Nazara Technologies reported a loss of INR 34 Cr in Q2 FY26, impacted by RMG investments and a slowdown in European esports. The company is now pivoting to build long-term intellectual properties (IPs) like 'Animal Jam' and 'World Cricket Championship', unifying its mobile studios with a 'Universal Nazara ID', and integrating its digital business with offline ventures like Smaaash to stabilize revenue and capture a larger share of India's gaming market.