Integrated Filing — IndAS



General information about company

Scrip Code 532721
NSE Symbol VISASTEEL
MSEI Symbol NOTLISTED
ISIN INE286H01012
Name of company VISA Steel Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 14-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 07-11-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Ferro Alloys
Start date and time of board meeting 14-11-2025   12:15:00
End date and time of board meeting 14-11-2025   16:10:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 7,585.20 24,683.00
Other income 322.80 410.10
Total income 7,908.00 25,093.10
2 Expenses
(a) Cost of materials consumed 5,422.10 15,187.30
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 645.90 1,355.90
(e) Finance costs 838.40 1,629.00
(f) Depreciation, depletion and amortisation expense 647.70 1,288.50
(f) Other Expenses
1 Other Expenses 2,376.10 7,222.40
Total other expenses 2,376.10 7,222.40
Total expenses 9,930.20 26,683.10
3 Total profit before exceptional items and tax (2,022.20) (1,590.00)
4 Exceptional items 0.00 0.00
5 Total profit before tax (2,022.20) (1,590.00)
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 0.00 0.00
9 Total tax expenses 0.00 0.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (2,022.20) (1,590.00)
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.10 0.10
16 Total profit (loss) for period (2,022.10) (1,589.90)
17 Other comprehensive income net of taxes (4.80) (9.60)
18 Total Comprehensive Income for the period (2,026.90) (1,599.50)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (2,022.10) (1,589.90)
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (4.80) (9.60)
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 11,579.00 11,579.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -1.75 -1.37
Diluted earnings (loss) per share from continuing operations -1.75 -1.37
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -1.75 -1.37
Diluted earnings (loss) per share from continuing and discontinued operations -1.75 -1.37
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1.The above unaudited Consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Parent Company at their respective meetings held on 14 November 2025. The Statutory Auditors have conducted the limited review of the above Consolidated unaudited financial results. 2.The consolidated unaudited financial results of VISA Steel Limited (the Parent Company) and its subsidiary (the Group), together with its joint venture for the quarter ended 30 September 2025, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. 3.As on 30 September 2025, VISA Steel Group (the Group) comprises the Parent Company i.e. VISA Steel Limited, its one subsidiary and one Joint Venture Company. 4.The Group is in the business of Ferro Alloys and hence has only one reportable operating segment as per Ind AS 108 Operating Segments. 5.Revenue from Operations includes reimbursement towards materials at actuals, wherever applicable, used under conversion arrangement and hence is not comparable. 6.The Parent Company has incurred net loss during the quarter ended 30 September 2025 which has adversely impacted the net worth of the Parent Company. The Parent Company's financial performance has been adversely affected due to non-availability of working capital for operations, and other external factors beyond the Parent Company's control. It is expected that the overall financial health of the Parent Company would improve after debt resolution and improvement in availability of working capital. Accordingly, the Parent Company has prepared the financial results on the basis of going concern assumption. The statutory auditors have also drawn attention to the above matter without qualifying their conclusion in their Review Report. 7.The secured debt of the Parent Company have been categorised as Non-Performing Assets (NPA) by the lenders effective 11 July 2012 and accordingly, the Parent Company has stopped providing further interest in its books effective 1 April 2016. The amount of interest expenses not provided for is estimated at Rs. 399.35 Million for the quarter ended 30 September 2025 and the accumulated interest not provided as on 30 September 2025 is estimated at Rs. 14,044.87 Million. The statutory auditors have qualified their Review Report in respect of this matter. 8.During the quarter ended 30 September 2025, Punjab and Sind Bank has assigned its debt to Assets Care & Reconstruction Enterprise Limited (ACRE). Majority of the lenders with approx. 96% of the debt have assigned their debt to ACRE including assignments in previous years. 9. The Hon’ble National Company Law Tribunal, Cuttack Bench (NCLT) vide its Order dated 26 September 2025 has allowed the withdrawal of application for initiating Corporate Insolvency Resolution Process (CIRP) against the Parent Company under Section 7 of the Insolvency and Bankruptcy Code, 2016, which had earlier been admitted vide NCLT Order dated 28 November 2022 and stayed by the Hon’ble Orissa High Court vide its Order dated 21 December 2022. Pursuant to the same, the CIRP process against the Parent Company stands closed. The Parent Company has arrived at an understanding for settlement with ACRE, settlement agreement or appropriate scheme covering all lenders is pending. 10.Subsequent to the quarter ended 30 September 2025, the Board of Directors of the Parent Company at its meeting held on 4 October 2025 approved raising of funds by way of preferential Issue up to 5,00,00,000 warrants to VISA Industries Limited (a member of the promoter group) convertible into or exchangeable for equivalent number of fully paid up Equity Share of the Parent Company of face value of Rs.10/- each at an issue price of Rs. 40/- each payable in cash, aggregating upto Rs. 2,000 million, which may be exercised in one or more tranches during the period commencing from the date of allotment of the warrants until the expiry of 18 months. The above was also approved by the shareholders of the Parent Company in its Extra Ordinary General Meeting held on 2 November 2025. The proceeds of the preferential issue shall be utilized for repayment of debt and general corporate purposes. 11. The Exceptional Items of previous periods represent (a) impairment loss on fixed assets of Rs. 4,380.75 million (b) write off of abandoned projects lying in Capital Work in Progress Rs. 387.50 million (c) write back of difference between the outstanding amount and settlement amount of the loan exposure of Rs. 75.04 million. 12. The Parent Company had received a notice dated 10 July 2025 from the State Pollution Control Board, Odisha (SPCB) regarding refusal to renew Consent to Operate (CTO) and submitted a response to SPCB requesting for grant of CTO to resume operations. Consequently, the Parent Company has received grant of CTO from the SPCB, vide Order dated 6 September 2025 and has resumed operations. By Order of the Board For VISA Steel Limited Vishal Agarwal Vice Chairman & Managing Director DIN 00121539 Date: 14 November 2025 Place: Kolkata



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 43,692.40
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 4.90
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 104.40
Non-current financial assets
Non-current investments 316.30
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 643.40
Total non-current financial assets 959.70
Deferred tax assets (net) 0.00
Other non-current assets 0.00
Total non-current assets 44,761.40
2 Current assets
Inventories 1,871.40
Current financial asset
Current investments 0.00
Trade receivables, current 427.10
Cash and cash equivalents 18.80
Bank balance other than cash and cash equivalents 623.70
Loans, current 0.00
Other current financial assets 2,530.00
Total current financial assets 3,599.60
Current tax assets (net) 315.70
Other current assets 2,358.60
Total current assets 8,145.30
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 52,906.70
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 11,579.00
Other equity (1,49,261.20)
Total equity attributable to owners of parent (1,37,682.20)
Non controlling interest 0.00
Total equity (1,37,682.20)
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 3,509.80
Total non-current financial liabilities 3,509.80
Provisions, non-current 125.70
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 3,635.50
Current liabilities
Current financial liabilities
Borrowings, current 1,35,659.20
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,714.10
Total Trade payable 2,714.10
Other current financial liabilities 20,058.50
Total current financial liabilities 1,58,431.80
Other current liabilities 28,431.00
Provisions, current 90.60
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 1,86,953.40
3 Liabilities directly associated with assets in disposal group classified as held for sale
4 Regulatory deferral account credit balances and related deferred tax liability
Total liabilities 1,90,588.90
Total equity and liabilites 52,906.70
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to Profit or Loss -480000 -960000
Total Amount of items that will not be reclassified to profit and loss (4.80) (9.60)
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income (4.80) (9.60)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (1,590.00)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 390.60
Adjustments for decrease (increase) in inventories (707.70)
Adjustments for decrease (increase) in trade receivables, current (332.00)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 355.60
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 1,308.30
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,288.50
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (16.10)
Other adjustments to reconcile profit (loss) (69.00)
Other adjustments for non-cash items 0.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 2,218.20
Net cash flows from (used in) operations 628.20
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) (54.10)
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 682.30
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 3.00
Purchase of property, plant and equipment 278.80
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 16.10
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (259.70)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 409.10
Dividends paid 0.00
Interest paid 17.70
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (426.80)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (4.20)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (4.20)
Cash and cash equivalents cash flow statement at beginning of period 23.00
Cash and cash equivalents cash flow statement at end of period 18.80