Chapter 932 is titled "The Shogun and the Oiran".
Robin escapes from the Orochi Oniwabanshu using a body double and reports her experience to Nami, Brook, and Shinobu. She returns to Orochi's banquet, where Komurasaki is attracting much of the attention. Orochi then talks about his paranoia over the return of Oden's Nine Red Scabbards, and the guests' discreet mocking of him results in Toko laughing. Orochi attacks Toko, but is slapped by Komurasaki, who has no qualms about standing up to him, and the banquet quickly devolves into chaos.
In Orochi Castle, Komurasaki dons a kitsune mask and begins playing her shimasen, to the delight of Orochi and his banquet guests. One of them wonders why Komurasaki always puts on the mask whenever she plays this song. In another room, Fukurokuju tells Robin to say her name and explain herself, saying that she will die a quick death if she does and will face torture if not. Robin claims that she is Ushimitsu Kozo, and came to find out how money flows in the Flower Capital. Fukurojuku then tells the Orochi Oniwabanshu to capture Robin, and she is struck with shuriken and bound with ropes as one of the ninja says that Ushimitsu Kozo already appeared in the capital early today. However, Robin then disintegrates, and the real Robin hurriedly heads back to the banquet room, being glad she used a body double. The Oniwabanshu are stunned but figure that her real body is nearby, and quickly move to find her. Robin reports to Nami, Brook, and Shinobu that there are 11 ninja in the castle and that they found her out, surprising the first two. Fukurokuju tells the ninja to be covert and not disturb the banquet, and they head off into the darkness.
Robin returns to the banquet hall, and Orochi happily greets her, telling her to come talk to him. While they talk, Komurasaki pouts in jealousy, and Orochi fawns over her despite other guests' mentioning of her infamous reputation. Seeing one of the Oniwabanshu prowling the ceiling, Robin moves her mask to obscure herself before asking Orochi about Onigashima, and he is surprised to hear this question. As Komurasaki gets closer to the shogun, people commend Kyoshiro for raising her, though he responds that she was not trained like a mere dog. They then note that Kyoshiro sent the Beasts Pirates' Flying Six to avenge his yakuza group, and Orochi voices his approval for Kyoshiro's use of excessive force, saying that it is best to teach lessons not only to enemies, but to spirits as well. Orochi then tells everyone to listen up, cautioning them that Oden's wife Toki prophesied that this year will be the year of the Kozuki Family's revenge. He warns them that Oden's Nine Red Scabbards, now led by Kin'emon, have risen and are plotting to take over Wano once more, and he suspects that the attacks against Urashima and Jack in Kuri and the attack on Kyoshiro's subordinates at the soba stand were orchestrated by Kin'emon.
While he talks, the guests whisper incredulously amongst each other, believing the Nine Red Scabbards and almost everyone else associated with Oden to be long dead. Kyoshiro says that Oden's followers should come out now so they can be quickly dealt with, and Orochi agrees, saying that while Oden is definitely dead, the body of his son Momonosuke was never recovered and thus he must be still alive somewhere. By this point, the banquet guests are struggling not to laugh at the shogun's seeming delusion, but their mocking of his cowardice ultimately causes Toko to start laughing loudly. Upon hearing Toko, the guests are quickly gripped by fear as Orochi becomes enraged and offended by his beliefs not being taken seriously. He pulls out his sword and rushes toward Toko, and Komurasaki pleads with him to spare her, but he tells her to be quiet. Orochi swings his sword at Toko, who dodges, but before he can attack again he is slapped by Komurasaki. The guests quickly tell the courtesan to prostrate herself in apology, but she refuses to apologize for what she sees as right. She proclaims that as the daughter of a samurai, she would rather be struck down than live submissively as Orochi's wife, and Orochi berates a prostitute like her standing up to someone like him as he transforms into an eight-headed dragon using his Devil Fruit. Robin then picks up Toko and runs off as one of the Oniwabanshu spots her, and they run past Kyoshiro, who grabs his sword and says this is about to become a bloodbath.
- Komurasaki is confirmed to be the woman playing the shamisen at the beginning and closing acts of the Wano Country Arc.
- Robin escapes from the Orochi Oniwabanshu and returns to the banquet.
- Nami, Shinobu, and Brook are inside Orochi's castle.
- Orochi talks about Oden's Nine Red Scabbards.
- Kin'emon was the leader of this group.
- Toko and Komurasaki anger Orochi.
- Orochi's Full-Beast form is clearly shown.