Mumbai: NODWIN Gaming has reported consolidated revenue of Rs. 106.04 crore for Q1 FY26, a period that the company calls its slowest due to event seasonality. The bigger story was on costs. EBITDA loss narrowed to Rs. 11 crore, and management is guiding for a 32 per cent improvement to Rs. 7.53 crore loss in Q1 FY27.
The results reflect a deliberate shift from growth-at-all-costs to operating discipline, while NODWIN continues to invest in content, live IPs and international expansion.
The core engine remains the same: content brings in audiences, live experiences turn them into superfans, and that engagement is monetized through sponsorships, ticketing, merchandise and media rights. That flywheel is now being run leaner.
During the quarter NODWIN added new bets across gaming and youth culture. Initiatives include trading cards and board games, a premium pop-culture merchandise business, and The National Math Bee with Bhanzu. Flagship IP Playground is set for a US launch this year alongside its India edition. The company also renewed content partnerships with Rusk Media for 2026-27.
On the publishing side, NODWIN and Garena agreed to jointly grow Free Fire MAX in India, leaning on competitive gaming, creator programs and live events. Beyond gaming, its partner services arm delivered projects for the Saudi Football Federation and the Belgian Football Association.
NODWIN also paused acquisitions after ceasing funding to Freaks4U. The company said it used the time to tighten its M&A framework and integration playbook. It is now targeting about 30 percent organic growth this year and plans to restart acquisitions under the updated criteria.
A few calendar and commercial moves should help margins in coming quarters. A key global PUBG Mobile property has shifted from Q1 FY26 to Q2 FY27. NH7 Weekender has moved to a licensing model in India, and Comic Con India has dropped minimum guarantees in favor of direct ticket sales, aligning revenue and costs more closely with attendance.
On the global stage, NODWIN was named India’s National Team Partner for the inaugural Esports Nations Cup 2026. Team India has already qualified across seven titles for the Riyadh finals.
Internally, the company deployed more than 10 AI workflow tools across finance, HR, legal, sales and production. NODWIN expects these to deliver around INR 12 crore in software replacement savings over the next three years. It also expanded ESOPs to all employees, helping keep attrition under 5 percent. Founder retention across acquired businesses remains at 100 percent.
Akshat Rathee, co-founder, MD NODWIN Gaming, said: “The first quarter is traditionally our lightest from a revenue perspective because of the timing of our largest properties, but the progress we’ve made on operating performance is encouraging. Over the past year, we have focused on building a stronger foundation by improving efficiency, refining our acquisition strategy, investing in technology, and expanding the opportunities around our Live and Content businesses.
We are seeing that discipline translate into a healthier business. Every step we are taking today is helping build a business that is increasingly ready for the responsibilities of the public markets. At the same time, we continue to expand our portfolio with new entertainment formats, international opportunities, and consumer products that strengthen our engagement with youth audiences. As we restart our acquisition journey, our focus remains on building an integrated global youth entertainment company with sustainable growth, strong founder-led businesses, and diversified revenue streams.”
With gaming, esports, live entertainment, creators, commerce and consumer products now under one roof, NODWIN is positioning itself as a scaled youth entertainment company built for the Global South, and increasingly, beyond it.
