Nazara Technologies reported a 13% year-on-year increase in revenue to ₹1,829 crore for FY26 while improving its EBITDA margin by 450 basis points. The company said its e-sports segment, led by NODWIN Gaming, has been “actively cleaning the balance sheet by increasing capital efficiency in divesting or impairing assets that are not value accretive in the future,” as it prepares for a potential stock market debut over the next two years. 

According to Nazara Technologies’ latest filings, NODWIN Gaming reported a 25% rise in revenue to ₹658 crore in FY26, up from ₹524 crore in FY25 while EBITDA turned positive from a loss of ₹14 crore in FY25 to a profit of ₹21 crore.

Nazara attributed the turnaround to several measures, including the deconsolidation of loss-making subsidiary Freaks 4U Gaming, expansion of Comic Con operations from eight to 11 cities, and cost-control measures such as a hiring freeze and reduction in headcount. On AI-led efficiencies, “NODWIN in-house investments in AI for the entire NODWIN employee workforce to enable team led innovations have led to 10+ tool deployments across finance, HR, legal, sales, and production workflows,” the company said.   

NODWIN has now been reclassified as an associate entity after ceasing to be a subsidiary from August 2025, following Nazara Technologies’ decision not to participate in a fundraising round last year. The move resulted in Nazara’s shareholding in NODWIN falling below 50%. However, Nazara continues to remain the largest shareholder in NODWIN, alongside investors such as JetSynthesys, South Korean gaming major Krafton, and Sony Group, among others.  

Earlier in March, NODWIN Gaming announced the launch of a pre-IPO fundraising round, saying the raise would comprise a mix of primary issuance to support global expansion through organic growth and strategic acquisitions, along with a secondary sale to provide liquidity to existing shareholders. The company also bolstered its board with the appointment of Arnd Benninghoff, executive vice president of gaming at Modern Times Group (MTG).  

In April, NODWIN brought back Sidharth Kedia as chief strategy and investments officer. Kedia, who previously served as CEO from 2019 to 2023, has been tasked with shaping the company’s long-term strategic direction, shareholder value creation, and M&A opportunities across key international markets. The company also appointed Manish Agarwal to its board as a non-executive director to further strengthen governance and strategic oversight.