Top Gaming Stocks in India

Created on 18 Apr 2022

Wraps up in 4 Min

Read by 15.2k people

Updated on 07 Oct 2022

Remember those days of summer break at school right after final exams? Going to granny's home and chilling all day, eating amazing food and playing so many games and especially those video games like Super Mario and those cassettes with 9999 games in it, the 90’s nostalgia right! 

Talking about the gaming world, it has come a long way from those cassettes. and there are super proactive gaming companies around the world that are making it happen and today we will be talking about such companies in India that are changing and shaping the gaming world. 

So, Let’s get started with the industry overview. 

Gaming Industry Overview

Gaming is one of the fastest-growing industries in India and it's not a surprise that the Indian gaming industry took over the US in terms of user base. 

The Indian gaming industry is dominated by mobile phones with phone-based gaming apps accounting for 86% of total gaming apps in 2021. This could be the result of internet affordability and growing smartphone penetration in the Indian gaming industry.  

The smartphone users in India are 502.2 million and these handsets are majorly gaming-friendly. 

We all know that internet access in India is very cheap. The global average of data is $8.53 but the data cost in India is roughly $0.26. And the average monthly mobile data usage stands at 14.6 GB and in the US it is 11 GB. 

The gaming industry has generated employment opportunities and the number of gaming companies has increased 10x since 2010. There are roughly 900 gaming startups in India with Mumbai being the headquarters for the top players. 

Below is the list of the most promising startups in the gaming space.

Additionally, the government has implemented 100% FDI in the gaming industry. The digital India programme has also helped the industry. Data centre parks and related initiatives in the country are keen to provide digital infra for gaming companies. 

Moving forward let’s take a look at the top gaming stocks in India. 

Top Gaming Stocks in India

Delta Corp


Delta corp was formerly known as Arrow Webtex Limited. It is the only listed company engaged in casino (live, electronic and online) gaming in India. 

The company operates casinos in India, in the states of Goa and Sikkim, offering thousands of gaming positions.

The P/E ratio of delta corp as of April 2022 is 106.57 which is comparatively overvalued. While the ROE is 4.48%. The company is virtually debt-free and has a healthy interest coverage ratio of 34.65. On the flip side, the company has shown a poor profit and revenue growth of -6.03% and -18.72% for the past 3 years.

Zensar Technologies


Zensar Technologies is a global company spread across 18 countries. The company is engaged in the business of software development and allied services. Different divisions of the company are Consulting, Software services, Package solutions and more. 

The PE ratio of the company is 27.37 and the ROE of the company is 17.25%. The company has a ROA of 13.40% which is not a very good sign. Also, the company has delivered poor income growth of 1.93%. But the company is virtually debt-free and has an effective cash conversion ratio of 274.18.

Nazara Technologies


Nazara Technologies is the leading diversified gaming and sports media company with a presence in emerging and developed countries. The goal of the company is to cater to billion-plus mobile internet players across emerging markets. 

The company has a P/E ratio of -258.82. ROA is 0.18% which is not a very good sign. The return on equity is 0.18%. 


BSE: 532540 NSE: TCS

Tata consultancy services was corporatized into a separate company in the year 2004. The services that TCS provides are consulting, Analytics & insights, IOT, blockchain, cloud infrastructure, enterprise applications, Automation & AI, cyber security and more. 

The PE ratio of the company is 35.09, ROA is 29.63%, ROE is 42.02%. The company is virtually debt-free and has an effective cash conversion ratio of 116.69. The company has a healthy operating margin of 29.65%.

Tech Mahindra Ltd.


Tech Mahindra is a leading global enabler of digital transformation, consulting, and business re-engineering services and solutions. The company offers a bouquet of services which includes Telecom IT & Network Services, Consulting, Application Outsourcing, Infrastructure Outsourcing, Engineering Services, BPO, Platform Solutions and Mobile Value Added products and Services.

The company has a  PE ratio of 27.18. ROA of the company is 13.49%. The return on equity of the company is 18.29%. The company is virtually debt-free and has an effective cash conversion ratio of 161.64. 


With rapid growth and digital transformation. The Indian gaming industry is all set to attract $100 million FDI. Conglomerates such as Reliance are also planning to enter the industry and it is expected to reach $5 million by 2025. 

That was all about the gaming industry. But there are various industries and stocks for you to analyze and to make this process easy for you we bring to you, Ticker by Finology. Your one-stop shop for best stock screening, equity research, and company analysis tools built by finology. 

Also, is there any topic you want a blog on, or do you have any queries related to this blog? 

If so, then write to us at .

We love it when you communicate with us. Do write in the comment section if you liked the blog... :) Until then, Happy Learning.

*Disclaimer: The stock(s) discussed above aren't recommendations from Finology, they are only picked to make you understand the concept.

comment on this article
share this article
Photo of Ayushi Upadhyay

An Article By -

Ayushi Upadhyay

205 Posts


103 Post Likes


A Keen Learner. Tiny, brainy, and studious, this quiet one stays in her zone until she pops. And once she does, boy, are her comebacks snappy! There is no financial question that she can't answer through her magical blog-writing. 

Topics under this Article

Share your thoughts

We showed you ours, now you show us yours (opinions 😉)

no comments on this article yet

Why not start a conversation?

Looks like nobody has said anything yet. Would you take this as an opportunity to start a discussion or a chat fight may be.

Under Finance

"A few" articles ain't enough! Explore more under this category.

Share this post
share on facebook


share on twitter


share on whatsapp


share on linkedin


Or copy the link to this post -

copy url to this post