Delta Corp Q1 FY27 Results (NSE: DELTACORP)
Signal: Slipped to loss
The read
The underlying parent business inflected positively, with standalone revenue up 1.9% YoY to ₹133.43 crore and EBITDA up 36.4% to ₹57.71 crore, but Group quality deteriorated as consolidated revenue fell 8.5% to ₹168.55 crore and subsidiary losses plus a ₹306.73 crore GST provision drove PAT to a ₹212.42 crore loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹168.55 Cr | -8.5% | +4.5% |
| EBIT | ₹30.07 Cr | -22.1% | |
| Net profit | ₹-212.42 Cr | N/A | |
| EPS | ₹-7.93 | N/A | |
| EBIT margin | 23.9% |
P&L walk
Consolidated operations weakened with revenue of ₹168.55 crore, -8.5% YoY, and EBITDA of ₹40.3 crore, -20.6% YoY, but the ₹306.73 crore GST provision converted pre-exceptional profit into a ₹212.42 crore PAT loss.
Segments
The consolidated-versus-standalone gap is material: standalone EBITDA rose 36.4% YoY to ₹57.71 crore, while consolidated EBITDA fell 20.6% to ₹40.3 crore because subsidiaries contributed substantial losses and the Group includes ₹87.16 crore of net loss from nine subsidiaries reviewed by other auditors.
Key positives
- Standalone EBITDA increased 36.4% YoY to ₹57.71 crore on revenue growth of 1.9% to ₹133.43 crore, lifting standalone operating margin to 43.3%.
- Hospitality revenue grew 37.9% YoY to ₹16.55 crore, partially offsetting the 12.1% decline in casino gaming revenue to ₹151.85 crore.
- Consolidated finance costs remained low at ₹2.33 crore despite rising 128.4% YoY, limiting balance-sheet drag on operating earnings.
Key concerns
- Consolidated casino gaming revenue declined 12.1% YoY to ₹151.85 crore, causing Group revenue to fall 8.5% to ₹168.55 crore.
- Subsidiaries materially diluted the parent result: nine subsidiaries contributed ₹87.16 crore of net loss in the quarter, while standalone EBITDA was ₹57.71 crore versus consolidated EBITDA of ₹40.3 crore.
- The ₹306.73 crore GST provision overwhelmed ₹27.74 crore of consolidated pre-exceptional profit and resulted in PAT of ₹(212.42) crore.
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