Nazara’s Q1 FY26 profits surge despite RMG ban, with minimal exposure through Moonshine stake, still.

• Bill bans real‑money gaming, imposing three‑year jail and up to Rs 1 crore fines for offenders nationwide.
• Nazara holds 46.07% Moonshine stake; not consolidated, showing negative Q1 profit contribution to overall results.
• Q1 FY26 revenue rose 99% to Rs 498.8 crore; EBITDA 90% increased, 24.4% margin, driving strong growth.