Delta Corp Limited is India's largest listed casino and gaming company, incorporated in 1990. It stands as the largest organized player and the only listed company engaged in the casino (live, electronic, and online) gaming industry in India. By operating both offshore and land-based licenses, the company has established a significant presence across India, with casinos in Goa and Sikkim, and an international casino in Nepal.
Initially incorporated as a textiles and real estate consultancy company, Delta Corp has evolved into a diversified entity with segments including casino gaming, online gaming, hospitality, and real estate. The company possesses a comprehensive presence across all gaming formats—live, electronic, and online—and currently operates in Goa, Daman, and Sikkim within the gaming and hospitality sectors.
The Casino Gaming segment is Delta Corp's core business. It operates a portfolio of offshore casinos, including prominent names like Deltin Royale, Deltin JAQK, and King Casino in Goa. Its land-based casino operations include Deltin Suites Casino and Deltin Zuri in Goa, Deltin Denzong in Sikkim, and Deltin Casino in Kathmandu, Nepal. As of June 2016, the group was successfully running three offshore live gaming casinos in Goa: "Deltin Royale" (950 gaming positions), "Deltin JAQK" (500 gaming positions), and "Deltin Caravela" (130 gaming positions).
Currently, the company owns and operates casinos in India (Goa and Sikkim) and Nepal, offering approximately 2,000 gaming positions. Looking forward, Delta Corp has announced the launch of a new offshore casino vessel, expected in the final quarter of the 2024-25 fiscal year. This expansion is projected to double Delta's gaming capacity from 2,000 to 4,000 gaming positions, significantly enhancing revenue streams as tourism in Goa continues its upward trajectory.
The Online Skill Gaming segment is a crucial part of Delta Corp's digital footprint. The company ventured into the online gambling industry in 2017 with the acquisition of Adda52.com, a renowned Indian online gaming portal. Through this segment, Delta Corp generates revenue via online skill-based games such as poker, rummy, and fantasy sports, which are legally played for real money in many Indian states.
Delta Corp's Hospitality segment complements its gaming operations. It includes:
- The Deltin, Daman: A five-star hotel featuring rooms, gourmet restaurants, bars, indoor event spaces, retail areas, swimming pools, and various indoor and outdoor games.
- Deltin Suites, Goa: An all-suite hotel with an integrated casino, offering gaming positions, rooms, a restaurant, a bar, and gym and spa facilities.
Further expanding its hospitality footprint, a 450-room hotel is currently under construction in Goa, with an investment of Rs4.5 billion ($53.6 million). This hotel, slated for completion in FY 2025-26, is anticipated to be the largest in Goa and will strategically complement the company's expanded gaming facilities.
Delta Corp Ltd has demonstrated notable financial movements. For Q4 FY2024-25, the company's net profit surged by 127.26% year-over-year to ₹164.56 crore. On a consolidated basis, Delta Corp reported a profit of Rs 164.56 crore on a total income of Rs 408.86 crore for the quarter ended March 2025.
In the quarter ended December 2024, net profit rose 3.63% to Rs 35.73 crore, compared to Rs 34.48 crore in the previous quarter ended December 2023. However, sales declined 7.52% to Rs 194.33 crore in the December 2024 quarter, down from Rs 210.13 crore in the December 2023 quarter.
As of June 27th, 2025, the market capitalization of Delta Corp Ltd (DELTACORP) stands at ₹2,404.05 crore. Key financial metrics provide further insights into its market position:
- P/E (Price-to-Earnings) Ratio: 9.66
- P/B (Price-to-Book) Ratio: 0.95
- Current Dividend Yield: 1.39
- 52-Week High: ₹149.28
- 52-Week Low: ₹76.66
The company has recorded a modest sales growth of -1.16% over the past five years. On a trailing 12-month basis, Delta Corp has an operating revenue of Rs. 757.44 crore, with a stated revenue of 730 crores and profit of 249 crores for a period not specified but likely related to annual performance. The company shows an annual revenue de-growth of -8%, a pre-tax margin of 35%, and a Return on Equity (ROE) of 9%.
Delta Corp is actively diversifying into the real estate sector. The company has established a dedicated real estate development platform in collaboration with Alpha Alternatives Fund Advisors LLP and Peninsula Land. This fund, totaling Rs7.6 billion ($90.6 million), is strategically focused on residential redevelopment projects and acquiring land parcels within and around the Mumbai Metropolitan Region and Pune.
To solidify its leadership in the casino gaming space, Delta Corp has earmarked an estimated capital expenditure of Rs3.5 billion for expanding its casino portfolio. The company is strategically positioned to leverage the burgeoning gaming industry in India, with projections indicating approximately 500 million online gaming users by 2025, making it the third-largest segment of the Indian media and entertainment industry.
The company's auditor has highlighted a significant matter in the financial statements regarding show cause notices. Delta Corp and three of its subsidiaries have received these notices concerning alleged short payment of Goods and Service Tax (GST) amounting to Rs23.2 billion ($277 million) for the period from July 1st, 2017, to November 30th, 2022. The outcome of these uncertainties could have a material impact on the company's financial position.
Promoter holding in Delta Corp Ltd has shown an increase, rising to 33.66 per cent as of March 2025 from 33.26 per cent as of June 2024. The company's management team is led by Jaydev Mody, who serves as the Chairman, with Dilip Vaidya overseeing responsibilities as the Company Secretary.
Delta Corp continues to uphold its position as India's leading casino gaming company, bolstered by a strong operational presence across multiple states and strategic expansion plans designed to capitalize on the growing gaming and hospitality sectors in the country.
