Delta Corp LimitedQ2 FY27 Results & Financial Update
Delta Corp Limited: Q2 FY27 consolidated results and company financials – revenue ₹159.34 Cr, PAT ₹-106.68 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Delta Corp Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Delta Corp reported consolidated net sales/revenue from operations of INR 159.34 crore for Q2 FY27, representing a 5.46% sequential decline compared to INR 168.55 crore in Q1 FY27.
Total consolidated income for the quarter stood at INR 164.05 crore, down from INR 178.14 crore in the preceding quarter, affected by softer operational activity and reduced other income.
Profit before tax before exceptional items stood at INR 21.57 crore, reflecting a moderation from INR 27.74 crore reported in the first quarter of the fiscal year.
The company recorded a substantial exceptional charge of INR 136.92 crore during the quarter, bringing the consolidated net loss after tax to INR 106.68 crore, compared to a net loss of INR 212.42 crore in Q1 FY27.
Basic and diluted earnings per share for the quarter were negative at INR -3.97, compared to INR -7.93 in the previous quarter.
Hospitality segment revenue was adversely impacted during the quarter by heavy monsoon flooding at The Deltin in Daman, which forced a 37-day operational suspension until normal operations resumed on August 29, 2026.
01 · Business model
What does Delta Corp do?
Delta Corp Limited operates primarily in the gaming, hospitality, and entertainment sectors, holding a dominant position in organized casino gaming in India.
The company's revenue streams are anchored by live gaming operations on offshore and onshore vessels and land-based casinos, complemented by hotel properties, food and beverage services, and hospitality operations.
Geographically, Delta Corp concentrates its core gaming infrastructure in Goa and Sikkim, alongside luxury hotel accommodations in Daman, catering to leisure and tourism patrons.
The operational model relies heavily on high-margin discretionary entertainment spending, regulatory licensing frameworks, and physical hospitality infrastructure subject to seasonal tourism flows and environmental disruptions.
02 · Historical context
What shaped the business before this quarter
On September 27, 2023, the company and certain subsidiaries received show cause notices from tax authorities regarding alleged short payment of GST for prior periods, leading to prolonged legal and judicial proceedings.
On May 27, 2026, the Hon'ble Supreme Court pronounced a judgment concerning GST applicability on online gaming, betting, gambling, and casino transactions, prompting subsequent adjudication orders and provision recalibrations.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹159.34 Cr | ₹168.55 Cr |
| Total income | ₹164.05 Cr | ₹178.14 Cr |
| Profit before tax | ₹21.57 Cr | ₹27.74 Cr |
| Profit after tax | ₹-106.68 Cr | ₹-212.57 Cr |
| EPS | ₹-3.97 | ₹-7.93 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Casino gaming revenue contributed INR 151.28 crore to the consolidated top line during Q2 FY27, remaining relatively stable compared to INR 151.85 crore in Q1 FY27.
Hospitality revenue dropped sharply to INR 7.85 crore in Q2 FY27 from INR 16.55 crore in Q1 FY27, primarily due to temporary flood-related disruptions at The Deltin, Daman.
Other income moderated to INR 4.71 crore in Q2 FY27 compared to INR 9.59 crore in the previous quarter.
What drove margins
License fees and registration charges stood at INR 26.76 crore for the quarter, reflecting ongoing fixed regulatory costs associated with casino operations.
Employee benefit expenses were contained at INR 41.10 crore during Q2 FY27, compared to INR 42.96 crore in Q1 FY27.
Other operating expenditure stood at INR 50.52 crore, showing a slight decrease from INR 53.53 crore in the preceding quarter.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The casino gaming segment delivered a segment result of INR 26.67 crore in Q2 FY27, improving from INR 19.95 crore in Q1 FY27.
The hospitality segment registered a negative segment result of INR -4.54 crore for Q2 FY27, impacted by the temporary suspension of hotel operations in Daman.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company completed the acquisition of Shanta Infratech Private Limited and Easymile Parking Solutions & Management Private Limited on April 30, 2026, accounted for provisionally under Ind AS 103.
07 · Reported developments
What changed operationally
The Deltin, Daman fully resumed normal operations on August 29, 2026, following the completion of repairs after monsoon flooding.
08 · Pressure points & risks
What is not going smoothly
Heavy monsoon rains caused flooding on July 23, 2026, suspending operations at The Deltin, Daman for 37 days during the quarter and impacting revenue.
King Casino remained non-operational during the quarter as it awaited necessary certificates, approvals, and court permissions for deployment in the Mandovi River.
09 · Items worth noticing
The line items that can distort a quick read
The company recognized an exceptional item of INR 136.92 crore during Q2 FY27 (bringing total six-month exceptional provisions to INR 443.65 crore) representing computed GST provisions and interest under Supreme Court directives.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash generated from operating activities for the six months ended September 30, 2026, stood at INR 89.94 crore.
Net cash used in investing activities for the half-year period was INR 18.70 crore, reflecting deployment in current investments and property, plant and equipment.
Capital allocation & funding
The company reported current financial liabilities under borrowings of INR 30.00 crore as of September 30, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Scheme of Arrangement
Meetings of shareholders and creditors were convened on August 13, 2026, approving the Revised Composite Scheme of Arrangement, pending final regulatory approvals.
Reported update
Legal and Litigation Updates
The company paid the principal amount of liability of approximately INR 80.97 crore under Rule 31C as per adjudication orders for past periods subsequent to the balance sheet date.
12 · Previous-quarter changes
What changed since the previous quarter
Consolidated net revenue from operations declined by 5.46% sequentially from INR 168.55 crore in Q1 FY27 to INR 159.34 crore in Q2 FY27.
Net loss after tax narrowed from INR 212.42 crore in Q1 FY27 to INR 106.68 crore in Q2 FY27, aided by lower exceptional provisions.
13 · Key Q&A
The quarter, answered directly
What does Delta Corp do?
Delta Corp Limited operates primarily in the gaming, hospitality, and entertainment sectors, holding a dominant position in organized casino gaming in India.
What is the clearest takeaway from Q2 FY27?
Delta Corp reported consolidated net sales/revenue from operations of INR 159.34 crore for Q2 FY27, representing a 5.46% sequential decline compared to INR 168.55 crore in Q1 FY27.
What drove revenue or demand?
Casino gaming revenue contributed INR 151.28 crore to the consolidated top line during Q2 FY27, remaining relatively stable compared to INR 151.85 crore in Q1 FY27.
What mattered most for margins or profitability?
License fees and registration charges stood at INR 26.76 crore for the quarter, reflecting ongoing fixed regulatory costs associated with casino operations.
What changed operationally beyond the headline numbers?
The company completed the acquisition of Shanta Infratech Private Limited and Easymile Parking Solutions & Management Private Limited on April 30, 2026, accounted for provisionally under Ind AS 103.
What are the main pressure points disclosed for the quarter?
Heavy monsoon rains caused flooding on July 23, 2026, suspending operations at The Deltin, Daman for 37 days during the quarter and impacting revenue.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Finalization of statutory and regulatory approvals for the Revised Composite Scheme of Arrangement.
- 02
Progression of legal proceedings and tax assessments regarding GST valuation and rule interpretations.
- 03
Operational ramp-up and deployment status of King Casino in the Mandovi River.
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