Delta Corp. Ltd. (India) (DELTACORP) AI Stock Analysis

• Market Cap: ₹15.57B
• Dividend Yield: 1.75%
• Average Volume (3M): 152.46K
• Price to Earnings (P/E): 32.7
• Beta (1Y): 1.16
• Revenue Growth: -6.41%
• EPS Growth: 63.84%
• Country: IN
• Employees: 2,484
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 0.53
• Shares Outstanding: 267,771,100
• 10 Day Avg. Volume: 88,920
• 30 Day Avg. Volume: 152,462
• PEG Ratio: 3.68
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 2.48
• P/FCF Ratio: -11.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: ₹62.00 ▼(-12.09% Downside)
• Action: Reiterated Date: 11/07/25
• Date: Action: Reiterated 11/07/25

Delta Corp.'s overall stock score is primarily influenced by its strong financial stability and attractive valuation. However, the bearish technical indicators and cash flow challenges weigh down the score. The lack of earnings call data and corporate events further limits the assessment.

Positive Factors

Balance sheet strength

Extremely low leverage and an 89.9% equity ratio provide durable financial flexibility, allowing the firm to absorb demand shocks, finance strategic investments or regulatory costs without relying on heavy debt. A 9.3% ROE shows efficient equity use supporting long-term stability.

High and sustainable margins

Very high gross and EBITDA margins reflect the inherent economics of casino operations and low variable production costs, creating durable cash-on-model benefits. Strong operating margins provide buffer against revenue swings and support reinvestment in customer experience and digital channels.

Diversified gaming/hospitality model

Combination of on-premise casinos, hospitality services and an online gaming presence delivers multiple revenue streams. This diversification leverages structural online gaming growth while cross-selling hospitality services, reducing single-channel dependency and supporting steadier long-term revenue potential.

Negative Factors

Declining revenues

Recurring revenue declines undermine scalability of fixed-cost-heavy casino operations; persistent top-line contraction can erode margins, limit ability to fund upgrades or digital expansion, and weaken pricing power. A multi-quarter revenue downtrend risks long-term competitiveness.

Weak cash conversion

Negative free cash flow and a 0.2 operating cash flow to net income ratio indicate profits are not converting to cash reliably. This constrains capacity to fund capital expenditure, pay dividends, or absorb shocks without raising capital—material given the industry's periodic seasonality and regulatory costs.

Tourism and regulatory sensitivity

Business relies heavily on footfall and tourism in key markets and is exposed to regulatory and tax shifts. Such structural dependencies make revenues and margins vulnerable to policy changes, travel disruptions, or local licensing shifts, limiting predictability and long-term growth visibility.

Delta Corp. Ltd. (India) Business Overview & Revenue Model

Company Description

Delta Corp Limited operates in the gaming and entertainment, and hospitality businesses in India and internationally. It operates through three segments: Casino Gaming, Online Skill Gaming, and Hospitality. The Casino Gaming segment operates offshore casinos, including Deltin Royale, Deltin JAQK, and King Casino in Goa; land based casinos, such as Deltin Suites Casino in Goa and Deltin Denzong in Sikkim; and Deltin Suites Casino in Kathmandu, Nepal. The Online Gaming segment operates Adda52.com, an online poker site; and Adda52Rummy, a rummy app. The Hospitality segment operates The Deltin, a five-star hotel, which include 176 rooms, 3 bars, and 3 gourmet restaurants located in Daman; and Deltin Suites, an all-suite hotel, which comprise 106 rooms, bar, and restaurants located in Goa. Delta Corp Limited was incorporated in 1990 and is based in Mumbai, India.

How the Company Makes Money

Delta Corp. generates revenue primarily through its casino operations, which include both land-based and online gaming. The casinos attract local and international tourists, contributing significantly to revenue through gaming activities such as table games and electronic gaming machines. The online gaming segment offers a variety of skill-based games, including poker, which has seen substantial growth, especially during the pandemic. The company also earns income from its hospitality operations, including hotels connected to its casinos, which provide additional revenue through accommodations and related services. Strategic partnerships with technology providers enhance its online gaming platform, driving user acquisition and retention, further bolstering its revenue streams.

Delta Corp. Ltd. (India) Financial Statement Overview

Summary

Delta Corp. has a strong balance sheet with low leverage and a high equity ratio, ensuring financial stability. However, income statement performance is mixed, with strong profit margins but declining revenues. Cash flow management remains a concern, with negative free cash flow impacting liquidity.

Income Statement

Delta Corp. shows fluctuating revenue with a significant decrease in the latest year, indicating instability in revenue generation. Gross profit margin remains strong at 91.1% for 2025, driven by efficient cost management. However, net profit margin decreased slightly to 34.1%, suggesting challenges in controlling operational costs. The EBIT and EBITDA margins for 2025 are solid at 18.8% and 62.7%, respectively, indicating efficient operations despite revenue fluctuations.

Balance Sheet

The company maintains a robust equity position, with an equity ratio of 89.9% for 2025, reflecting financial stability. The debt-to-equity ratio is low at 0.013, indicating conservative leverage. Return on equity is strong at 9.3%, showcasing effective use of equity to generate profits. Overall, Delta Corp. demonstrates excellent financial stability with low debt levels and solid equity.

Cash Flow

Delta Corp. struggles with consistent free cash flow generation, recording negative free cash flow growth in 2025. The operating cash flow to net income ratio is 0.2, indicating limited cash conversion from profits. Additionally, the free cash flow to net income ratio is negative, highlighting the need for improved cash management. Cash flow challenges present potential risks to liquidity and growth initiatives.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.49B	7.30B	9.25B	9.64B	6.16B	4.19B
Gross Profit	6.43B	6.65B	5.43B	5.06B	2.66B	3.97B
EBITDA	4.18B	4.62B	4.00B	3.97B	1.60B	395.20M
Net Income	2.57B	2.49B	2.44B	2.61B	669.90M	-241.00M
Balance Sheet
Total Assets	0.00	29.62B	28.66B	25.47B	22.93B	21.63B
Cash, Cash Equivalents and Short-Term Investments	4.68B	4.68B	6.63B	6.75B	7.00B	5.72B
Total Debt	0.00	345.30M	515.10M	675.10M	453.30M	352.80M
Total Liabilities	-26.65B	2.98B	3.48B	3.26B	2.70B	2.19B
Stockholders Equity	26.65B	26.65B	25.18B	22.19B	20.22B	19.42B
Cash Flow
Free Cash Flow	0.00	-1.64B	-405.90M	345.50M	512.00M	425.10M
Operating Cash Flow	0.00	493.60M	1.70B	1.54B	1.27B	565.60M
Investing Cash Flow	0.00	10.10M	-1.11B	-730.00M	-363.20M	-104.80M
Financing Cash Flow	0.00	-606.80M	-540.00M	-520.80M	-444.30M	-802.60M

Delta Corp. Ltd. (India) Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 70.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DELTACORP, the sentiment is Negative. The current price of 70.53 is above the 20-day moving average (MA) of 65.24, above the 50-day MA of 66.85, and below the 200-day MA of 78.46, indicating a bearish trend. The MACD of -1.92 indicates Positive momentum. The RSI at 26.93 is Positive, neither overbought nor oversold. The STOCH value of 3.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DELTACORP.

Delta Corp. Ltd. (India) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHARDAMOTR	66 Neutral	₹51.61B	16.59	―	2.75%	6.96%	6.33%
WONDERLA	64 Neutral	₹30.86B	57.49	―	0.38%	0.68%	-45.98%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
DELTACORP	61 Neutral	₹15.57B	32.71	―	1.75%	-6.41%	63.84%
RPSGVENT	57 Neutral	₹21.64B	-5.57	―	―	23.60%	72.41%
IGARASHI	54 Neutral	₹10.61B	98.19	―	0.57%	0.94%	-32.59%
RAJESHEXPO	51 Neutral	₹40.97B	18.97	―	―	112.02%	244.77%

Delta Corp. Ltd. (India) Corporate Events

Delta Corp Board Clears Q3 and Nine-Month FY26 Unaudited Results After Limited Review

Delta Corp Limited’s board of directors met on 15 January 2026 and approved the company’s unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, in compliance with SEBI’s listing and disclosure regulations. An independent limited review by Walker Chandiok & Co LLP concluded that the interim financial statements comply with Ind AS 34 and SEBI disclosure norms and do not contain any material misstatements, reinforcing the reliability and regulatory compliance of Delta Corp’s reported financial information for investors and other stakeholders.

Delta Corp Board Clears Unaudited Q3 and Nine-Month FY2025 Results

Delta Corp Limited’s board of directors has approved the company’s standalone and consolidated unaudited financial results for the quarter and nine-month period ended 31 December 2025, in line with Indian accounting standards and SEBI’s listing regulations. The results, reviewed by independent auditor Walker Chandiok & Co LLP, received a clean limited review conclusion, indicating no material misstatements or non-compliance in the interim financial disclosures, thereby reinforcing the company’s adherence to regulatory and reporting norms and providing shareholders and market participants with formally vetted financial information for the period.

Delta Corp Unveils New Goa Casino Vessel, Halts Dhargal Resort and Pursues Business Demerger

Delta Corp Ltd has announced that it is in the advanced stages of completing a new casino vessel for deployment on Goa’s Mandovi River, with induction targeted by March 2026 and commercial operations expected to start in April 2026, a move that is set to strengthen its position in Goa’s live gaming market. At the same time, the company has decided to put on hold its planned integrated resort project on the Dhargal land parcel due to the prevailing regulatory and tax environment and is exploring options to monetize the land, while also pursuing a demerger of its businesses into two entities—one focused on gaming and the other on hospitality and real estate—via a mirror split that will give each existing shareholder one share in the resultant company, a restructuring aimed at sharper strategic focus and long-term value creation, subject to regulatory approvals expected within about six months.