Nazara Technologies · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Freaks (57.62% subsidiary) has taken INR 206 crore impairment. Management has communicated it will not continue funding the business, which must survive on internal resources or face insolvency. Q2 losses were approximately INR 17 crore, with significant cost reduction underway.
Moonshine Technologies (PokerBaazi) has over INR 100 crore cash but burned approximately INR 17 crore in Q2. Management expects continued losses for 1-2 more quarters as it explores platform licensing and B2B opportunities, with Nazara's share of associate losses continuing.
Sportskeeda (85% of Ninh's revenue and 90% of EBITDA) was impacted by Google's March 2025 core update. Unlike Football Network which recovered in 3 quarters, Sportskeeda has not recovered after 2 quarters, with another 1-2 Google updates needed for potential bounce back.
Analyst flagged that Smash revenue surged from INR 8 crore (Q1 partial) to INR 24 crore (Q2 full) but EBITDA remained flat at INR 3-3.5 crore, indicating margin compression. Management acknowledged needing to 'double-click' on this discrepancy.
