Top Gaming Stocks in India

1. Tata Consultancy Services (TCS):TCS makes it in the gaming stocks list due to its presence in services through digital engineering, product design, and gamification projects for global clients.
2. Infosys: Infosys provides consulting and digital transformation services to gaming and entertainment companies globally. Its work includes cloud-based game deployment, platform engineering, and user analytics.
3. Tech Mahindra: It is one of the top game development companies in India. Tech Mahindra offers game development outsourcing, AR/VR modules, and immersive 3D environments. It serves studios, educational platforms, and metaverse pilots.
4. Zensar Technologies Limited: Zensar supports global game publishers through software engineering, UI/UX design, and testing services. It is part of the broader gaming supply chain, offering tools that support development cycles and deployment scalability. .
5. Nazara Technologies: Nazara is India’s only listed pure-play gaming company. Its portfolio spans gamified learning (Kiddopia), eSports (NODWIN Gaming), and sports media (Sportskeeda). It is one of the companies to keep an eye on in the gaming stocks list.

Here is how one can invest in the best gaming stocks:

1. Open a trading account or demat account. You can open a demat account with smallcase.
2. Investors can utilise tools like the Tickertape Stocks Screener to explore the best gaming stocks. Additionally, there are 200+ filters that you can use to create different screeners for comparison of gaming stocks.
3. Place a ‘Buy’ order on the stocks in the gaming sector of your choice.

• Structural Industry Growth: India’s online gaming sector is projected to reach ₹316 bn by 2027. A growing user base and improved monetisation are expanding revenue pools across game formats.
• Diverse Business Models: Gaming companies in India operate in varied verticals, from casual gaming and eSports to real-money formats and backend design services. This allows thematic exposure to both content and infrastructure.
• Mobile-First Expansion: With over 500 mn smartphone users, India is a mobile gaming-first market. Companies catering to this user behaviour often scale faster than those focused on console or PC formats.
• Digital & Policy Tailwinds: 5G rollout, increased device affordability, and rising fintech penetration are driving higher engagement. government’s focus on AVGC (Animation, Visual Effects, Gaming, Comics) also adds long-term potential.
• Multiple Exposure Types: Investors can access gaming stocks via pure-play developers (Nazara), hybrid RMG platforms (Delta Corp), or outsourced enablers (Tech Mahindra, Zensar), depending on their risk and return expectations.

• Regulatory Uncertainty: Real-money gaming (RMG) faces varying regulations across Indian states, which could impact companies like Delta Corp. Changes in laws could limit growth in this segment.
• High User Acquisition Costs: Acquiring and retaining users in a competitive market is expensive. Companies in mobile gaming or free-to-play models may struggle with high marketing costs, affecting profitability.
• Intellectual Property (IP) Risks: Companies without strong proprietary IP may face pricing pressures. Game designing companies with outsourced work or no flagship titles may have a harder time retaining users.
• Limited Number of Listed Players: The number of listed gaming companies in India is limited, making diversification harder. While the sector is growing, investors have fewer options to choose from.
• Dependency on External Platforms: Many gaming companies rely on platforms like Google Play or the App Store. Changes in platform policies or fees can affect visibility and revenue generation.

• Revenue Mix & Dependence: Some listed gaming companies depend heavily on one platform or product for revenue. Diversification across geographies, game types, or customer segments is a key risk buffer.
• Regulatory Clarity: Real-money gaming (RMG) faces regulatory uncertainty in India. Legal changes at the state or central level can impact operations or licensing, particularly for companies like Delta Corp.
• Intellectual Property (IP): Companies owning proprietary gaming IP tend to retain higher margins and user loyalty. Firms focused only on outsourced work or low-entry casual formats may face pricing pressure.
• Market Positioning: Whether a company serves end users (B2C) or other businesses (B2B) affects its growth visibility. Backend service providers may benefit from export contracts but have thinner margins.
• Balance Sheet Strength: Gaming companies, especially small-cap ones, should be evaluated on financial stability, burn rate, and cash flow, especially if they operate in early-stage or loss-making segments.