Nazara Technologies has said that its over ₹800 crore investment in PokerBaazi could face a potential write-off if the proposed online gaming bill moves forward, though its overall earnings will not be impacted.
Since the Bill was introduced and cleared in Lok Sabha yesterday, Nazara shares have taken a deep plunge. On Thursday, the gaming giant's shares fell another 11% to Rs 1,085 on BSE to record the total two-day loss of about 23%. The Bill is expected to be introduced and considered for passage in Rajya Sabha later today.
In an interview with CNBC-TV18, joint MD and CEO Nitish Mittersain said, “We own about 46% in the company, and it’s speculative now, because we don’t know what the content of the Bill is. But if there is a move, as the media has reported, to ban online real money gaming, then of course, that particular investment could potentially be at risk.”
Also Read: Nazara shares in freefall, down 23% in 2 days as PokerBaazi game haunts investors
He added that it was too early to put a number on any write-off. “The core platform of that business is extremely strong, and therefore, there could be opportunities to take it into other markets, etc. But like I said, it’s early days.”
Mittersain once again clarified that the company’s financials remain unaffected. “From a Nazara perspective, there was absolutely no contribution of real money gaming revenues in this financial performance. What that means is that even going forward, since we are not having any contribution from real money gaming in our financial numbers that we report, there is no disturbance or issues with what we will report going forward, and the company continues to grow strongly and profitably.”
On the additional ₹250 crore of convertible preference shares in Moonshine Technologies, which runs PokerBaazi, he said that the conversion of the shares is long dated and are not due at this point. "I think it’s two or three years out. So, we will take a call a bit later on. It’s too early right now,” he told on CNBC TV-18.
Also Read: Gaming ads may take a hit; actors, cricketers treading cautiously
Despite the regulatory uncertainty, Mittersain said Nazara’s global diversification protects its business. “Nazara has been designed in a manner to be very resilient to any such disruptions by being a well-diversified business spread over the globe. We have over 80% of revenues that come from international markets today through core gaming IP, which has been our focus.”
The company reported over 100% profit growth in the first quarter of FY26 and continues to pursue acquisitions in the gaming IP space. “We may go up to ₹500–700 crore type of transactions, but our sweet spot right now is in that ₹200–300 crore range,” Mittersain said.
Since the Bill was introduced and cleared in Lok Sabha yesterday, Nazara shares have taken a deep plunge. On Thursday, the gaming giant's shares fell another 11% to Rs 1,085 on BSE to record the total two-day loss of about 23%. The Bill is expected to be introduced and considered for passage in Rajya Sabha later today.
In an interview with CNBC-TV18, joint MD and CEO Nitish Mittersain said, “We own about 46% in the company, and it’s speculative now, because we don’t know what the content of the Bill is. But if there is a move, as the media has reported, to ban online real money gaming, then of course, that particular investment could potentially be at risk.”
Also Read: Nazara shares in freefall, down 23% in 2 days as PokerBaazi game haunts investors
He added that it was too early to put a number on any write-off. “The core platform of that business is extremely strong, and therefore, there could be opportunities to take it into other markets, etc. But like I said, it’s early days.”
Mittersain once again clarified that the company’s financials remain unaffected. “From a Nazara perspective, there was absolutely no contribution of real money gaming revenues in this financial performance. What that means is that even going forward, since we are not having any contribution from real money gaming in our financial numbers that we report, there is no disturbance or issues with what we will report going forward, and the company continues to grow strongly and profitably.”
On the additional ₹250 crore of convertible preference shares in Moonshine Technologies, which runs PokerBaazi, he said that the conversion of the shares is long dated and are not due at this point. "I think it’s two or three years out. So, we will take a call a bit later on. It’s too early right now,” he told on CNBC TV-18.
Also Read: Gaming ads may take a hit; actors, cricketers treading cautiously
Despite the regulatory uncertainty, Mittersain said Nazara’s global diversification protects its business. “Nazara has been designed in a manner to be very resilient to any such disruptions by being a well-diversified business spread over the globe. We have over 80% of revenues that come from international markets today through core gaming IP, which has been our focus.”
The company reported over 100% profit growth in the first quarter of FY26 and continues to pursue acquisitions in the gaming IP space. “We may go up to ₹500–700 crore type of transactions, but our sweet spot right now is in that ₹200–300 crore range,” Mittersain said.
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