Delta Corp Q2 FY27 Results: Consolidated Net Loss ₹107 Crore on Total Income of ₹164 Crore

Earnings
Gaming and Hospitality

Blacklitt Research19 October 20263 min read

An old postcard view of a hotel lobby with columns and a statue — Unknown photographer (historic postcard), via Wikimedia Commons (public domain). Illustrative image.

Delta Corp reported consolidated total income of ₹164.05 crore and net loss of ₹106.68 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹130.75 crore and net loss was ₹80.02 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹164 crore, down 14.0% YoY, down 7.9% QoQ
Net loss: ₹107 crore, against a profit of ₹25.10 crore in Q2 FY26, against a loss of ₹213 crore in Q1 FY27
EPS: a loss of ₹3.97, against ₹0.94 in Q2 FY26
Net loss: ₹106.68 crore, against a profit of ₹25.10 crore a year earlier

Standalone

The company on its own, without its subsidiaries

Total income: ₹131 crore, down 3.7% YoY, down 15.1% QoQ
Net loss: ₹80.02 crore, against a profit of ₹22.41 crore in Q2 FY26, against a loss of ₹109 crore in Q1 FY27
EPS: a loss of ₹2.99, against ₹0.84 in Q2 FY26
GST exceptional item: ₹118.98 crore this quarter, ₹319.60 crore in the half year

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	164.05	190.68	-14.0%	178.14	-7.9%
Revenue from operations	159.34	182.76	-12.8%	168.55	-5.5%
Other income	4.71	7.92	-40.5%	9.59	-50.9%
	-106.68	25.10	n/a	-212.57	+49.8%
Finance costs	1.66	1.10	+50.9%	2.33	-28.8%
Depreciation	10.20	11.78	-13.4%	10.23	-0.3%
Tax expense	-9.28	10.56	n/a	-67.22	+86.2%
Net profit margin	-65.03%	13.16%	-78.19 pp	-119.33%	+54.30 pp
EPS, basic (₹)	-3.97	0.94	n/a	n/a	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The loss is a GST provision, not weaker casino income alone. Consolidated revenue from operations fell 12.8% to ₹159.34 crore and the net loss was ₹106.68 crore against a profit of ₹25.10 crore a year earlier and a loss of ₹212.57 crore in June. The standalone statement shows exceptional items of ₹118.98 crore this quarter and ₹200.62 crore in June, and profit before those items was still a gain of ₹33.45 crore; tax was a credit of ₹9.28 crore. Earnings per share were a loss of ₹3.97.

Casino gaming segment revenue was ₹119.09 crore, against ₹122.74 crore a year earlier. Other income fell 40.5% to ₹4.71 crore and finance costs rose to ₹1.66 crore from ₹1.10 crore. The group's loss is ₹26.7 crore larger than the parent's (derived), so subsidiaries lose money as well.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	130.75	135.84	-3.7%	154.00	-15.1%
Revenue from operations	126.94	131.05	-3.1%	133.43	-4.9%
Other income	3.81	4.79	-20.5%	20.57	-81.5%
	-80.02	22.41	n/a	-109.27	+26.8%
Finance costs	0.58	0.82	-29.3%	0.52	+11.5%
Depreciation	5.78	8.24	-29.9%	6.09	-5.1%
Tax expense	-5.51	10.18	n/a	-40.25	+86.3%
Net profit margin	-61.20%	16.50%	-77.70 pp	-70.95%	+9.75 pp
EPS, basic (₹)	-2.99	0.84	n/a	n/a	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The standalone exceptional item is the cost of GST adjudication. After the Supreme Court judgment of 27 May 2026 on GST for online gaming, betting, gambling and casino transactions, the company received adjudication orders for 1 July 2017 to 31 March 2022: the GST on casino transactions under Rule 31C was ₹78.56 crore and on mixed supply ₹93.80 crore. It computed the provision for casino transactions from July 2017 to September 2023 and for mixed supply to September 2025, with interest, at ₹319.60 crore, of which ₹200.62 crore was recognised in the June quarter. The company says it made the provision on prudence and reserves its rights to contest it.

The original show cause notices were far larger. The company and two subsidiaries received notices in September 2023 for alleged short payment of GST of ₹16,822.98 crore, the former associate Deltatech Gaming Limited one for ₹6,384.32 crore, and a further notice for April 2022 to March 2023 of ₹1,883.96 crore was received on 17 March 2026 and 25 September 2026. The filing records stay orders for the earlier periods and does not give the outcome. Standalone revenue from operations fell 3.1% to ₹126.94 crore and the loss was ₹80.02 crore.

Inference

Delta Corp's loss comes from the ₹319.60 crore GST provision after the Supreme Court judgment, with profit before exceptional items still positive on the standalone statement.

The show cause notices of ₹16,822.98 crore and ₹1,883.96 crore remain much larger than the provision, and the filing does not give their outcome.

Reference: Original filing (PDF)

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