Delta Corp financials and balance sheet

NSE: DELTACORPBSE: 532848Leisure ServicesSmall Cap

Formerly Arrow Webtex

₹73.01₹3.24 (4.25%)BSE ₹73.05

Share price at the NSE close on 23 Oct 2026. Previous close ₹76.25.

52-week range of traded prices to 23 Oct 2026

₹48.30Low, 30 Mar 2026₹88.60High, 6 Oct 2026

Under NSE's short-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹1,955 Cr1,222nd largest listed
P/E: Lossover the last 12 months
P/B: 1.0
Dividend yield: 0.68%
ROE: −13.7%
ROE without one-offs: 7.7%
ROCE: 3.5%
Debt to equity: 0.02
Volume, NSE: 45,54,47821.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Delta Corp annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 49.5% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹925 Cr, differs from its quarters added, ₹970 Cr. From the year to Mar 2025, the company's revenue for that year, ₹730 Cr, differs from its quarters added, ₹745 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue688
Materials and goods−56
Employee costs−170
Other expenses−332
Operating profit131
Depreciation−47
Other income+41
One-off items−5.5
Finance costs−6.0
Profit before tax113
Tax−29
Joint ventures+1.1
Net profit85

What the company owns

Plant, investments and other assets₹2,273 Cr
Current investments₹201 Cr
Cash and bank₹77 Cr
Inventory₹19 Cr
Receivables₹4 Cr

What pays for it: net worth and liabilities

Net worth₹2,252 Cr
Other liabilities₹299 Cr
Owed to suppliers₹23 Cr

Delta Corp business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Delta Corp segment results by quarter

Revenue by segment

₹690 CrTotal

Casino Gaming Division₹643 Cr93.1% of total
Hospitality Division₹48 Cr6.9% of total

Profit by segment

Casino Gaming Division₹88.0 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Casino Gaming Division
Revenue, ₹ crore
780
737
309
542
1,011
813
679
643
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
281
211
−30
97
316
258
133
88
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Hospitality Division
Revenue, ₹ crore
82
69
23
61
56
51
53
48
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−21
−20
−27
−15
−13
−6
8
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,010	968	516	765	1,258	1,010	732	690
Company revenue, as in its results	798	773	419	616	1,021	925	730	688
Revenue	780	737	309	542	1,011	813	679	643
Revenue growth	–	−5.5%	−58.0%	75.1%	86.5%	−19.6%	−16.5%	−5.3%
Profit	281	211	−30	97	316	258	133	88
Profit growth	–	−24.9%	–	–	225.3%	−18.3%	−48.6%	−33.7%
Margin	36.0%	28.6%	−9.5%	17.9%	31.3%	31.8%	19.6%	13.7%
Return on capital	40.5%	35.8%	−5.8%	18.7%	39.7%	35.0%	15.9%	10.1%
Assets	747	680	657	720	1,005	947	1,030	1,124
Liabilities	54	93	148	201	209	209	198	255
Capital employed	693	588	509	519	796	738	833	870
Revenue	82	69	23	61	56	51	53	48
Revenue growth	–	−15.6%	−67.1%	169.8%	−8.8%	−9.3%	4.5%	−10.5%
Profit	−21	−20	−27	−15	−13	−6	8	−2
Margin	−26.1%	−28.4%	−117.6%	−24.6%	−23.6%	−11.7%	14.4%	−4.0%
Return on capital	−4.8%	−4.5%	−6.0%	−3.7%	−3.3%	−0.7%	0.7%	−0.2%
Assets	476	461	452	411	411	859	1,038	1,131
Liabilities	29	27	7	8	12	23	17	25
Capital employed	447	434	445	403	399	837	1,021	1,105
Revenue	148	162	183	–	191	147	–	–
Revenue growth	–	9.4%	13.1%	–	–	−23.3%	–	–
Profit	27	42	21	–	−9	−20	–	–
Profit growth	–	56.5%	−49.3%	–	–	–	–	–
Margin	17.9%	25.6%	11.5%	–	−4.5%	−13.8%	–	–
Return on capital	9.6%	14.5%	7.2%	–	−3.1%	−7.5%	–	–
Assets	308	329	334	–	332	325	–	–
Liabilities	31	41	42	–	55	55	–	–
Capital employed	277	288	292	–	277	270	–	–
Revenue	–	–	–	162	–	–	–	–
Profit	–	–	–	−5	–	–	–	–
Margin	–	–	–	−3.1%	–	–	–	–
Return on capital	–	–	–	−1.7%	–	–	–	–
Assets	–	–	–	333	–	–	–	–
Liabilities	–	–	–	43	–	–	–	–
Capital employed	–	–	–	290	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Delta Corp quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 9 Apr	Mar 2020Filed 19 May	Mar 2021Filed 27 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 12 Apr	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Revenue from operations	455	608	798	773	419	616	1,021	925	730	688
	291	361	479	498	406	486	670	632	543	558
Materials and goods bought	31	35	39	46	22	37	65	67	65	56
Employee costs	–	–	110	112	94	123	159	174	145	170
Other expenses	–	–	330	340	290	327	447	391	333	332
Operating profit before depreciation	164	247	319	276	13	130	350	293	187	131
Operating margin	36.1%	40.7%	39.9%	35.7%	3.1%	21.0%	34.3%	31.7%	25.6%	19.0%
Materials, % of revenue	–	–	4.8%	5.9%	5.2%	6.0%	6.4%	7.2%	8.8%	8.1%
Employee costs, % of revenue	–	–	13.8%	14.5%	22.4%	20.0%	15.6%	18.8%	19.8%	24.7%
Other expenses, % of revenue	–	–	41.4%	43.9%	69.4%	53.0%	43.7%	42.3%	45.7%	48.2%
Depreciation and amortisation	36	37	38	49	53	56	59	64	50	47
Operating profit after depreciation	128	210	281	227	−40	74	292	230	137	84
Other income	5	29	31	33	35	38	46	57	57	41
Finance costs	35	10	2	5	5	6	10	11	6	6
Share of profit of joint ventures and associates	–	−1	–	–	–	–	–	–	–	–
Profit before one-off items and tax	98	228	311	256	−10	106	328	275	189	118
One-off items	4	1	4	1	−9	−8	0	50	213	−6
Profit before tax	102	229	315	256	−19	98	328	325	402	113
	28	74	114	71	8	30	67	82	84	29
Current tax	–	–	103	67	11	39	19	84	81	42
Deferred tax	–	–	11	4	−4	−9	48	−2	3	−13
Share of profit of joint ventures and associates	−3	–	–	–	1	0	1	1	−1	1
Profit from discontinued businesses	–	–	−4	–	–	–	–	–	−68	–
	74	156	196	185	−26	68	262	245	249	85
Belonging to the company's shareholders	74	156	197	186	−24	67	261	244	249	85
Belonging to outside owners of subsidiaries	–	–	0	−1	−1	1	1	0	0	0
Other comprehensive income	–	–	18	−111	43	36	−34	82	−77	−465
Total comprehensive income	–	–	214	74	17	104	228	327	172	−379
Net margin	16.2%	25.6%	24.6%	23.9%	−6.1%	11.0%	25.7%	26.4%	–	12.4%
Net margin without joint ventures and associates	16.9%	25.7%	–	–	−6.2%	11.1%	25.6%	26.3%	–	12.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 9 Apr	Mar 2020Filed 19 May	Mar 2021Filed 27 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 12 Apr	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr	Sep 2026Half yearFiled 19 Oct
	1,950	1,958	1,943	2,023	2,221	2,518	2,665	2,252	1,919
	1,942	1,955	1,942	2,022	2,219	2,518	2,665	2,252	1,923
Share capital	27	27	27	27	27	27	27	27	27
Reserves	1,915	1,928	1,915	1,995	2,192	2,491	2,638	2,225	1,896
Belonging to outside owners of subsidiaries	8	3	1	1	2	0	0	0	−4
Borrowings	0	0	0	0	0	0	0	0	30
	118	127	168	211	223	256	191	234	712
Trade payables	12	19	19	15	16	35	23	23	26
Other financial liabilities	72	81	61	66	78	63	33	60	47
Other liabilities	22	14	22	26	23	43	28	36	197
Provisions	7	10	66	104	104	108	106	112	394
Tax owed	5	3	1	1	2	6	2	3	19
	27	57	51	59	103	92	106	89	56
Other financial liabilities	0	35	28	40	53	0	20	48	51
Other liabilities	0	0	–	0	0	35	6	–	–
Provisions	2	3	3	2	5	4	1	3	5
Deferred tax	24	20	20	16	44	53	79	37	0
	2,095	2,142	2,163	2,293	2,547	2,866	2,962	2,574	2,687
Held for sale or for a demerger	–	–	–	–	–	–	244	–	–
	1,345	1,387	1,367	1,367	1,484	1,942	2,006	2,066	2,248
Plant in use, after depreciation	825	877	831	794	811	896	852	859	–
Plant being built	10	5	5	7	22	176	279	468	–
Intangible assets	7	9	11	12	9	5	0	0	0
Goodwill	397	400	400	391	391	391	129	129	138
Intangible assets being developed	3	1	1	0	0	3	0	0	0
Investments	46	29	35	21	9	113	271	32	34
Stakes in joint ventures and associates	0	0	16	16	16	17	19	49	48
Other financial assets	19	18	18	19	21	19	21	18	22
Deferred tax	24	19	24	24	10	11	39	52	114
Other assets	13	28	27	83	195	312	396	460	484
	750	755	795	926	1,062	924	713	508	439
Inventories	96	107	116	145	193	19	19	19	19
Trade receivables	7	0	4	3	5	10	5	4	6
Cash and cash equivalents	73	94	60	96	125	127	89	76	152
Other bank balances	1	2	4	7	4	4	1	2	4
Current investments	399	476	509	601	535	534	377	201	148
Loans given	8	10	7	12	32	54	61	69	11
Other financial assets	9	12	20	21	33	16	13	14	9
Tax paid in advance	5	8	9	10	11	15	11	11	10
Other assets	152	46	67	31	125	145	136	113	80
Net debt	−473	−572	−573	−704	−663	−666	−468	−278	−274

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 27 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 12 Apr	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr	Sep 2026Half yearFiled 19 Oct
	57	127	154	170	49	135	90
	71	167	173	253	133	175	96
	38	26	−186	−45	−8	40	31
Receivables	−3	1	1	1	4	4	−4
Inventories	−8	−30	−48	−22	0	0	0
Payables	0	−3	1	7	−3	1	2
Other working capital	49	59	−140	−31	−8	36	32
Tax paid	−15	−40	−19	−83	−83	−40	−6
Capital spending	14	75	119	211	213	253	88
Free cash flow	43	51	35	−41	−164	−118	2
	−10	−36	−73	−111	1	−95	−18
Plant and property sold	0	47	0	1	20	7	5
Companies bought	0	0	0	0	0	0	0
Interest received	5	7	6	11	19	10	6
Dividends received	0	0	5	4	4	4	2
	−80	−44	−52	−60	−89	−54	6
Borrowings raised	0	0	0	0	0	0	30
Interest paid	0	−2	−1	−2	−1	−6	0
Lease payments	−6	−11	−19	−22	−21	−15	−10
Dividends paid	0	27	33	33	33	33	13
Shares bought back	42	0	0	0	0	0	0
Shares issued	0	4	2	3	0	0	0
Net change in cash	−34	46	29	−1	−39	−15	78

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Delta Corp dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 9 Apr	Mar 2020Filed 19 May	Mar 2021Filed 27 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 12 Apr	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Earnings per share	₹3.19	₹5.92	₹7.30	₹6.85	−₹0.90	₹2.51	₹9.77	₹9.12	₹9.30	₹3.19
Diluted earnings per share	₹3.19	₹5.92	₹7.29	₹6.85	−₹0.90	₹2.49	₹9.75	₹9.12	₹9.30	₹3.19
Dividend per share	₹0.35	₹1.00	₹1.25	₹1.50	₹1.00	₹1.25	₹1.25	₹1.25	₹1.25	₹0.50
Book value per share	–	–	₹71.70	₹72.15	₹72.78	₹75.63	₹82.92	₹94.02	₹99.50	₹84.08
Dividend payout	11.0%	17.2%	17.2%	21.9%	–	49.9%	12.8%	13.7%	13.4%	15.7%
Shareholder yield	–	–	–	–	1.0%	0.3%	0.7%	1.0%	1.5%	2.5%
Market cap at the year end (₹ crore)	4,186	6,696	6,904	1,771	4,327	8,812	4,833	2,963	2,228	1,321

Ratios

Consolidated, years to March.Delta Corp PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 9 Apr	Mar 2020Filed 19 May	Mar 2021Filed 27 Apr	Mar 2022Filed 12 Apr	Mar 2023Filed 12 Apr	Mar 2024Filed 8 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 Apr
Revenue growth	20.3%	33.7%	31.3%	−3.1%	−45.8%	47.1%	65.7%	–	–	−5.6%
Operating profit growth	–	50.7%	29.0%	−13.5%	−95.3%	895.8%	170.2%	–	–	−30.2%
Net profit growth	73.2%	110.9%	26.3%	−5.9%	–	–	286.7%	−6.7%	–	−65.7%
Earnings per share growth	72.4%	85.6%	23.3%	−6.2%	–	–	289.2%	−6.7%	–	−65.7%
	–	–	10.1%	9.5%	−1.2%	3.4%	12.3%	10.3%	9.6%	3.5%
	–	–	–	−0.6 pts	−10.8 pts	4.6 pts	8.9 pts	−2.0 pts	−0.7 pts	−6.1 pts
From the net margin	–	–	–	−0.3 pts	−11.8 pts	3.6 pts	4.6 pts	0.4 pts	–	–
From asset turnover	–	–	–	−0.4 pts	1.1 pts	1.0 pts	4.2 pts	−2.4 pts	–	–
From borrowing	–	–	–	0.1 pts	0.0 pts	0.1 pts	0.2 pts	0.0 pts	–	–
Return on capital employed	–	–	14.4%	11.6%	−2.0%	3.6%	13.1%	9.1%	5.2%	3.7%
Cash conversion	–	–	–	–	–	186.5%	58.7%	69.6%	19.8%	158.3%
Interest cover	3.7	20.2	157.9	44.9	–	12.5	30.4	20.8	24.9	14.1
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	3	0	3	2	2	4	3	2
Inventory days	–	–	904	854	1,943	1,443	1,089	102	108	124
Payable days	–	–	113	150	313	147	89	194	129	151
Cash conversion cycle, days	–	–	795	704	1,633	1,297	1,002	−88	−18	−24
Working capital days	–	–	73	27	47	6	63	1	27	−2
Asset turnover	–	–	0.38	0.37	0.19	0.28	0.42	0.34	0.25	0.25
Assets per rupee of net worth	–	–	1.08	1.09	1.10	1.12	1.14	1.14	1.12	1.13
Sales per rupee of plant	–	–	0.97	0.88	0.50	0.78	1.26	1.03	0.86	0.80
Capital spending to depreciation	–	–	–	–	0.27	1.34	2.04	3.31	4.29	5.40
Plant being built, % of plant in use	–	–	1.2%	0.6%	0.6%	0.8%	2.7%	19.6%	32.7%	54.5%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.1%
Cash from operations against operating profit: 103.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.2%	10.4%	−12.3%
Profit growth, yearly rate	7.2%	–	−31.2%
Return on equity, average	–	7.8%	7.8%
Return on capital employed, average	–	7.0%	6.0%
Operating margin, average	28.7%	26.3%	25.4%
Net margin, average	17.8%	18.9%	19.4%
Asset turnover, average	–	0.31	0.28
Cash conversion cycle, days, average	–	434	−44
Interest cover, average	36.6	20.5	19.9
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	635	355	135
Cash from investing	−314	−205	−95
Cash from financing	−300	−204	−54
Capital spending	872	678	253
Dividends paid	161	100	33
Shares bought back	0	0	0
Shares issued for cash	9	3	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	5	5	2	4	5
Altman Z-scorePublished threshold 1.1	–	–	20.13	16.85	14.04	13.05	13.02	12.75	14.38	11.16
Beneish M-scorePublished threshold −1.78	–	–	–	–	8.53	−2.59	−1.65	−1.15	−2.38	−2.88
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.33	−1.00	7.49	6.83	6.82	1.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.11	0.78	0.49	0.61
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−89.89	694.82	−63.17	−6.26	117.91	−26.61	−19.59
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−6.56	60.46	−43.53	−43.29	−92.98	5.48	13.25
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−12.94	7.08	−5.44	10.44	0.74	−2.15	−3.33
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.70	0.34	0.29	1.18	47.96	8.66
Effective tax ratePublished threshold 17.16 per cent	27.48	32.15	36.25	27.89	–	30.37	20.39	25.07	20.91	25.43
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−10.94	14.73	−0.40	0.18	−10.00

A threshold marked as ours has no published figure; it is the line we read the check against.