| 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 | 04-02-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 29-01-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Third quarter |
| Nature of report standalone or consolidated | Standalone |
| 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 | 04-02-2026 12:30:00 |
| End date and time of board meeting | 04-02-2026 16:20:00 |
| Whether cash flow statement is applicable on company | |
| Type of cash flow statement | |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? | Yes |
| No. of times funds raised during the quarter | 2 |
| Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? | No |
| Not Applicable | |
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| 1 | Income | ||
| Revenue from operations | 14,497.00 | 39,065.00 | |
| Other income | 17.00 | 542.00 | |
| Total income | 14,514.00 | 39,607.00 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 9,942.00 | 25,129.00 |
| (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 | 800.00 | 2,156.00 |
| (e) | Finance costs | 923.00 | 2,552.00 |
| (f) | Depreciation, depletion and amortisation expense | 656.00 | 1,945.00 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 3,846.00 | 11,068.00 |
| Total other expenses | 3,846.00 | 11,068.00 | |
| Total expenses | 16,167.00 | 42,850.00 | |
| 3 | Total profit before exceptional items and tax | (1,653.00) | (3,243.00) |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (1,653.00) | (3,243.00) |
| 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 | (1,653.00) | (3,243.00) |
| 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 | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | (1,653.00) | (3,243.00) |
| 17 | Other comprehensive income net of taxes | (4.00) | (14.00) |
| 18 | Total Comprehensive Income for the period | (1,657.00) | (3,257.00) |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | |||
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | |||
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 12,929.00 | 12,929.00 | |
| 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 | -1.42 | -2.79 | |
| Diluted earnings (loss) per share from continuing operations | -1.42 | -2.79 | |
| 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 | -1.42 | -2.79 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | -1.42 | -2.79 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | Notes: 1. The above unaudited financial results of the Company were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 4 February 2026. The Statutory Auditors have conducted the limited review of the above Standalone unaudited financial results. 2. The standalone financial results of the Company for the quarter and nine months ended 31 December 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 rules thereafter. 3.The Company is in the business of Ferro Alloys and hence has only one reportable operating segment as per Ind AS 108 Operating Segments. 4.Revenue from operations includes reimbursement towards materials at actuals, wherever applicable, used under conversion arrangement and hence is not comparable. 5.The Company has incurred net loss during the quarter ended 31 December 2025 which has adversely affected the net worth of the Company. The Company's financial performance has been adversely affected due to non-availability of working capital for operations, and other external factors beyond the Company’s control. These conditions indicates events and circumstances that may cast significant doubts on the company's ability to continue as a going concern, there by giving rise to material uncertainty. However, it is expected that the overall financial health of the Company would improve after debt resolution and improvement in availability of working capital. Accordingly, the 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. 6. The secured debt of the Company has been categorised as Non-Performing Assets (NPA) by the lenders effective 11 July 2012 and accordingly, the 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. 38.66 Crore for the quarter ended 31 December 2025 and the accumulated amount of interest not provided as on 31 December 2025 is estimated at Rs. 1,443.16 Crore. The statutory auditors have qualified their Review Report in respect of this matter. 7. During the quarter ended 31 December 2025, HUDCO has assigned its debt to Assets Care & Reconstruction Enterprise Limited (ACRE). Consequently, all the lenders with 100% of the debt have assigned their debt to ACRE including assignments in previous years. The Company has arrived at an understanding for settlement with ACRE, settlement agreement covering all lenders is pending. 8.During the quarter ended 31 December 2025, the Preferential Issue Committee of the Board of Directors of the Company on 26 November 2025 has approved the allotment of 5,00,00,000 warrants at an issue price of Rs. 40/- each payable in cash, on preferential basis, on receipt of Rs. 50 Crore i.e., 25% of the issue price. The warrants are convertible into or exchangeable for equivalent number of fully paid up Equity Share of the Company of face value of Rs.10/- each 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. Subsequently, the Preferential Issue Committee of the Board of Directors on 22 December 2025 approved conversion and allotment of 1,35,00,000 warrants into Equity Shares by way of issuing of equivalent number of Equity Shares of Rs. 10/- each on receipt of balance consideration of Rs. 40.50 Crore against 1,35,00,000 warrants i.e., 75% of the issue price in respect of the same, and the total amount received has been/shall be utilised for repayment of debt to ACRE. 9.The Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the New Labour Codes) have been notified by the Government of India with effect from 21 November 2025. Whilst the New Labour Codes are effective from 21 November 2025, the supporting rules are yet to be notified and during transition, the relevant provisions of the existing labour Acts and their respective rules, regulations, notifications, standards, schemes, etc. will continue to remain in force. The Company has internally assessed the estimated impact of the changes and has recognized the incremental expenses of Rs. 1.01 Crore under employee benefit expenses in financial results for the quarter and nine months ended 31 December 2025 in accordance with Ind AS 19, read with FAQs on key accounting implications arising from the New Labour Codes published by The Institute of Chartered Accountants of India on 26 December 2025. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect of any further provisions as and when the relevant rules and notifications are notified and become applicable. 10.The Exceptional Items of previous year represent (a) impairment loss on fixed assets of Rs. 438.07 Crore (b) write off of abandoned projects lying in Capital Work in Progress Rs. 38.75 Crore (c) write back of difference between the outstanding amount and settlement amount of the loan exposure of Rs. 7.50 Crore. 11. Effective from this quarter, the Company has revised the presentation of its financial results by rounding off amounts in Crore instead of Millions. Accordingly, the figures for the corresponding previous periods have been represented in Crore to ensure comparability. This change is limited to presentation only and does not have any impact on the Company’s financial results. 12. Previous periods figures have been regrouped / rearranged wherever necessary. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| 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 | 01-10-2025 | 01-04-2025 | |||||
| Date of end of reporting period | 31-12-2025 | 31-12-2025 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Standalone | Standalone | |||||
| 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 | |||||||
| 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 | 01-10-2025 | 01-04-2025 |
| B | Date of end of reporting period | 31-12-2025 | 31-12-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Standalone | Standalone |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Items that will not be recalssified to profit or loss | (4.00) | (14.00) |
| Total Amount of items that will not be reclassified to profit and loss | (4.00) | (14.00) | |
| 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 | (4.00) | (14.00) |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 26-11-2025 |
| Amount Raised | 5,000.00 |
| Report filed for Quarter ended | 31-12-2025 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CARE RATINGS LIMITED |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | |
| If Yes, Date of shareholder Approval | |
| Explanation for the Deviation / Variation | Not Applicable |
| Comments of the Audit Committee after review | None |
| Comments of the auditors, if any | None |
| Sr. | Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds Utilised | Amount of Deviation/Variation for the quarter according to applicable object | Remarks if any |
| Mode of Fund Raising | Preferential Issues |
|---|---|
| Description of mode of fund raising (Applicable in case of others is selected) | |
| Date of Raising Funds | 22-12-2025 |
| Amount Raised | 4,050.00 |
| Report filed for Quarter ended | 31-12-2025 |
| Monitoring Agency | Applicable |
| Monitoring Agency Name, if applicable | CARE RATINGS LIMITED |
| Is there a Deviation / Variation in use of funds raised | No |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | |
| If Yes, Date of shareholder Approval | |
| Explanation for the Deviation / Variation | Not Applicable |
| Comments of the Audit Committee after review | None |
| Comments of the auditors, if any | None |
| Sr. | Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds Utilised | Amount of Deviation/Variation for the quarter according to applicable object | Remarks if any |
| Name of signatory | AMISHA CHATURVEDI KHANNA |
| Designation of person | Company Secretary and Compliance Officer |
| Place | KOLKATA |
| Date | 04-02-2026 |