Delta Corp shares snap 3-session decline, jump 12% today; what lies ahead?
Delta Corp: The counter recently came under pressure after the Supreme Court upheld the constitutional validity of the 28 per cent goods and services tax (GST) on online gaming companies.
- Jun 3, 2026,
- Updated Jun 3, 2026 2:27 PM IST
Shares of Delta Corp Ltd surged 11.72 per cent to hit a high of Rs 71.33 in Wednesday's trade, pausing their sharp three-session drop. The counter recently came under pressure after the Supreme Court upheld the constitutional validity of the 28 per cent goods and services tax (GST) on online gaming companies.
Delta Corp noted that the order relates to the show-cause notices issued to the company and its subsidiaries for short payment of GST.
"Based on limited information available with us at this time, based on the pronouncement by the Hon’ble Supreme Court, it is our understanding that the basis of computation of revenue for the determination of GST that we have adopted since October 2023, will be applicable retrospectively for the period between July 2017 to September 2023 as well," it added.
"This would be a favourable outcome for us as the levy of GST would accordingly not be on the amount of gross bet value of all games played during the relevant period (which had the effect of notionally multiplying the revenue and consequently the GST payable on it), but would be on the amount received from players for the chips sold to them. An update will be provided if required upon receipt and review of the order of the Hon'ble Supreme Court," the firm further said.
Technical view
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said, "Delta Corp has recently witnessed a sharp rejection from Rs 80 level, which reflects a deteriorating technical structure. On the upside, a decisive and sustained move above Rs 73, followed by a breakout beyond Rs 80, would be required to revive buying interest. Until then, a cautious stance is advisable."
AR Ramachandran, Sebi-registered research analyst at Tips2trades, and Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, highlighted the stock's highly volatile nature, with Rs 62 level now acting as a key support.
Q4 earnings
Delta Corp reported subdued financial performance for the March 2025 quarter. The company posted a steep 90 per cent year-on-year (YoY) decline in consolidated net profit at Rs 16.45 crore for Q4 FY26. Revenue from operations fell 11.72 per cent YoY to Rs 161.25 crore during the quarter, while the company also reported an exceptional loss of Rs 5.51 crore.
On a sequential (quarter-on-quarter) basis, however, the performance showed marginal improvement. Revenue edged up from Rs 160.28 crore in the December 2025 quarter, while net profit increased 15.19 per cent from Rs 14.28 crore. Total expenses declined 3.16 per cent to Rs 149.19 crore in Q4 FY26 compared to Rs 154.06 crore in the corresponding period last year.
Delta Corp is India's only publicly listed company operating in the regulated gaming and hospitality segment. The company runs offshore and land-based casinos in Goa and Sikkim and also has interests in luxury hospitality and online skill gaming businesses.
Shares of Delta Corp Ltd surged 11.72 per cent to hit a high of Rs 71.33 in Wednesday's trade, pausing their sharp three-session drop. The counter recently came under pressure after the Supreme Court upheld the constitutional validity of the 28 per cent goods and services tax (GST) on online gaming companies.
Delta Corp noted that the order relates to the show-cause notices issued to the company and its subsidiaries for short payment of GST.
"Based on limited information available with us at this time, based on the pronouncement by the Hon’ble Supreme Court, it is our understanding that the basis of computation of revenue for the determination of GST that we have adopted since October 2023, will be applicable retrospectively for the period between July 2017 to September 2023 as well," it added.
"This would be a favourable outcome for us as the levy of GST would accordingly not be on the amount of gross bet value of all games played during the relevant period (which had the effect of notionally multiplying the revenue and consequently the GST payable on it), but would be on the amount received from players for the chips sold to them. An update will be provided if required upon receipt and review of the order of the Hon'ble Supreme Court," the firm further said.
Technical view
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said, "Delta Corp has recently witnessed a sharp rejection from Rs 80 level, which reflects a deteriorating technical structure. On the upside, a decisive and sustained move above Rs 73, followed by a breakout beyond Rs 80, would be required to revive buying interest. Until then, a cautious stance is advisable."
AR Ramachandran, Sebi-registered research analyst at Tips2trades, and Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, highlighted the stock's highly volatile nature, with Rs 62 level now acting as a key support.
Q4 earnings
Delta Corp reported subdued financial performance for the March 2025 quarter. The company posted a steep 90 per cent year-on-year (YoY) decline in consolidated net profit at Rs 16.45 crore for Q4 FY26. Revenue from operations fell 11.72 per cent YoY to Rs 161.25 crore during the quarter, while the company also reported an exceptional loss of Rs 5.51 crore.
On a sequential (quarter-on-quarter) basis, however, the performance showed marginal improvement. Revenue edged up from Rs 160.28 crore in the December 2025 quarter, while net profit increased 15.19 per cent from Rs 14.28 crore. Total expenses declined 3.16 per cent to Rs 149.19 crore in Q4 FY26 compared to Rs 154.06 crore in the corresponding period last year.
Delta Corp is India's only publicly listed company operating in the regulated gaming and hospitality segment. The company runs offshore and land-based casinos in Goa and Sikkim and also has interests in luxury hospitality and online skill gaming businesses.