Delta Corp Limited has scheduled its 35th Annual General Meeting (AGM) for Thursday, September 10, 2026, at 5:30 pm. The meeting will be conducted through Video Conferencing or Other Audio Visual Means (OAVM) in compliance with SEBI Listing Regulations and Ministry of Corporate Affairs circulars.

Key Agenda Items

The ordinary business includes receiving and adopting the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and declaring dividends on equity shares. Additionally, shareholders will vote on the re-appointment of Mr. Jaydev Mody as a director, who retires by rotation and is eligible for re-election.

Auditor Appointment

A significant item on the agenda is the appointment of M/s. M S K C & Associates LLP as the Statutory Auditors of the company. This follows the completion of the second five-year term of the current auditors, M/s Walker Chandiok & Co. LLP, which was appointed at the 30th AGM in August 2021.

The proposed remuneration for M/s. M S K C & Associates LLP for the financial year ending March 31, 2027, is ₹55 lakh plus applicable taxes and out-of-pocket expenses. The firm, established in 1974, holds offices across seven Indian cities including Mumbai, Chennai, and Bengaluru.

Director Compensation

The board has proposed a special resolution to approve the payment of an aggregate commission of ₹50 lakh to all Non-Executive Directors and the Promoter Director for FY26. This amount does not exceed 1% of the company’s net profits for the year, calculated in accordance with the Companies Act, 2013. The commission will be distributed equally among eligible directors, subject to applicable taxes, and is in addition to sitting fees paid for attending Board and Committee meetings.

Meeting Logistics

The Register of Members and Share Transfer Books will remain closed from Friday, September 4, 2026, to Thursday, September 10, 2026, both days inclusive. The record date for determining dividend entitlement is Monday, August 17, 2026.

Shareholders can cast their votes electronically via NSDL e-Voting. The remote e-voting period begins on Monday, September 7, 2026, at 9:00 am and ends on Wednesday, September 9, 2026, at 5:00 pm. Members holding shares as on the cut-off date of September 3, 2026, are eligible to vote.

Delta Corp reported a consolidated net loss of ₹212.42 crore for the quarter ended June 30, 2026 (Q1FY27), compared to a net profit of ₹29.46 crore in the same period last year. The significant swing was primarily driven by an exceptional provision of ₹306.73 crore related to Goods and Services Tax (GST) liabilities, recognized following a Supreme Court judgment on the valuation of casino gaming services. Standalone net loss for the quarter stood at ₹109.27 crore, down from a profit of ₹25.84 crore year-on-year.

Financial Performance Overview

The company’s operational revenue declined modestly, while the exceptional charge severely impacted profitability. The following table summarizes key financial metrics for Q1FY27:

Impact of Supreme Court Judgment on GST

The exceptional item of ₹306.73 crore in consolidated results (₹200.62 crore standalone) stems from the Hon’ble Supreme Court’s judgment dated May 27, 2026, regarding GST applicability on online gaming and casino transactions. Based on Rule 31C of the CGST Rules, Delta Corp reassessed its liabilities for the period from July 1, 2017, to September 30, 2023.

The provision includes estimated GST payable of ₹143.89 crore (consolidated), interest of ₹148.45 crore, and penalty of ₹14.39 crore. Statutory auditors Walker Chandiok & Co LLP noted that management has filed submissions with adjudicating authorities but continues to believe it has grounds to contest aspects of the computation. No provision was made for separate "mixed supply" allegations regarding food, beverages, and liquor, as management maintains these are independent supplies outside GST ambit or separately charged.

Operational Updates and Strategic Moves

Despite the tax headwind, core casino gaming revenue remained robust at ₹151.85 crore (consolidated), though slightly down from ₹172.71 crore in Q1FY26. Hospitality revenue grew to ₹16.55 crore from ₹12.00 crore year-on-year.

Operationally, the company closed its Deltin Denzong Casino in Sikkim during the quarter to improve long-term profitability. Additionally, King Casino was non-operational as it vacated its Mandovi River location for a new vessel deployment, pending court approvals. The company also completed acquisitions of Shanta Infratech Private Limited and Easymile Parking Solutions & Management Private Limited on April 30, 2026, accounted for provisionally under Ind AS 103.

What the Numbers Show

While top-line revenue contracted by approximately 8.5% year-on-year, the underlying profit before tax and exceptional items declined more sharply from ₹37.57 crore to ₹27.74 crore. This suggests margin pressure beyond just the revenue decline, potentially linked to higher other expenditure (₹53.53 crore vs ₹60.20 crore YoY, but rising relative to revenue). The massive one-time GST provision obscures operational trends, but the fact that standalone profit before exceptional items rose to ₹51.10 crore from ₹33.33 crore indicates that core standalone operations are generating stronger cash flows than the consolidated group, which includes losses from subsidiaries and joint ventures.