NSE: DELTACORP · BSE: 532848
DELTA CORP LIMITED
Operates casino gaming and hospitality businesses, primarily in Goa, under the Deltin brand. Casino Gaming is the dominant segment, accounting for 642.59 cr of segment revenue (93.1% share) in the period ending 31 March 2026, with an EBIT margin of 13.7%. The Hospitality Division contributed 47.6 cr (6.9% share) and posted a negative EBIT margin of -4.0%. Casino operations are run from offshore cruise vessels on the River Mandovi in Goa, and the company is seeking court permission for a new cruise vessel to sail into the river. It also operates Deltin Hotel in Goa and has an arrangement being put to shareholder and creditor votes to consolidate Delta Corp, Deltin Hotel and Resorts, Delta Penland, and Deltin Cruises and Entertainment. A prior Online Skill Gaming division was wound down after the Online Gaming Act 2025, which led to a 378.34 cr write-down of online gaming investments. The biggest cost lines in FY26 are other operating expenses (332.01 cr, 48.2% of revenue) and employee costs (169.9 cr, 24.7%), with capex of 253.34 cr (36.8% of revenue) reflecting investment in vessels and properties. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Casino Gaming Division (93%), Hospitality Division (7%). Asset-heavy, cyclical leisure and gaming operator with a single dominant casino segment, no debt, and ongoing regulatory and tax exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 616 | 1,021 | 925 | 730 | 688 |
| EBITDA (ex other income) | 122 | 350 | 343 | 400 | 125 |
| margin % | 19.8 | 34.3 | 37.1 | 54.9 | 18.2 |
| Owners' profit | 67 | 261 | 244 | 249 | 85 |
| EPS, as reported (₹) | 2.51 | 9.77 | 9.12 | 9.30 | 3.19 |
| ROE % · ROCE % | 3.4 · 5.0 | 11.8 · 14.5 | 9.7 · 12.9 | 9.3 · 14.7 | 3.8 · 5.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 127 | 154 | 170 | 49 | 135 |
| Capex | (75) | (119) | (211) | (213) | (253) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188 | 194 | 183 | 184 | 367 | 160 | 161 | 169 |
| Profit before tax | 37 | 29 | 255 | 38 | 72 | 20 | 20 | (279) |
| Net profit | 27 | 36 | 165 | 29 | 55 | 14 | 16 | (213) |
| EPS (₹) | 1.01 | 1.33 | 6.15 | 1.10 | 2.04 | 0.53 | 0.61 | (7.93) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Casino Gaming Division | 815 | 93.2 |
| Hospitality Division | 39 | 4.5 |
| Hospitality Services | 20 | 2.3 |
| Total, before eliminations | 875 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WONDERLA HOLIDAYS LTD. | 3,021 | 29.6 | 1.68 | — | 4.5 | 5.8 | — | 50.3 |
| IMAGICAAWORLD ENT LTD | 2,360 | 166.8 | 1.88 | 21.3 | 0.1 | 0.6 | 76.3 | 52.5 |
| DELTA CORP LIMITED ◆ | 1,885 | — | 0.84 | 10.9 | 3.8 | 4.8 | 10.4 | (158.1) |
| NICCO PARKS & RESORTS LTD | 321 | — | 3.07 | 358.8 | (2.6) | (1.8) | 30.5 | 1.1 |
| AJWA FUN WORLD & RESORT LTD. | 25 | 58.2 | 0.53 | — | 104.0 | 111.9 | — | — |
| HANMAN FIT LIMITED | 4 | — | — | — | — | (6.7) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 1.9 | 17 of 83 | 78% |
| ROCE | 4.8 | 5.4 | 54 of 101 | 47% |
| ROE | 3.8 | 5.6 | 50 of 83 | 40% |
| Debt / Equity | 0.0 | 0.1 | 1 of 82 | 84% |
| EBITDA margin | (158.1) | 23.4 | 83 of 85 | 2% |
| Revenue growth | (8.5) | 12.1 | 75 of 89 | 16% |
| Profit growth | (821.5) | 17.5 | 80 of 83 | 4% |
| Market cap | 1885 | 303 | 32 of 103 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Delta Corp Q2 FY27 results: Rs 189 Cr H1 standalone loss on Rs 320 Cr GST provision | results | high | — | — |
| 15 Oct 2026 · GST order on Deltin Denzong Casino, about Rs 3.08 crore demand with penalty | regulatory legal | high | — | — |
| 12 Oct 2026 · Board meeting on 19 Oct to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 5 Oct 2026 · RTA files Reg 74(5) demat certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · BSE volume query clarification - no undisclosed info | compliance | low | — | — |
| 26 Sept 2026 · Delta Corp faces Rs 116.43 crore GST demand plus penalty from Goa authority | regulatory legal | high | — | — |
| 25 Sept 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 10 Sept 2026 · Delta Corp 35th AGM Proceedings: 50% Dividend, Auditor Appointment | board shareholder meetings | low | — | — |
| 20 Aug 2026 · TDS communication on final dividend Re 0.50 per share for FY 25-26 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.