Delta Corp Posts Second Straight Quarterly Loss On GST Provision
Delta Corp, the India-listed casino and hospitality group, reported a consolidated net loss of ₹106.41 crore for the quarter ended September 30, 2026, its second consecutive quarterly loss.
A further ₹136.92 crore provision for Goods and Services Tax (GST) liabilities drove the result, against a profit of ₹25.10 crore a year earlier.
The board approved the unaudited results on October 19, 2026.
The loss narrowed from ₹212.42 crore in the June quarter, when the group booked a ₹306.73 crore GST provision; the latest charge is part of a wider reassessment of tax exposure across India's casino industry following a Supreme Court ruling in May.
How The GST Provision Built Up
Delta Corp recognised a total GST provision of ₹443.65 crore, including interest, in the six months to September 30, 2026.
The figure is shown as an exceptional item and covers casino transactions from July 2017 to September 2023, as well as mixed supplies from July 2017 to September 2025.
The provision follows the Supreme Court judgment of May 27, 2026, on the applicability of GST to online gaming, betting, gambling, and online casino transactions.
After that ruling, the group received adjudication orders for July 1, 2017 to March 31, 2022. They set the casino transactions demand at ₹151.15 crore under Rule 31C of the CGST Rules and the mixed supply demand at ₹125.27 crore.
The company said it made the provision on a prudent basis and reserves the right to contest the matter. It believes it has strong grounds to challenge the entire mixed supply demand and the interest levied on the Rule 31C amount.
After the balance sheet date, it paid ₹80.97 crore of principal under Rule 31C for the period to March 31, 2022. The full details are in the results filing lodged with the stock exchanges.
Casino Revenue And Profit Slip
Revenue from operations fell to ₹159.34 crore from ₹182.76 crore a year earlier, a 12.8% decline.
Casino gaming revenue was ₹151.28 crore against ₹174.76 crore, down 13.4%, and was broadly level with the ₹151.85 crore booked in the June quarter.
Profit before exceptional items and tax came in at ₹21.57 crore, down from ₹34.69 crore a year ago and ₹27.74 crore in the previous quarter.
The casino gaming segment result was ₹26.67 crore, compared with ₹31.11 crore a year earlier and ₹19.95 crore in the June quarter.
For the six months, the group reported a consolidated loss of ₹318.83 crore, compared with a profit of ₹54.56 crore in the same period of 2025.
Daman Floods And King Casino Closure
Hospitality took a separate hit. Flooding from heavy monsoon rain on July 23, 2026 suspended operations at The Deltin, Daman, for 37 days, and the hotel only resumed normal operations on August 29.
Hospitality segment revenue was ₹7.85 crore, down from ₹8.31 crore a year earlier, and the segment recorded a loss of ₹4.54 crore.
King Casino in Goa was not operational for the first half of the year after leaving its earlier berth on the Mandovi River to prepare for a new vessel.
A Public Interest Litigation before the Bombay High Court means the court's prior permission will be needed before the new vessel can start operating.
The group also closed its Deltin Denzong casino in Sikkim during the previous quarter.
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More Tax Notices And Corporate Changes
The filing also lists the older show-cause notices that underlie the dispute. Delta Corp and two subsidiaries received notices on September 27, 2023, alleging a short payment of GST of ₹16,822.98 crore for the period July 2017 to March 2022.
The group has since received further notices from the Commissioner of Commercial Taxes in Goa, dated March 17 and September 25, 2026, alleging an additional ₹1,883.96 crore for the period April 2022 to March 2023.
Management also reassessed its position on the 2025 sale of its stake in Deltatech Gaming. In light of the May ruling, the group will no longer need to indemnify the buyer, Head Digital Works, for an alleged GST shortfall at that business.
A Composite Scheme of Arrangement between Delta Corp and three group companies was approved by shareholders and creditors on August 13, 2026.
It is still waiting for the remaining statutory and regulatory approvals, so the results make no adjustments for them. Readers following the sector can find wider coverage in our news hub.
