NODWIN Gaming Reports ₹116 Crore Revenue in Q1 FY27, Improves Operating Efficiency
NODWIN Gaming has reported consolidated revenue of INR 116 crore for the first quarter of FY27. The quarter is typically the company's slowest due to seasonal factors, but NODWIN says it still managed stable growth while sharpening its operating performance.
The company's EBITDA loss narrowed from INR 11 crore in Q1 FY26 to INR 7.53 crore in Q1 FY27, a 32% improvement it's attributing to tighter operating discipline.
Much of NODWIN's model runs on a content-to-live-events pipeline. Content pulls audiences in, while live experiences like BGMS, NH7 Weekender, and Comic Con India convert them into paying fans through tickets, sponsorships, and merchandise.
On the content side, the company entered new categories this quarter, including trading cards, board games, a pop-culture merch line, and a math-focused property built with Bhanzu. It's also taking its creator-led gaming IP Playground international, launching a U.S. edition alongside the India one. Rusk Media partnerships were extended through 2026-27, and NODWIN struck a new agreement with Garena to support Free Fire MAX in India. Outside gaming, its production and support services arm picked up projects with the Saudi and Belgian football federations.
On the M&A front, NODWIN paused new acquisitions after halting funding to Freaks4U, using the gap to rework its dealmaking framework. It's now targeting roughly 30% organic growth this year before restarting acquisitions.
A few structural shifts are expected to help future quarters. One of its major PUBG Mobile events has moved from Q1 FY26 to Q2 FY27, NH7 has switched to a licensing model in India, and Comic Con India has dropped minimum-guarantee deals in favor of direct ticket revenue.
The company was also named India's National Team Partner for the first Esports Nations Cup 2026, backing Team India, which has already qualified across seven titles for the Riyadh finals.
Internally, NODWIN has rolled out over 10 AI-driven workflow tools across departments like Finance, HR, and Legal, expecting roughly INR 12 crore in cost savings over three years. Employee attrition sits below 5% after the company expanded its ESOP program company-wide, and founder retention across its acquired businesses remains at 100%.
Co-Founder and MD Akshat Rathee said the quarter's numbers reflect a business getting steadily more "public-markets ready," pointing to improved efficiency, a refined acquisition approach, and growth across its live and content verticals.