-recurring, exceptional accounting adjustment, not a cash loss. Despite the hit, its standalone net worth remained strong at ₹2,236.42 crore.
At the consolidated level, Nazara reported a net loss of ₹33.93 crore for the quarter, but remained profitable for the six months ended September 2025 with a net profit of ₹17.41 crore. The company’s consolidated net worth stood at ₹3,395.34 crore, reflecting a resilient financial position even after the impairment.
Nazara’s revenue from operations rose to ₹526.46 crore during the quarter, driven by growth in its gaming and ad-tech verticals, while eSports continued to contribute meaningfully to topline growth.
The Gaming Act, enacted in August 2025, bans online games involving real-money stakes. Moonshine Technologies, Nazara’s associate, operated exclusively in that segment through its subsidiaries such as OpenPlay, Baazi Networks, and SBN Gaming Network, all of which have been impacted.
Nazara also disclosed pending Goods and Services Tax (GST) show-cause notices concerning its subsidiary Halaplay Technologies and certain Moonshine-linked entities. The notices collectively raise demands exceeding ₹1.19 lakh crore, including ₹27,421 lakh for Halaplay and ₹9,06,652 lakh for Baazi Networks, relating to the taxation of gaming proceeds. The company said these notices are “arbitrary and contrary to law” and that no financial adjustments have been made in its consolidated accounts.
The quarter also saw the company reclassify Nodwin Gaming Pvt Ltd—its eSports subsidiary—as an associate following a change in control in August 2025. Nazara remeasured its holding in Nodwin at fair value, booking a gain of ₹1,098.46 crore under other income.
Despite the exceptional loss linked to Moonshine, Nazara reiterated that its core operations in gaming, gamified learning, ad-tech and eSports remain unaffected and continue to post steady growth. Management said it is reviewing strategic options for Moonshine and other impacted entities, including potential restructuring and asset redeployment in compliant markets.
