Delta Corp Limited is a leading Indian gaming and hospitality conglomerate, operating casinos in Goa and Sikkim since 1990.
The company exited online gaming in FY2024 by divesting Deltatech Gaming (Adda52) to Head Digital Works (HDW) for ₹491 crore.
Operates integrated resorts, casinos, and luxury hotels, with a focus on premium gaming and hospitality experiences.
Planned demerger of hospitality and real estate assets into Delta Penland Limited to streamline operations.
Casino Gaming: Offshore and land-based casinos in Goa (Deltin Royale, Deltin JAQK, King Casino) and Sikkim (Deltin Denzong).
Hospitality: Luxury hotels including The Deltin (Daman) and Deltin Suites (Goa), offering integrated gaming and accommodation.
Real Estate: Development of integrated resorts (e.g., Dhargalim Project in Goa) and residential plots via Peninsula Land joint venture.
New vessel project: A ₹280-290 crore offshore casino vessel under construction, expected to double gaming capacity by Q3/Q4 2024.
Growth thesis
Delta Corp operates offshore casinos in Goa and Sikkim, online gaming platforms, and a real-estate joint venture. A new Rs 280-290 cr casino vessel (Rs 175 cr spent) will double Goa capacity by Q3FY25, while a Rs 365 cr Miramar hotel aims for 18-24 month completion. Online gaming pivoted to poker for profitability amid GST headwinds. Management delayed the vessel by 12 months and left the IPO on hold since 2022, despite hitting INR 1,000 cr gaming revenue. Integrated resort development hinges on GST clarity and environmental approvals. EBITDA margins target 35-36% post-GST normalization, but execution risks from regulatory delays, capex overruns, and legal cases (Daman, retrospective GST) remain critical.
Why is Delta Corp Limited stock rising?
New vessel expected to double existing capacity and be operational in Q3 or Q4 of FY24
Integrated resort phase 1 (theme park) to be pursued after GST clarity
Miramar property conversion to 5-star deluxe hotel with 18-24 month timeline
Targeting return to pre-GST revenue levels by Q2 FY25 (July 2024)
Aiming for sustainable EBITDA margins of 35-36% after GST impact
Research report
companyname: Delta Corp Limited
ticker: DELTACORP
sector: Gaming & Hospitality
Delta Corp Limited is India's only listed casino gaming company. Established in 1990, it owns and operates casinos in Goa and Sikkim across both offshore vessels and land-based venues, plus a hospitality division with luxury hotels in Goa and Daman. As of March 2025, it had 2,623 permanent employees.
The business is straightforward: casino gaming accounts for 90.83% of turnover, hospitality for the remaining 9.17%. ...
capex, margin expansion, new product segment, acquisition inorganic
Growth guidance
No guidance
Management consistency
mixed
RS rating: 14Stage: Stage 4
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