Whalesbook
Achanak bhaga share, par numbers kya bolte hain?
Delta Corp ne Q4 FY26 ke results announce kiye aur kya kamaal ka profit dikhaya hai! Quarter-on-Quarter basis par, PAT 161% badh kar ₹50.58 crore ho gaya hai, aur revenue 1.95% badh kar ₹120.16 crore raha. Yeh numbers itne acche the ki stock market ke girne ke bawajood, Delta Corp ka share 20% upper circuit laga kar ₹81.60 par pahunch gaya. Par rukko, kahani yahan khatam nahi hoti. Jab saal-dar-saal (YoY) performance dekhte hain, toh asli picture thodi alag hai. Consolidated net profit mein 90% ki heavy girawat aayi hai, jo pichle saal ₹164.56 crore tha woh ab sirf ₹16.45 crore reh gaya hai. Revenue bhi 11.7% gir kar ₹161.3 crore par aa gaya.
Poore Saal Ka Kaisa Raha Haal?
Aur FY26 ke poore saal ki baat karein toh revenue 13.0% kam ho kar ₹499.97 crore raha, aur net profit toh 36.2% fisal kar sirf ₹118.21 crore pe aa gaya FY25 ke comparison mein. Competition mein Wonderla Holidays jaise players ₹3,357 crore ki market cap ke saath aage chal rahe hain. Pichle saal bhar mein toh Delta Corp ka stock khud 26% se zyada gira hai, aur paanch saal mein toh 57% se bhi zyada. Ajj toh Nifty bhi 0.84% neeche tha, toh market ka mood bhi theek nahi tha.
Margin Pressure Aur Revenue Ki Giraawat
Company ke profits par margin compression ka bhi asar dikh raha hai. EBITDA margins ab 17.2% reh gaye hain, jo pichhle saal isi time 23.3% the. Revenue 11.7% kam hone se lagta hai ki casino aur hospitality services ki demand bhi thodi ghat rahi hai.
GST Ka Kaisa Hai Chakkar?
Aur sabse badi tension hai regulatory side se, khaas kar online gaming ko lekar. Online money gaming par 28% ka GST laga hai jo puri bet value par hai, aur yeh pichhle saal August 2025 se लागू hai. Delta Corp ka main business casino hai, par unke online gaming mein bhi iska asar pad raha hai. Company ko GST wale show-cause notices bhi aaye hain, jisse future mein badi tax liabilities ka risk hai.
Analysts Aur Financial Risks
Analysts bhi is stock ko lekar zyada optimistic nahi hain. Return on Equity (ROE) bhi 3.64% se 9.70% ke beech fluctuate ho raha hai, jo kaafi kam hai. Consensus rating toh 'Strong Sell' aa raha hai. Company ke governance aur financial stability ko lekar bhi chinta hai, promoter holding 34.5% hai aur contingent liabilities ₹16,909 crore ki hai. Kuch analysts ne 1-year target ₹82.41 diya hai, par overall sentiment 'Strong Sell' hi hai.
Aage Kya Hoga Aur Dividend?
Ab future ki baat karein toh company ka recovery GST regulations, online gaming par ban, aur apne core casino business ko revive karne par nirbhar karta hai. Stock abhi bhi apne 52-week high se neeche trade ho raha hai, jo dikhata hai ki investors abhi bhi valuation aur future prospects ko lekar conservative hain. Management ne ₹0.50 per share ka final dividend propose kiya hai, jise shareholders ki approval chahiye.