Delta Corp just dropped its Q1 FY26 numbers, and investors are feeling like they’ve been dealt a bad hand at the casino tables. Revenue stood at ₹184 Cr (flat YoY), PAT ₹29 Cr (-13% YoY), and margins have sunk to 21%. The real shocker? GST litigation claims worth ₹23,207 Cr hanging over its head – that’s 10x its market cap. Add to that a ₹107-room hotel acquisition in Alibaug (because why not when litigation looms?), and you’ve got the perfect mix of drama, risk, and speculative thrill.
Introduction
Delta Corp is India’s only listed gaming company, with casinos in Goa, Sikkim, Nepal, and an online gaming arm. For years, it’s been a volatile bet – riding high on gaming revenues when regulatory winds are favorable, and crashing when the government remembers gambling exists.
Q1 FY26 wasn’t pretty. Sales were stagnant, profits shrank, and the company is now battling a GST claim so huge it could buy out Las Vegas. Still, Delta is expanding – acquiring hotels and betting on hospitality. Investors, however, are nervously watching their chips.
Business Model (WTF Do They Even Do?)
Delta operates through:
Gaming & Casinos – Floating casinos in Goa and land-based ones in Sikkim and Nepal. These drive the bulk of revenue with high margins (when not hit by regulatory taxes).
Online Gaming – Poker, rummy, and other skill-based games via Adda52.
Hospitality – Hotels that support casino traffic and tourism.
The model is simple: bring in gamblers, charge them, and profit. But with GST notices, litigation, and the Indian government’s love-hate relationship with gaming, the risk is as high as the stakes on its roulette tables.
Financials Overview
Q1 FY26 Snapshot
Revenue: ₹184 Cr (vs ₹178 Cr YoY, +3.5%)
EBITDA: ₹39 Cr (vs ₹47 Cr YoY, -17%)
PAT: ₹29 Cr (vs ₹35 Cr YoY, -13%)
EPS: ₹1.10 (vs ₹0.81 YoY)
OPM: 21% (down from 27%)
The decline in margins is a red flag, coupled with slow growth in both casino and online segments. The GST claim remains the elephant in the room.
