Nazara Technologies · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Sportska continues to face traffic decline from March 2025 Google core update, with costs down 32% YoY while management awaits next 2-3 algorithm updates for potential recovery. Pro Football Network took 2.5-3 quarters to recover from similar impact.
Fusebox revenue and profitability heavily tied to TV show availability and virality; Q3 decline attributed to absence of on-air Love Island show. User acquisition costs spike when shows air but deliver 60-day payback.
Kidopia margins declined to ~9% in Q3 from 25% last quarter as management aggressively invests in user acquisition. Two-year LTV payback target maintained but near-term margin recovery timeline not specified despite management indicating revenue scaling will offset higher spends.
Moonshine (poker business) operating loss of INR 30 crores in Q3 completely offset Nodwin's profit contribution to Nazara's P&L through share of associates. INR 1,900 crores still carried on books with ongoing erosion despite impairment.
