Delta Corp Charts Expansion, Puts Dhargal Project on Hold, Moves Ahead with Business Demerger

Mumbai, January 16, 2026 – Delta Corp Limited (NSE: DELTACORP, BSE: 532848) has shared a comprehensive business and project update outlining near-term expansion plans in gaming and hospitality, a pause in its Dhargal integrated resort project, and progress on its proposed business demerger aimed at sharper strategic focus.

New Casino Vessel Set for Goa Operations​

Delta Corp is in advanced stages of completing a new casino vessel that is expected to be inducted into the Mandovi River in Goa by March 2026. Commercial operations are targeted to begin in April 2026, subject to operational readiness. The addition is expected to further strengthen the company’s footprint in Goa’s live gaming ecosystem.

Dhargal Integrated Resort Project Put on Hold​

The company has decided to place the development of the proposed integrated resort on its Dhargal land parcel on hold. This decision follows an internal evaluation of the prevailing tax and operating environment. Delta Corp stated that it is assessing multiple options to monetise the land parcel and will share an update once a clear strategy is finalised.

Demerger to Separate Gaming and Hospitality Businesses​

Delta Corp has moved forward with plans to restructure its operations through a demerger into two distinct entities:

• A standalone gaming-focused business
• A hospitality and real estate-focused business

The demerger is proposed as a mirror split, under which shareholders of Delta Corp will receive one share in the resulting entity for every share held. The move is intended to enable sharper management focus and unlock long-term shareholder value. The company is hopeful of completing the process within the next six months, subject to procedural timelines.

Real Estate Platform Investments​

The company has invested in a real estate platform in partnership with Alpha Alternatives Fund Advisors LLP and Peninsula Land Limited. The platform has acquired land parcels with aggregate investments exceeding ₹190 crore across Bhilavale, Karjat, Sogaon, and the Alibaug region. Delta Corp’s contribution to the platform stands at ₹23 crore. Marketing and sales of small-sized residential plots are expected to begin in the first quarter of FY27.

Hospitality Portfolio Expansion Underway​

Delta Corp currently operates a 176-room integrated five-star resort, The Deltin, along with a 106-key all-suite five-star hotel in Nerul, North Goa.

Construction and interior fit-out work for a new 375+ key hotel and casino project in Panjim is progressing, with interior works currently in full swing. The company is targeting completion and a soft launch during the last quarter of FY27.

In addition, its subsidiary, Delta Penland Limited, acquired a 100-key hotel property in Alibaug in November 2025. The property is undergoing furnishing and fit-out and is expected to become operational in the last quarter of FY27.

Upon completion of these projects, Delta Corp’s total room inventory under the Deltin brand is expected to exceed 750 keys, significantly strengthening its hospitality presence.

Tax Impact and Legal Matters​

The company noted that profitability has been materially impacted by the increase in tax rates on the sale of gaming chips. Management is implementing multiple operational and efficiency-driven initiatives to mitigate the impact.

Separately, matters relating to indirect tax and a casino licence for its Daman hotel are at advanced stages of adjudication. The company said it will provide updates as and when there is material progress.

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