Delta Corp Share Price Analysis: All You Need to Know

India’s gaming and entertainment industry is booming, with live concerts and fine dining. Many startups, including Eternal (Zomato), have invested to capitalize on this Indian’s newfound interest.  One company that has established its dominance in the gaming and entertainment industry is Delta Corp. The company is a dominant casino gaming player in India and owns the biggest online poker platform, Adda52. 

However, due to business challenges in the last few years, Delta Corp share price has declined from ₹285 on March 17, 2022, to ₹87 on March 11, 2025, over the past three years. In its recent presentation, the management has reported an improvement in business performance. This article will analyze Delta Corp’s share price to understand its future growth potential. 

Let’s dive in 

Delta Corp Business Overview

Delta Corp is a leading casino gaming company in India, with over 2,000 live gaming positions, both offshore and onshore. The company has a strong presence in the states of Goa and Sikkim in the casino gaming segment and online skill gaming through the Adda52 poker platform. 

The offshore casino gaming is offered primarily through two vessels- Deltin Royale, Deltin JAQK, and Kings Casino. The onshore casino is offered at Deltin Suites in Goa.

The online gaming segment is divided into three sub-segments-  real-money games (RMG), mobile-centric/casual games, and e-sports.

The RMG segment includes real-poker, daily fantasy sports, and quizzing. Delta Corp is also into the hospitality segment, complementing the gaming business. The Deltin Daman is the largest hospitality project of the group, while Deltin Suites in Goa is equipped with a land-based casino.

Delta Corp Management Team

Mr. Jaydev Mody is the Chairman of Delta Corp and has over 40 years of experience in business growth and management. Mr. Mody, a Humanities graduate from Mumbai University, has played a key role in developing various significant and landmark real estate projects in and around Mumbai, including India’s first global mall, ‘Crossroads,’ in South Mumbai.

Mr Ashish Kapadia has been the Managing Director at Delta Corp since April 2009. He holds a bachelor’s degree in commerce and has established and managed various business sectors like paints, textiles, financial services, and aviation. 

Mr Anil Malani is the company’s President and Chief Financial Officer, with over 35 years of experience across multiple sectors. He has led the company as its ‘President – Operations’ for the past 14 years and was in charge of the group’s casino and hospitality businesses.

Mr Manoj Jain is the Chief Operating Officer and has been with the company since July 2008, holding several key positions. He is in charge of the entire operations of Delta Corp’s major portfolio of assets, Deltin Casinos & Hotels.

Delta Corp Shareholding Pattern

Delta Corp Financial Statement

Revenue From Operations

In FY24, the company’s revenue from operation declined by 4% to ₹925 crores from ₹964 crores recorded in FY23. And, for the nine months- April to December 2024, revenue from operations declined to ₹563 crores from ₹730 crores recorded in the same period the previous year. 

Business Segments	FY23	FY24	9MFY24	9MFY25
Casino Gaming	825	813 (-1.5%)	639	522 (-18.3%)
Online Skill Gaming	162	147 (-9.5%)	112	124 (10.7%)
Hospitality Division	49	51 (4.54%)	37	36 (-2.7%)

Regarding the segment-wise business performance, Casino Gaming brings over 80% of the company’s revenue. In FY24, online skill gaming (Adda52) dragged revenue growth with a 9.5% de-growth in business. For the current financial year, the casino business is witnessing de-growth, and revenue from operations has been down by over 18% in the first nine months.

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Net Profit 

In FY24, the company’s net profit declined by 6.56% to ₹245 crores from ₹262 crores recorded in FY23.  And, in 9MFY25, the company profit declined by more than 50% to ₹84 crores, compared to ₹172 crores recorded in the same period the previous year. 

Delta Corp Key Financial Ratios

Current Ratio: The company’s current ratio at the end of FY24 was 3.55 times, compared to 4.65 times in FY23. 

Operating Profit Margin (OPM): The OPM of the company reduced to around 25% in FY24, compared to 30.2% in FY23. 

Net Profit Margin: The net profit margin declined to 26.4% in FY24, compared to 27.20% in FY23. 

Return on Net Worth (RoNW): The RoNW of the company in FY24 was 13.81%, slightly higher than 13.25% in FY23.

Delta Corp is a debt-free company whose debt-to-equity ratio is not applicable. 

Delta Corp Share Price Analysis

Delta Corp share price has been an underperformer in the stock market over various periods.  The last five years’ returns of Delta Corp share price is around 40%, rising from ₹63 on 20th March 2020 to ₹88 on 13th March 2025. Delta Corp share price made an all-time high level of ₹328 on 8th April 2022. 

The primary reasons for the fall in Delta Corp’s share price decline in revenue and the GST-related issues. The Indian government levies 28% GST on total money deposited with online skill gaming platform operators, significantly increasing tax impact on business. 

Delta Corp has a consistent track record of paying dividends to shareholders. In the last three years, the company’s dividend payout has been constant at ₹1.25 per share.  The company has maintained a dividend payout ratio of lower than 20%, which indicates it is a low dividend-paying company. 

Key Financial and Valuation Metrics

Earning Per Share (EPS)

The following is the last five-year EPS Of Delta Corp:

Period	FY20	FY21	FY22	FY23	FY24	9MFY25
EPS (₹)	6.85	-0.90	2.51	9.77	9.12	3.15

The company’s EPS growth has been inconsistent in the last five years, which has impacted the growth of Delta Corp’s share price. 

For the 9MFY25 period, the EPS came in at ₹3.15, which is lower than ₹6.42, recorded for the same period the previous year. Therefore, for the full FY25, the EPS growth is likely negative, which may impact Delta Corp share price. 

Price-to-Equity VS Median PE

At the current Delta Corp share price of ₹88, the stock is trading at a PE of 20.1 times and 5 years median PE of 22.7, which indicates the stock is trading at a slight discount in price-earnings.

Price-to-Book VS Median Price-to-Book

Delta Corp’s current price-to-book value is 0.9 times, and the 5-year median price-to-book value is 2.2 times, which indicates the stock is trading at a significantly lower valuation. 

Delta Corp SWOT

Delta Corp is a leader in the online rummy and poker segment with its Adda52 platform. The group now sells it to Head Digital Works, which operates A23 Rummy and A23 Poker. 

It is the second largest deal in the online rummy and poker segment, and Head Digital Works is acquiring it for ₹491 crores. Delta Corp had bought Adda52 for ₹182 crores in 2016. The development came as the segment witnessed intense regulatory scrutiny and higher GST levy, which was dragging on earnings for Delta Corp.

One of the significant threats for Delta Corp is its businesses, which are concentrated in two states, Goa and Sikkim. Further, regulatory hurdles restrict it from expanding to other states.

Another big threat is that being a discretionary spending sector, an economic downturn or slowdown in consumption negatively impacts the growth of the business. The company is witnessing a similar kind of situation in the current fiscal. 

However, to reduce the concentration risk- the company is diversifying to the real estate sector. Delta Corp is establishing a real estate development platform in a strategic partnership with Alpha Alternatives Fund Advisors LLP and Peninsula Land. It will invest ₹765 crores in  Residential Redevelopment projects and land parcels in the Mumbai Metropolitan Region (MMR).

To strengthen its casino business, the company is doubling its gaming positions from 2000 to 4000 with a capex of ₹350 crores by the end of FY25. 

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