Delta Corp Ltd (DELTACORP)
🎯 Key Takeaways
- Delta Corp Ltd is in a turnaround phase marked by persistent losses and negative returns, with ROE at -5.9% and ROCE at -7.
- Revenue grew 4.5% QoQ to ₹169 in Q1FY27.
- ⚠️ Ongoing GST disputes with potential for additional liabilities despite current provisions.
📖 The Story
Delta Corp Ltd is in a turnaround phase marked by persistent losses and negative returns, with ROE at -5.9% and ROCE at -7.4%. Despite modest revenue stability, profitability remains weak, and the company has recorded significant non-recurring impairments and tax provisions. Management is focused on governance and compliance, but structural profitability challenges persist.
📰 What's Happening
In Q1 FY27, Delta Corp recognized a ₹200.62 Cr GST provision as an exceptional item and recorded a ₹378.34 Cr impairment on online gaming investments due to the August 2025 Online Gaming Act. The board approved a ₹0.50 per share dividend with a record date of August 17, 2026, and scheduled the 35th AGM for September 10, 2026, where a special resolution for a ₹50 lakh non-executive director commission will be voted on. Ongoing GST disputes and auditor-confirmed liabilities continue to weigh on financials.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 183 | 160 | 161 | 169 |
| Operating Profit | 28 | 14 | 15 | 20 |
| OPM % | 15.3% | 8.7% | 9.3% | 12.2% |
| Net Profit | 25 | 14 | 16 | -213 |
| EPS | ₹0.94 | ₹0.53 | ₹0.61 | ₹-7.93 |
Revenue has shown relative stability over the past four quarters, ranging between ₹160–183 Cr, but profitability has fluctuated significantly. The company swung from a ₹25 Cr net profit in September 2025 to a ₹213 Cr net loss in June 2026, primarily due to the GST provision and impairment charges. Operating margins declined from 15.3% to 12.2% over the same period, indicating rising cost pressures or provisioning risks. The financial trajectory reflects increasing non-recurring burdens that overshadow core operational performance.
🔮 Management Outlook & What's Next
Management has not provided forward guidance on revenue growth or margin recovery in the latest filings. The focus appears to be on compliance and stakeholder communication, as evidenced by dividend declarations, AGM scheduling, and TDS documentation requirements. No strategic roadmap or performance targets were disclosed in the recent board or annual report filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 |
| Reserves | 2,519 | 2,638 | 2,257 | 2,225 |
| Borrowings | 45 | 0 | 32 | 49 |
| Total Liabilities | 2,890 | 2,962 | 2,579 | 2,574 |
| Fixed Assets | 893 | 981 | 838 | 908 |
| Investments | 687 | 667 | 493 | 233 |
| Total Assets | 2,890 | 2,962 | 2,579 | 2,574 |
The balance sheet shows a sharp decline in reserves from ₹2,638 Cr in March 2025 to ₹2,257 Cr in March 2026, with equity remaining flat at ₹27 Cr. Borrowings rose to ₹49 Cr from ₹32 Cr, indicating modest capital inflows, but total assets have decreased from ₹2,962 Cr to ₹2,574 Cr, suggesting asset reduction or impairment write-downs. This points to a defensive capital allocation strategy focused on preserving equity rather than funding growth.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +49 |
| Investing | +1 |
| Financing | -61 |
| Net Cash Flow | -10 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 33.7% | 34.5% | 34.5% | 34.5% |
| FII | 2.1% | 1.6% | 1.6% | 1.2% |
| DII | 2.6% | 0.2% | 0.2% | 0.2% |
| Public | 51.6% | 52.5% | 52.1% | 52.8% |
| # Shareholders | 3,62,342 | 3,50,588 | 3,38,725 | 3,40,453 |
Promoter holding remains stable at 34.47%, but institutional investor interest has declined slightly, with FII shareholding falling from 2.14% in Q2FY26 to 1.18% in Q1FY27. Conversely, DII holdings have remained steady at 0.24%, while public shareholder count has marginally decreased. The reduction in FII ownership may reflect declining confidence among foreign investors amid profitability volatility.
⚖️ Peer Comparison — Miscellaneous
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GMRAIRPORT | 99,297 | 204.4 | 12.1% | -23.5% | -13.08 |
| NBCC | 22,964 | 31.0 | 41.3% | 30.9% | 0.00 |
| CMPDI | 15,911 | 28.8 | 32.4% | 24.2% | 0.00 |
| IGIL | 14,168 | 23.2 | 56.1% | 41.0% | 0.00 |
| HORIZONIND | 13,908 | — | — | — | 1.22 |
| RITES | 10,218 | 24.5 | 23.5% | 17.5% | 0.00 |
| RAIN | 6,927 | 12.9 | 12.0% | 8.9% | 1.21 |
| INOXGREEN | 6,588 | 52.8 | 9.4% | 6.7% | 0.10 |
| SIS | 6,092 | 41.6 | 8.0% | 5.8% | 0.56 |
| THOMASCOOK | 4,988 | 22.0 | 15.8% | 9.2% | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Ongoing GST disputes with potential for additional liabilities despite current provisions. 2. Impairment of online gaming investments due to regulatory changes under the August 2025 Online Gaming Act, with no recovery path disclosed. 3. Persistent negative ROE and ROCE indicate structural un profitability. 4. Declining FII holdings suggest weakening institutional confidence. These risks are interconnected and could materially affect future cash flows and valuation.
📋 Recent Filings
-
🔴 Corporate Action 20 August 2026Delta Corp announced a final dividend of Re. 0.50 per share for FY 25-26, payable after AGM approval on 10 September 2026 to shareholders on record as...
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🟡 Board Meeting 18 August 2026Delta Corp Limited announced its 35th AGM on 10 September 2026 at 5:30 PM IST via video conference, with book closure from 4 to 10 September. Sharehol...
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🔴 annual report 18 August 2026Delta Corp Limited announced that its 35th Annual General Meeting will be held on September 10, 2026 via video conference, and shared the web link to ...
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Announcement 13 August 2026No summary available
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Announcement 13 August 2026Delta Corp Limited held virtual meetings of unsecured creditors and equity shareholders on August 13, 2026, to approve a composite scheme of arrangeme...
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🟡 Board Meeting 11 August 2026Delta Corp announced its August 11, 2026 board meeting outcomes including approval of unaudited Q1 FY27 results showing a ₹200.62 Cr GST provision as ...
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🔴 Corporate Action 11 August 2026Delta Corp announced a record date of 17 August 2026 for a final dividend of ₹0.5 per share pending AGM approval on 10 September 2026 via video confer...
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🔴 Announcement 22 July 2026Delta Corp Limited disclosed on July 22, 2026 that it has filed a Special Leave Petition in the Supreme Court challenging the Bombay High Court's dism...
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share transfer 7 July 2026Delta Corp Limited received a SEBI Regulation 74(5) certificate from its registrar confirming dematerialized securities for the quarter ended June 30,...
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Announcement 2 July 2026Delta Corp Limited clarified via regulatory filing that the recent spike in trading volume on the NSE has no material cause or disclosure requirement ...
🧠 Analyst's Read
Delta Corp remains in a fragile financial position with recurring exceptional items undermining core performance. Investors should monitor the outcome of the 35th AGM, resolution of GST disputes, and any updates on the online gaming impairment. Without a clear path to profitability or new growth drivers, operational stability will be difficult to achieve.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-03.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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