Operating performance weakened during the quarter, with EBITDA falling 18.5% to ₹39.5 crore from ₹48.4 crore in the corresponding period last year.
EBITDA margin also narrowed to 21.6% from 26.6%, reflecting subdued business momentum and regulatory headwinds.The company’s performance was significantly impacted by the enactment of the Promotion and Regulation of Online Gaming Act, 2025, which bans online games
involving real-money stakes.
Following the implementation of the law in August 2025, Delta Corp marked down the carrying value of its investments in online gaming subsidiaries, Deltatech Gaming Ltd, Head Digital Works Pvt Ltd, and Openplay Technologies Pvt Ltd, to nil as their core business operations have come to a complete halt.
As a result, the company recorded a reduction of ₹378.34 crore (net of fair value gain) in the fair value of these investments under Other Comprehensive Income for the quarter ended September 30, 2025, stated the exchange filing.
Delta Corp also refrained from recognising deferred tax assets worth ₹60 crore due to the uncertainty of future capital gains.
Shares of Delta Corp ended lower on Wednesday, October 15, by 0.47% at ₹79.84 on the NSE.
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