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

• Market Cap: ₹13.54B
• Dividend Yield: 1.75%
• Average Volume (3M): 152.46K
• Price to Earnings (P/E): 32.7
• Beta (1Y): 1.11
• 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: 62 Neutral
• Price Target: ₹54.00 ▼(-23.44% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is primarily supported by strong balance-sheet stability, but is held back by weakening revenue trends and poor cash flow conversion. Technicals are also negative with the stock trading below key moving averages, while valuation remains relatively expensive despite a modest dividend yield.

Positive Factors

Balance sheet strength

Extremely low leverage and a high equity ratio provide long-term financial flexibility. This conservatism reduces refinancing and insolvency risk during tourism or regulatory downturns, enabling continued investment in operations, capex or strategic opportunities without heavy borrowing.

High operating margins

Very wide gross and EBITDA margins reflect the structural economics of casino gaming and operating leverage in hospitality. Durable high margins support profitability even if revenue softens, enabling internal funding for maintenance, marketing and potential expansion of customer-facing channels.

Structural business model

The built-in house edge in casino gaming creates a predictable revenue engine over time versus pure fee businesses. This structural advantage underpins recurring gross margins and pricing power, supporting long-term cash generation if operations and regulatory access are maintained.

Negative Factors

Revenue decline

Persistent revenue contraction signals weakening demand or market share loss in core markets. Over months this erodes scale benefits, stresses margins and makes it harder to fund marketing or upgrades; combined with high fixed costs, sustained declines would pressure profitability and growth plans.

Weak cash conversion

Poor conversion of accounting profits into cash and negative free cash flow reduce liquidity and constrain reinvestment or dividend capacity. Over the medium term this can force external financing for expansion or maintenance, undermining the benefit of a strong balance sheet if not corrected.

Concentration & regulatory sensitivity

Heavy reliance on tourism-dependent venues and exposure to Indian gaming regulation makes revenue and margins vulnerable to policy shifts or travel slumps. Structural regulatory or tax changes, or localized demand shocks, could materially and persistently reduce earnings visibility and growth optionality.

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 primarily earns revenue from its casino gaming operations and related onboard/venue services. Key revenue streams typically include: (1) Casino gaming receipts from players participating in table games and electronic gaming, where the company’s economic return is the gaming margin (i.e., the statistical house advantage) embedded in game play; (2) Non-gaming revenue associated with casino visitation such as food and beverage, hospitality/rooms (where applicable), and other on-premise services sold to guests; and (3) Online gaming income through its online gaming business, generally generated from platform fees/commissions and/or game play economics depending on the product format offered. Significant factors affecting earnings include customer footfall/tourism trends in key casino markets (notably Goa), regulatory and tax developments affecting casino and online gaming in India, and the company’s ability to market and manage premium gaming/hospitality experiences. Specific material partnerships, if any, are null.

Delta Corp. Ltd. (India) Financial Statement Overview

Summary

Strong balance sheet strength (high equity ratio, very low leverage) supports stability, but results quality is mixed: revenue declined in the latest year and cash conversion is weak with negative free cash flow growth and low operating cash flow relative to net income.

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	7.44B	7.30B	9.25B	9.64B	6.16B	4.19B
Gross Profit	6.41B	6.65B	5.43B	5.06B	2.66B	3.97B
EBITDA	4.12B	4.62B	4.00B	3.97B	1.60B	395.20M
Net Income	2.55B	2.49B	2.44B	2.61B	669.90M	-241.00M
Balance Sheet
Total Assets	25.79B	29.62B	28.66B	25.47B	22.93B	21.63B
Cash, Cash Equivalents and Short-Term Investments	4.52B	4.68B	6.63B	6.75B	7.00B	5.72B
Total Debt	318.50M	345.30M	515.10M	675.10M	453.30M	352.80M
Total Liabilities	2.96B	2.98B	3.48B	3.26B	2.70B	2.19B
Stockholders Equity	22.83B	26.65B	25.18B	22.19B	20.22B	19.42B
Cash Flow
Free Cash Flow	366.80M	-1.64B	-405.90M	345.50M	512.00M	425.10M
Operating Cash Flow	1.45B	493.60M	1.70B	1.54B	1.27B	565.60M
Investing Cash Flow	-1.10B	10.10M	-1.11B	-730.00M	-363.20M	-104.80M
Financing Cash Flow	-450.20M	-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: Neutral

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 57.26, above the 50-day MA of 62.96, and below the 200-day MA of 76.14, indicating a bearish trend. The MACD of -3.27 indicates Positive momentum. The RSI at 25.91 is Positive, neither overbought nor oversold. The STOCH value of 20.82 is Neutral, 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	₹43.06B	16.59	―	2.75%	6.96%	6.33%
WONDERLA	64 Neutral	₹32.21B	57.49	―	0.38%	0.68%	-45.98%
DELTACORP	62 Neutral	₹13.54B	32.71	―	1.75%	-6.41%	63.84%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
IGARASHI	55 Neutral	₹9.37B	98.19	―	0.57%	0.94%	-32.59%
RAJESHEXPO	52 Neutral	₹26.50B	18.97	―	―	112.02%	244.77%
RPSGVENT	52 Neutral	₹18.44B	-5.57	―	―	23.60%	72.41%

Delta Corp. Ltd. (India) Corporate Events

Delta Corp calls virtual EGM on 9 April 2026 with e-voting

Delta Corp Limited has announced that it will hold an Extraordinary General Meeting on 9 April 2026 at 3:00 p.m. IST, to be conducted via video conference and other audio-visual means, with an e-voting facility for shareholders. The company has fulfilled its regulatory disclosure obligations by publishing the meeting notice in leading English and Marathi newspapers, underscoring its compliance with SEBI’s listing norms and its efforts to ensure wider shareholder participation in key corporate decisions.

The move to convene the EGM through virtual means indicates Delta Corp’s continued use of digital channels for corporate governance, which can broaden access for geographically dispersed investors. By formally notifying the exchanges and the public, Delta Corp reinforces transparency in its decision-making processes, a factor closely watched by regulators, institutional investors and minority shareholders in India’s capital markets.

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.