India’s publicly listed gaming leader Delta Corp Ltd. reported revenue of INR 1.96 billion (US$22.3 million) for the quarter ending June 30, 2025, reflecting modest year-on-year growth amid sectoral headwinds and post-divestment repositioning.
While gross revenues ticked up 2.6% YoY, the company’s net profit dropped sharply to INR 294.6 million (US$3.4 million) from the previous quarter’s INR 1.65 billion (US$19.3 million), which had been boosted by a one-off capital gain from the sale of 51% of its digital subsidiary, Deltatech Gaming Ltd. Delta’s core gaming division contributed INR 1.73 billion (US$19.7 million)—a 3.8% sequential increase, even as its hospitality segment declined to INR 120 million (US$1.4 million), reflecting tepid demand across resort properties like The Deltin in Daman.
The Q2 results come amid an evolving corporate pivot. In February 2025, Delta exited majority ownership in Deltatech Gaming—operator of platforms Adda52 and Adda52 Rummy—selling its stake to Head Digital Works for INR 4.91 billion (US$57 million). The deal included a strategic share swap that granted Delta a 5.7% stake in the new consolidated entity, marking a shift toward capital recycling and balance sheet optimization.
Delta Corp’s physical casino assets continue to anchor its earnings. Its offshore casinos in Goa—Deltin Royale, Deltin JAQK, and Kings Casino—remain top contributors, alongside land-based operations in Sikkim and a joint venture property in Nepal.
Delta Corp, it noted it would ‘pursue all legal remedies available’ against tax claim
However, looming regulatory clouds remain. The company is among several operators facing massive tax demands from India’s Directorate General of GST Intelligence (DGGI), totaling over INR 1.12 lakh crore (US$11.5 billion) in retrospective claims related to online gaming.
India’s gaming market to reach $7.24 billion by 2029 as global operators take interest
Delta has secured temporary court relief, but investors remain watchful of any final rulings. Despite challenges, Delta’s outlook appears resilient. With digital operations offloaded and regulatory battles ongoing, the group is expected to double down on its core hospitality and casino verticals, possibly exploring regional expansion or new land-based licenses under emerging gaming frameworks in states like Tamil Nadu and Uttar Pradesh.
Analysts see Delta as a bellwether for India’s legal gaming market, particularly given its listed status and hybrid model across physical and digital verticals. With its post-Deltatech strategy now in play, Q3 and Q4 will be key to assessing execution strength amid India’s broader regulatory recalibration.
