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Amusement Parks/Recreation/Club · Founded 1990 · www.deltacorp.in · BSE 532848 · NSE DELTA CORP · ISIN INE124G01033
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Business
Delta Corp Ltd. is India's leading and only listed company in the casino gaming and hospitality sector. Its core business involves operating offshore casinos (floating casinos) and onshore casinos, primarily in Goa and Sikkim. The company also owns and operates hotels and resorts that often complement its casino operations. Additionally, Delta Corp has a significant presence in the online gaming space through platforms offering poker, rummy, and fantasy sports. It makes money primarily from gaming revenues (rake, entry fees, F&B within casinos), hotel room tariffs, and online gaming platform fees.
Revenue Mix
Delta Corp's major business segments are:
Gaming: This is the largest segment, comprising revenues from its offshore and onshore casinos. It includes income from gaming tables, slot machines, entry fees, and related F&B services within the casinos.
Online Gaming: This segment includes revenues from its various online gaming platforms like Adda52 (poker), RummyCulture (rummy), and fantasy sports.
Hospitality: This segment includes revenues from its owned and operated hotels and resorts, which provide accommodation, F&B, and other hospitality services.
The Gaming segment is historically the primary revenue driver, followed by Online Gaming, with Hospitality contributing a smaller but steady portion.
Industry
The Indian gaming industry, particularly organized casino gaming, is highly regulated and geographically restricted, currently limited to a few states like Goa, Sikkim, and Daman. Online gaming is also subject to evolving state-level regulations. Delta Corp is the dominant player in the organized casino segment in India, holding the largest market share and operating the majority of regulated casinos. It effectively has a first-mover advantage and significant brand recognition in this niche. In online gaming, it competes with a growing number of domestic and international players.
MOAT
Delta Corp benefits from several durable advantages:
Regulatory Barriers & Licenses: Obtaining casino licenses in India is extremely challenging due to stringent regulations and limited permissible geographies. Delta Corp holds licenses in key states (Goa, Sikkim, Daman) which act as significant entry barriers for new competitors.
First-Mover Advantage & Scale: As an early entrant and the largest organized player, it has established infrastructure, operational expertise, and a recognizable brand in a tightly controlled market.
Integrated Offering: Its strategy of combining gaming with hospitality (hotels) creates a more comprehensive entertainment offering and allows for synergy in customer acquisition and retention.
Growth Drivers
Expansion in Regulated Markets: Potential for new casino licenses in other states if regulations evolve (e.g., potential for a casino in Gujarat's GIFT City).
Growth in Tourism & Disposable Incomes: Increasing domestic and international tourism, coupled with rising middle-class disposable incomes, drives demand for leisure and entertainment.
Online Gaming Market Growth: The rapid digitization and increasing internet penetration in India continue to fuel the growth of the online gaming sector.
Enhanced Offerings: Continuous investment in improving casino facilities, entertainment options, and online gaming platforms to attract and retain customers.
Risks
Regulatory Risk: The most significant risk. The gaming industry in India is highly susceptible to adverse policy changes, license renewal issues, and taxation adjustments (e.g., past issues with Goods and Services Tax - GST on gross gaming revenue).
Economic Downturn: Discretionary spending on entertainment and leisure is sensitive to economic conditions.
Competition: While land-based casino competition is limited, the online gaming segment faces intense and growing competition.
Reputational Risk: The gaming industry inherently carries certain reputational challenges and scrutiny.
Litigation & Compliance: Managing legal and compliance complexities across multiple states and varying gaming laws.
Management & Ownership
Delta Corp is promoted by Jaydev Mody and his family. The company is professionally managed with an experienced leadership team that has successfully navigated the complex and dynamic regulatory environment of the Indian gaming and hospitality sectors for many years. The ownership structure includes the promoter group, institutional investors, and public shareholders.
Outlook
Delta Corp holds a strong leadership position in India's organized casino gaming sector, benefiting from high entry barriers and a unique market presence. The company is well-positioned to capitalize on India's growing leisure and entertainment market and expanding online gaming penetration. However, its outlook is significantly influenced by the regulatory environment, particularly regarding taxation policies (e.g., GST on online gaming) and the potential for new licenses. A stable and favorable regulatory framework would unlock further growth and profitability, while adverse policy changes or increased tax burdens could materially impact its financial performance and expansion plans. Its ability to diversify and grow its online gaming segment while managing regulatory complexities will be key to its sustained success.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 185 | 178 | 182 | 187 | 183 | 184 | 183 | 160 | 161 | 169 |
| Other Income | 16 | 13 | 18 | 12 | 14 | 12 | 8 | 7 | 14 | 10 |
| Total Income | 201 | 191 | 200 | 199 | 197 | 196 | 191 | 168 | 175 | 178 |
| Total Expenditure | 137 | 131 | 134 | 138 | 140 | 145 | 143 | 136 | 134 | 138 |
| Operating Profit | 64 | 60 | 67 | 61 | 57 | 51 | 48 | 32 | 41 | 40 |
| Interest | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 3 | 2 |
| Depreciation | 13 | 12 | 12 | 13 | 13 | 12 | 12 | 10 | 13 | 10 |
| Exceptional Income / Expenses | 56 | 1 | 0 | 0 | 212 | 0 | 0 | 0 | -6 | -307 |
| Profit Before Tax | 104 | 48 | 53 | 47 | 255 | 38 | 35 | 20 | 20 | -279 |
| Provision for Tax | 21 | 13 | 15 | -17 | 73 | 8 | 11 | 4 | 5 | -67 |
| Profit After Tax | 83 | 35 | 38 | 64 | 182 | 29 | 24 | 16 | 15 | -212 |
| Adjustments | -11 | -13 | -11 | -28 | -17 | 0 | 1 | -2 | 1 | -1 |
| Profit After Adjustments | 72 | 22 | 27 | 36 | 165 | 29 | 25 | 14 | 16 | -212 |
| Adjusted Earnings Per Share | 2.7 | 0.8 | 1 | 1.3 | 6.1 | 1.1 | 0.9 | 0.5 | 0.6 | -7.9 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 375 | 455 | 608 | 798 | 773 | 419 | 616 | 964 | 848 | 730 | 688 | 673 |
| Other Income | 7 | 5 | 29 | 31 | 33 | 35 | 38 | 46 | 54 | 57 | 41 | 39 |
| Total Income | 382 | 460 | 636 | 829 | 807 | 454 | 654 | 1011 | 902 | 787 | 729 | 712 |
| Total Expenditure | 255 | 291 | 361 | 468 | 487 | 397 | 477 | 599 | 535 | 535 | 553 | 551 |
| Operating Profit | 128 | 169 | 276 | 361 | 320 | 57 | 177 | 412 | 367 | 252 | 177 | 161 |
| Interest | 41 | 35 | 10 | 13 | 16 | 14 | 16 | 24 | 18 | 13 | 11 | 7 |
| Depreciation | 36 | 36 | 37 | 38 | 49 | 53 | 56 | 59 | 56 | 50 | 47 | 45 |
| Exceptional Income / Expenses | 10 | 4 | 1 | 4 | 1 | -9 | -8 | 0 | 56 | 213 | -6 | -313 |
| Profit Before Tax | 56 | 99 | 228 | 315 | 256 | -18 | 98 | 329 | 350 | 401 | 114 | -204 |
| Provision for Tax | 20 | 28 | 74 | 114 | 71 | 8 | 30 | 67 | 83 | 84 | 29 | -47 |
| Profit After Tax | 36 | 71 | 155 | 201 | 185 | -26 | 68 | 262 | 267 | 317 | 85 | -157 |
| Adjustments | 3 | 3 | 1 | -4 | 1 | 1 | -1 | -1 | -23 | -68 | 0 | -1 |
| Profit After Adjustments | 38 | 74 | 156 | 197 | 186 | -24 | 67 | 261 | 244 | 249 | 85 | -157 |
| Adjusted Earnings Per Share | 1.7 | 3.2 | 5.8 | 7.3 | 6.9 | -0.9 | 2.5 | 9.8 | 9.1 | 9.3 | 3.2 | -5.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | -11% | 10% | 6% |
| Operating Profit CAGR | -30% | -25% | 25% | 3% |
| PAT CAGR | -73% | -31% | 0% | 9% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -7% | -19% | -24% | -8% |
| ROE Average | 3% | 9% | 9% | 8% |
| ROCE Average | 5% | 12% | 12% | 12% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 835 | 920 | 1683 | 1942 | 1955 | 1942 | 2022 | 2219 | 2518 | 2665 | 2252 |
| Minority's Interest | 27 | 16 | 14 | 8 | 3 | 1 | 1 | 2 | 0 | 0 | 0 |
| Borrowings | 186 | 24 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -29 | -24 | -5 | 3 | 37 | 27 | 35 | 89 | 81 | 67 | 37 |
| Total Current Liabilities | 187 | 326 | 348 | 305 | 249 | 173 | 243 | 239 | 327 | 191 | 234 |
| Total Liabilities | 1207 | 1262 | 2040 | 2258 | 2244 | 2143 | 2301 | 2550 | 2926 | 2923 | 2522 |
| Fixed Assets | 861 | 852 | 1224 | 1229 | 1286 | 1242 | 1197 | 1211 | 1291 | 981 | 988 |
| Other Non-Current Assets | 30 | 33 | 39 | 97 | 90 | 110 | 156 | 274 | 655 | 996 | 1037 |
| Total Current Assets | 316 | 377 | 778 | 932 | 868 | 792 | 947 | 1065 | 977 | 702 | 497 |
| Total Assets | 1207 | 1262 | 2040 | 2258 | 2244 | 2143 | 2301 | 2550 | 2926 | 2923 | 2522 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 20 | 22 | 29 | 123 | 73 | 94 | 60 | 96 | 125 | 127 | 89 |
| Cash Flow from Operating Activities | 117 | 131 | 229 | 101 | 319 | 57 | 127 | 154 | 170 | 49 | 135 |
| Cash Flow from Investing Activities | -17 | -65 | -460 | -78 | -215 | -10 | -36 | -73 | -111 | 1 | -95 |
| Cash Flow from Financing Activities | -98 | -59 | 301 | -73 | -83 | -80 | -44 | -52 | -54 | -61 | -54 |
| Net Cash Inflow / Outflow | 2 | 7 | 69 | -50 | 21 | -34 | 46 | 29 | 6 | -10 | -15 |
| Closing Cash & Cash Equivalent | 22 | 29 | 123 | 73 | 94 | 60 | 96 | 125 | 127 | 89 | 76 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.66 | 3.18 | 5.81 | 7.26 | 6.85 | -0.9 | 2.51 | 9.77 | 9.12 | 9.3 | 3.18 |
| CEPS(Rs) | 3.1 | 4.62 | 7.17 | 8.8 | 8.61 | 1.02 | 4.64 | 11.99 | 12.07 | 13.71 | 4.94 |
| DPS(Rs) | 0.2 | 0.35 | 1 | 1.25 | 1.5 | 1 | 1.25 | 1.25 | 1.25 | 1.25 | 0.5 |
| Book NAV/Share(Rs) | 36 | 39.64 | 62.66 | 71 | 71.19 | 71.31 | 74.08 | 81.39 | 92.75 | 99.05 | 83.88 |
| Core EBITDA Margin(%) | 32.15 | 36.06 | 34.34 | 33.6 | 30.3 | 4.3 | 18.6 | 37.86 | 36.96 | 26.67 | 19.74 |
| EBIT Margin(%) | 25.88 | 29.45 | 33.2 | 33.38 | 28.77 | -0.73 | 15.11 | 36.67 | 43.37 | 56.81 | 18.2 |
| Pre Tax Margin(%) | 14.86 | 21.76 | 31.75 | 32.07 | 27.07 | -3.54 | 13.02 | 34.14 | 41.24 | 55.03 | 16.56 |
| PAT Margin (%) | 9.47 | 15.59 | 21.51 | 20.45 | 19.52 | -5.01 | 9.05 | 27.2 | 31.49 | 43.5 | 12.39 |
| Cash Profit Margin (%) | 19.05 | 23.53 | 26.67 | 24.29 | 24.65 | 5.34 | 16.54 | 33.28 | 38.11 | 50.33 | 19.2 |
| ROA(%) | 2.86 | 5.74 | 9.37 | 9.34 | 8.21 | -1.16 | 3.05 | 10.82 | 9.76 | 10.85 | 3.13 |
| ROE(%) | 4.46 | 8.11 | 11.93 | 11.15 | 9.59 | -1.33 | 3.49 | 12.62 | 11.46 | 12.36 | 3.48 |
| ROCE(%) | 8.91 | 12.07 | 16.9 | 18.06 | 13.98 | -0.19 | 5.71 | 16.68 | 15.53 | 16 | 5.1 |
| Receivable days | 17.98 | 7.41 | 3.18 | 2.83 | 1.43 | 1.49 | 1.64 | 1.56 | 3.31 | 3.9 | 2.48 |
| Inventory Days | 68.25 | 56.31 | 35.52 | 30.92 | 39.13 | 79.89 | 63.48 | 64.05 | 45.61 | 9.42 | 10.11 |
| Payable days | 230.86 | 192.55 | 166.18 | 141.78 | 145.41 | 354.41 | 185.1 | 138 | 195.07 | 184.43 | 166.94 |
| PER(x) | 39.89 | 56.83 | 43.07 | 35.07 | 9.56 | 0 | 131.77 | 18.5 | 12.13 | 8.95 | 15.52 |
| Price/Book(x) | 1.84 | 4.57 | 4 | 3.59 | 0.92 | 2.27 | 4.46 | 2.22 | 1.19 | 0.84 | 0.59 |
| Dividend Yield(%) | 0.3 | 0.19 | 0.4 | 0.49 | 2.29 | 0.62 | 0.38 | 0.69 | 1.13 | 1.5 | 1.01 |
| EV/Net Sales(x) | 4.65 | 9.64 | 10.83 | 8.56 | 2.17 | 10.17 | 14.16 | 4.88 | 3.34 | 2.93 | 1.81 |
| EV/Core EBITDA(x) | 13.67 | 25.94 | 23.87 | 18.91 | 5.24 | 74.29 | 49.16 | 11.44 | 7.71 | 8.5 | 7.06 |
| Net Sales Growth(%) | 25.07 | 21.18 | 33.65 | 31.29 | -3.06 | -45.84 | 47.09 | 56.54 | -12.05 | -13.99 | -5.64 |
| EBIT Growth(%) | 179.45 | 37.89 | 78.38 | 37.19 | -16.89 | -101.37 | 3143.82 | 212.36 | 4.01 | 12.66 | -69.77 |
| PAT Growth(%) | 229.77 | 99.44 | 118.35 | 29.67 | -7.92 | -113.81 | 365.93 | 286.66 | 1.82 | 18.84 | -73.13 |
| EPS Growth(%) | 270.5 | 92.17 | 82.56 | 24.95 | -5.66 | -113.18 | 377.45 | 289.72 | -6.63 | 1.95 | -65.75 |
| Debt/Equity(x) | 0.29 | 0.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.69 | 1.16 | 2.24 | 3.05 | 3.49 | 4.57 | 3.9 | 4.45 | 2.99 | 3.67 | 2.13 |
| Quick Ratio(x) | 1.31 | 0.95 | 2.04 | 2.74 | 3.06 | 3.9 | 3.3 | 3.64 | 2.93 | 3.57 | 2.05 |
| Interest Cover(x) | 2.35 | 3.83 | 23.01 | 25.54 | 16.95 | -0.26 | 7.24 | 14.5 | 20.34 | 31.91 | 11.13 |
| Total Debt/Mcap(x) | 0.16 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.26 | 33.26 | 33.26 | 33.26 | 33.66 | 33.66 | 33.66 | 34.47 | 34.47 | 34.47 |
| FII | 1.91 | 1.46 | 1.26 | 1.02 | 1.48 | 2.69 | 2.14 | 1.64 | 1.62 | 1.18 |
| DII | 8.93 | 8.8 | 8.61 | 8.37 | 7.75 | 6.27 | 2.63 | 0.24 | 0.24 | 0.24 |
| Public | 55.9 | 56.48 | 56.87 | 57.35 | 57.11 | 57.38 | 61.57 | 63.65 | 63.68 | 64.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.91 | 8.91 | 8.91 | 8.91 | 9.01 | 9.01 | 9.01 | 9.23 | 9.23 | 9.23 |
| FII | 0.51 | 0.39 | 0.34 | 0.27 | 0.4 | 0.72 | 0.57 | 0.44 | 0.43 | 0.32 |
| DII | 2.39 | 2.36 | 2.31 | 2.24 | 2.08 | 1.68 | 0.7 | 0.06 | 0.06 | 0.06 |
| Public | 14.97 | 15.12 | 15.23 | 15.36 | 15.29 | 15.36 | 16.49 | 17.04 | 17.05 | 17.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | -11% | +10% | +6% |
| Operating Profit CAGR | -30% | -25% | +25% | +3% |
| PAT CAGR | -73% | -31% | — | +9% |
| Share Price CAGR | -7% | -19% | -24% | -8% |
| ROE Average | +3% | +9% | +9% | +8% |
| ROCE Average | +5% | +12% | +12% | +12% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 33.26 | 33.26 | 33.26 | 33.26 | 33.66 | 33.66 | 33.66 | 34.47 | 34.47 | 34.47 |
| FII | 1.91 | 1.46 | 1.26 | 1.02 | 1.48 | 2.69 | 2.14 | 1.64 | 1.62 | 1.18 |
| DII | 8.93 | 8.8 | 8.61 | 8.37 | 7.75 | 6.27 | 2.63 | 0.24 | 0.24 | 0.24 |
| Public | 55.9 | 56.48 | 56.87 | 57.35 | 57.11 | 57.38 | 61.57 | 63.65 | 63.68 | 64.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.91 | 8.91 | 8.91 | 8.91 | 9.01 | 9.01 | 9.01 | 9.23 | 9.23 | 9.23 |
| FII | 0.51 | 0.39 | 0.34 | 0.27 | 0.4 | 0.72 | 0.57 | 0.44 | 0.43 | 0.32 |
| DII | 2.39 | 2.36 | 2.31 | 2.24 | 2.08 | 1.68 | 0.7 | 0.06 | 0.06 | 0.06 |
| Public | 14.97 | 15.12 | 15.23 | 15.36 | 15.29 | 15.36 | 16.49 | 17.04 | 17.05 | 17.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 | 26.78 |
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