Despite people saying certain levels of hardware are required for Android version bla.bla.bla, they're not. Look how older phones like HD2, Galaxy Nexus and Nexus 4 received Nougat treatment - it might not be smooth, but in the latter 2 cases are definitely usable.
The thing you'll be missing without official support is the proprietary drivers, which third-party devs won't be able to provide. If your processor is older (e.g. Snapdragon 800/801), you'll also miss out on newer features like Vulkan. But fret not, as Android still reserves a bit of backwards compatibility - devs can always work it so that it runs on legacy drivers and APIs.
As an Android One device you shouldn't be worried much - just wait for N-based custom ROMs to drop.