NODWIN Gaming Posts FY26 EBITDA Profit Ahead of IPO

NODWIN Gaming has cut loose two loss-making global subsidiaries, tightened internal spending, and posted its strongest earnings before interest, taxes, depreciation, and amortization (EBITDA) profit in years. The Gurugram-based esports and youth entertainment company is now positioning itself for what could be India's biggest gaming IPO.

NODWIN reported consolidated revenue of INR 658 crore (approximately $77M) in FY26, a 25% organic year-on-year (YoY) jump. EBITDA flipped to a profit of INR 21 cr (about $2.5M) from a loss of INR 14 cr (about $1.6M) in FY25.

The company is in the middle of a pre-IPO fundraise of more than $100M at a valuation above $400M. UBS is advising on the round. On Nazara Technologies' Q4 FY26 earnings call earlier this month, NODWIN co-founder and managing director Akshat Rathee told investors the company plans to raise between $100M and $200M through a mix of primary and secondary transactions while preparing for an IPO "as soon as possible."

A Leaner Portfolio Built for Public Markets

The profitability turn required two writedowns. Berlin-based Freaks 4U Gaming entered preliminary insolvency proceedings at the Charlottenburg District Court on November 21, 2025. NODWIN, which held 61.73% of the agency, ceased funding and fully impaired its investment. Parent company Nazara recorded a INR 384 cr (roughly $45M) provision on the holding in Q2 FY26, which contributed to its first quarterly loss at the standalone level.

NODWIN's Turkey-based esports operations were written off as well. Both units had dragged on group EBITDA through FY25 and into FY26 as part of what Nazara called the "F&W + Turkey" cluster in its filings.

The company also exited the Evolution Championship Series (EVO). NODWIN acquired Sony Interactive Entertainment's stake in August 2025, becoming co-owner alongside RTS. By February 2026, it had sold its entire stake to RTS, which is owned by Saudi Arabia's Qiddiya Investment Company. Financial terms were not disclosed. NODWIN remains involved as a marketing partner tasked with expanding EVO's reach into emerging markets.

Live IPs and Esports Drive a Diversified Revenue Base

Esports now contributes roughly 35% of NODWIN's revenue. The remaining 65% comes from owned IPs, live events, and content.

Comic Con India expanded from eight to 11 cities in FY26, adding Kochi, Guwahati, Gurugram, and Jaipur, with continued expansion into Chennai and Pune. NH7 Weekender, relaunched as the "Festival of India," returned to Pune in March 2026 after a two-year break and drew more than 20K attendees across three days at Mahalakshmi Lawns, with an all-Indian lineup of over 70 artists.

Internationally, NODWIN ran Swahili Esports Champions 2026 in Uganda and delivered Live Matters Hong Kong 2026. It was also named India's National Team Partner for the inaugural Esports Nations Cup (ENC) 2026.

NODWIN's investment in StarLadder contributed to the Counter-Strike (CS) Major in Budapest. Its FY26 partnership slate also included the launch of MOBA Legends Master Series (MLMS), India's publisher-backed national competition that feeds winners into the Esports World Cup (EWC) 2026, along with OMEN gaming activations at CES 2026 and the PUBG Mobile Club Open (PMCO) Eastern Europe 2026.

Governance Upgrades and the Road to Listing

Rathee told stakeholders the year was about "building a stronger and more efficient business." NODWIN also deployed more than ten artificial intelligence (AI)-led workflow tools across HR, finance, sales, legal, and production functions.

The company appointed Arnd Benninghoff, Manish Agarwal, and Sidharth Kedia to strengthen governance and long-term capital strategy ahead of the IPO. Kedia, who oversaw a tenfold revenue jump as NODWIN's CEO between 2019 and 2023, returns as chief strategy and investments officer. Benninghoff joins from Modern Times Group, where he led the gaming portfolio.

Nazara Technologies remains the largest shareholder in NODWIN, with Sony Group Corporation, Krafton, and JetSynthesys also on the cap table.