Delta Corp Limited Earnings Summary — Q1 FY2027
Delta Corp Reports Massive Quarterly Loss Due to Retrospective GST Provisions Following Supreme Court Ruling
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹169 Cr is 8.5% lower year-on-year.
- Revenue has compounded at -4.0% annualised over the last 10 quarters.
- Net profit of ₹-213 Cr is 821.6% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -52.3% annualised across the period.
- Operating margin stands at 17.8% in Q1 FY2027.
- Operating margin compressed by 348 bps year-on-year.
- Over the last two years operating margin has contracted by 884 bps.
- PBT margin is -166.0%.
- Expenses grew -4.4% against revenue growth of -8.5%.
- Operating profit of ₹30 Cr is 23.5% lower year-on-year.
- Operating leverage has been under pressure recently.
- 1 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 34/100 (Weak) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 169 | 161 | 160 | 183 | 184 | 183 | 187 | 188 | 178 | 185 |
| Expenses | Stable | 139 | 134 | 138 | 143 | 145 | 142 | 138 | 154 | 131 | 137 |
| Operating Profit | Stable | 30 | 28 | 22 | 40 | 39 | 41 | 49 | 34 | 47 | 48 |
| Operating Margin | Stable | 17.8% | 17.2% | 14.0% | 21.7% | 21.2% | 22.2% | 26.0% | 18.0% | 26.6% | 26.1% |
| Other Income | Volatile | -297 | 10 | 7 | 9 | 12 | 211 | -16 | 19 | 1 | 61 |
| Interest | Volatile | 2 | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Depreciation | Stable | 10 | 13 | 10 | 12 | 12 | 13 | 13 | 14 | 12 | 13 |
| Profit Before Tax | Volatile | -280 | 22 | 19 | 36 | 38 | 237 | 19 | 38 | 35 | 93 |
| Tax | Volatile | -67 | 5 | 4 | 11 | 8 | 73 | -17 | 11 | 13 | 21 |
| Net Profit | Volatile | -213 | 16 | 14 | 25 | 29 | 165 | 36 | 27 | 22 | 72 |
| Net Margin | Volatile | -126.1% | 10.2% | 8.9% | 13.7% | 16.0% | 90.1% | 19.1% | 14.4% | 12.2% | 39.2% |
Key Takeaways
- Delta Corp recognized a massive exceptional provision of ₹306.73 Crores in Q1 FY27 (Consolidated) following the Hon'ble Supreme Court's May 2026 judgment on GST valuation.
- The consolidated net loss for the quarter reached ₹212.42 Crores, primarily driven by the tax, interest, and penalty provisions for the period July 2017 to September 2023.
- Casino Gaming revenue, the primary segment, remains under pressure at ₹151.85 Cr compared to ₹172.71 Cr in the same quarter last year, a 12% YoY decline.
- The company closed its 'Deltin Denzong Casino' operations in Sikkim during the quarter to improve long-term operational efficiency and profitability.
- Management has disputed 'mixed supply' allegations regarding food, beverage, and entry services, making no provision for these specific claims based on legal advice.
- The NCLT Mumbai has directed meetings for a Revised Composite Scheme of Arrangement to be held on August 13, 2026, which would restructure various hospitality and cruise subsidiaries.
- The online gaming segment remains completely impaired following the 2025 regulatory prohibition, with zero revenue contribution from these erstwhile operations.
Management Guidance
Management is focusing on legal resilience, stating they have 'good grounds' for contesting arithmetical accuracy, interest, and penalties before adjudicating authorities despite making the provision on a 'prudence basis'.
Sentiment Shift
Deteriorating
The transition from contingent liabilities to recognized P&L losses following the Supreme Court judgment represents a significant erosion of the company's equity and earnings profile.
Outlook
The outlook remains clouded by ongoing GST adjudication and the execution of the composite scheme of arrangement. The company is pivoting toward operational efficiency by closing underperforming Sikkim assets and consolidating its casino portfolio.
From the Annual Report (Key Quotes)
“Pursuant to the said judgment, the Group has recognized an aggregate provision of ₹306.73 Crores... as an exceptional item.”
“The Company has made provision on prudence basis and reserves all rights to contest and litigate the aforesaid matter before the appropriate authorities.”
“During the quarter, Company has closed down its operation in 'Deltin Denzong Casino, Sikkim' to improve operational efficiency.”
Official Quarterly Documents
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This summary is AI-generated from Delta Corp Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.