NODWIN bets on content, live IPs to deepen ad revenue beyond esports

NODWIN Gaming reported consolidated revenue of Rs 106.04 crore for the first quarter of FY26, while continuing to invest in content, live intellectual properties and international expansion as it broadens its youth entertainment business. 

The company said the June quarter is typically its slowest because of the seasonality of its business, but highlighted improvements in operational efficiency alongside stable revenue growth.

The company reported an EBITDA loss of Rs 11 crore during the quarter and said it expects this to improve to Rs 7.53 crore in the corresponding quarter next year, representing a 32 per cent improvement. According to the company, the improvement reflects stronger operating discipline while it continues investing in content, intellectual properties and international growth.

NODWIN said its business is built around a content and live entertainment model, where digital content helps audiences discover games, creators and communities, while live experiences such as BGMS, NH7 Weekender and Comic Con India create monetisation opportunities through brand sponsorships, ticketing, merchandise and media rights.

During the quarter, the company expanded its content portfolio by entering trading cards, board games and premium pop culture merchandise. It also launched The National Math Bee in partnership with Bhanzu and announced that its creator-led gaming entertainment property, Playground, will expand to the United States alongside its India edition this year. The company also renewed its partnerships with Rusk Media for the 2026-27 editions of its entertainment content initiatives.

NODWIN also strengthened its partnership with Garena to support the growth of Free Fire MAX in India through competitive gaming, creator-led engagement and live experiences. Separately, its partner support services business executed projects for the Saudi Football Federation and the Belgian Football Association during the quarter.

As part of its long-term strategy, the company said it has temporarily paused acquisitions to refine its mergers and acquisitions framework and integration processes. It expects around 30 per cent organic growth during the current financial year and plans to restart acquisitions using its updated playbook.

The company also announced changes to the business models of two of its flagship properties. NH7 Weekender has moved to a licensing model in India, while Comic Con India has shifted away from minimum guarantee agreements to direct ticket sales. NODWIN said both changes are expected to strengthen profitability over the coming quarters.

During the quarter, NODWIN was appointed India's National Team Partner for the inaugural Esports Nations Cup 2026 and will support Team India's participation in the Riyadh Finals after the country qualified across seven titles.

"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," said Akshat Rathee, Co-founder and Managing Director, NODWIN Gaming.

The company also said it has deployed more than 10 internally developed AI-powered workflow solutions across finance, human resources, legal, sales and production. These initiatives are expected to generate software replacement-led cost savings of around Rs 12 crore over the next three years. It added that its employee attrition remained below 5 per cent after expanding its ESOP programme to all employees.