Best Gaming Stocks in India

The gaming sector in India has seen a significant growth in recent years, making gaming stocks an attractive option for investment. Some of the best gaming stocks in India include Nazara Technologies, Delta Corp, among others. Nazara Technologies is a leading mobile gaming company that offers a diverse portfolio of games and esports. While Delta Corp is India's largest gaming company, operating both online and offline casinos. 

Investors should also keep an eye on companies like Reliance Industries and Jio Platforms, which are making significant investments in the gaming sector. When considering gaming stocks, it is significant to evaluate factors such as the company's financial performance, market share, and growth potential. The Indian gaming market is expanding, due to increase in the use of smartphones, affordable data plans, and a growing young population.

Gaming Sector in India

The gaming sector in India has seen a massive growth in recent years, transforming into an industry with immense potential. This surge is largely driven by the widespread availability of affordable smartphones, low-cost mobile data, and a young, tech-savvy population. The sector provides various segments, namely mobile gaming, console gaming, PC gaming, and more the rapidly emerging fields of esports and cloud gaming.

Indian game developers are also making their mark, creating games that resonate with local culture and preferences. This has led to the rise of several homegrown gaming companies and startups. The government has recognized the sector's potential, introducing initiatives to support game development and promote India as a global gaming hub.

However, the gaming sector in India faces challenges such as regulatory uncertainties, especially concerning real-money gaming and online gambling. There's also a need for better infrastructure and more skilled professionals in game development and design.

Despite these challenges, the future looks promising for India's gaming sector. With increasing investments, technological advancements, and a growing user base, the industry is poised for continued expansion. As the sector evolves, it's likely to create more job opportunities, attract foreign investments, and contribute significantly to India's digital economy.


List of Best Gaming Stocks in India in 2024

Gaming stocks refer to stocks of companies involved in the video game industry. These companies are engaged in activities such as developing, publishing, and distributing video games, as well as providing related services such as hardware manufacturing, esports events, and online gaming platforms. Below are some gaming stocks list in India that are passable for the long term investment: 

Company Name Industry CMP in RsMarket Cap in Cr RsP/E Ratio 52-Week High 52-Week Low
Nazara Technologies LimitedSoftware847.356,48595.1989.4591.5
Zensar Technologies LimitedIT Services & Consulting 753.517,07925.6782.50376
Delta Corporation LimitedMiscellaneous Commercial services   137.253,67517.2259.95104.45
Tech Mahindra LimitedIT Services & Consulting 1,401.701,37,06959.41,440.301,082.30
OnMobile Global LimitedSoftware76.1880951.959.55128.40

Inox Leisure Limited

Film Production, Distribution & Entertainment508.856,22534.24619.35385

 Infosys Limited

IT Services & Consulting1,527.156,34,07724.61,7331,262.25

Tata Consultancy Services Limited

IT Services & Consulting3,816.8013,80,95129.94,254.753,173

Disclaimer— All the information mentioned above is accurate as of 25th June 2024. However, it is important to conduct research before making any investment decisions in these stocks.

Overview of Best Gaming Stocks in India

The gaming industry in India is experiencing significant growth, and it's essential to consider the best gaming stocks for potential investment opportunities. Based on the available information, here are the top 10 best gaming stocks in India in 2024:

Nazara Technologies Limited

Nazara Technologies Limited is a prominent publisher and developer of mobile games in India, specialising in various genres such as action, strategy, and casual games. It also offers interactive and immersive gaming services across different platforms, including eSports, interactive gaming, and gamified learning ecosystems

  • Nazara Technologies has reduced debt.
  • The company is almost debt free.
  • The company has delivered good profit growth of 61.2% CAGR over the last 5 years

Zensar Technologies Limited

Zensar Technologies Limited is a digital and technology-based company with a focus on assisting gaming companies to optimise the benefits of speed and efficiency. It has a specialised Game Testing Centre of Excellence.

  • Zensar Technologies has reduced debt.
  • It is almost debt free.
  • The company has been maintaining a healthy dividend payout of 30.8%

Delta Corp Limited

Delta Corp Limited is a significant player in the Indian gambling and hotel sectors, operating multiple casinos and online gambling platforms. It caters to the nation's increasing demand for gaming and leisure options, offering live casinos, online poker, and skill-based games.

  • Delta Corp has reduced debt.
  • It is almost debt free.
  • The company has been maintaining a healthy dividend payout of 25.5%

Tech Mahindra Limited

Tech Mahindra Limited is a leading name in the digital technology industry, providing comprehensive IT and IT-enabled services, consulting, and enterprise business solutions to corporates and individuals.

  • Tech Mahindra has been maintaining a healthy dividend payout of 96.0%
  • The company’s debtor days have improved from 78.6 to 50.0 days.

On Mobile Global Limited

On Mobile Global Limited is an upcoming gaming stock in India, providing value-added services such as ringback tones, digital content store, and end-to-end mobile entertainment solutions.

  • Mobile Global is almost debt free.
  • The company has delivered a sales growth of -2.88% over the past five years.

Inox Leisure Limited

Inox Leisure Limited is a leading player in the entertainment industry, particularly in the cinema exhibition business. While not primarily a gaming company, it forms part of the gaming stocks list in India.

  • Inox Leisure is trading at 8.77 times its book value.
  • Promoter holding has decreased by 7.96% over the last 3 years.

Infosys Limited

Infosys is a well-known company in the technology sector. While not primarily a gaming company, it forms part of the gaming stocks in India based on the highest market capitalization and daily volume.

  • Infosys is almost debt free.
  • The company has delivered a good return on equity (ROE) track record of 30.9% in 3 years.
  • The company has been maintaining a healthy dividend payout of 63.3%

Tata Consultancy Services Limited

Tata Consultancy Services Limited is a leading global IT services, consulting, and business solutions organisation. While not primarily a gaming company, it forms part of the top gaming stocks based on market capitalization and PE ratio.

  • Tata Consultancy Services is almost debt free.
  • The company has a good return on equity (ROE) track record of 47.4% in 3 years.
  • TCS has been maintaining a healthy dividend payout of 66.2%

What is the Future of the Gaming Industry in India?

India being the largest gaming market in the world has a user base of 568 million gamers and over 9.5 billion gaming app downloads in 2023. The gaming sector in India has experienced an impressive growth trajectory, with a Compound Annual Growth Rate (CAGR) of 28% between FY20 and FY23. 

  1. Industry Landscape
    India is the fastest-growing mobile gaming market with an expectation of doubling the annual revenue of the Indian gaming industry by almost $6 billion by 2028 from $3.1 billion in 2023. The gaming industry comprises over 1,400 gaming companies, including 500 gaming studios.
  2. Job Creation
    India's online gaming industry is likely to add 2.5 lakh extra jobs in the next 10 years, which currently employs 1 lakh skilled gaming professionals directly and indirectly. The gaming sector is currently witnessing an upward demand for talent, with job openings ranging from 50,000 to 60,000 across various roles, including developers, programmers, testers, artists, and more.
  3. Demand for Talent
    The number of professional players is likely to grow by 2.5 times over the next 5 years from 500 in 2023 on the back of government recognition of esports and various state government-led initiatives.
  4. Demographic Trends
    Nearly 40% of the gaming population in India is women driven, while three years ago, only one in five gamers in India were women. Nearly 50% of the gaming community  fall within the age bracket of 18-30 years. Conversely, about 30% of Indian gamers fall in the range of 31-45 years old with gaming preferences leaning towards strategy games.
  5. Game Downloads
    From 2019 to 2023, the number of games downloaded in India soared from 5.65 billion to 9.5 billion. This growth took India's share of global game downloads to a substantial 16% in 2023, followed by Brazil and the US with 4.5 billion and 4.4 billion downloads, respectively.
  6. Mobile Dominance
    Mobile gaming accounts for 90% of the Indian gaming market, compared to around 37% and 62% in the US and China, respectively. The growth in smartphones has led to an increase of over 820 million. This surge was driven by affordability, increase phone memory by 3-4 times in the past five years, and low-priced data.
  7. Cost Advantage
    On an average, game development costs in India can be up to 50-60% lower than those in Western countries, making it an exceptionally attractive outsourcing destination.


How is the Government Pushing the Indian Gaming Industry?

The Indian government has realised the immense potential of the gaming industry and has taken a number of steps to promote growth and attract investment. The introduction of tax benefits and favourable legislation for gaming companies has been one of the key initiatives by the government.

The government has also been actively pursuing gaming clusters and incubators across the nation. These clusters provide infrastructure, funding opportunities, and mentorship to entrepreneurs and firms in the gaming industry with the goal to foster a positive atmosphere.

Apart from that, the government has backed esports and skill-based gaming by organising national and international tournaments. These programs demonstrate India's proficiency in the gaming sector, and the country actively promotes a robust gaming environment.

In addition, the government has been actively interacting with industry participants to solve concerns and develop a regulatory system. The move will likely expand the gaming sector while guaranteeing responsible gaming practices and consumer safety.


Factors to Consider Before Investing in Gaming Stocks

Before you plan to invest in gaming stocks, there are some factors you should keep in mind before making any investment. 

Evaluate New Game Ideas 

Investors should assess the potential of new and innovative games. Investing in new ideas with good initial funding can increase the chances of commercial success and higher returns on investment. So keeping an eye out for unique concepts that have the potential to capture the market's attention is essential.

Management Quality 

It is important to evaluate both the leadership and management teams of gaming companies and their ethical conduct when investing in gaming stocks. It is crucial to assess the leadership team for their industry experience and track record of success. It is also significant to look for companies that are known for ethical practices to align investments with integrity and minimise risks.


It is crucial to consider the current valuation of a gaming company and make sure it aligns with its financial performance and growth prospects. This can help you determine whether the investment is justified.


The gaming industry in India is well competitive. In order to succeed, you need to track a company's competitive position compared to its peers. Also looking at factors like product offerings, customer base, and pricing is essential to understand how it stacks up against the competition.


Investing in the gaming industry is followed by regulatory and legal risks.Changes in gaming laws or regulations can have an impact on the industry, so it is crucial to invest in companies that are well-versed in the regulatory environment.

Financial Performance

It is important to evaluate a gaming company's financial performance such as revenue growth, profit margins and cash flow to identify financially stable companies with growth potential.

Like any other investment, gaming stocks are also followed by risks. The gaming industry is highly competitive and is subject to regulatory changes. Investors should conduct thorough research and consult with a financial advisor before making any investment decisions. As the gaming industry is evolving, new opportunities are likely to arise, so staying abreast with market trends and technological advancements is crucial for making sound investment choices in this exciting sector. Finally you should choose a reliable stock market app.

FAQs for Best Gaming Stocks

In the gaming sector big companies have the potential to lead to major success, and popular titles may continue to rake in profits with sequels and spin-offs.

The easiest way to gain exposure to the gaming industry is to invest in an ETF that buys shares of gaming and casino-related companies.

As the digital entertainment industry develops very rapidly and vividly, a game investment could be a beneficial addition to your portfolio.

Sony Interactive Entertainment is the world's largest video game company.

Gaming has been rising since the '70s, and the industry is still growing. The gaming industry is expected to be worth $312 billion by the end of 2027.