The market on November 13 saw contrasting moods in two buzzing midcaps, Nazara Tech and Cochin Shipyard, right after both announced their Q2 FY26 results. While Nazara Tech shares jumped over 5%, Cochin Shipyard tumbled nearly 8%, reflecting the mixed emotions that quarterly earnings often bring on Dalal Street.
Nazara Tech Q2: One-Time Adjustments Shadow a Strong Operational Quarter
Nazara Technologies, India’s diversified gaming and sports media platform, reported a consolidated net loss of ₹33.9 crore for the quarter ended September 2025, its first loss-making quarter since listing in 2021.
The loss came mainly from a one-time impairment of its ₹914.7 crore investment in Moonshine Technologies (PokerBaazi), after the recent government ban on real-money gaming. This hit was further amplified by Nazara’s ₹206.3 crore share of loss from associate firm Nodwin Gaming, impacted by impairment at Freaks4U.
Adding to that, Nazara booked ₹17.5 crore as its equity share of loss in Moonshine Technologies during the same quarter.
However, the picture isn’t entirely grim. The company also recorded a one-time gain of ₹1,098.5 crore, driven by a fair value revaluation of its retained stake in Nodwin Gaming, after its holding reduced to 47.66% marking a shift to de-subsidiarisation.
Despite the accounting noise, the core business performance stayed strong:
- Revenue from operations: ₹526.5 crore (up 65.1% YoY)
- EBITDA: ₹62 crore (up 146.4% YoY)
- EBITDA margin: Strong sequential improvement driven by cost discipline
Founder Nitish Mittersain clarified that these accounting entries are one-time adjustments and “do not impact operating cash flows or business momentum.” That’s an important reminder that the operational engine remains solid even in a volatile regulatory backdrop.
Cochin Shipyard Q2: Profit Drops 48%, Revenue Down 13%
In contrast, Cochin Shipyard reported a standalone net profit of ₹101.09 crore, marking a sharp 48% YoY decline compared to ₹193.07 crore in the same quarter last year.
Revenue from operations also fell 13% YoY to ₹951.30 crore, down from ₹1,096.98 crore in Q2 FY25.
Even as profit margins narrowed, the company upheld investor confidence with an interim dividend of ₹4 per share for FY26.
Key details:
- Record date: November 18, 2025
- Payout date: On or before December 11, 2025
Despite the softer quarterly performance, the dividend declaration underlines Cochin Shipyard’s continued focus on shareholder value.
Market Reaction: Divergent Moves Post Results
- Nazara Tech share price: Up 5% at ₹270.75 apiece
- Cochin Shipyard share price: Down 8% to ₹1,645.30 apiece
Both stocks moved sharply in opposite directions as investors digested their latest financial updates.
Nazara’s rally reflected optimism around its underlying growth metrics, while Cochin Shipyard’s decline mirrored concern over earnings softness.
In Summary
The Q2 results impact on Nazara Tech and Cochin Shipyard shows how markets swiftly reward or penalize quarterly performance especially when one-time accounting effects blur the operational narrative.
Nazara’s numbers underline strong revenue momentum amid regulatory headwinds, while Cochin Shipyard’s dip points to cyclical pressures in shipbuilding and defense contracts.
In a market that prizes clarity and consistency, Q2 FY26 reminds investors that not all quarterly stories are created equal some reveal resilience, others reality checks.
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