Top 5 Gaming Stocks in India

India’s gaming market covers mobile games, PC and console titles, esports, cloud gaming, casino gaming and technology services supplied to international gaming companies. However, investors have only a limited number of pure-play listed gaming stocks in India.

The regulatory environment also changed significantly in 2026. The Promotion and Regulation of Online Gaming Rules came into force on May 1, 2026. The framework supports esports and online social games while imposing strict restrictions on prohibited online money games. It also created the Online Gaming Authority of India.

The following list therefore includes three companies with direct gaming exposure and two large technology companies that provide gaming platforms, engineering and digital services.

1. Nazara Technologies

Best for: Direct exposure to mobile, PC and console gaming

• FY26 revenue: ₹1,829 crore
• FY26 EBITDA: ₹255 crore
• EBITDA growth: 66%
• Pre-tax operating cash flow: ₹213 crore
• Gaming contribution to EBITDA: 90%

Nazara Technologies is the clearest listed gaming company in India. It owns and operates gaming intellectual properties across mobile, PC, console and offline entertainment markets.

Its portfolio includes Kiddopia, Animal Jam, Love Island, Human Fall Flat publishing rights, Fusebox Games and Smaaash. The company generated its highest-ever EBITDA during FY26, while its fourth-quarter EBITDA margin improved to 19.5%.

Gaming contributed 90% of group-level EBITDA in FY26, compared with 56% in FY25. This improvement shows that Nazara is increasingly concentrating on higher-margin gaming properties rather than lower-margin adjacent activities.

Key Growth Catalyst: Global Gaming Acquisitions

Nazara’s acquisition of Bluetile and BestPlay adds 17 casual mobile-game intellectual properties and approximately 22 million monthly active users. Subject to regulatory approvals and consolidation, these businesses could significantly increase FY27 revenue and EBITDA.

The company is also expanding across PC and console gaming. Human Fall Flat, published by Nazara in selected markets, crossed 58 million lifetime units globally.

Advantage: Nazara offers the most diversified direct gaming exposure among Indian listed companies.

Limitation: Acquisitions create integration risk, while individual games can lose users quickly when consumer preferences change.

2. Delta Corp

Best for: Regulated physical casino gaming exposure

• FY26 revenue from operations: ₹688.46 crore
• FY26 total income: ₹729.18 crore
• Casino gaming revenue: ₹642.59 crore
• Hospitality revenue: ₹47.60 crore
• FY26 net profit: Approximately ₹85.29 crore

Delta Corp is India’s only listed company focused mainly on regulated casino gaming. It operates offshore and land-based casinos under the Deltin brand, primarily in Goa and Sikkim.

Casino gaming contributed more than 90% of its operating revenue during FY26. The company’s properties combine gaming tables, electronic gaming positions, food, entertainment and hospitality services.

FY26 operating revenue declined from the previous year, while profitability was affected by regulatory expenses, taxation pressure and the absence of certain exceptional gains reported earlier.

Key Growth Catalyst: Casino and Hospitality Expansion

Delta Corp has more than 1,600 gaming positions across its regulated casino operations. Its brand and operating licences create entry barriers that are difficult for new competitors to reproduce.

Future growth depends on new gaming capacity, tourism demand, customer spending and the company’s ability to expand premium entertainment offerings.

Advantage: Delta Corp provides direct exposure to a regulated casino market with limited listed competition.

Limitation: Casino operations face high GST, state-level restrictions, licensing risk and sensitivity to tourism demand.

3. OnMobile Global

Best for: Small-cap exposure to mobile gaming subscriptions

• FY26 revenue: ₹524.5 crore
• FY26 mobile-gaming revenue: ₹154.5 crore
• FY26 EBITDA: ₹29.7 crore
• Gaming subscribers:3 million
• Monthly active users: More than 72 million

OnMobile Global supplies mobile gaming and digital-entertainment products through telecom operators and other distribution partners. Its gaming portfolio includes Challenges Arena, ONMO and a unified gaming and entertainment platform.

The company operates across 69 countries and works with 126 customers. Its gaming subscriber base increased by 34.5% during FY26 to 14.3 million.

Total revenue declined by 10.2%, while mobile-gaming revenue fell by 25.4%. However, EBITDA more than doubled to ₹29.7 crore because of better gross margins and cost control. Reported PAT was negative because of an impairment provision, although profit excluding that provision was positive.

Key Growth Catalyst: Direct-to-Consumer Gaming

OnMobile is expanding beyond telecom distribution through virtual-console and direct-to-consumer gaming products. A broader distribution strategy may reduce its dependence on mobile operators and improve customer ownership.

Advantage: The company has an international user base, established telecom relationships and improving operating efficiency.

Limitation: Revenue is declining, profitability remains inconsistent and mobile-game engagement can change rapidly.

4. Tech Mahindra

Best for: Indirect cloud-gaming exposure through a diversified IT company

• FY26 revenue: ₹56,815 crore
• FY26 EBIT: ₹7,152 crore
• FY26 profit after tax: ₹4,811 crore
• New-deal value: $3.79 billion
• Gaming exposure: Cloud platforms, engineering and content services

Tech Mahindra is not a pure gaming company. It provides technology and engineering services to telecom operators, media companies and digital-platform businesses.

Its Cloud Gaming as a Service platform allows telecom, cable, social-media and entertainment companies to integrate gaming into their services. The platform can support game streaming, player engagement and loyalty programmes without requiring each customer to build the complete technology infrastructure independently.

FY26 revenue increased by 7.2%, while EBIT rose by 39.2%. Stronger margins and large technology-deal wins provide financial stability that smaller gaming companies generally lack.

Key Growth Catalyst: Cloud and Telecom Gaming

Faster mobile networks and edge computing can make high-quality cloud gaming available on devices without expensive hardware. Tech Mahindra may benefit by supplying platforms and engineering services to operators entering this market.

Advantage: Strong cash generation and global technology relationships reduce company-specific gaming risk.

Limitation: Gaming represents only a small and separately undisclosed portion of Tech Mahindra’s total revenue.

5. HCLTech

Best for: Large-cap exposure to global gaming and lottery technology

• FY26 revenue: ₹1,30,144 crore
• FY26 EBIT: ₹22,397 crore
• FY26 net income: ₹17,361 crore
• Gaming and lottery professionals: More than 4,000
• Gaming, casino and lottery clients: More than 10

HCLTech provides technology services to gaming publishers, lottery operators and casino companies. Its offerings include game-console engineering, cloud migration, player-data analysis, casino systems, automation, 5G and personalised lottery platforms.

The company reports more than 25 years of gaming and lottery experience, over 4,000 professionals dedicated to the sector and more than 15 industry solutions and accelerators.

HCLTech’s FY26 revenue increased by 11.2% in rupee terms. Its large scale, recurring contracts and high cash generation make it financially more stable than small gaming-focused companies.

Key Growth Catalyst: AI-Powered Gaming Infrastructure

Gaming companies increasingly require AI-based personalisation, cloud infrastructure, fraud prevention, player analytics and faster software testing. HCLTech can benefit by providing these services to global publishers, casinos and lottery operators.

Advantage: Large scale, global delivery capabilities and long-standing gaming-sector expertise.

Limitation: Gaming revenue is not separately disclosed and is small relative to HCLTech’s overall business.

Key Risks for Investors

Gaming stocks face several important risks:

• Regulatory changes: Online money gaming, casinos, lotteries and esports follow different regulatory frameworks.
• Game popularity: Revenue may decline rapidly when players move to newer titles.
• High user-acquisition costs: Mobile-game companies may spend heavily to attract and retain users.
• Platform dependence: Changes introduced by Google, Apple, console companies or telecom operators can affect distribution.
• Taxation: GST and state-level taxes can significantly reduce gaming profitability.
• Acquisition risk: Buying studios and gaming intellectual properties does not guarantee long-term user engagement.
• Indirect exposure: For large IT companies, gaming may be too small to materially influence total earnings.

Nazara Technologies offers the most direct and diversified digital-gaming exposure. Delta Corp provides regulated casino exposure, while OnMobile Global offers a smaller mobile-gaming opportunity. Tech Mahindra and HCLTech are financially stronger companies, but their gaming exposure is indirect and represents only part of their wider technology businesses.

Investors should compare regulatory exposure, user growth, cash generation, game concentration and valuation before purchasing any gaming stock. This article is for informational purposes and should not be treated as investment advice.