Top 4 Gaming Stocks to Buy in India for 2025

The gaming industry in India has witnessed exponential growth in recent years, driven by the increasing adoption of mobile gaming, the rise of esports, and advancements in digital entertainment. With a projected market value expected to surpass $8.6 billion by 2027, India has become one of the fastest-growing gaming markets globally.

For investors, this rapid expansion presents lucrative opportunities in gaming stocks. Companies in this space are benefiting from rising user engagement, innovative monetization models, and government initiatives supporting digital transformation. Investing in gaming stocks can provide exposure to a high-growth sector while offering diversification beyond traditional industries like banking and manufacturing.

However, selecting the right gaming stocks requires careful evaluation of financial stability, business model sustainability, and growth prospects. This article explores the top gaming stocks in India, their key fundamentals, advantages, risks, and strategies to help investors make informed decisions.

Comprehensive Gaming Stocks List in India 2025

To simplify investment decisions, here is a list of some of the top gaming stocks in India along with their latest financial details:

These gaming companies listed in the Indian stock market operate across various segments, including casino gaming, mobile gaming, esports, and digital gaming infrastructure. Now, let’s analyze each of them in detail.

Top and Best Gaming Stocks in India: Analysis

• Nazara Technologies Ltd.

Nazara Technologies is one of the best gaming stocks in India, known for its diversified presence in mobile gaming, esports, and gamified learning. The company has partnerships with multiple gaming platforms and holds a strong market position in the online gaming segment.

It is the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. 

With a market capitalization of ₹8,359 crore, the company boasts an earnings per share (EPS) of 7.62, reflecting profitability. It has a zero debt-to-equity ratio, making it financially stable. However, its PE ratio of 125.20 suggests that the stock is trading at a premium, indicating high investor expectations.

The increasing popularity of competitive gaming could drive long-term revenue growth.

• Zensar Technologies Ltd.

Zensar Technologies is a leading IT services company that plays a crucial role in the backend infrastructure of the gaming industry, providing cloud computing and AI-driven gaming solutions.

The company is engaged in the business of software development and allied services. It is a leading digital solutions and technology services company that specializes in partnering with global organizations across industries on their digital transformation journey. A technology partner of choice, backed by a strong track record of  innovation; credible investment in digital solutions; and unwavering commitment to client  success, Zensar’s comprehensive range of digital and technology services and solutions enables its clients achieve new thresholds of business performance.

With a market capitalization of ₹16,213 crore, the company has demonstrated strong financial performance, with an EPS of 28.48 and an ROCE of 27.43%. Its stock PE ratio of 25.07 indicates fair valuation compared to growth potential.

As cloud gaming and artificial intelligence revolutionize the gaming experience, Zensar’s technology services are positioned to benefit from increased demand.

• Delta Corp Ltd.

Delta Corp is India’s only publicly traded casino gaming company, making it a unique investment option in the gaming sector. As a flagship company of the Group, it is the only listed company engaged in the casino (live, electronic, and online) gaming industry in India. Incorporated in 1990 as a textiles and real estate consultancy company, and has evolved into a diversified segment like Casino gaming, Online gaming, Hospitality and Real estate. 

The company, along with Subsidiaries, currently own and operate casinos in India, in the states of Goa and Sikkim also started an international casino in Nepal. In addition, it has also ventured into the fast-growing online gaming space through its acquisition of Gaussian Networks Private Limited, which operates the online poker site ‘Adda52.com’. 

The company operates offshore and onshore casinos in Goa and Sikkim and has ventured into online gaming through Adda52.

Financially, Delta Corp has a market cap of ₹2,272 crore, with an EPS of 5.86 and ROCE of 14.75%. It maintains zero debt, making it a financially sound investment. Additionally, its dividend yield of 1.47% makes it an attractive option for income-seeking investors.

However, the casino business is heavily regulated, and potential policy changes could impact operations.

• Onmobile Global Ltd.

Onmobile Global focuses on mobile gaming and digital entertainment services. Onmobile Global is engaged in providing value added services such as Ringback Tones, Digital Content Store and Infotainment. OnMobile is the global leader in Ringback Tones. Digital Content Store is a one-stop mobile destination for discovering digital content like videos, games, music and images. Infotainment offers music, contest, news and sports to consumers over the mobile.

It has a market cap of ₹495 crore, but its negative EPS of -3.09 suggests recent financial struggles. Despite its low ROCE of 4.88%, the company has growth potential due to its focus on mobile gaming and value-added services. The rise of casual gaming and in-game monetization could aid its recovery.

Advantages of Investing in Gaming Sector Stocks in India:

The gaming industry is undergoing a significant transformation, making it one of the most attractive sectors for investors. The convergence of technology, increased internet penetration, changing consumer behavior, and government support has fueled its expansion. Let’s take a deeper look at the key benefits of investing in gaming stocks:

• High Growth Potential:

The Indian gaming industry is projected to grow at a compound annual growth rate (CAGR) of over 20%, with revenues expected to surpass ₹75,000 crore by 2027. Several factors contribute to this strong growth trajectory:

Mobile Gaming Dominance: With India having over 700 million smartphone users, mobile gaming is the primary driver of industry expansion. Affordable internet access and increased mobile adoption have made gaming accessible to a vast audience.

Esports Boom: Competitive gaming has seen explosive growth, with India producing global esports talent and hosting high-stakes tournaments. Companies like Nazara Technologies and Nodwin Gaming are heavily investing in this segment.

Cloud Gaming & AI Integration: The emergence of cloud gaming platforms and AI-driven game personalization is revolutionizing the industry. Companies involved in gaming infrastructure and cloud computing (such as Zensar Technologies) are poised to benefit.

Rising In-App Purchases & Monetization Models: Gaming companies are increasingly adopting subscription models, in-game purchases, and NFT-based monetization, generating new revenue streams.

With a massive young population and rising disposable incomes, India’s gaming industry is set to become one of the largest in the world in the coming years.

• Resilience in Market Downturns

Unlike cyclical industries such as automobiles, real estate, or capital goods, the gaming industry is relatively immune to economic slowdowns. Historically, entertainment and gaming have proven to be recession-resistant, as people continue to seek affordable leisure activities even during financial crises.

Surge in Gaming During Lockdowns: The COVID-19 pandemic demonstrated how the gaming industry thrives during uncertain times. Online gaming saw a 50-70% increase in engagement, leading to record-high revenues for gaming companies.

Low Capital Requirement for Consumers: Unlike luxury goods or travel, gaming is an affordable source of entertainment, making it a preferred choice even during economic downturns. Free-to-play models with optional in-app purchases keep users engaged.

Strong Subscription-Based Revenue: Many gaming companies generate recurring revenue from subscription services, making their business models less volatile compared to industries reliant on one-time purchases.

For investors looking for stable and defensive stocks, the gaming sector offers a buffer against market volatility.

• Diversification Benefits

Gaming stocks provide a unique diversification opportunity for investors looking to expand their portfolios beyond traditional industries like banking, pharmaceuticals, and IT services.

Low Correlation with Traditional Sectors: Unlike manufacturing or financial services, gaming companies operate in the digital entertainment space, making them less affected by economic cycles or industry-specific downturns.

Global Expansion & Cross-Border Growth: Indian gaming companies are tapping into international markets, reducing dependence on domestic revenue. Companies like Nazara Technologies already have a presence in Africa, the Middle East, and North America.

Exposure to New-Age Technologies: Investing in gaming stocks allows investors to gain exposure to emerging trends such as metaverse gaming, blockchain gaming, augmented reality (AR), and virtual reality (VR). This provides long-term growth potential beyond conventional businesses.

As gaming ecosystems continue to evolve, investors can benefit from multi-sector exposure, spanning technology, digital marketing, cloud computing, and esports infrastructure.

Risks of Investing in Gaming Stocks

While gaming stocks offer high growth potential and portfolio diversification, they are not without risks. Investors must carefully evaluate regulatory uncertainties, competitive pressures, and shifting consumer trends before investing in gaming companies. Let’s explore some of the key challenges that the gaming sector faces.

• Regulatory Challenges: Uncertainty in Gaming Laws and Taxation

One of the biggest risks for gaming companies in India is the evolving regulatory landscape. The industry operates under ambiguous legal frameworks, which can lead to sudden policy changes that negatively impact revenue models.

Frequent Taxation Changes: In recent years, the Indian government has increased Goods and Services Tax (GST) rates on online gaming. A higher tax burden can reduce the profitability of gaming companies and discourage new players from entering the market.

Ban on Certain Gaming Categories: Many states in India have banned real-money gaming platforms, categorizing them as gambling. This has led to legal battles and increased uncertainty for companies like Delta Corp, which operates in the casino and gaming sector.

Data Privacy & Compliance Risks: With India implementing strict data privacy laws, gaming companies must ensure compliance with regulations on user data protection and content moderation. Non-compliance can lead to hefty fines and reputational damage.

Regulatory risks are a major concern for investors, as any sudden change in laws or taxation policies can disrupt business models and profitability.

• High Competition: A Crowded and Intensely Competitive Industry

The gaming industry is fiercely competitive, with both domestic and global players fighting for market share. Unlike traditional industries, gaming is heavily influenced by rapid innovation and technological advancements, making it difficult for companies to maintain long-term dominance.

Global Players Entering the Indian Market: International gaming giants like Tencent, Activision Blizzard, and Sony have expanded their presence in India, posing a threat to local gaming firms. Their large capital reserves and advanced game development capabilities make them formidable competitors.

Frequent Market Disruptions: The gaming landscape is constantly evolving, with new startups introducing innovative gaming experiences, cloud gaming platforms, and AI-driven personalization. Established companies must continuously innovate to stay relevant.

User Retention Challenges: Unlike traditional businesses where customers build long-term loyalty, gaming companies struggle with user retention. The industry is highly dynamic, and a popular game today may lose relevance within months if a competitor launches a superior alternative.

For investors, choosing the right gaming stock becomes crucial, as only companies with strong innovation strategies and effective user engagement will sustain long-term growth.

• Dependence on Consumer Trends: Volatility in User Preferences

Gaming is an entertainment-driven industry, which means its success is directly tied to consumer behavior and preferences. Unlike sectors like banking or healthcare, which offer consistent demand, gaming companies must adapt quickly to changing user interests.

Game Popularity is Unpredictable: A gaming company may develop a highly successful game, but there is no guarantee that future releases will perform equally well. For instance, Onmobile Global Ltd. relies heavily on mobile gaming trends, which can shift unpredictably.

Short Lifespan of Games: Many mobile and online games have short lifecycles, with users abandoning them after a few months. Unless a company continuously develops new content and updates, it may struggle to retain users.

Shifting Monetization Models: The gaming industry has seen a transition from one-time purchases to subscription-based and in-game monetization models. Companies that fail to adapt to these trends may lose market share to competitors offering better engagement and revenue strategies.

Investors must understand that gaming stocks are highly sensitive to changing consumer preferences, making it crucial to monitor industry trends and user engagement metrics.

Investment Strategies for Gaming Stocks

Investing in gaming stocks requires a strategic approach to maximize returns while managing risks. The gaming industry is fast-evolving, driven by technological advancements, regulatory changes, and shifting consumer preferences. Whether you are a long-term investor looking for steady growth or a short-term trader seeking to capitalize on market volatility, the right investment strategy is crucial. Below are some effective approaches for investing in gaming companies listed in the Indian stock market.

• Long-Term Investing: Capitalizing on Industry Growth

Long-term investing in fundamentally strong gaming companies can offer significant wealth creation over time. As the gaming sector expands, companies with robust financials, innovative products, and strong market positioning are likely to experience consistent revenue growth and stock price appreciation.

• Swing Trading: Taking Advantage of Stock Price Volatility

Swing trading is a strategy where investors take advantage of short-term price movements in gaming stocks. The gaming sector is often highly volatile, influenced by new game launches, earnings reports, and regulatory updates. This makes it an attractive option for traders looking for quick profits.

• Tracking Gaming Trends: Staying Ahead of Market Movements

The gaming industry is driven by rapidly changing trends, and investors who stay informed can identify high-potential stocks before they gain mainstream attention.

• Diversification: Reducing Risk Through a Balanced Portfolio

Since gaming stocks can be highly volatile, diversifying across different sub-sectors and industries helps mitigate risks. 

How to Invest in Gaming Stocks?

Investing in gaming companies’ shares in India can be done through stock market trading platforms. Investors should conduct thorough research, analyze financial metrics, and diversify portfolios for risk management.

Conclusion: Future Outlook for Gaming Stocks

With strong growth potential, gaming stocks in India offer attractive investment opportunities. The rise of esports, mobile gaming, and cloud gaming services will continue to drive the sector. However, investors should carefully analyze financial stability, regulatory risks, and competitive positioning before making investment decisions. By leveraging the right investment strategies, investors can capitalize on the expansion of India’s gaming industry and maximize long-term returns.