Delta Corp Limited (DELTACORP)
₹81.04 +1.66% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Delta Corp Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Delta's revenue was ₹161 Cr (-11.9% year on year, +0.6% on the previous quarter), and net profit ₹16.4 Cr (-90.0% year on year); the operating margin was 17.2%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹161 | -11.9% | +0.6% |
| Operating profit | ₹27.7 | -32.4% | +14.9% |
| Net profit | ₹16.4 | -90.0% | +15.2% |
| EPS (₹) | 0.61 | -90.1% | +15.1% |
| Operating margin | 17.2% | — | — |
DELTACORP delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.3% of the DELTACORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.42%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 46 bulk or block deals were reported in DELTACORP in the last 60 days: ₹543 Cr bought and ₹544 Cr sold.
Delivery in the last 5 sessions: 21.7% · 15.1% · 18.4% · 27.5% · 31.3%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 6 Oct | Sell | Hrti Private Limited | ₹33.37 Cr | ₹85.26 | 3,913,527 | Bulk |
| 6 Oct | Buy | Hrti Private Limited | ₹30.76 Cr | ₹84.82 | 3,626,597 | Bulk |
| 6 Oct | Sell | Junomoneta Finsol Private Limited | ₹24.64 Cr | ₹85.47 | 2,882,870 | Bulk |
| 6 Oct | Buy | Junomoneta Finsol Private Limited | ₹24.41 Cr | ₹85.41 | 2,858,395 | Bulk |
| 6 Oct | Sell | Qe Securities Llp | ₹23.94 Cr | ₹85.29 | 2,806,691 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Delta Corp has received an Order-in-Original dated October 14, 2026, from the Joint Commissioner, CGST & Central Excise, Siliguri Commissionerate, regarding its Deltin Denzong Casino for the period July 2017 to March 2022. The order imposes differential GST demands totaling ₹3.08 Cr (₹1.64 Cr on actionable claims valuation and ₹1.43 Cr on mixed supply of casino entry packages) along with equivalent 100% penalties of ₹3.08 Cr, plus applicable interest under Section 50. The total principal tax and penalty sum of ~₹6.15 Cr represents approximately 7.2% of Delta Corp's TTM net profit of ₹85 Cr. The company stated it is evaluating the order and may file an appeal within statutory timelines.
- Differential GST demand of INR 1,64,45,616 determined on valuation of actionable claims under Rule 31C.
- Differential GST demand of INR 1,43,21,637 on mixed supply of casino entry packages.
- Penalties under Section 74 of the CGST Act equivalent to 100% of the demand amounts (totaling ~INR 3.08 Cr).
- Applicable interest levied under Section 50 of the CGST Act from the due dates of returns until payment.
- Order relates to historical operations of Deltin Denzong Casino covering the tax period from July 2017 to March 2022.
Delta Corp Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, Purva Sharegistry (India) Private Limited. The RTA confirmed that securities received for dematerialisation during the quarter were processed, verified, and cancelled within prescribed timelines. This is a mandatory administrative disclosure with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Confirmation issued by RTA Purva Sharegistry (India) Pvt. Ltd. dated October 1, 2026
- Filing submitted to NSE and BSE on October 5, 2026
- Confirms mutilation, cancellation, and substitution of depository names within statutory timelines
Delta Corp and its subsidiaries have received GST demand orders totaling ₹116.43 crore in differential GST plus ₹37.11 crore in penalties from the Central GST Goa Commissionerate for July 2017 to March 2022. The claims comprise ₹79.32 crore regarding actionable claims valuation (calculated on chip sales per Supreme Court directions) and ₹37.11 crore on mixed supply classification of casino-entry packages. Additionally, interest at 18% per annum has been levied on both components. Combined demand and penalties (₹153.54 crore excluding accrued interest) represent ~180% of Delta Corp's TTM net profit of ₹85 crore, though the company plans to evaluate appeals.
- Differential GST demand of ₹79.32 crore levied across the group on actionable claims valuation (chips sold basis)
- Mixed supply tax demand of ₹37.11 crore along with an equivalent penalty of ₹37.11 crore under Section 74
- Interest levied at 18% per annum on actionable claim demand from Oct 1, 2023, and on mixed supply from the due dates
- Total base demand and penalty of ₹153.54 crore (excluding interest) vs TTM PAT of ₹85.29 crore
- Company and subsidiaries evaluating legal steps including filing appeals within prescribed timelines
Delta Corp Limited concluded its 35th Annual General Meeting (AGM) on September 10, 2026. Shareholders considered the adoption of FY26 financial statements and the declaration of a 50% dividend (₹0.50 per Re. 1 face value equity share). Key agenda items included the re-appointment of Chairman Jaydev Mody retiring by rotation and the appointment of M/s M S K C & Associates LLP as statutory auditors. The detailed voting outcomes across ordinary and special business items will be disclosed separately.
- Declared a 50% dividend of ₹0.50 per equity share of face value Re. 1 for FY26
- Appointed M/s M S K C & Associates LLP as the statutory auditors of the company
- Re-appointment of Director Jaydev Mody (DIN: 00234797) retiring by rotation considered
- 35th AGM conducted via video conference on September 10, 2026, concluding at 06:45 p.m.
Delta Corp Limited has dispatched a communication to shareholders regarding Tax Deduction at Source (TDS) applicable to its recommended final dividend of Re 0.50 per equity share (face value Re 1) for FY 25-26. The dividend was recommended by the Board on April 22, 2026, and is subject to shareholder approval at the AGM scheduled for September 10, 2026. The record date for determining eligible shareholders was August 17, 2026. Shareholders claiming lower or nil tax withholding are required to submit requisite tax exemption forms and documents by August 29, 2026.
- Final dividend of Re 0.50 per equity share of face value Re 1 recommended for FY 25-26
- Record date set as Monday, August 17, 2026, with AGM scheduled for September 10, 2026
- No TDS for resident individual shareholders if total aggregate dividend does not exceed ₹10,000 in TY 2026-27
- Deadline to submit tax exemption declarations (Form 121, TRC, Form 41) is Saturday, August 29, 2026, by 5:00 PM IST
Delta Corp Limited has submitted a regulatory intimation under Regulation 36(1)(b) of the SEBI Listing Regulations regarding the dispatch of Annual Report 2025-26 web-links to shareholders without registered emails. The company announced that its 35th Annual General Meeting (AGM) will be held on Thursday, September 10, 2026, at 05:30 p.m. IST via Video Conferencing. This filing is purely procedural and has no financial or operational impact on the company.
- 35th Annual General Meeting scheduled for Thursday, 10th September, 2026, at 05:30 p.m. IST.
- Meeting to be conducted via Video Conference (VC) / Other Audio Visual Means (OAVM).
- Annual Report for FY 2025-2026 web-link dispatched to members without registered email addresses.
- Shareholders advised to update email records via support@purvashare.com or depository participants.
Delta Corp Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI LODR Regulation 34(2)(f). Offline casino gaming continued to form the core of standalone operations, generating 90.48% of turnover, while hospitality accounted for the remaining 9.52%. The company reported a total employee base of 2,099 personnel as of FY26 end, with female representation at 23.34%. All 5 shareholder grievances and 54 customer complaints received during the year were resolved with zero pending at year-end.
- Offline casino gaming accounted for 90.48% of standalone turnover, with hospitality contributing 9.52%
- Total headcount stood at 2,099 employees (2,016 permanent and 83 contract), with 23.34% female participation
- Permanent employee turnover rate increased to 39% in FY 2025-26 from 25% in FY 2024-25
- Standalone net worth stood at ₹2,212.93 Cr and CSR turnover at ₹499.97 Cr
- 100% of customer complaints (54) and shareholder complaints (5) were resolved during FY 2025-26
Delta Corp Limited has issued the notice for its 35th Annual General Meeting (AGM) scheduled for September 10, 2026, via video conferencing. Key agenda items include the adoption of FY26 financial statements, declaration of final dividend, reappointment of director Jaydev Mody retiring by rotation, and the appointment of M/s. M S K C & Associates LLP as statutory auditors for a 5-year term. Additionally, shareholder approval is sought for an aggregate commission of ₹50 Lakhs to Non-Executive and Promoter Directors for FY26. The book closure is scheduled from September 4 to September 10, 2026, with August 17, 2026, set as the dividend record date.
- 35th AGM scheduled for September 10, 2026, at 5:30 PM IST via VC/OAVM
- Share transfer books and register of members closed from September 4 to September 10, 2026; Record date for dividend was August 17, 2026
- Proposed appointment of M/s. M S K C & Associates LLP as Statutory Auditors for a 5-year term (35th to 40th AGM)
- Approval sought for ₹50,00,000 aggregate commission to Non-Executive and Promoter Directors for FY26 (within 1% of net profits)
- Participation capped at 1,000 members on a first-come, first-served basis (excluding large shareholders holding >=2% and key personnel)
Delta Corp has received approval from both its equity shareholders and unsecured creditors for a Composite Scheme of Arrangement involving the consolidation of four group entities. The meetings, held on August 13, 2026, resulted in the resolution being passed by the requisite majority (three-fourths in value) as per Section 230(6) of the Companies Act. While the unsecured creditors' meeting initially lacked a quorum and was adjourned for 30 minutes, it eventually proceeded with 10 creditors. This restructuring aims to consolidate Deltin Hotel & Resorts, Delta Penland, and Deltin Cruises into the main entity to streamline operations.
- Approval obtained from shareholders and creditors with a 75% (three-fourths) majority in value.
- Unsecured creditors meeting proceeded with 10 participants after a 30-minute adjournment due to lack of initial quorum.
- The scheme involves the consolidation of 4 entities: Delta Corp, Deltin Hotel & Resorts, Delta Penland, and Deltin Cruises.
- Cut-off date for shareholder voting eligibility was fixed as August 6, 2026.
- Voting results and the Scrutinizer’s Report are to be submitted within 2 working days.
Delta Corp Limited announced that its equity shareholders and unsecured creditors have approved the proposed Composite Scheme of Arrangement with the requisite majority during NCLT-convened meetings on August 13, 2026. The scheme involves the restructuring and consolidation of Delta Corp Limited, Deltin Hotel & Resorts Private Limited, Delta Penland Limited, and Deltin Cruises and Entertainment Private Limited. The meetings were convened pursuant to an NCLT Mumbai order dated June 18, 2026. Detailed scrutinizer voting results will be submitted within two working days.
- Scheme of arrangement approved by requisite majority (three-fourths value) of equity shareholders and unsecured creditors on August 13, 2026
- Restructuring involves Delta Corp, Deltin Hotel & Resorts, Delta Penland, and Deltin Cruises & Entertainment
- Meetings convened pursuant to NCLT Mumbai Bench order dated June 18, 2026
- Unsecured creditors meeting had cut-off date of May 31, 2026; equity shareholders cut-off date was August 6, 2026
- Consolidated scrutinizer voting results to be disclosed within 2 working days
Delta Corp reported a standalone net loss of ₹109.27 Cr for Q1 FY27, a sharp reversal from a ₹25.84 Cr profit in the year-ago period. The loss is primarily due to a ₹200.62 Cr exceptional provision for GST 'value of supply' matters following a Supreme Court judgment. Standalone revenue from operations grew marginally to ₹133.43 Cr from ₹130.90 Cr YoY. The company has fixed August 17, 2026, as the record date for a ₹0.50 per share final dividend, pending AGM approval.
- ₹200.62 Cr provision recognized for GST liabilities including interest and penalty following the May 2026 Supreme Court judgment.
- ₹109.27 Cr standalone net loss reported for Q1 FY27 compared to a profit of ₹25.84 Cr in Q1 FY26.
- ₹0.50 per share final dividend record date set for August 17, 2026, with the AGM scheduled for September 10, 2026.
- ₹459.52 Cr fair value loss previously recognized in OCI due to the prohibition of online real-money gaming in 2025.
- Operations at 'Deltin Denzong Casino, Sikkim' closed during the quarter to improve long-term profitability.
Delta Corp reported a standalone net loss of Rs 109.27 Cr for Q1 FY27, primarily due to a massive exceptional provision of Rs 200.62 Cr for GST liabilities following a Supreme Court judgment. Standalone revenue from operations stood at Rs 133.43 Cr, a slight increase from Rs 130.90 Cr in the same quarter last year. The company has fixed August 17, 2026, as the record date for a final dividend of Rs 0.50 per share. Operations were impacted by the closure of the Sikkim casino and the non-operational status of 'King Casino' in Goa pending court approval for a new vessel.
- Recognized an exceptional GST provision of Rs 200.62 Cr (including interest and penalty) in Q1 FY27.
- Standalone Net Loss of Rs 109.27 Cr for the quarter, compared to a profit of Rs 25.84 Cr in Q1 FY26.
- Online gaming investments (Deltatech, etc.) fully impaired to Nil as of March 31, 2026, following regulatory prohibition.
- Final dividend of Rs 0.50 per share confirmed with a record date of August 17, 2026.
- NCLT-directed meetings for the Revised Composite Scheme of Arrangement scheduled for August 13, 2026.
Delta Corp has filed a Special Leave Petition (SLP) in the Supreme Court on July 22, 2026, challenging a Bombay High Court order from April 2026. The High Court had dismissed the company's petition to obtain a license for installing electronic amusement and slot machines at the Deltin Hotel under the Goa, Daman and Diu Public Gambling Act, 1976. This litigation, which dates back to 2018, represents the company's effort to expand its land-based gaming offerings. While the current TTM revenue stands at Rs 688 Cr, the financial impact of this specific license remains unquantified but would provide incremental revenue if granted.
- Filed Special Leave Petition (SLP) before the Supreme Court of India on July 22, 2026.
- Challenging the Bombay High Court order dated April 29, 2026, which dismissed Writ Petition No. 317 of 2019.
- Seeking license under Section 13A of the Goa, Daman and Diu Public Gambling Act, 1976.
- The license is intended for installing electronic amusement/slot machines at the Deltin Hotel property.
Delta Corp Limited has scheduled a court-convened meeting of equity shareholders on August 13, 2026, to approve a Composite Scheme of Arrangement. This restructuring involves Delta Corp and three other entities: Deltin Hotel & Resorts, Delta Penland, and Deltin Cruises. The meeting follows an NCLT order dated June 18, 2026, and aims to consolidate operations to optimize the company's Goa gaming and hospitality footprint. This is a procedural but critical step in a restructuring process that began with board approval in December 2024.
- Shareholder meeting scheduled for August 13, 2026, at 4:00 PM IST via Video Conferencing
- Cut-off date for e-voting eligibility is set for August 6, 2026
- Remote e-voting period runs from August 10, 2026, to August 12, 2026
- Scheme involves consolidation of Delta Corp with DHRPL, DPL, and DCEPL
- Restructuring process includes valuation and fairness reports originally dated December 6, 2024
Delta Corp has scheduled a shareholder meeting for August 13, 2026, to approve a Composite Scheme of Arrangement involving three subsidiaries: Deltin Hotel & Resorts, Delta Penland, and Deltin Cruises. This follows an NCLT order dated June 18, 2026, and marks a critical step in a restructuring process that began with board approval on December 6, 2024. The consolidation aims to streamline the company's gaming and hospitality operations, which currently generate TTM revenue of Rs 688 Cr. Shareholders as of the August 6, 2026, cut-off date are eligible to vote on the proposal.
- Shareholder meeting convened for August 13, 2026, at 4:00 PM via video conferencing.
- Cut-off date for e-voting eligibility is set for August 6, 2026.
- Remote e-voting period runs from August 10, 2026, to August 12, 2026.
- The scheme involves the merger/restructuring of Delta Corp with DHRPL, DPL, and DCEPL.
- Stock exchanges (BSE/NSE) provided observation letters for the scheme on July 31, 2025.
Financial Performance
Revenue Growth by Segment
Casino Gaming and Hospitality segments are the primary drivers; however, Standalone Net Profit Before Tax for H1 FY26 fell to INR 65.92 Cr from INR 111.39 Cr in H1 FY25, representing a 40.8% YoY decline. Online gaming (Deltatech Gaming) is now classified under discontinued operations following a stake sale.
Geographic Revenue Split
Not disclosed in available documents, though operations are primarily concentrated in Goa and Sikkim, India.
Profitability Margins
Net Profit Before Tax margin for H1 FY26 was impacted by a fair value reduction of INR 378.34 Cr in investee companies. Standalone EPS for Q2 FY26 dropped to 0.84 from 1.64 YoY, a 48.8% decrease.
EBITDA Margin
EBITDA margin is expected to stabilize at 35% to 36%, a decline from the historical 41% level (approx. 500-600 bps hit) primarily due to the 28% GST impact on entry/face value.
Capital Expenditure
The company is investing in a new casino ship and a new hotel to complement gaming operations. It is also phasing its Integrated Resort project, starting with a water theme park to manage cash flows.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company maintains healthy reserves and a comfortable financial position with Total Equity of INR 2,206.28 Cr as of September 30, 2025.
Operational Drivers
Raw Materials
Promotional chips (used to offset GST impact for players), Food & Beverage supplies, and consumables for hospitality operations.
Import Sources
Primarily sourced within India (Maharashtra, Goa) for hospitality and casino operations.
Capacity Expansion
Currently running at nearly 100% capacity; planned expansion includes a new larger casino vessel and a new hotel to increase gaming positions and room inventory.
Raw Material Costs
Promotional chips are issued in lieu of GST to maintain player value, effectively acting as a revenue-linked cost that reduces the net EBITDA margin by 6-7%.
Manufacturing Efficiency
Capacity utilization is near full capacity; efficiency is measured by GGR per player and demographic optimization.
Strategic Growth
Growth Strategy
Growth will be driven by the deployment of a new casino ship and hotel, which are expected to provide substantial cost savings and direct profit translation. The company is also restructuring via a Revised Composite Scheme of Arrangement to streamline the gaming and hospitality businesses.
Products & Services
Casino gaming services (live and electronic), hotel stays, food and beverage services, and online gaming (poker and rummy via associate company).
Brand Portfolio
Deltin, Deltatech Gaming, Adda52, Peninsula Land (investment).
New Products/Services
Launch of a water theme park as the first phase of the Integrated Resort project; new casino vessel expected to increase capacity.
Market Expansion
Focus on optimizing the Goa gaming market and expanding the hospitality footprint to support gaming traffic.
Market Share & Ranking
Delta Corp is a dominant leader in the organized Indian offshore casino market.
Strategic Alliances
Investment in Peninsula Land for real estate value addition; 49% associate stake in Deltatech Gaming Limited.
External Factors
Industry Trends
The gaming industry is facing a 'shakeout' due to the 28% GST regime; Delta Corp expects to benefit from industry consolidation as smaller players exit.
Competitive Landscape
Key competitors include other licensed offshore and onshore casinos in Goa and Sikkim, and unregulated online gaming platforms.
Competitive Moat
Durable moat through limited offshore casino licenses in Goa and high entry barriers due to regulatory complexity and capital intensity of casino vessels.
Macro Economic Sensitivity
Highly sensitive to discretionary consumer spending and tourism trends in Goa and Sikkim.
Consumer Behavior
Shift toward integrated entertainment (gaming + theme parks + luxury stay) rather than pure gaming.
Geopolitical Risks
Minimal, as operations are domestic; however, state-level regulatory changes in Goa are a primary risk.
Regulatory & Governance
Industry Regulations
Strict licensing requirements for offshore casinos; the Gaming Act recently prohibited the sole line of business for certain investee companies, causing a total revenue halt.
Taxation Policy Impact
28% GST on the face value of entry/chips; Income Tax of INR 25.10 Cr for H1 FY26.
Legal Contingencies
The company recorded a INR 378.34 Cr reduction in the fair value of investee companies due to the Gaming Act's impact. A Revised Composite Scheme of Arrangement is pending approval from the NCLT Mumbai Bench.
Risk Analysis
Key Uncertainties
Regulatory risk regarding GST implementation and potential further changes to the Gaming Act which could impact the remaining 49% stake in Deltatech Gaming.
Geographic Concentration Risk
High concentration in Goa; any local policy change regarding offshore casinos would significantly impact the majority of revenue.
Third Party Dependencies
Dependency on the Goa government for license renewals and the NCLT for the approval of the restructuring scheme.
Technology Obsolescence Risk
Online gaming segment (DGL) faces high competition and regulatory pressure, leading to its reclassification as an associate rather than a subsidiary.
Credit & Counterparty Risk
Not disclosed in available documents; primarily a cash-and-carry retail business.
