Annual Report 2026

18th August, 2026 National Stock Exchange of India Ltd. BSE Ltd. Listing Department. Corporate Relation Department, Exchange Plaza, C-1, Block- G, Listing Department, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East) Mumbai–400 051. Dalal Street, Mumbai – 400 001. Fax No. 26598235/8237/8347. Facsimile No. 22723121/22722037/2041 Symbol: DELTACORP Scrip Code 532848 Dear Sir/Madam, Sub: Submission of Annual Report pursuant to Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In compliance with provisions of Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of Annual Report of the Company for the year ended 31st March, 2026. You are requested to take the same in your record. Thanking You. Yours Sincerely, For Delta Corp Limited Dilip Vaidya Company Secretary & Vice President - Secretarial FCS NO.7750 Encl- As above www.deltacorp.in CONTENTS CORPORATE OVERVIEW Forward-looking Statements In this Annual Report, we have disclosed Resilient and Resurgent 01 forward-looking information to enable investors Chairman’s Message to Shareholders 02 to comprehend our prospects and take investment decisions. This Report and other Corporate Social Responsibility 06 statements – written and oral – that we periodically Crafting Iconic Moments 16 make contain forward-looking statements that set out anticipated results based on the management’s Board of Directors 18 plans and assumptions. We have tried, wherever Awards During the Year 20 possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, Corporate Information 21 ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results are STATUTORY REPORTS subject to risks, uncertainties and even inaccurate Management Discussion and Analysis 23 assumptions. Should known or unknown risks or uncertainties materialise, or should underlying Notice 41 assumptions prove inaccurate, actual results could Director’s Report 52 vary materially from those anticipated, estimated or projected. Readers should keep this in mind. Company’s Philosophy on Code of Governance 85 We undertake no obligation to publicly update any Business Responsibility and Sustainability Report 107 forward-looking statement, whether as a result of new information, future events or otherwise. FINANCIAL STATEMENTS Standalone Financial Statements 137 Consolidated Financial Statements 230 To get this report online and for any other information, log on to: www.deltacorp.in RESILIENT AND RESURGENT Resilient and Resurgent reflects our ability to adapt, evolve, and emerge stronger in a dynamic business environment. Amid significant regulatory developments and strategic business transitions during the year, we remained focused on strengthening our business and executing our strategic priorities. Today, our resilience is translating into renewed momentum. Backed by disciplined execution, strategic investments, and a customer-centric approach, we are well positioned for our next phase of growth. Our strong market presence and unwavering commitment to customer experience continue to reinforce our leadership in India’s organised gaming and entertainment industry. Annual Report 2025-26 CHAIRMAN’S MESSAGE TO SHAREHOLDERS Resilience, Renewal, and Forward Momentum DELTA CORP HAS, OVER THE YEARS, BUILT A PORTFOLIO OF HIGH-QUALITY ASSETS, ESTABLISHED MARKET-LEADING BRANDS AND DEVELOPED OPERATING CAPABILITIES THAT CONTINUE TO DIFFERENTIATE THE COMPANY WITHIN INDIA’S ORGANISED GAMING AND HOSPITALITY SECTOR. Dear Shareholders, The decline in earnings primarily reflects the impact of the revised GST regime across our gaming businesses and certain strategic measures undertaken during the year to The past financial year was one of significant transition optimise our portfolio. for Delta Corp and for the Indian gaming industry as a whole. The operating environment underwent substantial The year witnessed far-reaching developments in regulatory change, requiring businesses across the sector the regulatory framework governing gaming in India. to reassess strategies, recalibrate priorities and adapt to a The enactment of the Promotion and Regulation of Online fundamentally altered landscape. Against this backdrop, Gaming Act, 2025 effectively brought an end to the online your Company remained steadfast in its commitment to real-money gaming industry. Having divested our online disciplined execution, prudent capital allocation and the gaming business in the previous year, our direct exposure creation of long-term shareholder value. to this segment had already been substantially reduced. While the regulatory developments during the year Appropriate accounting provisions have also been inevitably influenced our financial performance, they have recognised in respect of our investment in Head Digital not altered our conviction in the long-term fundamentals of Works, reflecting the changed regulatory environment. our business. Delta Corp has, over the years, built a portfolio of high-quality assets, established market-leading brands One development was the judgement of the Hon’ble and developed operating capabilities that continue to Supreme Court concerning the retrospective levy of GST differentiate the Company within India’s organised gaming on gaming. While the Court affirmed the legal framework and hospitality sector. These enduring strengths provide a applicable to gaming under the GST legislation, it also solid foundation from which we will continue to grow. clarified that, for the relevant period, the levy is not to be computed on the gross value of bets placed but on the For FY 2025-26, Total income stood at ` 729.18 crore, actual consideration received from players for chips compared with ` 786.71 crore in the previous year. sold. This clarification is of considerable importance, EBITDA amounted to ` 171.31 crore against ` 244.17 and we continue to engage constructively with the tax crore in FY 2024-25, while Net Profit was ` 85.29 crore authorities towards the determination of the Company’s compared with ` 248.99 crore in the preceding year. ultimate liability. Restored Indo-Portuguese Architecture: Facade & Reception | Deltin Suites, Goa Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 Another development was that the Hon’ble Bombay High and operates one land-based casino, reinforcing its Court dismissed our licensing petition relating to the position as India’s leading organised casino operator. installation of casino-style amusement machines at Deltin Hotel, Daman. Recently, the Company has filed a Special The Company’s most significant growth initiative remains Leave Petition before the Hon’ble Supreme Court of India the commissioning of its new offshore casino vessel. against the aforesaid Order. Upon commencement of operations, the vessel is expected to nearly double our gaming capacity while We also undertook a measured rationalisation of our materially enhancing the overall customer experience. operating portfolio by discontinuing certain smaller Although certain legal proceedings relating to the project businesses viz., Deltin Zuri at Goa and Deltin Denzong, at remain pending, we continue to pursue all necessary Sikkim, as they were no longer commercially viable under approvals and remain confident of its long-term the revised taxation framework. These decisions, though strategic significance. difficult, reflect our continued focus on capital discipline, operational efficiency and the long-term optimisation of Our hospitality business continues to complement our shareholder retu [Showing first 8,000 characters — download PDF for full document]